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>ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).</li><li>The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.</li><li>Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.</li></ul>

ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.

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.

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

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

Frontera Energy - ESG Report - Lucror Analytics

Global energy equity and oil & gas macro analyst

Anish Kapadia

Akap Energy

Thematic (Sector/Industry)

Now that the U.S. has imposed tougher sanctions on Venezuela, we examine the potential impact on the oil market and the companies that will impacted, some positively and some negatively. The sanctions should have a positive impact on the oil price and in particular producers of heavier crude (e.g. Canadian/Colombian/Mexican producers) but a negative impact on the more complex refiners that use heavy crude on the US Gulf Coast.

Now that the U.S. has imposed tougher sanctions on Venezuela, we examine the potential impact on the oil market and the companies that will impacted, some positively and some negatively. The sanctions should have a positive impact on the oil price and in particular producers of heavier crude (e.g. Canadian/Colombian/Mexican producers) but a negative impact on the more complex refiners that use heavy crude on the US Gulf Coast. 

Venezuelan Sanctions: What Is the Crude Market Impact and Which Stocks Are Affected

Global Cross-Asset Energy Analyst, VAC Investments

Aaditya Chintalapati, CFA

Global Cross-Asset Energy Analyst

VAC Investments

Frontera's quarter-to-date share price weakness (-20% QTD abs. return) is largely explained by weak oil prices (WTI -27% QTD abs. return) and are broadly in-line with the rest of the Colombian E&amp;Ps. In addition, recent 3Q18 results were marked by a production miss due to Peru-related pipeline issues, and a consequent 5% lowering of FY18 production and cash flow guidance. However, we remain bullish on the stock, given - (i) a conservative management team focused on maintaining production with a cash-flow neutral capex strategy; (ii) anticipated fleshing-out of 2019 exploration upside with the budget announcement next month; and (iii) shares screening extremely attractively versus regional peers, trading at 2x 2019E EV/EBITDA. We reiterate our BUY rating and see c.70% upside to our Price Target of CAD 25/share.

Frontera's quarter-to-date share price weakness (-20% QTD abs. return) is largely explained by weak oil prices (WTI -27% QTD abs. return) and are broadly in-line with the rest of the Colombian E&amp;Ps. In addition, recent 3Q18 results were marked by a production miss due to Peru-related pipeline issues, and a consequent 5% lowering of FY18 production and cash flow guidance. However, we remain bullish on the stock, given - (i) a conservative management team focused on maintaining production with a cash-flow neutral capex strategy; (ii) anticipated fleshing-out of 2019 exploration upside with the budget announcement next month; and (iii) shares screening extremely attractively versus regional peers, trading at 2x 2019E EV/EBITDA. We reiterate our BUY rating and see c.70% upside to our Price Target of CAD 25/share. 

Frontera Energy (FEC CN): FY18 Guidance Lowered, But Shareprice Catalysts Unchanged; BUY

<h2><a href="https://www.smartkarma.com/entities/22869" target="_blank" data-smartkarma-citation="entities:22869:1">Crude Oil (CRUDE OIL COMDTY)</a></h2>WTI ended the week at US$ 71.49/bbl while Brent ended at US$ 80.5/bbl, both c.4% lower for the week. This was driven by a surprisingly large build in US inventories for the week and limited disruption to GoM production infrastructure from Hurricane Michael. However, a fresh diplomatic crisis over the weekend threatens to boost crude oil risk premia this week, with the US calling for an investigation over the disappearance of the journalist Jamal Khashoggi from the Saudi consulate in Istanbul, and Saudi Arabia in turn vowing to respond strongly in the event of US sanctions. Curiously, this crisis provides an opportunity for a detante between the US and Turkey, even as President Trump finds himself in the unenviable position of having to choose between lower oil prices and sending a strong message to Saudi Arabia.

Crude Oil (CRUDE OIL COMDTY)WTI ended the week at US$ 71.49/bbl while Brent ended at US$ 80.5/bbl, both c.4% lower for the week. This was driven by a surprisingly large build in US inventories for the week and limited disruption to GoM production infrastructure from Hurricane Michael. However, a fresh diplomatic crisis over the weekend threatens to boost crude oil risk premia this week, with the US calling for an investigation over the disappearance of the journalist Jamal Khashoggi from the Saudi consulate in Istanbul, and Saudi Arabia in turn vowing to respond strongly in the event of US sanctions. Curiously, this crisis provides an opportunity for a detante between the US and Turkey, even as President Trump finds himself in the unenviable position of having to choose between lower oil prices and sending a strong message to Saudi Arabia.

Canada

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Frontera Energy (FEC CN)

Auctus on Friday - 04/11/2022

The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.

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). Frontera Energy has "Adequate" ESG...

Lucror Analytics

Venezuelan Sanctions: What Is the Crude Market Impact and Which Stocks Are Affected

Now that the U.S. has imposed tougher sanctions on Venezuela, we examine the potential impact on the oil market and the companies that will...

Anish Kapadia