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>ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24 February.</li>
<li>Calima Energy (CE1 AU)C; target price of A$0.13 per share: Completing divestment of Blackspur – Blackspur has been sold for A$81.6 mm, after tax provisions and net debt adjustments.</li>
<li>Calima will distribute A$80 mm (~A$12.6 per share) as dividends.</li>
</ul>


ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24 February.
Calima Energy (CE1 AU)C; target price of A$0.13 per share: Completing divestment of Blackspur – Blackspur has been sold for A$81.6 mm, after tax provisions and net debt adjustments.
Calima will distribute A$80 mm (~A$12.6 per share) as dividends.


<ul>
<li>ADX Energy (ADX AU) C ; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to production during the quarter (in line with previous indications).</li>
<li>Commercial production at Anshof is expected to restart in March after the commissioning of a permanent production facility.</li>
<li>ADX held ~A$8 mm in cash as at YE23. Drilling at the high impact Welchau-1 well targeting between 365 bcf and 1,128 bcf gross prospective resources is expected to commence in February. </li>
</ul>


ADX Energy (ADX AU) C ; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to production during the quarter (in line with previous indications).
Commercial production at Anshof is expected to restart in March after the commissioning of a permanent production facility.
ADX held ~A$8 mm in cash as at YE23. Drilling at the high impact Welchau-1 well targeting between 365 bcf and 1,128 bcf gross prospective resources is expected to commence in February. 


<ul>
<li>ADX Energy (ADX AU) C ; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout – The farm-out of 50% economic interest in a part of the ADX-AT-I licence has been completed and ADX has received EUR0.45 mm from MND for back costs payments. MND will fund EUR4.5 mm for exploration drilling.</li>
<li>ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospect during 2H24.</li>
<li>ADX also announced that the farm-out agreement with MCF Energy regarding Welchau has been amended. </li>
</ul>


ADX Energy (ADX AU) C ; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout – The farm-out of 50% economic interest in a part of the ADX-AT-I licence has been completed and ADX has received EUR0.45 mm from MND for back costs payments. MND will fund EUR4.5 mm for exploration drilling.
ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospect during 2H24.
ADX also announced that the farm-out agreement with MCF Energy regarding Welchau has been amended. 


Equity Bottom-Up

<ul><li>• Calima is selling Blackspur for ~A$83.3 mm (C$75 mm) in cash to Astara Energy. • Calima Energy has ~A$4.1 mm in cash which remains with Calima together with a A$0.4 mm bond with BCOGC. • Overall, assuming only A$69 mm (equivalent to A$0.11 per share) will be distributed to shareholders (representing the minimum of 85% of the final sale proceeds) would leave Calima with ~A$15-16 mm in net cash on closing (equivalent to ~A$0.025 per share).</li></ul>

• Calima is selling Blackspur for ~A$83.3 mm (C$75 mm) in cash to Astara Energy. • Calima Energy has ~A$4.1 mm in cash which remains with Calima together with a A$0.4 mm bond with BCOGC. • Overall, assuming only A$69 mm (equivalent to A$0.11 per share) will be distributed to shareholders (representing the minimum of 85% of the final sale proceeds) would leave Calima with ~A$15-16 mm in net cash on closing (equivalent to ~A$0.025 per share).

Calima Energy Ltd (ASX: CE1): Selling Blackspur

<ul>
<li>• 3Q23 production was 3,683 boe/d, slightly below the company’s guidance due to maintenance, turn-around operations at two of the production facilities and unscheduled downhole maintenance on pumping equipment on a few of the more productive wells. </li>
<li>This is more than offset by the high current production of ~4,100 boe/d following Pisces 10 and 11 being brought into production.</li>
<li>Calima forecasts 4Q23 production of 4,028 boe/d and we have increased our 4Q23 production forecast of 3,740 boe/d to 4,030 boe/d to be in line with Calima’s guidance.</li>
</ul>


• 3Q23 production was 3,683 boe/d, slightly below the company’s guidance due to maintenance, turn-around operations at two of the production facilities and unscheduled downhole maintenance on pumping equipment on a few of the more productive wells. 
This is more than offset by the high current production of ~4,100 boe/d following Pisces 10 and 11 being brought into production.
Calima forecasts 4Q23 production of 4,028 boe/d and we have increased our 4Q23 production forecast of 3,740 boe/d to 4,030 boe/d to be in line with Calima’s guidance.


Calima Energy Ltd (ASX: CE1): High production in 4Q23 and 1Q24

Australia

Calima Energy Limited operates as an oil and gas company. The Company explores and produces petroleum products. Calima Energy invests in oil and gas projects internationally.

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Calima Energy (CE1 AU)

AUCTUS ON FRIDAY - 01/03/2024

ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24...

Auctus Advisors

Auctus on Friday - 02/02/2024

ADX Energy (ADX AU) C ; target price of A$0.65 per share: Operations on track – 4Q23 production was 218 boe/d as Anshof did not contribute to...

Auctus Advisors

Auctus on Friday - 12/01/2024

ADX Energy (ADX AU) C ; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout

Auctus Advisors

Calima Energy Ltd (ASX: CE1): Selling Blackspur

• Calima is selling Blackspur for ~A$83.3 mm (C$75 mm) in cash to Astara Energy. • Calima Energy has ~A$4.1 mm in cash which remains with Calima...

Auctus Advisors

Calima Energy Ltd (ASX: CE1): High production in 4Q23 and 1Q24

Calima forecasts 4Q23 production of 4,028 boe/d and we have increased our 4Q23 production forecast of 3,740 boe/d to 4,030 boe/d to be in line with...

Auctus Advisors

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