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>Panoro Energy (PEN NO)C; Target price of NOK49 per share: Reserves addition much larger than expected – YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%).</li>
<li>This figure far exceeds our previous expectation of 34.5 mmbbl for YE24 2P reserves - an estimate that included a 4 mmbbl addition in 1H24 to counterbalance 2024 production.</li>
<li>The higher than expected reserves addition is driven by robust reservoir performance in Gabon coupled with the conversion of contingent resources into 2P reserves in EG.</li>
</ul>


Panoro Energy (PEN NO)C; Target price of NOK49 per share: Reserves addition much larger than expected – YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%).
This figure far exceeds our previous expectation of 34.5 mmbbl for YE24 2P reserves - an estimate that included a 4 mmbbl addition in 1H24 to counterbalance 2024 production.
The higher than expected reserves addition is driven by robust reservoir performance in Gabon coupled with the conversion of contingent resources into 2P reserves in EG.


<ul>
<li>Condor Energies (CDR CN)C; Target price of C$5.60 per share: Very high flow rate at bypassed zone boosts production and unlocks reserves - A potential bypassed 60 m gas pay section, identified using advanced cased-hole logging tools and reprocessed existing 3-D seismic data, was put in production over a 23 m perforated interval at a rate of 1,100 boe/d, increasing to 1,300 boe/d over the past five days as the completion fluid has been recovered.</li>
<li>The flow rate is above expectations and unlocks reserves.</li>
<li>This result showcases the potential upside at Condor’s Uzbekistan assets.</li>
</ul>


Condor Energies (CDR CN)C; Target price of C$5.60 per share: Very high flow rate at bypassed zone boosts production and unlocks reserves - A potential bypassed 60 m gas pay section, identified using advanced cased-hole logging tools and reprocessed existing 3-D seismic data, was put in production over a 23 m perforated interval at a rate of 1,100 boe/d, increasing to 1,300 boe/d over the past five days as the completion fluid has been recovered.
The flow rate is above expectations and unlocks reserves.
This result showcases the potential upside at Condor’s Uzbekistan assets.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Historic permit award in Italy opens a new growth area - ADX has been offered and accepted the “d 363 C.R-.AX” permit in the Sicily Channel, offshore Italy, covering a maximum area of 346 km2.</li><li>ADX applied for the permit in 2018, but the moratorium on awarding new exploration blocks in Italy was only lifted last year.</li><li>ADX will become a licensed operator in Italy as well as Austria and Romania.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Historic permit award in Italy opens a new growth area - ADX has been offered and accepted the “d 363 C.R-.AX” permit in the Sicily Channel, offshore Italy, covering a maximum area of 346 km2.ADX applied for the permit in 2018, but the moratorium on awarding new exploration blocks in Italy was only lifted last year.ADX will become a licensed operator in Italy as well as Austria and Romania.

<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.70 per share: Approvals to start well testing at Welchau received.</li>
<li>Rig and test equipment mobilized – All necessary approvals have been received to commence flow testing operations on the Welchau-1 discovery well for the period from 30 October 2024 until 31 March 2025.</li>
<li>A workover rig has been mobilised to the Welchau-1 drill site with flow testing due to commence during the second half of November.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.70 per share: Approvals to start well testing at Welchau received.
Rig and test equipment mobilized – All necessary approvals have been received to commence flow testing operations on the Welchau-1 discovery well for the period from 30 October 2024 until 31 March 2025.
A workover rig has been mobilised to the Welchau-1 drill site with flow testing due to commence during the second half of November.


<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.


United Kingdom

Afentra is an upstream oil and gas company focused on acquiring and optimizing producing and near-field development assets, primarily in Africa, with a core portfolio in Angola. The company is involved in the appraisal, exploration, development, and production of oil and gas. Afentra is headquartered in London, United Kingdom, and was incorporated in 1983.

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

Afentra (AET LN)

AUCTUS ON FRIDAY - 25/04/2025

The higher than expected reserves addition is driven by robust reservoir performance in Gabon coupled with the conversion of contingent resources...

Auctus Advisors

AUCTUS ON FRIDAY - 21/02/2025

Condor Energies (CDR CN)C; Target price of C$5.60 per share: Very high flow rate at bypassed zone boosts production and unlocks reserves

Auctus Advisors

AUCTUS ON FRIDAY - 24/01/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Historic permit award in...

Auctus Advisors

AUCTUS ON FRIDAY - 08/11/2024

A workover rig has been mobilised to the Welchau-1 drill site with flow testing due to commence during the second half of November.

Auctus Advisors

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)