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.

Thematic (Sector/Industry)

<ul>
<li>Condor Energies (CDR CN) C ; Target price of C$5.80 per share: Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.</li>
<li>The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up.</li>
<li>With a total cost of &lt;US$0.2 mm, the pay back of theses workovers is ~2 months. This is a very good result that showcases the opportunity in Uzbekistan. </li>
</ul>


Condor Energies (CDR CN) C ; Target price of C$5.80 per share: Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.
The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up.
With a total cost of &lt;US$0.2 mm, the pay back of theses workovers is ~2 months. This is a very good result that showcases the opportunity in Uzbekistan. 


<ul>
<li>ADX Energy (ADX AU)C; Target price A$0.75 per share: Welchau test to start on 4th of November.</li>
<li>LICHT well to reach main target next week – MCF Energy (the partner of ADX at Welchau) has announced that the well test at Welchau is expected to start on 4th of November.</li>
<li>The initial well test results could also be available during November.</li>
</ul>


ADX Energy (ADX AU)C; Target price A$0.75 per share: Welchau test to start on 4th of November.
LICHT well to reach main target next week – MCF Energy (the partner of ADX at Welchau) has announced that the well test at Welchau is expected to start on 4th of November.
The initial well test results could also be available during November.


Equity Bottom-Up

<ul>
<li>3Q24 Gabon gross production was 27,465 bbl/d.</li>
<li>The DHIBM-7H well at Hibiscus Northern Flank is now on stream taking overall current gross production in Gabon close to 40 mbbl/d.</li>
<li>The current rate is very high when considering that three wells (out of eight in the Hibiscus-Ruche area) are still shut-in.</li>
</ul>


3Q24 Gabon gross production was 27,465 bbl/d.
The DHIBM-7H well at Hibiscus Northern Flank is now on stream taking overall current gross production in Gabon close to 40 mbbl/d.
The current rate is very high when considering that three wells (out of eight in the Hibiscus-Ruche area) are still shut-in.


Panoro Energy ASA (OSE: PEN): Gabon production nears 40 mbbl/d with 3 further wells to come back onstream by YE24

<ul>
<li>.Chariot (CHAR LN) C ; Target price £0.45 per share: Commencing drilling operations at high impact well in Morocco – Drilling operations have commenced on the Anchois East well (now named Anchois-3). The well has three objectives.</li>
<li>An initial pilot hole will be drilled to evaluate the potential of the Anchois Footwall prospect, located in an undrilled fault block to the east of the main field with a 2U Prospective Resource estimate of 170 bcf in the main O Sand target.</li>
<li>Our unrisked NAV for this prospect is £0.05/sh. A side-track will then be drilled to intersect and further evaluate the discovered gas sands in the Anchois field, with a current gross 2C Contingent Resource estimate of 637 bcf, in the eastern part of the main fault block of the field. </li>
</ul>


.Chariot (CHAR LN) C ; Target price £0.45 per share: Commencing drilling operations at high impact well in Morocco – Drilling operations have commenced on the Anchois East well (now named Anchois-3). The well has three objectives.
An initial pilot hole will be drilled to evaluate the potential of the Anchois Footwall prospect, located in an undrilled fault block to the east of the main field with a 2U Prospective Resource estimate of 170 bcf in the main O Sand target.
Our unrisked NAV for this prospect is £0.05/sh. A side-track will then be drilled to intersect and further evaluate the discovered gas sands in the Anchois field, with a current gross 2C Contingent Resource estimate of 637 bcf, in the eastern part of the main fault block of the field. 


<ul>
<li>The 1H24 production and the cash position had been reported previously.</li>
<li>Panoro generated ~US$54 mm cash from operations (we expected ~US$48 mm) with a US$22 mm positive working capital movement.</li>
<li>At the end of June, current accounts receivable of ~US$72 mm were well above the current payables of ~US$43 mm.</li>
</ul>


The 1H24 production and the cash position had been reported previously.
Panoro generated ~US$54 mm cash from operations (we expected ~US$48 mm) with a US$22 mm positive working capital movement.
At the end of June, current accounts receivable of ~US$72 mm were well above the current payables of ~US$43 mm.


Panoro Energy ASA (OSE: PEN): Reserves Addition in Gabon. Strong Financials

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 - 01/11/2024

Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated...

Auctus Advisors

AUCTUS ON FRIDAY - 25/10/2024

LICHT well to reach main target next week – MCF Energy (the partner of ADX at Welchau) has announced that the well test at Welchau is expected to...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Gabon production nears 40 mbbl/d with 3 further wells to come back onstream by YE24

The DHIBM-7H well at Hibiscus Northern Flank is now on stream taking overall current gross production in Gabon close to 40 mbbl/d.

Auctus Advisors

AUCTUS ON FRIDAY - 16/08/2024

Commencing drilling operations at high impact well in Morocco – Drilling operations have commenced on the Anchois East well (now named Anchois-3).

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Reserves Addition in Gabon. Strong Financials

Panoro generated ~US$54 mm cash from operations (we expected ~US$48 mm) with a US$22 mm positive working capital movement.

Auctus Advisors

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