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>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at Anshof-2 has started.</li><li>Arrow Exploration (AXL LN/CN)C; target price of £0.55 per share: High flow and a new discovery at RCE-6.</li><li>Re-iterating FY23 guidance - 3Q23 production of 19,961 bbl/d and net cash at the end of September of ~US$103 mm had already been announced.</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at Anshof-2 has started.Arrow Exploration (AXL LN/CN)C; target price of £0.55 per share: High flow and a new discovery at RCE-6.Re-iterating FY23 guidance - 3Q23 production of 19,961 bbl/d and net cash at the end of September of ~US$103 mm had already been announced.

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.</li><li>Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).</li><li>We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.

<ul><li>• Production at the DHIBM-3H and DHIBM-4AH wells has been restored to normal levels. • Panoro’s total corporate production is now ~12 mbbl/d, near the target of 13 mbbl/d.</li><li>Well sequencing and production If successful, the Hibiscus South well can be put in production very quickly.</li></ul>

• Production at the DHIBM-3H and DHIBM-4AH wells has been restored to normal levels. • Panoro’s total corporate production is now ~12 mbbl/d, near the target of 13 mbbl/d.Well sequencing and production If successful, the Hibiscus South well can be put in production very quickly.

Panoro Energy ASA (OSE: PEN): Production from Hibiscus wells back to normal. Drilling a new exploration well

<ul><li>________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P reserves at Carrizales Norte (net to Arrow) have been estimated at 3.92 mmbbl with an 3P upside case of 6.62 mmbbl 82 mmbbl of 1P reserves).</li><li>The 2P reserves at Carrizales Norte are ~2x larger than at Rio Crave Este with overall net 2P reserves at Tapir increased to ~6 mmbbl.</li><li>The Ubaque reservoir alone is estimated to hold ~3 mmbbl of 2P reserves (out of 3.92 mmbbl total 2P reserves at Carrizales Norte).</li></ul>

________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P reserves at Carrizales Norte (net to Arrow) have been estimated at 3.92 mmbbl with an 3P upside case of 6.62 mmbbl 82 mmbbl of 1P reserves).The 2P reserves at Carrizales Norte are ~2x larger than at Rio Crave Este with overall net 2P reserves at Tapir increased to ~6 mmbbl.The Ubaque reservoir alone is estimated to hold ~3 mmbbl of 2P reserves (out of 3.92 mmbbl total 2P reserves at Carrizales Norte).

<ul><li>• The DHIBM-6H well at Hibiscus/Ruche (Dussafu) has been put on production at a rate of 6.5 mbbl/d.</li><li>Current production impacted by short term issues Current gross production in Gabon is 26.5 mbbl/d, 8-10 mbbl/d below the current production capacity due to electrical supply issues to the ESPs at two wells.</li><li>Panoro continues to anticipate gross production of ~40 mbbl/d at Dussafu with two futher wells to be drilled on the Ruche field.</li></ul>

• The DHIBM-6H well at Hibiscus/Ruche (Dussafu) has been put on production at a rate of 6.5 mbbl/d.Current production impacted by short term issues Current gross production in Gabon is 26.5 mbbl/d, 8-10 mbbl/d below the current production capacity due to electrical supply issues to the ESPs at two wells.Panoro continues to anticipate gross production of ~40 mbbl/d at Dussafu with two futher wells to be drilled on the Ruche field.

Panoro Energy ASA (OSE: PEN): Good drilling results in Gabon could unlock additional reserves

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 - 03/02/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at...

Auctus Advisors

Auctus on Friday - 20/10/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Production from Hibiscus wells back to normal. Drilling a new exploration well

• Production at the DHIBM-3H and DHIBM-4AH wells has been restored to normal levels. • Panoro’s total corporate production is now ~12 mbbl/d, near...

Auctus Advisors

Auctus on Friday - 15/09/2023

________________________________________ Arrow Exploration (AXL LN/CN)C: target price of £0.55 per share: Tripling 2P reserves at Tapir – The 2P...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Good drilling results in Gabon could unlock additional reserves

• The DHIBM-6H well at Hibiscus/Ruche (Dussafu) has been put on production at a rate of 6.5 mbbl/d. Current production impacted by short term...

Auctus Advisors

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