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>________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P reserves at Carrizales Norte (net to Arrow) have been estimated at 3.92 mmbbl with an 3P upside case of 6.62 mmbbl 82 mmbbl of 1P reserves).</li><li>The 2P reserves at Carrizales Norte are ~2x larger than at Rio Crave Este with overall net 2P reserves at Tapir increased to ~6 mmbbl.</li><li>The Ubaque reservoir alone is estimated to hold ~3 mmbbl of 2P reserves (out of 3.92 mmbbl total 2P reserves at Carrizales Norte).</li></ul>

________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P reserves at Carrizales Norte (net to Arrow) have been estimated at 3.92 mmbbl with an 3P upside case of 6.62 mmbbl 82 mmbbl of 1P reserves).The 2P reserves at Carrizales Norte are ~2x larger than at Rio Crave Este with overall net 2P reserves at Tapir increased to ~6 mmbbl.The Ubaque reservoir alone is estimated to hold ~3 mmbbl of 2P reserves (out of 3.92 mmbbl total 2P reserves at Carrizales Norte).

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel.</li><li>In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.</li><li>The annulment, if not contested, will result in reversion to the 2018 legislation enabling oil as well as gas within the d 363C.R .AX permit to be exploited.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel.In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.The annulment, if not contested, will result in reversion to the 2018 legislation enabling oil as well as gas within the d 363C.R .AX permit to be exploited.

<ul>
<li>Panoro Energy (PEN NO)C; target price of NOK47 per share: Hibiscus South on stream at 5-6 mbbl/d – The Hibiscus South well has been put in production at a rate of 5-6 mbbl/d.</li>
<li>Once stabilized this should take production at Dussafu to ~30 mbbl/d.</li>
<li>Pulsar Helium (PLSR CN)C; target price of C$0.80 per share: High Helium concentration at high impact appraisal well – The Jetstream #1 appraisal well at the Topaz helium project in Minnesota encountered helium shows while drilling, with helium concentration of up to 12.4% according to the on-site spectrometer.</li>
</ul>


Panoro Energy (PEN NO)C; target price of NOK47 per share: Hibiscus South on stream at 5-6 mbbl/d – The Hibiscus South well has been put in production at a rate of 5-6 mbbl/d.
Once stabilized this should take production at Dussafu to ~30 mbbl/d.
Pulsar Helium (PLSR CN)C; target price of C$0.80 per share: High Helium concentration at high impact appraisal well – The Jetstream #1 appraisal well at the Topaz helium project in Minnesota encountered helium shows while drilling, with helium concentration of up to 12.4% according to the on-site spectrometer.


<ul>
<li>ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete.</li>
<li>The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release.</li>
<li>Drilling operations are expected to commence on 20 February with a duration of ~39 days.</li>
</ul>


ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete.
The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release.
Drilling operations are expected to commence on 20 February with a duration of ~39 days.


<ul>
<li>Chariot (CHAR LN)C; target price of £0.50 per share: Receiving EIA approval for onshore drilling in Morocco – Chariot has received approval for its EIA for a total of 20 well at Loukos, onshore Morocco.</li>
<li>The approval covers the initial drilling campaign of two exploration wells (Gaufrette and Dartois) as well as 17 further well locations and the re-entry of an existing gas discovery.</li>
<li>Operations are expected to start at the end of 1Q24 as indicated previously.</li>
</ul>


Chariot (CHAR LN)C; target price of £0.50 per share: Receiving EIA approval for onshore drilling in Morocco – Chariot has received approval for its EIA for a total of 20 well at Loukos, onshore Morocco.
The approval covers the initial drilling campaign of two exploration wells (Gaufrette and Dartois) as well as 17 further well locations and the re-entry of an existing gas discovery.
Operations are expected to start at the end of 1Q24 as indicated previously.


France

TOTAL S.A. explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. TOTAL operates gasoline filling stations in Europe, the United States, and Africa.

TotalEnergies (TTE FP)

Auctus on Friday - 15/09/2023

________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P...

Auctus Advisors

AUCTUS ON FRIDAY - 26/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock...

Auctus Advisors

AUCTUS ON FRIDAY - 08/03/2024

Panoro Energy (PEN NO)C; target price of NOK47 per share: Hibiscus South on stream at 5-6 mbbl/d – The Hibiscus South well has been put in...

Auctus Advisors

AUCTUS ON FRIDAY - 16/02/2024

ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is...

Auctus Advisors

AUCTUS ON FRIDAY - 09/02/2024

The approval covers the initial drilling campaign of two exploration wells (Gaufrette and Dartois) as well as 17 further well locations and the re...

Auctus Advisors