Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector.

The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. 

Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space.  Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. 

Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

<ul>
<li>VAALCO’s YE23 cash position of US$121 mm and FY23 WI production of 23,946 boe/d were in line with previous indications.</li>
<li>The company held 77.3 mmboe WI 2P reserves at YE23 including 15.8 mmbbl in Gabon, 24.5 mmbbl in Egypt, 18.6 mmboe in Canada and 18.5 mmboe in EG. This represents a 1% increase vs YE23 as VAALCO has more than replaced its FY23 production given the strong performance of the producing assets in 2023.</li>
<li>The FY24 capex budget is US$70-90 mm (we forecasted US$138 mm) as only US$30-40 mm will be spent in Gabon (on long lead items) with a larger than previously expected drilling programme starting in 2025.</li>
</ul>


VAALCO’s YE23 cash position of US$121 mm and FY23 WI production of 23,946 boe/d were in line with previous indications.
The company held 77.3 mmboe WI 2P reserves at YE23 including 15.8 mmbbl in Gabon, 24.5 mmbbl in Egypt, 18.6 mmboe in Canada and 18.5 mmboe in EG. This represents a 1% increase vs YE23 as VAALCO has more than replaced its FY23 production given the strong performance of the producing assets in 2023.
The FY24 capex budget is US$70-90 mm (we forecasted US$138 mm) as only US$30-40 mm will be spent in Gabon (on long lead items) with a larger than previously expected drilling programme starting in 2025.


VAALCO Energy (NYSE: EGY): Increasing Reserves.