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>1Q23 production was 6,320 bbl/d (we expected 7,250 bbl/d) as the FPSO in Gabon was shut down for an extended period to complete the necessary final tie-in work of the Hibiscus Ruche Phase I development at the Dussafu Marin Permit.</li><li>Gross production in Gabon was 7 mbbl/d in the quarter (we assumed 10 mbbl/d).</li><li>Production ramp-up in Gabon 1Q23 gross production in Gabon was ~7 mbbl/d (Panoro WI: 17.5%).</li></ul>

1Q23 production was 6,320 bbl/d (we expected 7,250 bbl/d) as the FPSO in Gabon was shut down for an extended period to complete the necessary final tie-in work of the Hibiscus Ruche Phase I development at the Dussafu Marin Permit.Gross production in Gabon was 7 mbbl/d in the quarter (we assumed 10 mbbl/d).Production ramp-up in Gabon 1Q23 gross production in Gabon was ~7 mbbl/d (Panoro WI: 17.5%).

Panoro Energy ASA (OSE: PEN): 1Q23 financials in line

<ul><li>YE22 1P, 2P and 3P reserves were estimated at respectively ~23 mmbbl, 36 mmbbl and 49 mmbbl, broadly equal to the estimates at YE21.</li><li>Reserves at the other assets reflect the YE21 estimates net of production during 2022.</li><li>Contingent resources in Tunisia Net contingent resources in Tunisia have increased from 1.6 mmbbl to 3.9 mmbbl.</li></ul>

YE22 1P, 2P and 3P reserves were estimated at respectively ~23 mmbbl, 36 mmbbl and 49 mmbbl, broadly equal to the estimates at YE21.Reserves at the other assets reflect the YE21 estimates net of production during 2022.Contingent resources in Tunisia Net contingent resources in Tunisia have increased from 1.6 mmbbl to 3.9 mmbbl.

Panoro Energy ASA (OSE: PEN): 92% reserves replacement in 2022

<ul><li>ADX Energy (ADX AU) C : Target price of A$0.100 per share: Competent person report confirms the materiality of the Welchau pospect – The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline &amp; Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate.</li><li>While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA range (332 bcf of natural gas plus 5.5 mmbbl of condensate in the 1U case) is significantly larger than ADX’s estimate of 212 bcfe is the most important take away in our view.</li><li>The unrisked value of the asset (A$0.09 per share) is very high even in the low case. Welchau is now expected to be drilled in September. </li></ul>

ADX Energy (ADX AU) C : Target price of A$0.100 per share: Competent person report confirms the materiality of the Welchau pospect – The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline &amp; Associates (GCA) with a mid-case at 645 bcfe including 10.1 mmbbl of condensate.While this is below the 807 bcfe mid-case estimated by ADX, the fact that the lower end of the GCA range (332 bcf of natural gas plus 5.5 mmbbl of condensate in the 1U case) is significantly larger than ADX’s estimate of 212 bcfe is the most important take away in our view.The unrisked value of the asset (A$0.09 per share) is very high even in the low case. Welchau is now expected to be drilled in September. 

<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

<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

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): 1Q23 financials in line

Gross production in Gabon was 7 mbbl/d in the quarter (we assumed 10 mbbl/d). Production ramp-up in Gabon 1Q23 gross production in Gabon was ~7...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): 92% reserves replacement in 2022

YE22 1P, 2P and 3P reserves were estimated at respectively ~23 mmbbl, 36 mmbbl and 49 mmbbl, broadly equal to the estimates at YE21.

Auctus Advisors

Auctus on Friday - 21/04/2023

The Welchau prospect has been estimated to hold between 365 bcfe and 1,128 bcfe of prospective resources by Gaffney, Cline & Associates (GCA) with...

Auctus Advisors

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

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

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