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>GeoPark (GPRK US)C; Target price US$26 per share: Downtime and blockades continue to impact production.</li>
<li>All eyes on Argentina – 3Q24 production was 33,215 boe/d with production in Colombia still impacted by downtime and blockades (we expected 34.6 mboe/d).</li>
<li>Production at Llanos-34 continues to decline.</li>
</ul>


GeoPark (GPRK US)C; Target price US$26 per share: Downtime and blockades continue to impact production.
All eyes on Argentina – 3Q24 production was 33,215 boe/d with production in Colombia still impacted by downtime and blockades (we expected 34.6 mboe/d).
Production at Llanos-34 continues to decline.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in October – The ANS-2A sidetrack well has encountered a 6.5 m net vertical oil column in high quality Eocene-aged sandstone reservoir.</li><li>The reservoir quality encountered at ANS-2A is consistent with ANS-2 (porosity and permeability ~20% higher than at ANS-3).</li><li>The oil-water contact was encountered very close to the top of the water wet reservoir encountered at ANS-2.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in October – The ANS-2A sidetrack well has encountered a 6.5 m net vertical oil column in high quality Eocene-aged sandstone reservoir.The reservoir quality encountered at ANS-2A is consistent with ANS-2 (porosity and permeability ~20% higher than at ANS-3).The oil-water contact was encountered very close to the top of the water wet reservoir encountered at ANS-2.

<ul>
<li>Chariot (CHAR LN)C; Target price £0.40 per share: Anchois-3 encounters gas in the appraisal targets but one of the exploration target is dry – The Anchois-3 well has 3 objectives.</li>
<li>While the initial pilot hole encountered the targeted reservoirs at the Anchois Footwall prospect, they were interpreted as water wet.</li>
<li>Our ReNAV for this prospect was £0.03/sh.</li>
</ul>


Chariot (CHAR LN)C; Target price £0.40 per share: Anchois-3 encounters gas in the appraisal targets but one of the exploration target is dry – The Anchois-3 well has 3 objectives.
While the initial pilot hole encountered the targeted reservoirs at the Anchois Footwall prospect, they were interpreted as water wet.
Our ReNAV for this prospect was £0.03/sh.


<ul>
<li>Criterium Energy (CEQ CN)C; Target price C$0.35 per share: New drilling expected to start in September – A drilling rig is scheduled to be mobilized to site in August.</li>
<li>The two-well infill program, targeting a previously undrilled section of the MGH Field, is anticipated to commence in early September with the wells expected to come on production in early November at a forecasted combined rate of 300 bbl/d.</li>
<li>While this is a bit later than we anticipated, we continue to forecast that Criterium will exit 2024 with ~1,250 boe/d production.</li>
</ul>


Criterium Energy (CEQ CN)C; Target price C$0.35 per share: New drilling expected to start in September – A drilling rig is scheduled to be mobilized to site in August.
The two-well infill program, targeting a previously undrilled section of the MGH Field, is anticipated to commence in early September with the wells expected to come on production in early November at a forecasted combined rate of 300 bbl/d.
While this is a bit later than we anticipated, we continue to forecast that Criterium will exit 2024 with ~1,250 boe/d production.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September.</li><li>The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price.</li><li>In early September, ADX will drill the Anshof-2A side track.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September.The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price.In early September, ADX will drill the Anshof-2A side track.

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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AUCTUS ON FRIDAY - 11/10/2024

All eyes on Argentina – 3Q24 production was 33,215 boe/d with production in Colombia still impacted by downtime and blockades (we expected 34.6...

Auctus Advisors

AUCTUS ON FRIDAY - 20/09/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in...

Auctus Advisors

AUCTUS ON FRIDAY -13/09/2024

Chariot (CHAR LN)C; Target price £0.40 per share: Anchois-3 encounters gas in the appraisal targets but one of the exploration target is dry – The...

Auctus Advisors

AUCTUS ON FRIDAY - 16/08/2024

Criterium Energy (CEQ CN)C; Target price C$0.35 per share: New drilling expected to start in September – A drilling rig is scheduled to be...

Auctus Advisors

AUCTUS ON FRIDAY - 26/07/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact...

Auctus Advisors

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