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>• The Bourdon exploration well has encountered approximately 34 metres of net oil pay within a 45-metre column in the Gamba reservoir formation, representing the largest hydrocarbon column discovered to date at Dussafu.</li><li> • Prior to drilling, Bourdon was expected to hold around 5.1 mmbbl prospective resources, net to Panoro’s WI • An appraisal side-track could be drilled to better assess the size of the discovery.</li><li>Depending on the extent of the find, it could be developed as either a subsea tieback or a new development.</li></ul>

• The Bourdon exploration well has encountered approximately 34 metres of net oil pay within a 45-metre column in the Gamba reservoir formation, representing the largest hydrocarbon column discovered to date at Dussafu. • Prior to drilling, Bourdon was expected to hold around 5.1 mmbbl prospective resources, net to Panoro’s WI • An appraisal side-track could be drilled to better assess the size of the discovery.Depending on the extent of the find, it could be developed as either a subsea tieback or a new development.

Panoro Energy ASA (OSE: PEN): Material discovery in Gabon

<ul>
<li>FY24 production, YE24 cash and debt had been reported previously.</li>
<li>FY25 production is expected to be 11-13 mbbl/d with only US$35 mm capex.</li>
<li>We have trimmed our production forecast from 13.1 mbbl/d to 12.5 mbbl/d and our capex estimates from US$40 mm to US$35 mm.</li>
</ul>


FY24 production, YE24 cash and debt had been reported previously.
FY25 production is expected to be 11-13 mbbl/d with only US$35 mm capex.
We have trimmed our production forecast from 13.1 mbbl/d to 12.5 mbbl/d and our capex estimates from US$40 mm to US$35 mm.


Panoro Energy ASA (OSE: PEN): Increasing shareholder distributions to >15% of the current market cap at US$70/bbl

<ul>
<li>4Q24 WI production was 12,052 bbl/d.</li>
<li>While this is in line with our expectations, we note that gross production in Gabon has been stable at ~40 mmbl/d since November.</li>
<li>This represents ~7 mbbl/d net to Panoro’s WI.</li>
</ul>


4Q24 WI production was 12,052 bbl/d.
While this is in line with our expectations, we note that gross production in Gabon has been stable at ~40 mmbl/d since November.
This represents ~7 mbbl/d net to Panoro’s WI.


Panoro Energy ASA (OSE: PEN): Reaching 13 mbbl/d net production

<ul>
<li>Oil zones were encountered in the Upper Albian at Akeng Deep.</li>
<li>While the sands appear thinner than expected and the quantity of oil is sub-commercial, the discovery of oil confirms an active petroleum system in this exploration area.</li>
<li>The company will recalibrate the subsurface model to assess whether the presence of oil supports further exploration and appraisal activities in the area.</li>
</ul>


Oil zones were encountered in the Upper Albian at Akeng Deep.
While the sands appear thinner than expected and the quantity of oil is sub-commercial, the discovery of oil confirms an active petroleum system in this exploration area.
The company will recalibrate the subsurface model to assess whether the presence of oil supports further exploration and appraisal activities in the area.


Panoro Energy ASA (OSE: PEN): Reflecting on Akeng Deep Results. Dividend Yield Reaches >7%

<ul>
<li>There were no surprises in the 3Q24 accounts.</li>
<li>Since last week, WI production has increased from 12.5 mbbl/d to 13 mbbl/d.</li>
<li>Gross production in Gabon continues to be ~40 mbbl/d.</li>
</ul>


There were no surprises in the 3Q24 accounts.
Since last week, WI production has increased from 12.5 mbbl/d to 13 mbbl/d.
Gross production in Gabon continues to be ~40 mbbl/d.


Panoro Energy ASA (OSE: PEN): Production Reaching 13 Mbbl/D. Two High Impact Wells by End of 1Q25

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): Material discovery in Gabon

• The Bourdon exploration well has encountered approximately 34 metres of net oil pay within a 45-metre column in the Gamba reservoir formation,...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Increasing shareholder distributions to >15% of the current market cap at US$70/bbl

FY24 production, YE24 cash and debt had been reported previously. FY25 production is expected to be 11-13 mbbl/d with only US$35 mm capex.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Reaching 13 mbbl/d net production

4Q24 WI production was 12,052 bbl/d. While this is in line with our expectations, we note that gross production in Gabon has been stable at ~40...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Reflecting on Akeng Deep Results. Dividend Yield Reaches >7%

While the sands appear thinner than expected and the quantity of oil is sub-commercial, the discovery of oil confirms an active petroleum system in...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Production Reaching 13 Mbbl/D. Two High Impact Wells by End of 1Q25

There were no surprises in the 3Q24 accounts.Since last week, WI production has increased from 12.5 mbbl/d to 13 mbbl/d.Gross production in Gabon...

Auctus Advisors

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