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>Production continues to be very high, averaging ~21 mbbl/d in April and ~21.14 mbbl/d so far in May.</li><li>We understand that April sales matched production, which demonstrates that the Brazil export route is working well.</li><li>Given the high production so far in 2Q23 (leading us to increase our forecast from 17 mbbl/d to 18.5 mbbl/d), the FY23 production guidance of 14 15 mbbl/d looks increasingly conservative.</li></ul>

Production continues to be very high, averaging ~21 mbbl/d in April and ~21.14 mbbl/d so far in May.We understand that April sales matched production, which demonstrates that the Brazil export route is working well.Given the high production so far in 2Q23 (leading us to increase our forecast from 17 mbbl/d to 18.5 mbbl/d), the FY23 production guidance of 14 15 mbbl/d looks increasingly conservative.

PetroTal Corp (AIM: PTAL): Another strong quarter with continued high production

<ul><li>1Q23 production was 12,618 bbl/d, above our expectations of 11,500 bbl/d.</li><li>Oil sales continued to be very high in March at 21,500 bbl/d with 19,565 bbl/d sold through Brazil and the balance to Iquitos, with production averaging &gt; 20 mbbl/d for more than 60 consecutive days.</li><li>Well 14H has been put in production at a rate of 3 mbbl/d constrained by export route capacity.</li></ul>

1Q23 production was 12,618 bbl/d, above our expectations of 11,500 bbl/d.Oil sales continued to be very high in March at 21,500 bbl/d with 19,565 bbl/d sold through Brazil and the balance to Iquitos, with production averaging &gt; 20 mbbl/d for more than 60 consecutive days.Well 14H has been put in production at a rate of 3 mbbl/d constrained by export route capacity.

PetroTal Corp (AIM: PTAL): High Production. More Free Cash Flow than Expected.

<ul><li>YE22 net cash and 4Q22 production had already been reported.</li><li>Production continues to be very high with 20,500 bbl/d production to date during March.</li><li>Comparing dividend yield across the sector PetroTal’s dividend yield of ~13% is one of the highest of the sector.</li></ul>

YE22 net cash and 4Q22 production had already been reported.Production continues to be very high with 20,500 bbl/d production to date during March.Comparing dividend yield across the sector PetroTal’s dividend yield of ~13% is one of the highest of the sector.

PetroTal Corp - Generous Capital Return: 10% Buyback Plus ~13% Dividend Yield

<ul><li>Production was constrained in January and February, with average production of ~7,600 bbl/d and 8,000 bbl/d respectively, due to restricted barging capacity over these two months.</li><li>The barging fleet schedules have now been re-established with an increased capacity of 5 mmbbl (1.2 mmbbl in 2022) and PetroTal’s production has been averaging 20 mbbl/d since the last week of February.</li><li>However, given the strong current production rate and increased barging capacity, the company anticipates it will make up the 1Q23 production shortfall in 2Q23.</li></ul>

Production was constrained in January and February, with average production of ~7,600 bbl/d and 8,000 bbl/d respectively, due to restricted barging capacity over these two months.The barging fleet schedules have now been re-established with an increased capacity of 5 mmbbl (1.2 mmbbl in 2022) and PetroTal’s production has been averaging 20 mbbl/d since the last week of February.However, given the strong current production rate and increased barging capacity, the company anticipates it will make up the 1Q23 production shortfall in 2Q23.

PetroTal Corp (AIM: PTAL): Production back at 20 mbbl/d. Regular payments from Petroperu

<ul><li>YE22 1P, 2P and 3P reserves respectively stand at 45.4 mmbbl, 96.7 mmbbl and 168.3 mmbbl. This represents increases of respectively 21%, 24% and 14% versus YE21.</li><li>The higher 2P reserves reflect an increase to the Oil Initially in Place estimate (+14%) and an improved recovery factor (+2%). The 2P case recovery factor is still 24%.</li><li>The 2022 Reserve Life Index for 1P and 2P reserves, are 10.1 and 22 years respectively with a higher production run rate of 12.2 mbbl/d, compared to 7.3 mbbl/d previously.</li></ul>

YE22 1P, 2P and 3P reserves respectively stand at 45.4 mmbbl, 96.7 mmbbl and 168.3 mmbbl. This represents increases of respectively 21%, 24% and 14% versus YE21.The higher 2P reserves reflect an increase to the Oil Initially in Place estimate (+14%) and an improved recovery factor (+2%). The 2P case recovery factor is still 24%.The 2022 Reserve Life Index for 1P and 2P reserves, are 10.1 and 22 years respectively with a higher production run rate of 12.2 mbbl/d, compared to 7.3 mbbl/d previously.

PetroTal Corp (AIM: PTAL): Another significant reserves increase

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 with continued high production

Given the high production so far in 2Q23 (leading us to increase our forecast from 17 mbbl/d to 18.5 mbbl/d), the FY23 production guidance of 14 15...

Auctus Advisors

PetroTal Corp (AIM: PTAL): High Production. More Free Cash Flow than Expected.

1Q23 production was 12,618 bbl/d, above our expectations of 11,500 bbl/d. Oil sales continued to be very high in March at 21,500 bbl/d with 19,565...

Auctus Advisors

PetroTal Corp - Generous Capital Return: 10% Buyback Plus ~13% Dividend Yield

YE22 net cash and 4Q22 production had already been reported. Production continues to be very high with 20,500 bbl/d production to date during March.

Auctus Advisors

PetroTal Corp (AIM: PTAL): Production back at 20 mbbl/d. Regular payments from Petroperu

Production was constrained in January and February, with average production of ~7,600 bbl/d and 8,000 bbl/d respectively, due to restricted barging...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Another significant reserves increase

YE22 1P, 2P and 3P reserves respectively stand at 45.4 mmbbl, 96.7 mmbbl and 168.3 mmbbl. This represents increases of respectively 21%, 24% and...

Auctus Advisors

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