Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

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.

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price £0.70 per share: Key horizontal wells outperforms expectations – Arrow has now drilled 3 horizontal wells in Carrizales Norte.</li><li>The flow rates of the wells are exceeding our expectations.</li><li>The first CN horizontal well (CNB HZ-1) is being restricted to a current oil flow rate of 2,090 bbl/d with approximately 41% water cut.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price £0.70 per share: Key horizontal wells outperforms expectations – Arrow has now drilled 3 horizontal wells in Carrizales Norte.The flow rates of the wells are exceeding our expectations.The first CN horizontal well (CNB HZ-1) is being restricted to a current oil flow rate of 2,090 bbl/d with approximately 41% water cut.

Equity Bottom-Up

Arrow Exploration Corp. is a public junior oil and gas company. The Company focuses in the acquisition, exploration, and development of oil and gas properties in Colombia and in Western Canada.

<ul>
<li>Arrow has now drilled 3 horizontal wells in Carrizales Norte.</li>
<li>The flow rates of the wells are exceeding our expectations.</li>
<li>The first CN horizontal well (CNB HZ-1) is being restricted to a current oil flow rate of 2,090 bbl/d with approximately 41% water cut.</li>
</ul>


Arrow has now drilled 3 horizontal wells in Carrizales Norte.
The flow rates of the wells are exceeding our expectations.
The first CN horizontal well (CNB HZ-1) is being restricted to a current oil flow rate of 2,090 bbl/d with approximately 41% water cut.


Arrow Exploration Corp. (AIM: AXL): Key horizontal wells outperforms expectations

Valeura Energy Inc. operates as an exploration company. The Company engages in the development and production of petroleum and natural gas. Valeura Energy focuses on growing its resource base and production in the Thrace Basin in Northwest Turkey.

<ul>
<li>Net production at Nong Yao has reached a stable level of ~12.1 mbbl/d. This compares with 6.3 mbbl/d in 2Q24.</li>
<li>This production, when combined with the Wassana field being back online, has resulted in stable aggregate WI oil production over the past week of 26.2 mbbl/d.</li>
<li>We are assuming only 20.4 mbbl/d for 3Q24, which might be too conservative.</li>
</ul>


Net production at Nong Yao has reached a stable level of ~12.1 mbbl/d. This compares with 6.3 mbbl/d in 2Q24.
This production, when combined with the Wassana field being back online, has resulted in stable aggregate WI oil production over the past week of 26.2 mbbl/d.
We are assuming only 20.4 mbbl/d for 3Q24, which might be too conservative.


Valeura Energy: Production Guidance Re-Iterated but Lower Capex and Additional Resources

New Zealand Energy Corp. is an oil and natural gas company. The Company is engaged in the exploration, acquisition and development of petroleum and natural gas assets in New Zealand.

<ul>
<li>Commencement of drilling operating at the high impact Tariki field is likely to be delayed by two weeks.</li>
<li>This has no impact on our valuation.</li>
<li>Our unrisked NAV for the Tariki-5 well is C$4.90 per share, including C$2.50 per share for the oil target and the balance for the low risk gas target (2P reserves).</li>
</ul>


Commencement of drilling operating at the high impact Tariki field is likely to be delayed by two weeks.
This has no impact on our valuation.
Our unrisked NAV for the Tariki-5 well is C$4.90 per share, including C$2.50 per share for the oil target and the balance for the low risk gas target (2P reserves).


New Zealand Energy Corp. (TSX-V: NZ): Unconsequential Delays to Drilling.

<ul>
<li>.Chariot (CHAR LN) C ; Target price £0.45 per share: Commencing drilling operations at high impact well in Morocco – Drilling operations have commenced on the Anchois East well (now named Anchois-3). The well has three objectives.</li>
<li>An initial pilot hole will be drilled to evaluate the potential of the Anchois Footwall prospect, located in an undrilled fault block to the east of the main field with a 2U Prospective Resource estimate of 170 bcf in the main O Sand target.</li>
<li>Our unrisked NAV for this prospect is £0.05/sh. A side-track will then be drilled to intersect and further evaluate the discovered gas sands in the Anchois field, with a current gross 2C Contingent Resource estimate of 637 bcf, in the eastern part of the main fault block of the field. </li>
</ul>


.Chariot (CHAR LN) C ; Target price £0.45 per share: Commencing drilling operations at high impact well in Morocco – Drilling operations have commenced on the Anchois East well (now named Anchois-3). The well has three objectives.
An initial pilot hole will be drilled to evaluate the potential of the Anchois Footwall prospect, located in an undrilled fault block to the east of the main field with a 2U Prospective Resource estimate of 170 bcf in the main O Sand target.
Our unrisked NAV for this prospect is £0.05/sh. A side-track will then be drilled to intersect and further evaluate the discovered gas sands in the Anchois field, with a current gross 2C Contingent Resource estimate of 637 bcf, in the eastern part of the main fault block of the field. 


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.