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>Longboat expect to have a £9 mm in cash at YE22.</li><li>The size of the EFF is being increased from £49 mm to ~£65 mm with the availability period extended to YE24.</li><li>This is expected to be funded with YE22 cash (~£9 mm), drawings on the EFF (~£15 mm) and the proceeds from the tax refund in November 2023, net of the repayment of the amount drawn on the EFF at YE22 (net inflow of ~£2 mm).</li></ul>

Longboat expect to have a £9 mm in cash at YE22.The size of the EFF is being increased from £49 mm to ~£65 mm with the availability period extended to YE24.This is expected to be funded with YE22 cash (~£9 mm), drawings on the EFF (~£15 mm) and the proceeds from the tax refund in November 2023, net of the repayment of the amount drawn on the EFF at YE22 (net inflow of ~£2 mm).

Longboat Energy plc (AIM: LBE): Balance sheet reflections

<ul><li>ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).</li><li>The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.</li><li>Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.</li></ul>

ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.

<ul><li>The Oswig sidetrack well encountered a gross gas/condensate column of ~100 m in the Jurassic Tarbert Formation with no gas-water contact.</li><li>A DST in the Upper Tarbert Formation yielded average flow rate of ~2.1 mmcf/d of natural gas plus 280 bbl/d of condensate (total rate of ~650 boe/d).</li><li>The flow rate suggests recoverable volumes of 10-42 mmboe, which is at the lower end of expectations (90 mmboe pre test).</li></ul>

The Oswig sidetrack well encountered a gross gas/condensate column of ~100 m in the Jurassic Tarbert Formation with no gas-water contact.A DST in the Upper Tarbert Formation yielded average flow rate of ~2.1 mmcf/d of natural gas plus 280 bbl/d of condensate (total rate of ~650 boe/d).The flow rate suggests recoverable volumes of 10-42 mmboe, which is at the lower end of expectations (90 mmboe pre test).

Longboat Energy Plc (AIM: LBE): Well Test Results at Oswig.

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)

Longboat Energy plc (AIM: LBE): Balance sheet reflections

Longboat expect to have a £9 mm in cash at YE22. The size of the EFF is being increased from £49 mm to ~£65 mm with the availability period...

Auctus Advisors

Auctus on Friday - 04/11/2022

The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.

Auctus Advisors

Longboat Energy Plc (AIM: LBE): Well Test Results at Oswig.

The Oswig sidetrack well encountered a gross gas/condensate column of ~100 m in the Jurassic Tarbert Formation with no gas-water contact.

Auctus Advisors

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