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>Corcel (CRCL LN)C; Target price of 1.00p per share: Initiating Coverage - Corcel is a ~£6 mm market cap AIM-listed E&amp;P company focused on Portuguese-speaking Angola and Brazil.</li>
<li>It offers a unique exposure to the prolific Kwanza onshore basin in Angola which reopened to international companies in 2021.</li>
<li>Corcel is also building a portfolio of mature onshore producing assets in Brazil.</li>
</ul>


Corcel (CRCL LN)C; Target price of 1.00p per share: Initiating Coverage - Corcel is a ~£6 mm market cap AIM-listed E&amp;P company focused on Portuguese-speaking Angola and Brazil.
It offers a unique exposure to the prolific Kwanza onshore basin in Angola which reopened to international companies in 2021.
Corcel is also building a portfolio of mature onshore producing assets in Brazil.


<ul>
<li>PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by &gt;30% during the last quarter – 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.</li>
<li>A brief river blockade impacted production but production in June was 20,555 bbl/d.</li>
<li>All regulatory approvals for the pilot to sell 100 mbbl of production through Ecuador have now been secured.</li>
</ul>


PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by &gt;30% during the last quarter – 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.
A brief river blockade impacted production but production in June was 20,555 bbl/d.
All regulatory approvals for the pilot to sell 100 mbbl of production through Ecuador have now been secured.


<ul>
<li>Panoro Energy (PEN NO)C; Target price of NOK52 per share: About to commence drilling in EG – The drilling rig has arrived in EG.</li>
<li>The drilling campaign is about to commence.</li>
<li>It will include two development wells plus an exploration well at the high impact Akeng Deep prospect.</li>
</ul>


Panoro Energy (PEN NO)C; Target price of NOK52 per share: About to commence drilling in EG – The drilling rig has arrived in EG.
The drilling campaign is about to commence.
It will include two development wells plus an exploration well at the high impact Akeng Deep prospect.


<ul>
<li>Arrow Exploration (AXL LN/CN)C: target price of £0.65 per share: Flow rate of high impact horizontal well above expectations – The first CN Horizontal well (CNB HZ-1) from the Carrizales Norte B pad has been on production since 14 June at a rate of 3,150 bbl/d (~1.6 mbbl/d net) with less than 1% water cut while still recovering load fluid.</li>
<li>The flow rate is currently constrained with the ESP operating on the minimum setting.</li>
<li>The flow rate is above expectations.</li>
</ul>


Arrow Exploration (AXL LN/CN)C: target price of £0.65 per share: Flow rate of high impact horizontal well above expectations – The first CN Horizontal well (CNB HZ-1) from the Carrizales Norte B pad has been on production since 14 June at a rate of 3,150 bbl/d (~1.6 mbbl/d net) with less than 1% water cut while still recovering load fluid.
The flow rate is currently constrained with the ESP operating on the minimum setting.
The flow rate is above expectations.


<ul>
<li>Arrow Exploration (AXL LN/AXL CN)C; target price of £0.65 per share: All eyes on the first horizontal well at Carrizales Norte – The 1Q24 production of 2,730 boe/d was close to our expectations.</li>
<li>Arrow’s cash position of US$11.6 mm was also in line.</li>
<li>The first water disposal well at RCE is being brought into production and the conversion of the CN-4 well is currently waiting regulatory approval.</li>
</ul>


Arrow Exploration (AXL LN/AXL CN)C; target price of £0.65 per share: All eyes on the first horizontal well at Carrizales Norte – The 1Q24 production of 2,730 boe/d was close to our expectations.
Arrow’s cash position of US$11.6 mm was also in line.
The first water disposal well at RCE is being brought into production and the conversion of the CN-4 well is currently waiting regulatory approval.


Norway

Aker BP ASA operates as an oil and gas exploration and production company. The Company focuses on the exploration and development of petroleum resources on the Norwegian Shelf.

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Aker BP ASA (AKRBP NO)

AUCTUS ON FRIDAY - 17/01/2025

Corcel (CRCL LN)C; Target price of 1.00p per share: Initiating Coverage - Corcel is a ~£6 mm market cap AIM-listed E&P company focused on...

Auctus Advisors

AUCTUS ON FRIDAY - 12/07/2024

PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by >30% during the last quarter

Auctus Advisors

Auctus on Friday - 05/07/2024

Panoro Energy (PEN NO)C; Target price of NOK52 per share: About to commence drilling in EG – The drilling rig has arrived in EG. The drilling...

Auctus Advisors

AUCTUS ON FRIDAY - 21/06/2024

Arrow Exploration (AXL LN/CN)C: target price of £0.65 per share: Flow rate of high impact horizontal well above expectations

Auctus Advisors

AUCTUS ON FRIDAY - 31/05/2024

Arrow Exploration (AXL LN/AXL CN)C; target price of £0.65 per share: All eyes on the first horizontal well at Carrizales Norte – The 1Q24...

Auctus Advisors

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