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>GeoPark is acquiring 49.5 mmboe 2P reserves (&gt;90% light oil), 118 mmboe 3C contingent resources and ~5 mmboe unconventional production across four blocks in the oil window of the Vaca Muerta in Argentina from a subsidiary of Mercuria.</li>
<li>The Vaca Muerta in Argentina is a hot spot for unconventional development and a strategic area for most supermajors and YPF.</li>
<li>The formation is estimated to hold 16 bn bbl of oil and 300 tcf of natural gas and produces &gt;350 mbbl/d (x4 since 2019).</li>
</ul>


GeoPark is acquiring 49.5 mmboe 2P reserves (&gt;90% light oil), 118 mmboe 3C contingent resources and ~5 mmboe unconventional production across four blocks in the oil window of the Vaca Muerta in Argentina from a subsidiary of Mercuria.
The Vaca Muerta in Argentina is a hot spot for unconventional development and a strategic area for most supermajors and YPF.
The formation is estimated to hold 16 bn bbl of oil and 300 tcf of natural gas and produces &gt;350 mbbl/d (x4 since 2019).


GeoPark Limited (NYSE: GPRK): Entering the Vaca Muerta

<ul>
<li>1Q24 production of 35,473 boe/d., Production from CPO-5 was impacted by blockades over 22 days.</li>
<li>As a result, net production at CPO-5 was only ~5.6 mbbl/d (vs our forecast of 7.5 mbbl/d).</li>
<li>Production at CPO-5 has now been restored.</li>
</ul>


1Q24 production of 35,473 boe/d., Production from CPO-5 was impacted by blockades over 22 days.
As a result, net production at CPO-5 was only ~5.6 mbbl/d (vs our forecast of 7.5 mbbl/d).
Production at CPO-5 has now been restored.


GeoPark Limited: Current Net Production of >38 Mboe/D Including 9 Mbbl/D at CPO-5

<ul>
<li>GeoPark has submitted a binding offer to acquire a non-operated Working Interest in unconventional blocks in the Neuquen Basin in Argentina.</li>
<li>The offer has been accepted by the seller and the parties are working on an exclusive basis towards execution of definitive agreements.</li>
<li>The completion of the transaction could occur in 3Q24 </li>
</ul>


GeoPark has submitted a binding offer to acquire a non-operated Working Interest in unconventional blocks in the Neuquen Basin in Argentina.
The offer has been accepted by the seller and the parties are working on an exclusive basis towards execution of definitive agreements.
The completion of the transaction could occur in 3Q24 


GeoPark Limited (NYSE: GPRK): Potential Acquisition of Unconventional Producing Assets in Argentina

<ul>
<li>The key takeaway from the 4Q23 results press release is the announcement of a modified Dutch auction tender offer to purchase up to US$50 mm of GeoPark shares at a price of US$9-10 per share.</li>
<li>This represents ~10% of the current market cap of the company.</li>
<li>The tender price range represents a premium of 8-20% to the prior day close.</li>
</ul>


The key takeaway from the 4Q23 results press release is the announcement of a modified Dutch auction tender offer to purchase up to US$50 mm of GeoPark shares at a price of US$9-10 per share.
This represents ~10% of the current market cap of the company.
The tender price range represents a premium of 8-20% to the prior day close.


GeoPark Limited (NYSE: GPRK): Dutch auction for 10% of the market cap at significant premium to the share price

<ul>
<li>2P YE23 reserves were estimated at 115.1 mmboe.</li>
<li>Excluding 14.6 mmboe at YE22 in Chile (being sold), this compares to 113.8 mmboe at YE22.</li>
<li>During 2023, GeoPark has added ~14 mmboe of 2P reserves.</li>
</ul>


2P YE23 reserves were estimated at 115.1 mmboe.
Excluding 14.6 mmboe at YE22 in Chile (being sold), this compares to 113.8 mmboe at YE22.
During 2023, GeoPark has added ~14 mmboe of 2P reserves.


GeoPark Limited (NYSE: GPRK): 110% Reserve Replacement Ratio in 2023

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.

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Geopark Ltd (GPRK US)

GeoPark Limited (NYSE: GPRK): Entering the Vaca Muerta

The formation is estimated to hold 16 bn bbl of oil and 300 tcf of natural gas and produces >350 mbbl/d (x4 since 2019).

Auctus Advisors

GeoPark Limited: Current Net Production of >38 Mboe/D Including 9 Mbbl/D at CPO-5

1Q24 production of 35,473 boe/d., Production from CPO-5 was impacted by blockades over 22 days. As a result, net production at CPO-5 was only ~5.6...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): Potential Acquisition of Unconventional Producing Assets in Argentina

GeoPark has submitted a binding offer to acquire a non-operated Working Interest in unconventional blocks in the Neuquen Basin in Argentina.

Auctus Advisors

GeoPark Limited (NYSE: GPRK): 110% Reserve Replacement Ratio in 2023

2P YE23 reserves were estimated at 115.1 mmboe. Excluding 14.6 mmboe at YE22 in Chile (being sold), this compares to 113.8 mmboe at YE22.

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GeoPark Limited (NYSE: GPRK): Entering the Vaca Muerta

The formation is estimated to hold 16 bn bbl of oil and 300 tcf of natural gas and produces >350 mbbl/d (x4 since 2019).

Auctus Advisors

GeoPark Limited: Current Net Production of >38 Mboe/D Including 9 Mbbl/D at CPO-5

1Q24 production of 35,473 boe/d., Production from CPO-5 was impacted by blockades over 22 days. As a result, net production at CPO-5 was only ~5.6...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): Potential Acquisition of Unconventional Producing Assets in Argentina

GeoPark has submitted a binding offer to acquire a non-operated Working Interest in unconventional blocks in the Neuquen Basin in Argentina.

Auctus Advisors

GeoPark Limited (NYSE: GPRK): Dutch auction for 10% of the market cap at significant premium to the share price

The key takeaway from the 4Q23 results press release is the announcement of a modified Dutch auction tender offer to purchase up to US$50 mm of...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): 110% Reserve Replacement Ratio in 2023

2P YE23 reserves were estimated at 115.1 mmboe. Excluding 14.6 mmboe at YE22 in Chile (being sold), this compares to 113.8 mmboe at YE22.

Auctus Advisors