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$0.65 per share: Drilling rig on location of high impact well by the end of January – A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January.</li>
<li>The total vertical depth of the well is only 1,800 m with a dry hole cost estimated at ~EUR5.1 mm.</li>
<li>BW Energy (BWE NO): BW Offshore sells interests in BW Energy to BW Group – BW Offshore will sell 58,111,461 (22.52%) shares in BW Energy to BW Group at a price of NOK32 per share, resulting in total proceeds ~US$176 mm.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January – A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January.
The total vertical depth of the well is only 1,800 m with a dry hole cost estimated at ~EUR5.1 mm.
BW Energy (BWE NO): BW Offshore sells interests in BW Energy to BW Group – BW Offshore will sell 58,111,461 (22.52%) shares in BW Energy to BW Group at a price of NOK32 per share, resulting in total proceeds ~US$176 mm.


<ul>
<li>A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January.</li>
<li>Welchau gross prospective resources have been independently estimated at 365 to1,128 bcf (ADX’s internal estimates: 212 to1,631 bcf).</li>
<li>During 4Q24, ADX plans to drill the IRR-1 gas prospect with 38 bcf gross prospective resources or the LICHT prospect.</li>
</ul>


A rig is expected to be mobilised to the high impact Welchau-1 drilling location during the last week of January.
Welchau gross prospective resources have been independently estimated at 365 to1,128 bcf (ADX’s internal estimates: 212 to1,631 bcf).
During 4Q24, ADX plans to drill the IRR-1 gas prospect with 38 bcf gross prospective resources or the LICHT prospect.


ADX Energy (ASX: ADX): Drilling Rig on Location of High Impact Well by the End of January

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 - ADX has farmed out a 50% interest in an exploration area within the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling.</li><li>The exploration area farmed-out to MND includes the LICHT and IRR gas prospects.</li><li>The cash and carry component alone values 10% of the project at US$220 mm or US$440 mm for Chariot’s residual 20% interest (£0.31/sh).</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 - ADX has farmed out a 50% interest in an exploration area within the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling.The exploration area farmed-out to MND includes the LICHT and IRR gas prospects.The cash and carry component alone values 10% of the project at US$220 mm or US$440 mm for Chariot’s residual 20% interest (£0.31/sh).

<ul><li>• The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%. • The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case. • The better-than-expected reservoir quality and thicker sands suggest better well deliverability and higher flow rates, which result in a higher production plateau and lower development cost with a positive impact on NPV.</li></ul>

• The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%. • The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case. • The better-than-expected reservoir quality and thicker sands suggest better well deliverability and higher flow rates, which result in a higher production plateau and lower development cost with a positive impact on NPV.

ADX Energy (ASX: ADX): Narrowing uncertainty and resources range at Anshof

<ul><li>• ADX has farmed out a 50% interest in an exploration area with in the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling. • The exploration area farmed-out to MND includes the LICHT and IRR gas prospects. • The LICHT prospect location (16.2 bcf gross best case prospective resources) has already received a drilling permit including the environmental clearance.</li></ul>

• ADX has farmed out a 50% interest in an exploration area with in the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling. • The exploration area farmed-out to MND includes the LICHT and IRR gas prospects. • The LICHT prospect location (16.2 bcf gross best case prospective resources) has already received a drilling permit including the environmental clearance.

ADX Energy (ASX: ADX): Adding further exploration prospects with MND to the FY24 programme

Australia

ADX Energy Ltd. explores for oil and natural gas.  The Company operates onshore and offshore in Tunisia, offshore in Italy, and onshore in Australia.

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ADX Energy Ltd (ADX AU)

Auctus on Friday - 26/01/2024

ADX Energy (ADX AU)C; target price of A$0.65 per share: Drilling rig on location of high impact well by the end of January

Auctus Advisors

ADX Energy (ASX: ADX): Drilling Rig on Location of High Impact Well by the End of January

Welchau gross prospective resources have been independently estimated at 365 to1,128 bcf (ADX’s internal estimates: 212 to1,631 bcf).

Auctus Advisors

Auctus on Friday - 08/12/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 -...

Auctus Advisors

ADX Energy (ASX: ADX): Narrowing uncertainty and resources range at Anshof

• The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%. • The top of the Eocene...

Auctus Advisors

ADX Energy (ASX: ADX): Adding further exploration prospects with MND to the FY24 programme

• ADX has farmed out a 50% interest in an exploration area with in the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus...

Auctus Advisors

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