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>The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20 prospects.</li>
<li>The resource estimate increase reflects an upward revision of the size of certain prospects such as IRR (gas) which is now estimated to hold 38 bcf (previously 18 bcf) given a higher expected net pay, ZAM (100 bcf vs 88 bcf previously) and GRB (9.5 mmboe vs 8.5 mmboe previously) and the addition of three new lower risk gas opportunities (SCHOE, HOCH and GAST) on ADX- AT-I which is new play type in the licence with further follow ups extended. </li>
<li>The discoveries and low risk appraisal opportunities now represent 18.7 mmboe (5.5 mmboe previously).</li>
</ul>


The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20 prospects.
The resource estimate increase reflects an upward revision of the size of certain prospects such as IRR (gas) which is now estimated to hold 38 bcf (previously 18 bcf) given a higher expected net pay, ZAM (100 bcf vs 88 bcf previously) and GRB (9.5 mmboe vs 8.5 mmboe previously) and the addition of three new lower risk gas opportunities (SCHOE, HOCH and GAST) on ADX- AT-I which is new play type in the licence with further follow ups extended. 
The discoveries and low risk appraisal opportunities now represent 18.7 mmboe (5.5 mmboe previously).


ADX Energy Limited (ASE: ADX): Exploration portfolio update in Austria: larger volume, lower risk

<ul><li>1Q23 production was 299 boe/d including 88 bbl/d for Anshof.</li><li>In March net production from Anshof has increased to 94 bbl/d.</li><li>Additional site storage is planned to be installed at the Anshof-3 well location in June which will enable the production rate to be increased to ~ 150 bbl/d (120 bbl/d net to ADX).</li></ul>

1Q23 production was 299 boe/d including 88 bbl/d for Anshof.In March net production from Anshof has increased to 94 bbl/d.Additional site storage is planned to be installed at the Anshof-3 well location in June which will enable the production rate to be increased to ~ 150 bbl/d (120 bbl/d net to ADX).

ADX Energy Limited (ASE: ADX): 1Q23 in Line with Expectations. Growing Production at Anshof

<ul><li>ADX Energy (ADX AU) C : Target price of A$0.100 per share: Competent person report confirms the materiality of the Welchau pospect – The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline &amp; Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate.</li><li>While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA range (332 bcf of natural gas plus 5.5 mmbbl of condensate in the 1U case) is significantly larger than ADX’s estimate of 212 bcfe is the most important take away in our view.</li><li>The unrisked value of the asset (A$0.09 per share) is very high even in the low case. Welchau is now expected to be drilled in September. </li></ul>

ADX Energy (ADX AU) C : Target price of A$0.100 per share: Competent person report confirms the materiality of the Welchau pospect – The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline &amp; Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate.While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA range (332 bcf of natural gas plus 5.5 mmbbl of condensate in the 1U case) is significantly larger than ADX’s estimate of 212 bcfe is the most important take away in our view.The unrisked value of the asset (A$0.09 per share) is very high even in the low case. Welchau is now expected to be drilled in September. 

<ul><li>The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline &amp; Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate.</li><li>While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA range (332 bcf of natural gas plus 5.5 mmbbl of condensate in the 1U case) is significantly larger than ADX’ estimate of 212 bcfe is the most important take away in our view.</li><li>Valuation: While the Welchau prospect is an important source of potential value (unrisked NAV of A$0.19 per share), ADX offers deep value, even excluding this asset.</li></ul>

The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline &amp; Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate.While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA range (332 bcf of natural gas plus 5.5 mmbbl of condensate in the 1U case) is significantly larger than ADX’ estimate of 212 bcfe is the most important take away in our view.Valuation: While the Welchau prospect is an important source of potential value (unrisked NAV of A$0.19 per share), ADX offers deep value, even excluding this asset.

ADX Energy Limited -  Competent Person Report Confirms the Materiality of the Welchau Pospect

<ul><li>2023 is expected to be a busy and transformational year for ADX.</li><li>The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23.</li><li>It could unlock a large proportion of the 26 mmbbl 3P/3C case (21 mmbbl net to ADX).</li></ul>

2023 is expected to be a busy and transformational year for ADX.The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23.It could unlock a large proportion of the 26 mmbbl 3P/3C case (21 mmbbl net to ADX).

ADX Energy Limited (ASE: ADX): Drilling newsflow. Production growth. Value.

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)

ADX Energy Limited (ASE: ADX): Exploration portfolio update in Austria: larger volume, lower risk

The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20...

Auctus Advisors

ADX Energy Limited (ASE: ADX): 1Q23 in Line with Expectations. Growing Production at Anshof

• 1Q23 production was 299 boe/d including 88 bbl/d for Anshof. In March net production from Anshof has increased to 94 bbl/d. • Additional site...

Auctus Advisors

Auctus on Friday - 21/04/2023

The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline & Associates (GCA) with...

Auctus Advisors

ADX Energy Limited - Competent Person Report Confirms the Materiality of the Welchau Pospect

Valuation: While the Welchau prospect is an important source of potential value (unrisked NAV of A$0.19 per share), ADX offers deep value, even...

Auctus Advisors

ADX Energy Limited (ASE: ADX): Drilling newsflow. Production growth. Value.

The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23.

Auctus Advisors

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