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>1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.</li>
<li>Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.</li>
<li>Equatorial Guinea output was temporarily impacted by unplanned downtime at the Ceiba Cluster, but operations are now back online.</li>
</ul>


1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.
Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.
Equatorial Guinea output was temporarily impacted by unplanned downtime at the Ceiba Cluster, but operations are now back online.


Panoro Energy ASA (OSE: PEN): ~12 mbbl/d in 1Q25. Re-iterating FY25 guidance

<ul>
<li>YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%).</li>
<li>This figure far exceeds our previous expectation of 34.5 mmbbl for YE24 2P reserves - an estimate that included a 4 mmbbl addition in 1H24 to counterbalance 2024 production.</li>
<li>The higher than expected reserves addition is driven by robust reservoir performance in Gabon coupled with the conversion of contingent resources into 2P reserves in EG.</li>
</ul>


YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%).
This figure far exceeds our previous expectation of 34.5 mmbbl for YE24 2P reserves - an estimate that included a 4 mmbbl addition in 1H24 to counterbalance 2024 production.
The higher than expected reserves addition is driven by robust reservoir performance in Gabon coupled with the conversion of contingent resources into 2P reserves in EG.


Panoro Energy ASA (OSE: PEN): Reserves addition much larger than expected

<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

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): ~12 mbbl/d in 1Q25. Re-iterating FY25 guidance

1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Reserves addition much larger than expected

YE24 2P reserves were independently estimated at 42.3 mmbbl (+7.6 mmbbl vs YE23, representing a Reserve Replacement Ration of 309%).

Auctus Advisors

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

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