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>Drilling at Loukos in Morocco is expected to start around the end of 1Q24 with Chariot expecting the imminent approval of environment permit for up to 20 drilling locations.</li>
<li>The first prospect to be drilled will be Gaufrette (in line with previous indications).</li>
<li>Energean and Chariot are negotiation a contract for a drilling rig for the 2024 campaign.</li>
</ul>


Drilling at Loukos in Morocco is expected to start around the end of 1Q24 with Chariot expecting the imminent approval of environment permit for up to 20 drilling locations.
The first prospect to be drilled will be Gaufrette (in line with previous indications).
Energean and Chariot are negotiation a contract for a drilling rig for the 2024 campaign.


Chariot Limited (AIM: CHAR):Onshore drilling to start in 1Q24

<ul><li>• The transaction consists of two tranches.</li><li>Energean will initially acquire 45% and 37.5% interests in the Lixus and Rissana licences respectively for US$10 mm on closing plus US$15 mm on FID.</li><li>Energean will also fund US$85 mm of gross costs including drilling the Anchois East well and up to US$7 mm seismic at Rissana.</li></ul>

• The transaction consists of two tranches.Energean will initially acquire 45% and 37.5% interests in the Lixus and Rissana licences respectively for US$10 mm on closing plus US$15 mm on FID.Energean will also fund US$85 mm of gross costs including drilling the Anchois East well and up to US$7 mm seismic at Rissana.

Chariot Limited (AIM: CHAR): Like-minded farm-in partner to unlock Anchois

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 - ADX has farmed out a 50% interest in an exploration area within the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling.</li><li>The exploration area farmed-out to MND includes the LICHT and IRR gas prospects.</li><li>The cash and carry component alone values 10% of the project at US$220 mm or US$440 mm for Chariot’s residual 20% interest (£0.31/sh).</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 - ADX has farmed out a 50% interest in an exploration area within the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling.The exploration area farmed-out to MND includes the LICHT and IRR gas prospects.The cash and carry component alone values 10% of the project at US$220 mm or US$440 mm for Chariot’s residual 20% interest (£0.31/sh).

<ul><li>• Chariot has received approval for its Environmental Impact Assessment (EIA) for the Anchois project. • The EIA covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Processing Facility and the link to the GME pipeline.</li><li>Positive news would also have a beneficial impact on the attractiveness of Morocco for the oil and gas sector.</li></ul>

• Chariot has received approval for its Environmental Impact Assessment (EIA) for the Anchois project. • The EIA covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Processing Facility and the link to the GME pipeline.Positive news would also have a beneficial impact on the attractiveness of Morocco for the oil and gas sector.

Chariot Limited (AIM: CHAR): EIA awarded at Anchois. Imminent partner on track

<ul><li>• The US$2.7 mm cash position at the end of June is in line with our expectations.</li><li>Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells.</li><li>Investment profile unchanged: Value and newsflow Announcing an industry partner and taking FID at the Anchois project remain the key near-term catalysts and would take our Core NAV to ~£0.60 per share.</li></ul>

• The US$2.7 mm cash position at the end of June is in line with our expectations.Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells.Investment profile unchanged: Value and newsflow Announcing an industry partner and taking FID at the Anchois project remain the key near-term catalysts and would take our Core NAV to ~£0.60 per share.

Chariot Limited (AIM: CHAR): Imminent partner in Morocco

United Kingdom

Chariot is an Africa-focused transitional energy group with three core business streams: Transitional Gas, Transitional Power, and Green Hydrogen. It focuses on high-value gas development projects offshore Morocco, provides sustainable and reliable renewable energy and water solutions across Africa, and develops green hydrogen projects. Chariot was founded in 2007 and is headquartered in London, United Kingdom.

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Chariot (CHAR LN)

Chariot Limited (AIM: CHAR):Onshore drilling to start in 1Q24

Drilling at Loukos in Morocco is expected to start around the end of 1Q24 with Chariot expecting the imminent approval of environment permit for up...

Auctus Advisors

Chariot Limited (AIM: CHAR): Like-minded farm-in partner to unlock Anchois

• The transaction consists of two tranches. Energean will initially acquire 45% and 37.5% interests in the Lixus and Rissana licences respectively...

Auctus Advisors

Auctus on Friday - 08/12/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 -...

Auctus Advisors

Chariot Limited (AIM: CHAR): EIA awarded at Anchois. Imminent partner on track

• Chariot has received approval for its Environmental Impact Assessment (EIA) for the Anchois project. • The EIA covers all aspects of the...

Auctus Advisors

Chariot Limited (AIM: CHAR): Imminent partner in Morocco

• The US$2.7 mm cash position at the end of June is in line with our expectations. Onshore Morocco, permitting is under way with drilling now...

Auctus Advisors

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