Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Despite Colombia facing challenges growing oil &amp; gas reserves on a national level, the country’s independent operators are scaling up.</li><li>Relative to the size of national oil &amp; gas reserves, Colombia's onshore discoveries in recent years may look marginal at best.</li><li>However, the size of the discoveries can be meaningful for smaller operators.</li></ul>

Despite Colombia facing challenges growing oil &amp; gas reserves on a national level, the country’s independent operators are scaling up.Relative to the size of national oil &amp; gas reserves, Colombia's onshore discoveries in recent years may look marginal at best.However, the size of the discoveries can be meaningful for smaller operators.

Oil & Gas Operators Guiding for Bottom-Up Growth Despite Colombia's Top-Down Challenges

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.

<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.


Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

<p>Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).<br/> We assess Frontera Energy's ESG as "Adequate", in line with its Environmental, Social and Governance scores. Controversies are "Immaterial" and Disclosure is "Strong".<br/></p>

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).  We assess Frontera Energy's ESG as "Adequate", in line with its Environmental, Social and Governance scores. Controversies are "Immaterial" and Disclosure is "Strong". 

Frontera Energy - ESG Report - Lucror Analytics

Equity Bottom-Up

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.</li>
<li>MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).</li>
<li>Kosmos Energy (KOS US/LN): 2Q23 results – 2Q23 net production was ~58 mboe/d.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.
MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).
Kosmos Energy (KOS US/LN): 2Q23 results – 2Q23 net production was ~58 mboe/d.


<ul>
<li>ADX Energy (ADX AU) C ; target price of A$0.100 per share: Exploration portfolio update in Austria: larger volume, lower risk – The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20 prospects.</li>
<li>The importance of the upgrade is as much about risk reduction as it is about resources increase.</li>
<li>The expansion of the portfolio also provides new opportunities for further farmouts. </li>
</ul>


ADX Energy (ADX AU) C ; target price of A$0.100 per share: Exploration portfolio update in Austria: larger volume, lower risk – The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20 prospects.
The importance of the upgrade is as much about risk reduction as it is about resources increase.
The expansion of the portfolio also provides new opportunities for further farmouts. 


Canada

Frontera Energy Corporation provides oilfield services. The Company explores, develops, and produces crude oil and natural gas. Frontera Energy serves customers worldwide.

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Frontera Energy (FEC CN)

Oil & Gas Operators Guiding for Bottom-Up Growth Despite Colombia's Top-Down Challenges

Despite Colombia facing challenges growing oil & gas reserves on a national level, the country’s independent operators are scaling up.

Water Tower Research

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

Frontera Energy - ESG Report - Lucror Analytics

Lucror Analytics' ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable). We assess Frontera Energy's ESG as...

Lucror Analytics

Auctus on Friday - 11/08/2023

A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.

Auctus Advisors

Auctus on Friday - 30/06/2023

The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20...

Auctus Advisors

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