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>AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB).</li><li>AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net).</li><li>Both wells are outperforming expectations in terms of flow rates and pressure, which may positively impact reserves estimates.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB).AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net).Both wells are outperforming expectations in terms of flow rates and pressure, which may positively impact reserves estimates.

<ul>
<li>Chariot (CHAR LN)C; Under review: Potential demerger – The management of Chariot is considering splitting the company in two entities, one focusing on upstream oil and gas and the other on renewable power.</li>
<li>The latter will also house the hydrogen and water assets.</li>
<li>Pending further details, we are placing the company under review.</li>
</ul>


Chariot (CHAR LN)C; Under review: Potential demerger – The management of Chariot is considering splitting the company in two entities, one focusing on upstream oil and gas and the other on renewable power.
The latter will also house the hydrogen and water assets.
Pending further details, we are placing the company under review.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25.</li><li>Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.</li><li>Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25.Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively.</li><li>This represents an increase of 15% and 25%, respectively vs. YE23.</li><li>Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase including all the company’s assets: +3.0 mmboe of 2P reserves and +5.7 mmboe of 3P reserves).</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively.This represents an increase of 15% and 25%, respectively vs. YE23.Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase including all the company’s assets: +3.0 mmboe of 2P reserves and +5.7 mmboe of 3P reserves).

<ul>
<li>Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Appraisal drilling results at Alberta Llanos unlock full field development with horizontal wells - Following the discovery well, Arrow has drilled two new vertical wells at Alberta Llanos, effectively delineating the field.</li>
<li>The AB-2 well at the far northern limit of the field encountered multiple hydrocarbon-bearing intervals with good reservoir characteristics but came in structurally lower than anticipated, resulting in sub-economic oil rates from the Carbonera sandstones.</li>
<li>Additional zones can be completed at a later stage.</li>
</ul>


Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Appraisal drilling results at Alberta Llanos unlock full field development with horizontal wells - Following the discovery well, Arrow has drilled two new vertical wells at Alberta Llanos, effectively delineating the field.
The AB-2 well at the far northern limit of the field encountered multiple hydrocarbon-bearing intervals with good reservoir characteristics but came in structurally lower than anticipated, resulting in sub-economic oil rates from the Carbonera sandstones.
Additional zones can be completed at a later stage.


Norway

Equinor ASA operates as an energy company. The Company develops oil, gas, wind, and solar energy projects, as well as focuses on offshore operations and exploration services. Equinor serves customers worldwide.

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Equinor (EQNR NO)

AUCTUS ON FRIDAY - 18/07/2025

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver...

Auctus Advisors

AUCTUS ON FRIDAY - 04/07/2025

Chariot (CHAR LN)C; Under review: Potential demerger – The management of Chariot is considering splitting the company in two entities, one focusing...

Auctus Advisors

AUCTUS ON FRIDAY - 09/05/2025

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in...

Auctus Advisors

AUCTUS ON FRIDAY - 14/03/2025

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase...

Auctus Advisors

AUCTUS ON FRIDAY - 02/07/2025

Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Appraisal drilling results at Alberta Llanos unlock full field development with...

Auctus Advisors

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