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>________________________________________ ADX Energy (ADX AU)C: target price of A$0.08 per share: Funding from the Austrian Science Fund to collaborate on study at Welchau – The Austrian Science Fund will fund a scientific project in the Welchau area to better understand the geology of the area.</li><li>The project budget is A$0.75 mm to which the Austrian Science Fund will contribute A$0.6 mm.</li><li>Longboat Energy (LBE LN)C; target price of £0.90 per share: Production start at Norwegian asset – Production at Statfjord Øst project has started.</li></ul>

________________________________________ ADX Energy (ADX AU)C: target price of A$0.08 per share: Funding from the Austrian Science Fund to collaborate on study at Welchau – The Austrian Science Fund will fund a scientific project in the Welchau area to better understand the geology of the area.The project budget is A$0.75 mm to which the Austrian Science Fund will contribute A$0.6 mm.Longboat Energy (LBE LN)C; target price of £0.90 per share: Production start at Norwegian asset – Production at Statfjord Øst project has started.

Thematic (Sector/Industry)

<ul>
<li>Criterium Energy (CEQ CN) C; target price of C$0.55 per share: Financing priced – The C$22 mm offering for the acquisition of Mont D’Or Petroleum has been priced at C$0.20 per subscription receipt.</li>
<li>Each subscription receipt will convert into a unit comprising one share and one warrant with an exercise price of C$0.25 per share valid for 36 months.</li>
<li>On completion of the acquisition, Criterium will hold 1,050 bbl/d long life and high netback production and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua). </li>
</ul>


Criterium Energy (CEQ CN) C; target price of C$0.55 per share: Financing priced – The C$22 mm offering for the acquisition of Mont D’Or Petroleum has been priced at C$0.20 per subscription receipt.
Each subscription receipt will convert into a unit comprising one share and one warrant with an exercise price of C$0.25 per share valid for 36 months.
On completion of the acquisition, Criterium will hold 1,050 bbl/d long life and high netback production and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua). 


<ul><li>• Longboat Norge will also pay a further deferred, post-tax consideration of US$1.75 mm in equal stages over the next 18 months as a decommissioning security, which will be returned at the time of decommissioning in late 2030s. • The acquisition triggers the additional US$4 mm contingent cash equity injection into Longboat Norge (US$2 mm net to Longboat) by JAPEX.</li><li>Overall, the transaction adds ~US$24 mm of NPV to Longboat Norge (US$15.3 mm NPV for the asset as estimated by the CPR + US$5 mm of tax synergies + US$4 mm from additional JAPEX equity) at an acquisition cost of US$12.75 mm.</li></ul>

• Longboat Norge will also pay a further deferred, post-tax consideration of US$1.75 mm in equal stages over the next 18 months as a decommissioning security, which will be returned at the time of decommissioning in late 2030s. • The acquisition triggers the additional US$4 mm contingent cash equity injection into Longboat Norge (US$2 mm net to Longboat) by JAPEX.Overall, the transaction adds ~US$24 mm of NPV to Longboat Norge (US$15.3 mm NPV for the asset as estimated by the CPR + US$5 mm of tax synergies + US$4 mm from additional JAPEX equity) at an acquisition cost of US$12.75 mm.

Longboat Energy plc (AIM: LBE): Accretive acquisition of producing assets transforms the profile of Longboat

<ul><li>ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations.</li><li>In March net production from Anshof has increased to 94 bbl/d.</li><li>Calima Energy (CE1 AU)C; target price of A$0.50 per share: Better than expected performance.</li></ul>

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations.In March net production from Anshof has increased to 94 bbl/d.Calima Energy (CE1 AU)C; target price of A$0.50 per share: Better than expected performance.

<ul><li>JAPEX (Japan Petroleum Exploration) is acquiring 49.9% of Longboat Energy Norge in return for an initial cash injection of US$16 mm in Longboat Norge with an additional contingent cash consideration of US$4 mm linked to a production acquisition in Norway.</li><li>Longboat Energy will keep the remaining 50.1% in Longboat Norge.</li><li>JAPEX will also provide Longboat Norge with a 5-year US$100 mm financing facility to finance acquisitions and development costs.</li></ul>

JAPEX (Japan Petroleum Exploration) is acquiring 49.9% of Longboat Energy Norge in return for an initial cash injection of US$16 mm in Longboat Norge with an additional contingent cash consideration of US$4 mm linked to a production acquisition in Norway.Longboat Energy will keep the remaining 50.1% in Longboat Norge.JAPEX will also provide Longboat Norge with a 5-year US$100 mm financing facility to finance acquisitions and development costs.

Longboat Energy plc (AIM: LBE): US$1.8 bn oil producer joins Longboat in Norway.

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.

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Longboat Energy (LBE LN)

Auctus on Friday - 01/09/2023

________________________________________ ADX Energy (ADX AU)C: target price of A$0.08 per share: Funding from the Austrian Science Fund to...

Auctus Advisors

Auctus on Friday - 07/07/2023

Criterium Energy (CEQ CN) C; target price of C$0.55 per share: Financing priced – The C$22 mm offering for the acquisition of Mont D’Or Petroleum...

Auctus Advisors

Longboat Energy plc (AIM: LBE): Accretive acquisition of producing assets transforms the profile of Longboat

• Longboat Norge will also pay a further deferred, post-tax consideration of US$1.75 mm in equal stages over the next 18 months as a...

Auctus Advisors

Auctus on Friday - 05/05/2023

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 in line with expectations.In March net production from Anshof has increased to 94 bbl/d.

Auctus Advisors

Longboat Energy plc (AIM: LBE): US$1.8 bn oil producer joins Longboat in Norway.

JAPEX (Japan Petroleum Exploration) is acquiring 49.9% of Longboat Energy Norge in return for an initial cash injection of US$16 mm in Longboat Norge

Auctus Advisors

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