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 is buying the 40% minority interest it does not own in its Tunisia JV for a total consideration of US$18.2 mm in cash and shares.</li><li>We are increasing our production forecasts to reflect this and now estimate Panoro FY23 production of 10.8 mboe/d.</li><li>What Panoro is paying The upfront consideration comprises US$4.9 mm in cash and US$8.3 mm in shares (2,945,035 new Panoro shares are being issued to the seller).</li></ul>

Panoro is buying the 40% minority interest it does not own in its Tunisia JV for a total consideration of US$18.2 mm in cash and shares.We are increasing our production forecasts to reflect this and now estimate Panoro FY23 production of 10.8 mboe/d.What Panoro is paying The upfront consideration comprises US$4.9 mm in cash and US$8.3 mm in shares (2,945,035 new Panoro shares are being issued to the seller).

Panoro Energy ASA - Accretive Transaction in Tunisia

Thematic (Sector/Industry)

<ul><li>Arrow Exploration (AXL LN)C: Target price of £0.45 per share: Reaching 2,635 bbl/d without Capella.</li><li>High cash position – The RCE-5 well flowed 680 bbl/d (340 bbl/d net to Arrow) of oil over the last 24 hours.</li><li>GeoPark (GPRK US) C; Target price of US$26 per share: First horizontal well at LL-34 in production at over 3,000 bbl/d – 1Q23 production was 36,578 boe/d.</li></ul>

Arrow Exploration (AXL LN)C: Target price of £0.45 per share: Reaching 2,635 bbl/d without Capella.High cash position – The RCE-5 well flowed 680 bbl/d (340 bbl/d net to Arrow) of oil over the last 24 hours.GeoPark (GPRK US) C; Target price of US$26 per share: First horizontal well at LL-34 in production at over 3,000 bbl/d – 1Q23 production was 36,578 boe/d.

<ul><li>The DHIBM-3H well has started production at a gross stabilized oil flow rate of 6 mbbl/d (Panoro WI: 17.5%).</li><li>When Tortue started production in September 2018, three wells came on stream with aggregate production of 11-12 mbbl/d (3.5-4.0 mbbl/d per well).</li><li>Overall, the campaign is expected to add ~30 mbbl/d gross production by YE23/early 2024.</li></ul>

The DHIBM-3H well has started production at a gross stabilized oil flow rate of 6 mbbl/d (Panoro WI: 17.5%).When Tortue started production in September 2018, three wells came on stream with aggregate production of 11-12 mbbl/d (3.5-4.0 mbbl/d per well).Overall, the campaign is expected to add ~30 mbbl/d gross production by YE23/early 2024.

Panoro Energy ASA (OSE: PEN): Very good flow rate at new Dussafu well

<ul><li>Arrow Exploration (AXL LN) C; Target price of £0.45 per share: The RCE-5 well encounters one of the largest net pay to date in the RCE field – The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet).</li><li>RCE-5 encountered the largest net pay in the current programme.</li><li>Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster was 7,672 bbl/d in May with 52% water cut.</li></ul>

Arrow Exploration (AXL LN) C; Target price of £0.45 per share: The RCE-5 well encounters one of the largest net pay to date in the RCE field – The RCE-5 well encountered 90 feet of net oil pay across the Carbonera C7 (36 feet) and the Lower Gacheta sands (54 feet).RCE-5 encountered the largest net pay in the current programme.Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster was 7,672 bbl/d in May with 52% water cut.

<ul><li>Arrow Exploration (AXL LN/CN)C: Target price of £0.45 per share: Positive drilling results at RCE-3 - RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay across seven hydrocarbon bearing intervals.</li><li>The total 58 feet of net pay compares with 55 feet in the RCS-1 well and 80 feet in the RCE-2 well.</li><li>Importantly, ~500 bbl/d net production comes from 16 feet in the C7 at RCE-2 while the C7A and C7B produces ~350 bbl/d (net) at RCS-1 from a total 38 feet of net pay.</li></ul>

Arrow Exploration (AXL LN/CN)C: Target price of £0.45 per share: Positive drilling results at RCE-3 - RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay across seven hydrocarbon bearing intervals.The total 58 feet of net pay compares with 55 feet in the RCS-1 well and 80 feet in the RCE-2 well.Importantly, ~500 bbl/d net production comes from 16 feet in the C7 at RCE-2 while the C7A and C7B produces ~350 bbl/d (net) at RCS-1 from a total 38 feet of net pay.

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 - Accretive Transaction in Tunisia

Panoro is buying the 40% minority interest it does not own in its Tunisia JV for a total consideration of US$18.2 mm in cash and shares.

Auctus Advisors

Auctus on Friday - 14/04/2023

GeoPark (GPRK US) C; Target price of US$26 per share: First horizontal well at LL-34 in production at over 3,000 bbl/d – 1Q23 production was 36,578...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Very good flow rate at new Dussafu well

The DHIBM-3H well has started production at a gross stabilized oil flow rate of 6 mbbl/d (Panoro WI: 17.5%). This is the first of six wells at the...

Auctus Advisors

Auctus on Friday - 06/04/2023

Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster was 7,672 bbl/d in May with 52% water cut.

Auctus Advisors

Auctus on Friday - 24/02/2023

AXL: Positive drilling results at RCE-3 - RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay...

Auctus Advisors

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