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

Woodside Energy Group Ltd / Equity Bottom-Up

<ul><li>ADX Energy (HHR AU)C; Target price of AS0.07 per share: Farm-in transaction at Welchau provides validation for the prospect – Kepis &amp; Pobe Financial Group (KPFG) is acquiring 20% in the Welchau Farmin Area in return for funding 50% of the cost of the exploration well (EUR3.8 mm gross).</li><li>KPFG has also the option to acquire a further 20% in the Farmin Area in return for funding a further 50% of the cost of the well (100% in total).</li><li>Block Energy (BOE LN): SLB not exercising option – SLB will not exercise its right to acquire 108 mm shares in Block Energy.</li></ul>

ADX Energy (HHR AU)C; Target price of AS0.07 per share: Farm-in transaction at Welchau provides validation for the prospect – Kepis &amp; Pobe Financial Group (KPFG) is acquiring 20% in the Welchau Farmin Area in return for funding 50% of the cost of the exploration well (EUR3.8 mm gross).KPFG has also the option to acquire a further 20% in the Farmin Area in return for funding a further 50% of the cost of the well (100% in total).Block Energy (BOE LN): SLB not exercising option – SLB will not exercise its right to acquire 108 mm shares in Block Energy.

<ul><li>3Q22 production had been previously reported.</li><li>The FY22 production and capex guidance of US$65 mm have been re-iterated.</li><li>On our assumptions of US$100/bbl Brent in 2023, we assume a full US$30 mm distribution, which would represent &gt;9% of the current market cap.</li></ul>

3Q22 production had been previously reported.The FY22 production and capex guidance of US$65 mm have been re-iterated.On our assumptions of US$100/bbl Brent in 2023, we assume a full US$30 mm distribution, which would represent &gt;9% of the current market cap.

Panoro Energy ASA (OSE: PEN): Milestone Achieved

Thematic (Sector/Industry)

<ul><li>Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production.</li><li>Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI).</li><li>We have reduced our target price from C$0.70 to C$0.60 per share as we incorporate the impact of the higher differentials.</li></ul>

Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production.Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI).We have reduced our target price from C$0.70 to C$0.60 per share as we incorporate the impact of the higher differentials.

<ul><li>The Gazania-1 exploration well on Block 2B offshore South Africa did not encounter hydrocarbon in commercial quantities.</li><li>The company continues to expect WI production to reach 12.5 mboe/d during 2023 with growth resuming in 1Q23.</li><li>This does not include any contribution from the helium/natural gas asset in South Africa.</li></ul>

The Gazania-1 exploration well on Block 2B offshore South Africa did not encounter hydrocarbon in commercial quantities.The company continues to expect WI production to reach 12.5 mboe/d during 2023 with growth resuming in 1Q23.This does not include any contribution from the helium/natural gas asset in South Africa.

Panoro Energy ASA (OSE: PEN): Overaction to Gazania well results presents an opportunity

<ul><li>Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons.</li><li>Panoro, Africa Energy (AFE CN/AEC SS) and Eco Atlantic (ECO LN/EOG CN) hold respectively 12.5%, 27.5% and 50% WI in the well.</li><li>Neptune Energy (EQNR NO): 3Q22 results – 3Q22 production was 133.7 mboe/d.</li></ul>

Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons.Panoro, Africa Energy (AFE CN/AEC SS) and Eco Atlantic (ECO LN/EOG CN) hold respectively 12.5%, 27.5% and 50% WI in the well.Neptune Energy (EQNR NO): 3Q22 results – 3Q22 production was 133.7 mboe/d.

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)

Auctus on Friday - 02/12/2022

KPFG has also the option to acquire a further 20% in the Farmin Area in return for funding a further 50% of the cost of the well (100% in total).

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Milestone Achieved

On our assumptions of US$100/bbl Brent in 2023, we assume a full US$30 mm distribution, which would represent >9% of the current market cap.

Auctus Advisors

Auctus on Friday - 25/11/2022

Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Overaction to Gazania well results presents an opportunity

The Gazania-1 exploration well on Block 2B offshore South Africa did not encounter hydrocarbon in commercial quantities.

Auctus Advisors

Auctus on Friday - 18/11/2022

Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons.

Auctus Advisors

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