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

<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>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

<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

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

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 - 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

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

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