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 Energy (ADX AU)C: target price of A$0.08 per share: Funding from the Austrian Science Fund to collaborate on study at Welchau – The Austrian Science Fund will fund a scientific project in the Welchau area to better understand the geology of the area.</li><li>The project budget is A$0.75 mm to which the Austrian Science Fund will contribute A$0.6 mm.</li><li>Longboat Energy (LBE LN)C; target price of £0.90 per share: Production start at Norwegian asset – Production at Statfjord Øst project has started.</li></ul>

________________________________________ ADX Energy (ADX AU)C: target price of A$0.08 per share: Funding from the Austrian Science Fund to collaborate on study at Welchau – The Austrian Science Fund will fund a scientific project in the Welchau area to better understand the geology of the area.The project budget is A$0.75 mm to which the Austrian Science Fund will contribute A$0.6 mm.Longboat Energy (LBE LN)C; target price of £0.90 per share: Production start at Norwegian asset – Production at Statfjord Øst project has started.

<ul>
<li>Calima has sold its Montney acreage and its Tommy Lakes facilities to Advantage Energy for A$11.4 mm. </li>
<li>The disposal of the Montney Assets will also result in operating and holding savings of approximately A$1 mm per year.</li>
<li>As we incorporate the proceeds for the disposition of the Montney assets in our valuation, we have trimmed our target price from A$0.50 per share to A$0.45 per share, which still represents &gt;5x the current share price.</li>
</ul>


Calima has sold its Montney acreage and its Tommy Lakes facilities to Advantage Energy for A$11.4 mm. 
The disposal of the Montney Assets will also result in operating and holding savings of approximately A$1 mm per year.
As we incorporate the proceeds for the disposition of the Montney assets in our valuation, we have trimmed our target price from A$0.50 per share to A$0.45 per share, which still represents &gt;5x the current share price.


Calima Energy Ltd (ASX: CE1): Selling the Montney assets. Increasing dividend distribution

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.10 per share: Growing production.</li>
<li>Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.</li>
<li>Calima Energy (CE1 AU)C; target price of A$0.50 per share: Increasing dividend distribution to ~10% yield - 2Q23 production was 4,152 boe/d, above the estimates provided previously (4,125 boe/d).</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.10 per share: Growing production.
Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.
Calima Energy (CE1 AU)C; target price of A$0.50 per share: Increasing dividend distribution to ~10% yield - 2Q23 production was 4,152 boe/d, above the estimates provided previously (4,125 boe/d).


<ul>
<li>2Q23 production was 4,152 boe/d, above the estimates provided previously (4,125 boe/d). </li>
<li>The J2J waterflood programme has added 170-300 bbl/d production, which we view as very encouraging since rolling out the waterflood programme to the rest of the asset could have a positive impact on recovery factors and reserves.</li>
<li>We now assume ~4,080 boe/d production in 2023 (~4,200 boe/d previously).</li>
</ul>


2Q23 production was 4,152 boe/d, above the estimates provided previously (4,125 boe/d). 
The J2J waterflood programme has added 170-300 bbl/d production, which we view as very encouraging since rolling out the waterflood programme to the rest of the asset could have a positive impact on recovery factors and reserves.
We now assume ~4,080 boe/d production in 2023 (~4,200 boe/d previously).


Calima Energy Ltd (ASX: CE1): Increasing Dividend Distribution to ~10% Yield

<ul>
<li>ADX Energy (ADX AU) C ; target price of A$0.100 per share: Exploration portfolio update in Austria: larger volume, lower risk – The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20 prospects.</li>
<li>The importance of the upgrade is as much about risk reduction as it is about resources increase.</li>
<li>The expansion of the portfolio also provides new opportunities for further farmouts. </li>
</ul>


ADX Energy (ADX AU) C ; target price of A$0.100 per share: Exploration portfolio update in Austria: larger volume, lower risk – The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20 prospects.
The importance of the upgrade is as much about risk reduction as it is about resources increase.
The expansion of the portfolio also provides new opportunities for further farmouts. 


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 - 01/09/2023

________________________________________ ADX Energy (ADX AU)C: target price of A$0.08 per share: Funding from the Austrian Science Fund to...

Auctus Advisors

Calima Energy Ltd (ASX: CE1): Selling the Montney assets. Increasing dividend distribution

As we incorporate the proceeds for the disposition of the Montney assets in our valuation, we have trimmed our target price from A$0.50 per share...

Auctus Advisors

Auctus on Friday - 04/08/2023

Anshof-3 production performance continues to exceed expectations with strong pressure support and deliverability with no water production.

Auctus Advisors

Calima Energy Ltd (ASX: CE1): Increasing Dividend Distribution to ~10% Yield

The J2J waterflood programme has added 170-300 bbl/d production, which we view as very encouraging since rolling out the waterflood programme to...

Auctus Advisors

Auctus on Friday - 30/06/2023

The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20...

Auctus Advisors

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