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.

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU)C; target price of £A$0.65 per share: Drilling update in Austria - Drilling operations at the high impact Welchau prospect are now expected to commence on 24 February with a duration of ~39 days.</li>
<li>ADX will now use the RED E200 rig instead of RED E202.</li>
<li>Arrow Exploration (AXL LN/CN)C; target price of £0.60 per share: Successful appraisal drilling expected to boost reserves – The CN-5 well encountered 45 feet of Ubaque pay to base of sand with 25% porosity and 5 Darcy permeability.</li>
</ul>


ADX Energy (ADX AU)C; target price of £A$0.65 per share: Drilling update in Austria - Drilling operations at the high impact Welchau prospect are now expected to commence on 24 February with a duration of ~39 days.
ADX will now use the RED E200 rig instead of RED E202.
Arrow Exploration (AXL LN/CN)C; target price of £0.60 per share: Successful appraisal drilling expected to boost reserves – The CN-5 well encountered 45 feet of Ubaque pay to base of sand with 25% porosity and 5 Darcy permeability.


Equity Bottom-Up

<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

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.

Equity Research Firm

<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

<ul>
<li>GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.</li>
<li>The Halcon-1 well at CPO-5 that also encountered potential hydrocarbons in the Guadalupe flowed at intermittent rates.</li>
<li>Pharos Energy (PHAR LN)C; target price of £0.50 per share: Reducing net debt by a further US$10 mm – FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.</li>
</ul>


GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.
The Halcon-1 well at CPO-5 that also encountered potential hydrocarbons in the Guadalupe flowed at intermittent rates.
Pharos Energy (PHAR LN)C; target price of £0.50 per share: Reducing net debt by a further US$10 mm – FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.


<ul>
<li>The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.</li>
<li>The well is currently producing 650 bbl/d of 14 deg API oil with 8% water cut.</li>
<li>This is an important well that confirms the extension of the Llanos-34 Guadalupe play into CPO-5 and is probably derisking further prospects.</li>
</ul>


The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.
The well is currently producing 650 bbl/d of 14 deg API oil with 8% water cut.
This is an important well that confirms the extension of the Llanos-34 Guadalupe play into CPO-5 and is probably derisking further prospects.


GeoPark Limited (NYSE: GPRK): Further exploration success in Colombia

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)

AUCTUS ON FRIDAY - 23/02/2024

Drilling update in Austria - Drilling operations at the high impact Welchau prospect are now expected to commence on 24 February with a duration 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

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 - 19/01/2024

GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered...

Auctus Advisors

GeoPark Limited (NYSE: GPRK): Further exploration success in Colombia

The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation. The well is currently producing 650 bbl/d of 14...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)