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>The FY23 financials were in line with our forecasts.</li>
<li>The high impact Anchois East well continues to be expected to spud in August.</li>
<li>A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot).</li>
</ul>


The FY23 financials were in line with our forecasts.
The high impact Anchois East well continues to be expected to spud in August.
A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot).


Chariot Limited (AIM: CHAR): High impact well offshore Morocco on track to spud in August

Thematic (Sector/Industry)

<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.


<ul>
<li>The OBA-1 well onshore Morocco has encountered an approximate 70 m gross interval containing elevated resistivities coincident with elevated mud gas readings, indicating potential gas pays, with no water-bearing reservoirs identified.</li>
<li>While the approximate 200 m gross thickness for the reservoirs is in line with pre-drill expectations, the absence of water in the 70 m gross interval is particularly encouraging and could suggest larger than expected resources (12 bcf pre drill).</li>
<li>The well is now expected to be tested in 3Q24.</li>
</ul>


The OBA-1 well onshore Morocco has encountered an approximate 70 m gross interval containing elevated resistivities coincident with elevated mud gas readings, indicating potential gas pays, with no water-bearing reservoirs identified.
While the approximate 200 m gross thickness for the reservoirs is in line with pre-drill expectations, the absence of water in the 70 m gross interval is particularly encouraging and could suggest larger than expected resources (12 bcf pre drill).
The well is now expected to be tested in 3Q24.


Chariot Limited (AIM: CHAR): Drilling success onshore Morocco

<ul>
<li>Chariot has started to drill the Dartois prospect onshore Morocco.</li>
<li>The well is targeting a different reservoir system and trapping style than the Gaufrette prospect.</li>
<li>The main target at Dartois is estimated to hold 12 bcf of gross prospective resources.</li>
</ul>


Chariot has started to drill the Dartois prospect onshore Morocco.
The well is targeting a different reservoir system and trapping style than the Gaufrette prospect.
The main target at Dartois is estimated to hold 12 bcf of gross prospective resources.


Chariot Limited (AIM: CHAR): Drilling at the second well onshore Morocco has commenced

<ul>
<li>Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales Norte B Pad Horizontal Well 1.</li>
<li>This is the first horizontal well drilled in the Ubaque on Tapir.</li>
<li>Three more horizontal wells will be drilled on the pad.</li>
</ul>


Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales Norte B Pad Horizontal Well 1.
This is the first horizontal well drilled in the Ubaque on Tapir.
Three more horizontal wells will be drilled on the pad.


United Kingdom

Chariot Limited is an independent oil and gas exploration group focused on Namibia and Mauritania.

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Chariot Limited (CHAR LN)

Chariot Limited (AIM: CHAR): High impact well offshore Morocco on track to spud in August

The FY23 financials were in line with our forecasts. The high impact Anchois East well continues to be expected to spud in August.

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

Chariot Limited (AIM: CHAR): Drilling success onshore Morocco

The OBA-1 well onshore Morocco has encountered an approximate 70 m gross interval containing elevated resistivities coincident with elevated mud...

Auctus Advisors

Chariot Limited (AIM: CHAR): Drilling at the second well onshore Morocco has commenced

Chariot has started to drill the Dartois prospect onshore Morocco.The well is targeting a different reservoir system and trapping style than the...

Auctus Advisors

AUCTUS ON FRIDAY - 17/05/2024

Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales...

Auctus Advisors

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