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 FY24 production had been reported previously.</li>
<li>Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025.</li>
<li>The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province.</li>
</ul>


The FY24 production had been reported previously.
Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025.
The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province.


GeoPark Limited (NYSE: GPRK): Four New Exploration Wells at Confluencia Sur

<ul>
<li>YE24 2P reserves excluding Argentina were estimated at 87.6 mmboe.</li>
<li>After deducting 12.4 mmboe of production in 2024, the 2P reserves have reduced by 15.1 mmboe.</li>
<li>As anticipated, the primary driver of the reserves reduction is associated with Colombia, with YE24 2P reserves at 84.8 mmboe, down from 106.4 mmboe at YE23.</li>
</ul>


YE24 2P reserves excluding Argentina were estimated at 87.6 mmboe.
After deducting 12.4 mmboe of production in 2024, the 2P reserves have reduced by 15.1 mmboe.
As anticipated, the primary driver of the reserves reduction is associated with Colombia, with YE24 2P reserves at 84.8 mmboe, down from 106.4 mmboe at YE23.


GeoPark Limited (NYSE: GPRK): Reserves in Colombia Down but Ahead of Our Expectations

<ul>
<li>4Q24 production was 31,489 boe/d.</li>
<li>Excluding Argentina (as the acquisition has not completed yet), this is ~1.4 mboe/d below our forecasts.</li>
<li>The shortfall is primarily due to CPO-5, which experienced more blockades than anticipated, resulting in actual production of 6.4 mbbl/d compared to our expectation of 7.5 mbbl/d.</li>
</ul>


4Q24 production was 31,489 boe/d.
Excluding Argentina (as the acquisition has not completed yet), this is ~1.4 mboe/d below our forecasts.
The shortfall is primarily due to CPO-5, which experienced more blockades than anticipated, resulting in actual production of 6.4 mbbl/d compared to our expectation of 7.5 mbbl/d.


GeoPark Limited (NYSE: GPRK): Low 2025 production on strategy shift but 50% increase in Argentina’s 2P reserves

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.30 per share: Favourable court ruling allows Welchau testing operations to resume – The Upper Austrian State Administrative Court has rejected objections from environmental activist groups regarding drilling and testing at Welchau.</li>
<li>The court confirmed that Environmental Clearances were issued in full compliance with applicable regulations.</li>
<li>ADX is now authorized to resume operations at the Welchau-1 site during the winter drilling window, spanning 1 October to 31 March.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: Favourable court ruling allows Welchau testing operations to resume – The Upper Austrian State Administrative Court has rejected objections from environmental activist groups regarding drilling and testing at Welchau.
The court confirmed that Environmental Clearances were issued in full compliance with applicable regulations.
ADX is now authorized to resume operations at the Welchau-1 site during the winter drilling window, spanning 1 October to 31 March.


<ul>
<li>Chariot (CHAR LN)C: Recovering 75% WI of licences in Morocco – Energean has returned its Moroccan offshore interests to Chariot.</li>
<li>As a result, Chariot now holds 75% in the Lixus Offshore and Rissana Offshore licences.</li>
<li>Condor Energies (CDR CN)C; Target price of C$5.90 per share: Acquiring a LNG facility for Kazakhstan to deliver first LNG sale in 2Q26 – 1Q25 production in Uzbekistan was 11,179 boe/d (+6% vs. production in 4Q24).</li>
</ul>


Chariot (CHAR LN)C: Recovering 75% WI of licences in Morocco – Energean has returned its Moroccan offshore interests to Chariot.
As a result, Chariot now holds 75% in the Lixus Offshore and Rissana Offshore licences.
Condor Energies (CDR CN)C; Target price of C$5.90 per share: Acquiring a LNG facility for Kazakhstan to deliver first LNG sale in 2Q26 – 1Q25 production in Uzbekistan was 11,179 boe/d (+6% vs. production in 4Q24).


Colombia

Geopark Limited is an oil and gas exploration and production company. The Company has operating and production properties in Chile, Colombia, Brazil and Argentina.

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

Geopark Ltd (GPRK US)

GeoPark Limited (NYSE: GPRK): Four New Exploration Wells at Confluencia Sur

The FY24 production had been reported previously.Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): Reserves in Colombia Down but Ahead of Our Expectations

YE24 2P reserves excluding Argentina were estimated at 87.6 mmboe.After deducting 12.4 mmboe of production in 2024, the 2P reserves have reduced by...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): Low 2025 production on strategy shift but 50% increase in Argentina’s 2P reserves

4Q24 production was 31,489 boe/d.Excluding Argentina (as the acquisition has not completed yet), this is ~1.4 mboe/d below our forecasts.

Auctus Advisors

AUCTUS ON FRIDAY - 26/09/2025

The Upper Austrian State Administrative Court has rejected objections from environmental activist groups regarding drilling and testing at Welchau.

Auctus Advisors

AUCTUS ON FRIDAY - 16/05/2025

Chariot (CHAR LN)C: Recovering 75% WI of licences in Morocco – Energean has returned its Moroccan offshore interests to Chariot.

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)