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.

Equity Bottom-Up

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.</li><li>Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).</li><li>We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU)C ; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND has now completed with an initial payment of EUR1.93 mm.</li>
<li>MND has further Anshof development funding obligations of EUR4.683 mm for the drilling, completion and tie-in of the Anshof-2 and Anshof-1 wells as well as payment of further contingent amounts of EUR1.335 mm and EUR3.57 mm (A$ 5.95 million) if the Anshof-2 well meets agreed production performance criteria.</li>
<li>Arrow Exploration (AXL LN/CN)C ; target price of £0.55 per share: Good flow rate in the C7 at CN-3 – A 23 ft pay zone (25% porosity) in the Carbonera C7 formation in the CN-3 well has been perforated and put initially on production at a rate of 1,149 bbl/d on pump with a water cut of &lt;0.5%. </li>
</ul>


ADX Energy (ADX AU)C ; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND has now completed with an initial payment of EUR1.93 mm.
MND has further Anshof development funding obligations of EUR4.683 mm for the drilling, completion and tie-in of the Anshof-2 and Anshof-1 wells as well as payment of further contingent amounts of EUR1.335 mm and EUR3.57 mm (A$ 5.95 million) if the Anshof-2 well meets agreed production performance criteria.
Arrow Exploration (AXL LN/CN)C ; target price of £0.55 per share: Good flow rate in the C7 at CN-3 – A 23 ft pay zone (25% porosity) in the Carbonera C7 formation in the CN-3 well has been perforated and put initially on production at a rate of 1,149 bbl/d on pump with a water cut of &lt;0.5%. 


<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.08 per share: Drilling permit at key prospect awarded – The drilling permit for the Welchau prospect (807 bcfe prospective resources) has been awarded.</li>
<li>The permit allows drilling and testing of the Welchau-1 well, as well as a longer-term production test if required.</li>
<li>Serinus Energy (SENX LN): 2Q23 results – 1H23 production 677 boe/d including 533 boe/d in Tunisia and the balance in Romania.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.08 per share: Drilling permit at key prospect awarded – The drilling permit for the Welchau prospect (807 bcfe prospective resources) has been awarded.
The permit allows drilling and testing of the Welchau-1 well, as well as a longer-term production test if required.
Serinus Energy (SENX LN): 2Q23 results – 1H23 production 677 boe/d including 533 boe/d in Tunisia and the balance in Romania.


Woodside Energy Group Ltd / Equity Bottom-Up

<ul><li>________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line.</li><li>Adding horizontal wells at Llanos-34 – 2Q23 production of 36,581 boe/d was in line with our expectations with strong performance at Llanos-34, Platanillo and CPO-5, offsetting lower production in Chile and Ecuador.</li><li>The company has re-iterated its FY23 production target of 38.0-40.0 mboe/d but the guidance is sensitive to the timing of production restart at Indico 6 and Indico 7.</li></ul>

________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line.Adding horizontal wells at Llanos-34 – 2Q23 production of 36,581 boe/d was in line with our expectations with strong performance at Llanos-34, Platanillo and CPO-5, offsetting lower production in Chile and Ecuador.The company has re-iterated its FY23 production target of 38.0-40.0 mboe/d but the guidance is sensitive to the timing of production restart at Indico 6 and Indico 7.

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.10 per share: Securing additional loan to prepare for drilling – ADX is issuing A$1.5 mm of loan notes with a term of 18 months.</li>
<li>A$1.0 mm of the loan notes carry an interest rate of 8% per annum with 30 mm options with an exercise price of A$0.01 per share and 30 mm options with an exercise price of A$0.014 per share.</li>
<li>Chariot (CHAR LN)C; target price of £0.50 per share: Adding portfolio depth and near term newsflow – Chariot has raised US$16.1 mm of new equity priced at £0.14 per share.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.10 per share: Securing additional loan to prepare for drilling – ADX is issuing A$1.5 mm of loan notes with a term of 18 months.
A$1.0 mm of the loan notes carry an interest rate of 8% per annum with 30 mm options with an exercise price of A$0.01 per share and 30 mm options with an exercise price of A$0.014 per share.
Chariot (CHAR LN)C; target price of £0.50 per share: Adding portfolio depth and near term newsflow – Chariot has raised US$16.1 mm of new equity priced at £0.14 per share.


Norway

DNO ASA is an oil and gas operator focused on onshore and offshore exploration, development and production. The Company operates in the North Sea, the Middle East, and Africa.

DNO ASA (DNO NO)

Auctus on Friday - 20/10/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by...

Auctus Advisors

Auctus on Friday - 22/09/2023

ADX Energy (ADX AU)C ; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND...

Auctus Advisors

Auctus on Friday - 18/08/2023

Serinus Energy (SENX LN): 2Q23 results – 1H23 production 677 boe/d including 533 boe/d in Tunisia and the balance in Romania.

Auctus Advisors

Auctus on Friday - 21/07/2023

________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line. Adding horizontal wells at...

Auctus Advisors

AUCTUS ON FRIDAY - 14/07/2023

ADX Energy (ADX AU)C; target price of A$0.10 per share: Securing additional loan to prepare for drilling – ADX is issuing A$1.5 mm of loan notes...

Auctus Advisors