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>Panoro has agreed heads of terms for the award of Block-23 in EG. Panoro could hold up to 80% WI in the block.</li>
<li>There will now be a period of exclusive negotiations to finalise a Production Sharing Contract.</li>
<li>Block EG-23 is located offshore Equatorial Guinea north of Bioko Island and adjacent to the producing Alba gas and condensate field.</li>
</ul>


Panoro has agreed heads of terms for the award of Block-23 in EG. Panoro could hold up to 80% WI in the block.
There will now be a period of exclusive negotiations to finalise a Production Sharing Contract.
Block EG-23 is located offshore Equatorial Guinea north of Bioko Island and adjacent to the producing Alba gas and condensate field.


Panoro Energy ASA (OSE: PEN): Heads of terms for high potential EG block

Thematic (Sector/Industry)

<ul>
<li>Panoro Energy (PEN NO)C; target price of NOK47 per share: Hibiscus South on stream at 5-6 mbbl/d – The Hibiscus South well has been put in production at a rate of 5-6 mbbl/d.</li>
<li>Once stabilized this should take production at Dussafu to ~30 mbbl/d.</li>
<li>Pulsar Helium (PLSR CN)C; target price of C$0.80 per share: High Helium concentration at high impact appraisal well – The Jetstream #1 appraisal well at the Topaz helium project in Minnesota encountered helium shows while drilling, with helium concentration of up to 12.4% according to the on-site spectrometer.</li>
</ul>


Panoro Energy (PEN NO)C; target price of NOK47 per share: Hibiscus South on stream at 5-6 mbbl/d – The Hibiscus South well has been put in production at a rate of 5-6 mbbl/d.
Once stabilized this should take production at Dussafu to ~30 mbbl/d.
Pulsar Helium (PLSR CN)C; target price of C$0.80 per share: High Helium concentration at high impact appraisal well – The Jetstream #1 appraisal well at the Topaz helium project in Minnesota encountered helium shows while drilling, with helium concentration of up to 12.4% according to the on-site spectrometer.


<ul>
<li>ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24 February.</li>
<li>Calima Energy (CE1 AU)C; target price of A$0.13 per share: Completing divestment of Blackspur – Blackspur has been sold for A$81.6 mm, after tax provisions and net debt adjustments.</li>
<li>Calima will distribute A$80 mm (~A$12.6 per share) as dividends.</li>
</ul>


ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24 February.
Calima Energy (CE1 AU)C; target price of A$0.13 per share: Completing divestment of Blackspur – Blackspur has been sold for A$81.6 mm, after tax provisions and net debt adjustments.
Calima will distribute A$80 mm (~A$12.6 per share) as dividends.


<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.


<ul>
<li>The FY23 production of 8,471 bbl/d was in line with previous indications.</li>
<li>YE23 cash, gross debt and cash advances had been previously reported.</li>
<li>The FY24 production guidance is now 11-13 mbbl/d (11-14 mbbl/d previously) as Panoro has incorporated a pause in drilling offshore EG. The main factor driving the adjusted upper limit of guidance range is the timing to secure a new rig in EG and deferral of some associated production.</li>
</ul>


The FY23 production of 8,471 bbl/d was in line with previous indications.
YE23 cash, gross debt and cash advances had been previously reported.
The FY24 production guidance is now 11-13 mbbl/d (11-14 mbbl/d previously) as Panoro has incorporated a pause in drilling offshore EG. The main factor driving the adjusted upper limit of guidance range is the timing to secure a new rig in EG and deferral of some associated production.


Panoro Energy ASA (OSE: PEN): Hibiscus South discovery potentially 50-100% larger than expected

Norway

Panoro Energy ASA explores for oil and natural gas in Brazil, Gabon, and Nigeria . The Company operates offshore in the Camamu-Almada and Santos basins.

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Panoro Energy ASA (PEN NO)

Panoro Energy ASA (OSE: PEN): Heads of terms for high potential EG block

Panoro has agreed heads of terms for the award of Block-23 in EG. Panoro could hold up to 80% WI in the block. There will now be a period of...

Auctus Advisors

AUCTUS ON FRIDAY - 08/03/2024

Panoro Energy (PEN NO)C; target price of NOK47 per share: Hibiscus South on stream at 5-6 mbbl/d – The Hibiscus South well has been put in...

Auctus Advisors

AUCTUS ON FRIDAY - 01/03/2024

ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24...

Auctus Advisors

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

Panoro Energy ASA (OSE: PEN): Hibiscus South discovery potentially 50-100% larger than expected

The FY23 production of 8,471 bbl/d was in line with previous indications. YE23 cash, gross debt and cash advances had been previously reported.

Auctus Advisors

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