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>2Q24 production was 35,608 boe/d, which is in line with 2Q24 but below April production of ~37.5 mboe/d, as the company has experienced sporadic blockades and weather-associated flooding at Llanos 34.</li>
<li>As a result production in Colombia was only 33,956 boe/d (we forecasted 35.5 mboe/d).</li>
<li>The waterflood programme now generates 3.7 mbbl/d.</li>
</ul>


2Q24 production was 35,608 boe/d, which is in line with 2Q24 but below April production of ~37.5 mboe/d, as the company has experienced sporadic blockades and weather-associated flooding at Llanos 34.
As a result production in Colombia was only 33,956 boe/d (we forecasted 35.5 mboe/d).
The waterflood programme now generates 3.7 mbbl/d.


GeoPark Limited (NYSE: GPRK): Strong Performance in Argentina

<ul>
<li>1Q24 production had been reported previously.</li>
<li>GeoPark held US$151 mm in cash at the end of March.</li>
<li>Adjusting for a negative working capital movement of ~US$20 mm in 1Q24, this would have been in line with our forecast.</li>
</ul>


1Q24 production had been reported previously.
GeoPark held US$151 mm in cash at the end of March.
Adjusting for a negative working capital movement of ~US$20 mm in 1Q24, this would have been in line with our forecast.


GeoPark Limited (NYSE: GPRK): Dividend Distribution Boosted by Share Buyback.

Thematic (Sector/Industry)

<ul>
<li>Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales Norte B Pad Horizontal Well 1.</li>
<li>This is the first horizontal well drilled in the Ubaque on Tapir.</li>
<li>Three more horizontal wells will be drilled on the pad.</li>
</ul>


Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales Norte B Pad Horizontal Well 1.
This is the first horizontal well drilled in the Ubaque on Tapir.
Three more horizontal wells will be drilled on the pad.


<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>GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d.</li>
<li>The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement.</li>
<li>As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 mm for a total of US$500 mm, in prepaid future oil sales over the period of the offtake contract.</li>
</ul>


GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d.
The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement.
As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 mm for a total of US$500 mm, in prepaid future oil sales over the period of the offtake contract.


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): Strong Performance in Argentina

2Q24 production was 35,608 boe/d, which is in line with 2Q24 but below April production of ~37.5 mboe/d, as the company has experienced sporadic...

Auctus Advisors

AUCTUS ON FRIDAY - 17/05/2024

Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Spudding high impact well – Drilling operations have started at the Carrizales...

Auctus Advisors

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

AUCTUS ON FRIDAY - 10/05/2024

GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with...

Auctus Advisors

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