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>FY22 production of ~7.5 mbbl/d and YE22 net debt of US$47 mm had already been reported.</li><li>4Q22 gross production in Tunisia of 4,612 bbl/d was particularly high as 15 wells are now in production.</li><li>The focus for 2023 is to grow production and the FY23 production guidance of 9-11 mbbl/d with 7.0-7.5 mbbl/d in 1Q23 increasing to at least 12.5 mbbl/d (when all six new production wells at the Hibiscus/Ruche Phase I development are onstream) has been re-iterated.</li></ul>

FY22 production of ~7.5 mbbl/d and YE22 net debt of US$47 mm had already been reported.4Q22 gross production in Tunisia of 4,612 bbl/d was particularly high as 15 wells are now in production.The focus for 2023 is to grow production and the FY23 production guidance of 9-11 mbbl/d with 7.0-7.5 mbbl/d in 1Q23 increasing to at least 12.5 mbbl/d (when all six new production wells at the Hibiscus/Ruche Phase I development are onstream) has been re-iterated.

Panoro Energy ASA (OSE: PEN): >65% production increase expected during 2023

Thematic (Sector/Industry)

<ul><li>Over January, production was ~1,800 boe/d with short term outages due to weather at Ombu and Pepper.</li><li>This compares with production rate of 1,900-2,000 in November which included an initial high contribution at East Pepper (that has since declined, as expected).</li><li>4Q22 production of 3,727 boe/d including 1,132 boe/d at Thorsby and 2,595 boe/d at Brooks was below our expectations of 3,970 boe/d.</li></ul>

Over January, production was ~1,800 boe/d with short term outages due to weather at Ombu and Pepper.This compares with production rate of 1,900-2,000 in November which included an initial high contribution at East Pepper (that has since declined, as expected).4Q22 production of 3,727 boe/d including 1,132 boe/d at Thorsby and 2,595 boe/d at Brooks was below our expectations of 3,970 boe/d.

<ul><li>FY22 production was ~7.5 mbbl/d, broadly in line with our forecasts.</li><li>1Q23 production is expected to be 7.0-7.5 mboe/d due to a planned shutdown during February at Dussafu Marin for final hook up and commissioning work.</li><li>The FY23 production guidance has been set at 9-11 mboe/d (in line with our expectations).</li></ul>

FY22 production was ~7.5 mbbl/d, broadly in line with our forecasts.1Q23 production is expected to be 7.0-7.5 mboe/d due to a planned shutdown during February at Dussafu Marin for final hook up and commissioning work.The FY23 production guidance has been set at 9-11 mboe/d (in line with our expectations).

Panoro Energy ASA - On Track to Deliver 12.5 Mbbl/D Production During 2023

<ul><li> Calima Energy (CE1 AU)C: Target price of A$0.60 per share: Activity programme to unlock the value of the Montney – Calima will start the re-testing of two wells in the Montney in late January.</li><li>The Calima #2 test will further define the gas and condensate potential of the Middle Montney.</li><li>Decklar Resources (DKL CN)/San Leon Energy (SLE LN): Production update in Nigeria – Production from the Oza Oil Field has reached ~1,300 bbl/d.</li></ul>

 Calima Energy (CE1 AU)C: Target price of A$0.60 per share: Activity programme to unlock the value of the Montney – Calima will start the re-testing of two wells in the Montney in late January.The Calima #2 test will further define the gas and condensate potential of the Middle Montney.Decklar Resources (DKL CN)/San Leon Energy (SLE LN): Production update in Nigeria – Production from the Oza Oil Field has reached ~1,300 bbl/d.

<ul><li>Calima Energy (CE1 AU)C: Target price of A$0.60 per share: New wells deliver flow rates above expectations – The three new Sunburst wells (Gemini #10, #11 and #12) drilled in 4Q22 are now on production and on average are achieving IP30 rates 35% higher than forecast.</li><li>This compares with IP30 production of 120 boe/d gross for a type well.</li><li>Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster in December was 7,951 bbl/d with 50% water cut.</li></ul>

Calima Energy (CE1 AU)C: Target price of A$0.60 per share: New wells deliver flow rates above expectations – The three new Sunburst wells (Gemini #10, #11 and #12) drilled in 4Q22 are now on production and on average are achieving IP30 rates 35% higher than forecast.This compares with IP30 production of 120 boe/d gross for a type well.Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster in December was 7,951 bbl/d with 50% water cut.

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): >65% production increase expected during 2023

FY22 production of ~7.5 mbbl/d and YE22 net debt of US$47 mm had already been reported. 4Q22 gross production in Tunisia of 4,612 bbl/d was...

Auctus Advisors

Auctus on Friday - 03/02/2023

4Q22 production of 3,727 boe/d including 1,132 boe/d at Thorsby and 2,595 boe/d at Brooks was below our expectations of 3,970 boe/d.

Auctus Advisors

Panoro Energy ASA - On Track to Deliver 12.5 Mbbl/D Production During 2023

1Q23 production is expected to be 7.0-7.5 mboe/d due to a planned shutdown during February at Dussafu Marin for final hook up and commissioning work.

Auctus Advisors

Auctus on Friday - 20/01/2023

Target price of A$0.60 per share: Activity programme to unlock the value of the Montney – Calima will start the re-testing of two wells in the...

Auctus Advisors

Auctus on Friday - 13/01/2023

Hurricane Energy (HUR LN): Operating update in the UK – Oil production from Lancaster in December was 7,951 bbl/d with 50% water cut.

Auctus Advisors

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