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>There were no surprises in the 3Q24 accounts.</li>
<li>Since last week, WI production has increased from 12.5 mbbl/d to 13 mbbl/d.</li>
<li>Gross production in Gabon continues to be ~40 mbbl/d.</li>
</ul>


There were no surprises in the 3Q24 accounts.
Since last week, WI production has increased from 12.5 mbbl/d to 13 mbbl/d.
Gross production in Gabon continues to be ~40 mbbl/d.


Panoro Energy ASA (OSE: PEN): Production Reaching 13 Mbbl/D. Two High Impact Wells by End of 1Q25

<ul>
<li>Gross production at Dussafu has now reached 40 mbbl/d, taking Panoro’s overall WI production to 12.5 mbbl/d from 9,401 bbl/d in 3Q24.</li>
<li>Production could grow further with two wells to be completed by YE24.</li>
<li>A Ruche well is also set for first oil in 4Q24.</li>
</ul>


Gross production at Dussafu has now reached 40 mbbl/d, taking Panoro’s overall WI production to 12.5 mbbl/d from 9,401 bbl/d in 3Q24.
Production could grow further with two wells to be completed by YE24.
A Ruche well is also set for first oil in 4Q24.


Panoro Energy ASA (OSE: PEN): 12.5 mbbl/d current production. On track to achieve >13 mbbl/d by YE23

Thematic (Sector/Industry)

<ul>
<li>Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: 1.9 mbbl/d at latest CN well.</li>
<li>Water disposal infrastructure operational.</li>
<li>High net cash – The fifth horizontal well at Carrizales Norte (CNB HZ-6) is producing 1.9 mbbl/d of oil (0.95 mbbl/d net to Arrow) with a water cut of 31%.</li>
</ul>


Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: 1.9 mbbl/d at latest CN well.
Water disposal infrastructure operational.
High net cash – The fifth horizontal well at Carrizales Norte (CNB HZ-6) is producing 1.9 mbbl/d of oil (0.95 mbbl/d net to Arrow) with a water cut of 31%.


<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.70 per share: Approvals to start well testing at Welchau received.</li>
<li>Rig and test equipment mobilized – All necessary approvals have been received to commence flow testing operations on the Welchau-1 discovery well for the period from 30 October 2024 until 31 March 2025.</li>
<li>A workover rig has been mobilised to the Welchau-1 drill site with flow testing due to commence during the second half of November.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.70 per share: Approvals to start well testing at Welchau received.
Rig and test equipment mobilized – All necessary approvals have been received to commence flow testing operations on the Welchau-1 discovery well for the period from 30 October 2024 until 31 March 2025.
A workover rig has been mobilised to the Welchau-1 drill site with flow testing due to commence during the second half of November.


<ul>
<li>The C-45 infill well on Block G in Equatorial Guinea has been put on stream at a gross rate of 5 mbbl/d on a restricted choke.</li>
<li>Production could increase as the choke size is increased.</li>
<li>While this is line with the company’s expectations, this takes gross production in EG to ~30 mbbl/d.</li>
</ul>


The C-45 infill well on Block G in Equatorial Guinea has been put on stream at a gross rate of 5 mbbl/d on a restricted choke.
Production could increase as the choke size is increased.
While this is line with the company’s expectations, this takes gross production in EG to ~30 mbbl/d.


Panoro Energy ASA (OSE: PEN): High Flow Rate at EG Infill 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): Production Reaching 13 Mbbl/D. Two High Impact Wells by End of 1Q25

There were no surprises in the 3Q24 accounts.Since last week, WI production has increased from 12.5 mbbl/d to 13 mbbl/d.Gross production in Gabon...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): 12.5 mbbl/d current production. On track to achieve >13 mbbl/d by YE23

Gross production at Dussafu has now reached 40 mbbl/d, taking Panoro’s overall WI production to 12.5 mbbl/d from 9,401 bbl/d in 3Q24.

Auctus Advisors

AUCTUS ON FRIDAY - 15/11/2024

Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: 1.9 mbbl/d at latest CN well. Water disposal infrastructure operational. High net...

Auctus Advisors

AUCTUS ON FRIDAY - 08/11/2024

A workover rig has been mobilised to the Welchau-1 drill site with flow testing due to commence during the second half of November.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): High Flow Rate at EG Infill Well

The C-45 infill well on Block G in Equatorial Guinea has been put on stream at a gross rate of 5 mbbl/d on a restricted choke.Production could...

Auctus Advisors

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