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 work-over programme has started with the first two work-overs having added a total of ~40 bbl/d.</li><li>The third work-over was not completed as damaged equipment was encountered downhole.</li><li>• The second tranche of work-overs will start in May.</li></ul>

• The work-over programme has started with the first two work-overs having added a total of ~40 bbl/d.The third work-over was not completed as damaged equipment was encountered downhole.• The second tranche of work-overs will start in May.

Criterium Energy Ltd (TSX-V: CEQ): On track

Thematic (Sector/Industry)

<ul>
<li> ADX Energy (ADX AU)C; target price of A$1.00 per share: Sample analysis at Welchau – Compositional analysis of a gas sample at Welchau shows 92 mole % methane, 4 mole % ethane with low CO2 and no H2S.</li>
<li>Criterium Energy (CEQ CN)C; target price of C$0.30 per share: Growth within cashflow – The FY24 guidance reflects a self-funded development and debt repayment programme.</li>
<li>While a reduced capital programme, we believe this is a prudent strategy with upside optionality should additional funds from the Bulu sale or higher oil prices materialize.</li>
</ul>


 ADX Energy (ADX AU)C; target price of A$1.00 per share: Sample analysis at Welchau – Compositional analysis of a gas sample at Welchau shows 92 mole % methane, 4 mole % ethane with low CO2 and no H2S.
Criterium Energy (CEQ CN)C; target price of C$0.30 per share: Growth within cashflow – The FY24 guidance reflects a self-funded development and debt repayment programme.
While a reduced capital programme, we believe this is a prudent strategy with upside optionality should additional funds from the Bulu sale or higher oil prices materialize.


<ul>
<li>The FY24 guidance reflects a self-funded development and debt repayment programme.</li>
<li>While a reduced capital programme, we believe this is a prudent strategy with upside optionality should additional funds from the Bulu sale or higher oil prices materialize.</li>
<li>As a result of the Bulu sale not completed yet, Criterium is carrying more debt than we expected (the repayment of US$5.5 mm of debt in March would have also triggered a US$3.8 mm debt write down).</li>
</ul>


The FY24 guidance reflects a self-funded development and debt repayment programme.
While a reduced capital programme, we believe this is a prudent strategy with upside optionality should additional funds from the Bulu sale or higher oil prices materialize.
As a result of the Bulu sale not completed yet, Criterium is carrying more debt than we expected (the repayment of US$5.5 mm of debt in March would have also triggered a US$3.8 mm debt write down).


Criterium Energy Ltd (TSX-V: CEQ): Growth within cashflow

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%.</li>
<li>The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case.</li>
<li>Tethys Oil (TETY SS)C; target price of SEK100 per share: Production update in Oman – WI Production in November was 8,361 bbl/d.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%.
The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case.
Tethys Oil (TETY SS)C; target price of SEK100 per share: Production update in Oman – WI Production in November was 8,361 bbl/d.


<ul>
<li>Criterium has signed a letter of intent to sell its 42.5% interest in Bulu for US$7.75 mm. US$2 mm will be received as a non-refundable deposit upon signing of the definitive agreement (expected imminently) and the remaining US$5.75 mm will be due upon closing, which is expected in 1Q24. </li>
<li>The company acquired the interest in Bulu for US$1.6 mm. The sale price represents ~5x that amount. </li>
<li>Completion of the transaction requires only customary notifications in New Zealand and Indonesia. </li>
</ul>


Criterium has signed a letter of intent to sell its 42.5% interest in Bulu for US$7.75 mm. US$2 mm will be received as a non-refundable deposit upon signing of the definitive agreement (expected imminently) and the remaining US$5.75 mm will be due upon closing, which is expected in 1Q24. 
The company acquired the interest in Bulu for US$1.6 mm. The sale price represents ~5x that amount. 
Completion of the transaction requires only customary notifications in New Zealand and Indonesia. 


Criterium Energy Ltd (TSX-V: CEQ): Sale of Bulu unlocks value and transforms the company’s balance sheet

Canada

Criterium Energy Ltd. is a mineral exploration and mining company. The Company mines for oil and gas in southern Turkey. Criterium Energy also mines for diamonds, gold, and base metals in Greenland.

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Criterium Energy (CEQ CN)

Criterium Energy Ltd (TSX-V: CEQ): On track

• The work-over programme has started with the first two work-overs having added a total of ~40 bbl/d. The third work-over was not completed as...

Auctus Advisors

AUCTUS ON FRIDAY - 05/04/2024

Sample analysis at Welchau – Compositional analysis of a gas sample at Welchau shows 92 mole % methane, 4 mole % ethane with low CO2 and no H2S.

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Growth within cashflow

While a reduced capital programme, we believe this is a prudent strategy with upside optionality should additional funds from the Bulu sale or...

Auctus Advisors

Auctus on Friday - 15/12/2023

ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Sale of Bulu unlocks value and transforms the company’s balance sheet

Criterium has signed a letter of intent to sell its 42.5% interest in Bulu for US$7.75 mm. US$2 mm will be received as a non-refundable deposit...

Auctus Advisors

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