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 is raising A$4.2 mm of new equity plus up to A$1 mm through an offer to shareholders at a price of A$0.10 per share. • We re-iterate our target price of A$0.80 per share as we factor (1) the dilution associated with the equity raise and (2) the increased interest in Anshof.</li><li>De-risking the 3P/3C resources at Anshof would add ~A$0.50/sh (~5x the current share price).</li></ul>

• ADX is raising A$4.2 mm of new equity plus up to A$1 mm through an offer to shareholders at a price of A$0.10 per share. • We re-iterate our target price of A$0.80 per share as we factor (1) the dilution associated with the equity raise and (2) the increased interest in Anshof.De-risking the 3P/3C resources at Anshof would add ~A$0.50/sh (~5x the current share price).

ADX Energy (ASX: ADX): Equity raise to fund increased WI in Anshof

<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.

<ul><li>• 3Q23 production of 324 boe/d and cash of A$5.7 mm at the end of September were near our expectations.</li><li>This includes 101 bbl/d gross production for Anshof that was shut-in on 19 September after reaching the regulatory limit for test production.</li><li>Anshof-3 production will recommence after the drilling of the Anshof-2 well and the installation of a permanent production facility in February.</li></ul>

• 3Q23 production of 324 boe/d and cash of A$5.7 mm at the end of September were near our expectations.This includes 101 bbl/d gross production for Anshof that was shut-in on 19 September after reaching the regulatory limit for test production.Anshof-3 production will recommence after the drilling of the Anshof-2 well and the installation of a permanent production facility in February.

ADX Energy Limited (ASE: ADX): On Track to start drilling in early November

<ul>
<li>ADX is expected to start drilling the Anshof-2 appraisal well in November.</li>
<li>The Anshof-1 well will then be drilled in Q2 or Q3 24 increasing gross production from the Anshof field to ~1,000 bbl/d with three wells (500 bbl/d net to ADX). </li>
<li>MND has already paid ADX A$3.2 million for past costs and long lead drilling expenditures.</li>
</ul>


ADX is expected to start drilling the Anshof-2 appraisal well in November.
The Anshof-1 well will then be drilled in Q2 or Q3 24 increasing gross production from the Anshof field to ~1,000 bbl/d with three wells (500 bbl/d net to ADX). 
MND has already paid ADX A$3.2 million for past costs and long lead drilling expenditures.


ADX Energy Limited (ASE: ADX): Two high impact wells to commence drilling by YE23

<ul><li>• ADX is farming out 30% WI in the Anshof discovery to MND. • MND will pay ADX ~A$3.2 mm for back costs and long lead items for the Anshof-1 and 2 wells on completion of the transaction.</li><li>MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).</li></ul>

• ADX is farming out 30% WI in the Anshof discovery to MND. • MND will pay ADX ~A$3.2 mm for back costs and long lead items for the Anshof-1 and 2 wells on completion of the transaction.MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).

ADX Energy Limited (ASE: ADX): A high-quality industry partner in Austria to fund and accelerate Anshof development

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ADX Energy Ltd (ADX AU)

ADX Energy (ASX: ADX): Equity raise to fund increased WI in Anshof

• ADX is raising A$4.2 mm of new equity plus up to A$1 mm through an offer to shareholders at a price of A$0.10 per share. • We re-iterate our...

Auctus Advisors

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

ADX Energy Limited (ASE: ADX): On Track to start drilling in early November

• 3Q23 production of 324 boe/d and cash of A$5.7 mm at the end of September were near our expectations. This includes 101 bbl/d gross production...

Auctus Advisors

ADX Energy Limited (ASE: ADX): Two high impact wells to commence drilling by YE23

The Anshof-1 well will then be drilled in Q2 or Q3 24 increasing gross production from the Anshof field to ~1,000 bbl/d with three wells (500 bbl/d...

Auctus Advisors

ADX Energy Limited (ASE: ADX): A high-quality industry partner in Austria to fund and accelerate Anshof development

• ADX is farming out 30% WI in the Anshof discovery to MND. • MND will pay ADX ~A$3.2 mm for back costs and long lead items for the Anshof-1 and 2...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)