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.

Thematic (Sector/Industry)

<ul>
<li>Chariot (CHAR LN)C; target price of £0.50 per share: Feasibility study as a first step to unlocking a mega green hydrogen project – The feasibility study for the green hydrogen “Project Nour” has now been presented to the government of Mauritania.</li>
<li>Chariot holds a 50% interest in the project and TotalEnergies is a partner.</li>
<li>Mauritania benefits from an ideal geography for wind and solar energy.</li>
</ul>


Chariot (CHAR LN)C; target price of £0.50 per share: Feasibility study as a first step to unlocking a mega green hydrogen project – The feasibility study for the green hydrogen “Project Nour” has now been presented to the government of Mauritania.
Chariot holds a 50% interest in the project and TotalEnergies is a partner.
Mauritania benefits from an ideal geography for wind and solar energy.


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>________________________________________ 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>________________________________________ 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).

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.

United Kingdom

Afentra PLC is an independent Oil & Gas company focused on the African Energy Transition. The Company has a current interest in a high potential exploration project, onshore southwestern Somaliland.

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Afentra (AET LN)

AUCTUS ON FRIDAY - 15/03/2024

Chariot (CHAR LN)C; target price of £0.50 per share: Feasibility study as a first step to unlocking a mega green hydrogen project

Auctus Advisors

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

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

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 - 21/07/2023

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

Auctus Advisors

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