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.

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<ul><li>• 2Q23 production and cash and debt at the end of June had reported previously. • Gross production at Dussafu is 27 mbbl/d, below the rate achieved at the end of July (30 mbbl/d) due to an ESP failing at one of the new wells, reducing production from that well to 2.8 mbbl/d.</li><li>This equates to 80 mmbbl 2P reserves and 32.9 mbbl/d production net to Assala Energy for transaction multiples of ~US$16.6/bbl of 2P reserves and US$40,425/bopd.</li></ul>

• 2Q23 production and cash and debt at the end of June had reported previously. • Gross production at Dussafu is 27 mbbl/d, below the rate achieved at the end of July (30 mbbl/d) due to an ESP failing at one of the new wells, reducing production from that well to 2.8 mbbl/d.This equates to 80 mmbbl 2P reserves and 32.9 mbbl/d production net to Assala Energy for transaction multiples of ~US$16.6/bbl of 2P reserves and US$40,425/bopd.

Panoro Energy ASA (OSE: PEN): Increasing dividend. M&A transaction in Gabon highlights the value of Panoro’s assets

<ul>
<li>2Q23 production was 8,093 boe/d, below our forecasts of 9,055 boe/d, mostly due to lower production in EG.</li>
<li>We forecast 28 mbbl/d gross production in 3Q23 (4.9 mbbl/d net to Panoro 17.5% WI).</li>
<li>With a total of 6 new Hibiscus Ruche wells (including 3 wells already on production), Panoro is on track to reach gross production plateau of ~40 mbbl/d (7 mbbl/d net to Panoro WI) in Gabon and overall WI corporate production of 13 mbbl/d at the end of the campaign.</li>
</ul>


2Q23 production was 8,093 boe/d, below our forecasts of 9,055 boe/d, mostly due to lower production in EG.
We forecast 28 mbbl/d gross production in 3Q23 (4.9 mbbl/d net to Panoro 17.5% WI).
With a total of 6 new Hibiscus Ruche wells (including 3 wells already on production), Panoro is on track to reach gross production plateau of ~40 mbbl/d (7 mbbl/d net to Panoro WI) in Gabon and overall WI corporate production of 13 mbbl/d at the end of the campaign.


Panoro Energy ASA (OSE: PEN): Growing Production in Gabon.

<ul><li>________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line.</li><li>Adding horizontal wells at Llanos-34 – 2Q23 production of 36,581 boe/d was in line with our expectations with strong performance at Llanos-34, Platanillo and CPO-5, offsetting lower production in Chile and Ecuador.</li><li>The company has re-iterated its FY23 production target of 38.0-40.0 mboe/d but the guidance is sensitive to the timing of production restart at Indico 6 and Indico 7.</li></ul>

________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line.Adding horizontal wells at Llanos-34 – 2Q23 production of 36,581 boe/d was in line with our expectations with strong performance at Llanos-34, Platanillo and CPO-5, offsetting lower production in Chile and Ecuador.The company has re-iterated its FY23 production target of 38.0-40.0 mboe/d but the guidance is sensitive to the timing of production restart at Indico 6 and Indico 7.

<ul><li>The second Hibiscus Ruche Phase I well has been put in production at a gross stabilized rate of ~6 mbbl/d.</li><li>The DHIBM-3H continues to flow at a rate of ~6 mbbl/d, exhibiting no decline so far.</li><li>The company has re-iterated its target of achieving net production of 13 mbbl/d once the six new Hibiscus Ruche wells are online.</li></ul>

The second Hibiscus Ruche Phase I well has been put in production at a gross stabilized rate of ~6 mbbl/d.The DHIBM-3H continues to flow at a rate of ~6 mbbl/d, exhibiting no decline so far.The company has re-iterated its target of achieving net production of 13 mbbl/d once the six new Hibiscus Ruche wells are online.

Panoro Energy ASA (OSE: PEN): Another Good Well in Gabon

<ul><li>1Q23 production of 6,320 bbl/d had already been reported and net debt of US$25.5 mm at the end of March is close to previous indications (US$27 mm).</li><li>In addition the company holds accounts receivable of US$53 mm with accounts payable of US$15 mm.</li><li>The new Hibiscus Ruche Phase I well is producing at a stabilized gross rate of 6 mbbl/d.</li></ul>

1Q23 production of 6,320 bbl/d had already been reported and net debt of US$25.5 mm at the end of March is close to previous indications (US$27 mm).In addition the company holds accounts receivable of US$53 mm with accounts payable of US$15 mm.The new Hibiscus Ruche Phase I well is producing at a stabilized gross rate of 6 mbbl/d.

Panoro Energy ASA (OSE: PEN): Executing on plans. Declaring a 2nd ~US$3 mm quarterly dividend

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): Increasing dividend. M&A transaction in Gabon highlights the value of Panoro’s assets

• 2Q23 production and cash and debt at the end of June had reported previously. • Gross production at Dussafu is 27 mbbl/d, below the rate...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Growing Production in Gabon.

2Q23 production was 8,093 boe/d, below our forecasts of 9,055 boe/d, mostly due to lower production in EG. We forecast 28 mbbl/d gross production...

Auctus Advisors

Auctus on Friday - 21/07/2023

________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line. Adding horizontal wells at...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Another Good Well in Gabon

The company has re-iterated its target of achieving net production of 13 mbbl/d once the six new Hibiscus Ruche wells are online.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Executing on plans. Declaring a 2nd ~US$3 mm quarterly dividend

1Q23 production of 6,320 bbl/d had already been reported and net debt of US$25.5 mm at the end of March is close to previous indications (US$27 mm).

Auctus Advisors

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