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>Taking into account the investment by JAPEX to secure 49.9% of Longboat Norge, Longboat plc holds £10.9 mm in cash.</li>
<li>This includes £5.3 mm representing Longboat’s share of the cash in Longboat Norge (50.1% of £10.6 mm).</li>
<li>Overall, we forecast that Longboat plc will hold ~£4 mm in cash at YE23.</li>
</ul>


Taking into account the investment by JAPEX to secure 49.9% of Longboat Norge, Longboat plc holds £10.9 mm in cash.
This includes £5.3 mm representing Longboat’s share of the cash in Longboat Norge (50.1% of £10.6 mm).
Overall, we forecast that Longboat plc will hold ~£4 mm in cash at YE23.


Longboat Energy plc (AIM: LBE): Repositioning the business

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU)C ; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND has now completed with an initial payment of EUR1.93 mm.</li>
<li>MND has further Anshof development funding obligations of EUR4.683 mm for the drilling, completion and tie-in of the Anshof-2 and Anshof-1 wells as well as payment of further contingent amounts of EUR1.335 mm and EUR3.57 mm (A$ 5.95 million) if the Anshof-2 well meets agreed production performance criteria.</li>
<li>Arrow Exploration (AXL LN/CN)C ; target price of £0.55 per share: Good flow rate in the C7 at CN-3 – A 23 ft pay zone (25% porosity) in the Carbonera C7 formation in the CN-3 well has been perforated and put initially on production at a rate of 1,149 bbl/d on pump with a water cut of &lt;0.5%. </li>
</ul>


ADX Energy (ADX AU)C ; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND has now completed with an initial payment of EUR1.93 mm.
MND has further Anshof development funding obligations of EUR4.683 mm for the drilling, completion and tie-in of the Anshof-2 and Anshof-1 wells as well as payment of further contingent amounts of EUR1.335 mm and EUR3.57 mm (A$ 5.95 million) if the Anshof-2 well meets agreed production performance criteria.
Arrow Exploration (AXL LN/CN)C ; target price of £0.55 per share: Good flow rate in the C7 at CN-3 – A 23 ft pay zone (25% porosity) in the Carbonera C7 formation in the CN-3 well has been perforated and put initially on production at a rate of 1,149 bbl/d on pump with a water cut of &lt;0.5%. 


<ul>
<li>The 6607/7-1 S well (Longboat plc net interest: 10%) encountered better than expected reservoir quality at Velocette but the gas column is only 9 meters.</li>
<li>The trapping mechanism could have been breached.</li>
<li>The estimated gas volumes are at the lower end of expectations and the discovery is not considered commercial.</li>
</ul>


The 6607/7-1 S well (Longboat plc net interest: 10%) encountered better than expected reservoir quality at Velocette but the gas column is only 9 meters.
The trapping mechanism could have been breached.
The estimated gas volumes are at the lower end of expectations and the discovery is not considered commercial.


Longboat Energy plc (AIM: LBE): Velocette minor gas discovery

<ul><li>________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P reserves at Carrizales Norte (net to Arrow) have been estimated at 3.92 mmbbl with an 3P upside case of 6.62 mmbbl 82 mmbbl of 1P reserves).</li><li>The 2P reserves at Carrizales Norte are ~2x larger than at Rio Crave Este with overall net 2P reserves at Tapir increased to ~6 mmbbl.</li><li>The Ubaque reservoir alone is estimated to hold ~3 mmbbl of 2P reserves (out of 3.92 mmbbl total 2P reserves at Carrizales Norte).</li></ul>

________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P reserves at Carrizales Norte (net to Arrow) have been estimated at 3.92 mmbbl with an 3P upside case of 6.62 mmbbl 82 mmbbl of 1P reserves).The 2P reserves at Carrizales Norte are ~2x larger than at Rio Crave Este with overall net 2P reserves at Tapir increased to ~6 mmbbl.The Ubaque reservoir alone is estimated to hold ~3 mmbbl of 2P reserves (out of 3.92 mmbbl total 2P reserves at Carrizales Norte).

<ul>
<li>Longboat is acquiring Topaz Number One, its partner in Malaysia for an initial consideration of US$0.1 mm in shares in Longboat.</li>
<li>The transaction will boost Longboat’s WI in the Production Sharing Contract over Block 2A offshore Sarawak from 36.75% to 52.5%.</li>
<li>The 15.75% WI in the block is the only asset of Topaz Number One.</li>
</ul>


Longboat is acquiring Topaz Number One, its partner in Malaysia for an initial consideration of US$0.1 mm in shares in Longboat.
The transaction will boost Longboat’s WI in the Production Sharing Contract over Block 2A offshore Sarawak from 36.75% to 52.5%.
The 15.75% WI in the block is the only asset of Topaz Number One.


Longboat Energy PLC - Expansion in South East Asia. Simplifying Malaysia.

United Kingdom

Longboat Energy Limited operates as an exploration company. The Company provides drilling services for petroleum industry. Longboat Energy serves customers in the United Kingdom.

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

Longboat Energy (LBE LN)

Longboat Energy plc (AIM: LBE): Repositioning the business

Taking into account the investment by JAPEX to secure 49.9% of Longboat Norge, Longboat plc holds £10.9 mm in cash.

Auctus Advisors

Auctus on Friday - 22/09/2023

ADX Energy (ADX AU)C ; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND...

Auctus Advisors

Longboat Energy plc (AIM: LBE): Velocette minor gas discovery

The 6607/7-1 S well (Longboat plc net interest: 10%) encountered better than expected reservoir quality at Velocette but the gas column is only 9 mete

Auctus Advisors

Auctus on Friday - 15/09/2023

________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P...

Auctus Advisors

Longboat Energy PLC - Expansion in South East Asia. Simplifying Malaysia.

Longboat is acquiring Topaz Number One, its partner in Malaysia for an initial consideration of US$0.1 mm in shares in Longboat.

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)