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>Criterium Energy (CEQ CN) C: target price of C$0.35 per share: Re-iterating production guidance – 1Q24 production was 802 bbl/d with average realized price of US$82/bbl.</li>
<li>This is in line with our expectations.</li>
<li>Operating netbacks for the period stood at C$2.2 mm, also in line with our expectations.</li>
</ul>


Criterium Energy (CEQ CN) C: target price of C$0.35 per share: Re-iterating production guidance – 1Q24 production was 802 bbl/d with average realized price of US$82/bbl.
This is in line with our expectations.
Operating netbacks for the period stood at C$2.2 mm, also in line with our expectations.


Equity Bottom-Up

<ul>
<li>The northern flank at Hibiscus, appraised by the DHIBM-7P pilot vertical well, is estimated to hold 8-12 mmbbl gross reserves (Panoro WI: 17.5%).</li>
<li>This is above our early estimate of 8 mmbbl.</li>
<li>The well was drilled from the pilot hole of the recently drilled Hibiscus South well that had already encountered 5-6 mmbbl recoverable resources in a north-east extension of the field.</li>
</ul>


The northern flank at Hibiscus, appraised by the DHIBM-7P pilot vertical well, is estimated to hold 8-12 mmbbl gross reserves (Panoro WI: 17.5%).
This is above our early estimate of 8 mmbbl.
The well was drilled from the pilot hole of the recently drilled Hibiscus South well that had already encountered 5-6 mmbbl recoverable resources in a north-east extension of the field.


Panoro Energy ASA (OSE: PEN): Northern flank at Hibiscus estimated to hold 8 12 mmbbl reserves

<ul>
<li>The 1Q24 production of 9,605 bbl/d, the cash position of US$22.4 mm and the debt position of US$80.6 mm had been reported previously.</li>
<li>The 1Q24 operating cash flow of US$25 mm was impacted by US$5.4 mm of negative working capital movement and US$3.6 mm negative inventory movement.</li>
<li>This suggests an underlying operating cash flow of US$34 mm for the period.</li>
</ul>


The 1Q24 production of 9,605 bbl/d, the cash position of US$22.4 mm and the debt position of US$80.6 mm had been reported previously.
The 1Q24 operating cash flow of US$25 mm was impacted by US$5.4 mm of negative working capital movement and US$3.6 mm negative inventory movement.
This suggests an underlying operating cash flow of US$34 mm for the period.


Panoro Energy ASA (OSE: PEN): NOK100 mm share buyback

<ul>
<li>The DHIBM-7P pilot vertical well encountered 24 metres of net pay in an overall hydrocarbon column of 37 metres.</li>
<li>The well was drilled from the pilot hole of the recently drilled Hibiscus South well that had already encountered 5-6 mmbbl recoverable resources.</li>
<li>The bottom part of this well had been plugged ahead of drilling a horizontal producer in the area (this horizontal well will be drilled next).</li>
</ul>


The DHIBM-7P pilot vertical well encountered 24 metres of net pay in an overall hydrocarbon column of 37 metres.
The well was drilled from the pilot hole of the recently drilled Hibiscus South well that had already encountered 5-6 mmbbl recoverable resources.
The bottom part of this well had been plugged ahead of drilling a horizontal producer in the area (this horizontal well will be drilled next).


Panoro Energy ASA (OSE: PEN): Likely reserves increase at Hibiscus following better than expected drilling results

<ul>
<li>The Hibiscus South exploration well on the Dussafu permit has encountered 25 m of pay in an overall hydrocarbon column of 35 m in the Gamba formation.</li>
<li>This discovery could add ~5-6 mmbbl gross recoverable reserves (~1 mmbbl net to Panoro).</li>
<li>The Hibiscus South structure is a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field.</li>
</ul>


The Hibiscus South exploration well on the Dussafu permit has encountered 25 m of pay in an overall hydrocarbon column of 35 m in the Gamba formation.
This discovery could add ~5-6 mmbbl gross recoverable reserves (~1 mmbbl net to Panoro).
The Hibiscus South structure is a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field.


Panoro Energy ASA (OSE: PEN): Discovery in Gabon. Reiterating Production Guidance

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 - 07/06/2024

Criterium Energy (CEQ CN) C: target price of C$0.35 per share: Re-iterating production guidance – 1Q24 production was 802 bbl/d with average...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Northern flank at Hibiscus estimated to hold 8 12 mmbbl reserves

The northern flank at Hibiscus, appraised by the DHIBM-7P pilot vertical well, is estimated to hold 8-12 mmbbl gross reserves (Panoro WI: 17.5%).

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Likely reserves increase at Hibiscus following better than expected drilling results

The bottom part of this well had been plugged ahead of drilling a horizontal producer in the area (this horizontal well will be drilled next).

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Discovery in Gabon. Reiterating Production Guidance

The Hibiscus South exploration well on the Dussafu permit has encountered 25 m of pay in an overall hydrocarbon column of 35 m in the Gamba formation.

Auctus Advisors

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