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>1Q25 production was 23,280 bbl/d, comprising 22,660 bbl/d at Bretana and 620 bbl/d at Los Angeles.</li>
<li>1Q25 production at Bretana was ~1 mbbl/d above our expectations.</li>
<li>The high production reflects the strong performance of the recent wells.</li>
</ul>


1Q25 production was 23,280 bbl/d, comprising 22,660 bbl/d at Bretana and 620 bbl/d at Los Angeles.
1Q25 production at Bretana was ~1 mbbl/d above our expectations.
The high production reflects the strong performance of the recent wells.


PetroTal Corp (AIM: PTAL): Another Strong Quarter

<ul>
<li>FY24 production figures had been previously disclosed.</li>
<li>The total cash position of $114.5 mm, of which $102.8 mm was unrestricted, is in line with previous indications.</li>
<li>The minimal working capital deficit of US$1.5 mm is also in line with our expectations.</li>
</ul>


FY24 production figures had been previously disclosed.
The total cash position of $114.5 mm, of which $102.8 mm was unrestricted, is in line with previous indications.
The minimal working capital deficit of US$1.5 mm is also in line with our expectations.


PetroTal Corp (AIM: PTAL): Very High Production YTD. Re-Iterating FY25 Guidance

<ul>
<li>YE24 1P, 2P and 3P reserves at Bretana were estimated at 62.9 mmbbl (YE23: 48 mmbbl), 108 mmbbl (YE23: 100.2 mmbbl) and 206.6 mmbbl (YE23: 199.6 mmbbl) respectively.</li>
<li>Additionally, Los Angeles is now estimated to hold 5.8 mmbbl of 2P reserves, an increase of 1.5 mmbbl from previous estimates.</li>
<li>Overall, the new reserves estimates represent a Reserves Replacement Ratio of 293% for 1P and 208% for 2P reserves.</li>
</ul>


YE24 1P, 2P and 3P reserves at Bretana were estimated at 62.9 mmbbl (YE23: 48 mmbbl), 108 mmbbl (YE23: 100.2 mmbbl) and 206.6 mmbbl (YE23: 199.6 mmbbl) respectively.
Additionally, Los Angeles is now estimated to hold 5.8 mmbbl of 2P reserves, an increase of 1.5 mmbbl from previous estimates.
Overall, the new reserves estimates represent a Reserves Replacement Ratio of 293% for 1P and 208% for 2P reserves.


PetroTal Corp (AIM: PTAL): 208% 2P Reserves Replacement Ratio

<ul>
<li>PetroTal expects to produce 21-23 mbbl/d in 2025, with the midpoint of this guidance exceeding our expectations of 21.2 mbbl/d.</li>
<li>Although only four new wells are expected to come online in 2025 (including the 23H well but excluding the final well of the FY25 four-well drilling program), average production is expected to grow by ~4.2 mbbl/d from 2024 to 2025.</li>
<li>In comparison, six new producers were brought online in 2024 (excluding the 23H well but including the 16H well), but production increased by only ~3.4 mbbl/d from 2023 to 2024.</li>
</ul>


PetroTal expects to produce 21-23 mbbl/d in 2025, with the midpoint of this guidance exceeding our expectations of 21.2 mbbl/d.
Although only four new wells are expected to come online in 2025 (including the 23H well but excluding the final well of the FY25 four-well drilling program), average production is expected to grow by ~4.2 mbbl/d from 2024 to 2025.
In comparison, six new producers were brought online in 2024 (excluding the 23H well but including the 16H well), but production increased by only ~3.4 mbbl/d from 2023 to 2024.


PTAL: High FY25 Production Driven by High Uptime During the Dry Season and Investment

<ul>
<li>3Q24 production was 19,150 bbl/d including 18,938 bbl/d from Bretana and the remainder at Block 131.</li>
<li>This performance exceeded expectations, as we had anticipated 17,900 bbl/d for Bretana.</li>
<li>FY24 production at Bretana was 17,733 bbl/d, which is above the guidance of 16.5-17.5 mbbl/d.</li>
</ul>


3Q24 production was 19,150 bbl/d including 18,938 bbl/d from Bretana and the remainder at Block 131.
This performance exceeded expectations, as we had anticipated 17,900 bbl/d for Bretana.
FY24 production at Bretana was 17,733 bbl/d, which is above the guidance of 16.5-17.5 mbbl/d.


PetroTal Corp (AIM: PTAL): Higher Production and Cash Balance than Expected.

United States

PetroTal Corp. operates as an oil and gas development and production company. The Company focuses on acquisition, development, and exploration of material oil assets. PetroTal serves customers in North and South America. ... More

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PetroTal (PTAL LN)

PetroTal Corp (AIM: PTAL): Another Strong Quarter

1Q25 production was 23,280 bbl/d, comprising 22,660 bbl/d at Bretana and 620 bbl/d at Los Angeles.1Q25 production at Bretana was ~1 mbbl/d above...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Very High Production YTD. Re-Iterating FY25 Guidance

FY24 production figures had been previously disclosed. The total cash position of $114.5 mm, of which $102.8 mm was unrestricted, is in line with...

Auctus Advisors

PetroTal Corp (AIM: PTAL): 208% 2P Reserves Replacement Ratio

YE24 1P, 2P and 3P reserves at Bretana were estimated at 62.9 mmbbl (YE23: 48 mmbbl), 108 mmbbl (YE23: 100.2 mmbbl) and 206.6 mmbbl (YE23: 199.6...

Auctus Advisors

PTAL: High FY25 Production Driven by High Uptime During the Dry Season and Investment

PetroTal expects to produce 21-23 mbbl/d in 2025, with the midpoint of this guidance exceeding our expectations of 21.2 mbbl/d.

Auctus Advisors

PetroTal Corp (AIM: PTAL): Higher Production and Cash Balance than Expected.

3Q24 production was 19,150 bbl/d including 18,938 bbl/d from Bretana and the remainder at Block 131. This performance exceeded expectations, as we...

Auctus Advisors

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