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>Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected – The Gacheta zones proved unproductive at the CN 1 well location.</li><li>Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells.</li><li>Jadestone Energy (JSE LN): New equity raise – Jadestone Energy has raised US$50 mm of new equity priced at 45p per share.</li></ul>

Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected – The Gacheta zones proved unproductive at the CN 1 well location.Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells.Jadestone Energy (JSE LN): New equity raise – Jadestone Energy has raised US$50 mm of new equity priced at 45p per share.

<ul><li>Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will be submitted in two weeks.</li><li>Panoro Energy (PEN NO)C; target price of NOK50 per share: Executing on plans.</li><li>Pharos Energy (PHAR LN)C; target price of £0.55 per share: Flow rate at new Vietnam well above expectations.</li></ul>

Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will be submitted in two weeks.Panoro Energy (PEN NO)C; target price of NOK50 per share: Executing on plans.Pharos Energy (PHAR LN)C; target price of £0.55 per share: Flow rate at new Vietnam well above expectations.

<ul><li>ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations.</li><li>In March net production from Anshof has increased to 94 bbl/d.</li><li>Calima Energy (CE1 AU)C; target price of A$0.50 per share: Better than expected performance.</li></ul>

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations.In March net production from Anshof has increased to 94 bbl/d.Calima Energy (CE1 AU)C; target price of A$0.50 per share: Better than expected performance.

<ul><li>Arrow Exploration (AXL LN) C; Target price of £0.45 per share: The RCE-5 well encounters one of the largest net pay to date in the RCE field – The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet).</li><li>RCE-5 encountered the largest net pay in the current programme.</li><li>Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster was 7,672 bbl/d in May with 52% water cut.</li></ul>

Arrow Exploration (AXL LN) C; Target price of £0.45 per share: The RCE-5 well encounters one of the largest net pay to date in the RCE field – The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet).RCE-5 encountered the largest net pay in the current programme.Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster was 7,672 bbl/d in May with 52% water cut.

<ul><li>Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Adding reserves in Colombia – Arrow’s 1P, 2P and 3P reserves were estimated at respectively 3.4 mmboe, 7.7 mmboe and 11.7 mmboe at YE22.</li><li>This includes 2.1 mmboe 2P reserves and 4.3 mmboe 3P reserves at the company’s core assets in Colombia (Tapir and Oso Pardo).</li><li>Calima Energy (CE1 AU) C; Target price of A$0.50 per share: Replacing over 100% of produced reserves – YE22 net 2P reserves have been estimated at 20.5 mmboe (net of royalty), up 1% compared to YE21.</li></ul>

Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Adding reserves in Colombia – Arrow’s 1P, 2P and 3P reserves were estimated at respectively 3.4 mmboe, 7.7 mmboe and 11.7 mmboe at YE22.This includes 2.1 mmboe 2P reserves and 4.3 mmboe 3P reserves at the company’s core assets in Colombia (Tapir and Oso Pardo).Calima Energy (CE1 AU) C; Target price of A$0.50 per share: Replacing over 100% of produced reserves – YE22 net 2P reserves have been estimated at 20.5 mmboe (net of royalty), up 1% compared to YE21.

Canada

Canacol Energy Limited is an international junior energy company with production and exploration operations located in South America. The Company's operations are focused in Colombia, with operations also in Ecuador.

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Canacol Energy (CNE CN)

Auctus on Friday - 09/06/2023

Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than...

Auctus Advisors

Auctus on Friday - 26/05/2023

Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will...

Auctus Advisors

Auctus on Friday - 05/05/2023

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations.In March net production from Anshof has increased to 94 bbl/d.

Auctus Advisors

Auctus on Friday - 06/04/2023

Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster was 7,672 bbl/d in May with 52% water cut.

Auctus Advisors

Auctus on Friday - 31/03/2023

Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Adding reserves in Colombia – Arrow’s 1P, 2P and 3P reserves were estimated at...

Auctus Advisors

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