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>4Q22 production of 10,374 bbl/d was above the guidance of 8.5-9.5 mbbl/d given in December.</li><li>YE22 production was 23,709 bbl/d.  Natural flow from well 12H has increased to 6.4 mbbl/d since 8 January.</li><li>Net of the repayment of the US$80 mm bond in 1Q23, we estimate that, at the mid point of the production guidance (14.5 mbbl/d), PetroTal will hold ~US$150-US$180 mm in net cash (calculated as cash minus debt) at YE23 (Brent: US$85-96/bbl).</li></ul>

4Q22 production of 10,374 bbl/d was above the guidance of 8.5-9.5 mbbl/d given in December.YE22 production was 23,709 bbl/d.  Natural flow from well 12H has increased to 6.4 mbbl/d since 8 January.Net of the repayment of the US$80 mm bond in 1Q23, we estimate that, at the mid point of the production guidance (14.5 mbbl/d), PetroTal will hold ~US$150-US$180 mm in net cash (calculated as cash minus debt) at YE23 (Brent: US$85-96/bbl).

PetroTal Corp (AIM: PTAL): >US$100 Mm Potentially Available for Shareholder Returns in 2023

<ul><li>Production has averaged 20 mbbl/d since mid December, up from 18 mbbl/d announced on 15 December as the Brazilian barges have returned.</li><li>The high production rate includes the contribution of well 12H that has produced 2.9 mbbl/d over the first 10 days of production.</li><li>This is above the current total export capacity of 18-20 mbbl/d without the ONP (2 mbbl/d for Iquitos + 16-18 mbbl/d for Brazil).</li></ul>

Production has averaged 20 mbbl/d since mid December, up from 18 mbbl/d announced on 15 December as the Brazilian barges have returned.The high production rate includes the contribution of well 12H that has produced 2.9 mbbl/d over the first 10 days of production.This is above the current total export capacity of 18-20 mbbl/d without the ONP (2 mbbl/d for Iquitos + 16-18 mbbl/d for Brazil).

PetroTal Corp (AIM: PTAL): Production Back at 20 Mbbl/D. Another Good Well Result.

<ul><li>The Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua has removed the river blockade to allow oil barge transportation access in and out of the PetroTal’s operating area.</li><li>The removing of the blockade has taken place earlier than we expected (YE22).</li><li>Inclusive of social downtime since late November, the company estimates 4Q22 oil production levels to average between 8,500 and 9,500 bbl/d.</li></ul>

The Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua has removed the river blockade to allow oil barge transportation access in and out of the PetroTal’s operating area.The removing of the blockade has taken place earlier than we expected (YE22).Inclusive of social downtime since late November, the company estimates 4Q22 oil production levels to average between 8,500 and 9,500 bbl/d.

PetroTal Corp (AIM: PTAL): Brazil Export Route Re-Opened

<ul><li>PetroTal and Petroperu have finalized an agreement for the repayment of US$64 mm in true up revenue owed to PetroTal by Petroperu.</li><li>PetroTal has reduced production to between 4,500 bbl/d and 5,000 bbl/d since 30 November to manage storage levels and will need to further reduce production levels should the blockade persist as the Northern Peruvian Pipeline remains unavailable due to ongoing repairs.</li><li>Valuation While the latest blockade is frustrating, we view the agreement with Petroperu to recover the US$64 mm owed to PetroTal as very good news.</li></ul>

PetroTal and Petroperu have finalized an agreement for the repayment of US$64 mm in true up revenue owed to PetroTal by Petroperu.PetroTal has reduced production to between 4,500 bbl/d and 5,000 bbl/d since 30 November to manage storage levels and will need to further reduce production levels should the blockade persist as the Northern Peruvian Pipeline remains unavailable due to ongoing repairs.Valuation While the latest blockade is frustrating, we view the agreement with Petroperu to recover the US$64 mm owed to PetroTal as very good news.

PetroTal Corp (AIM: PTAL): Repayment Agreement with Petroperu Finalized.

<ul><li>3Q22 production, cash and receivables/payables as at the end of September had been reported previously.</li><li>As previously reported, production had been adversely impacted by the record low levels in the Amazon river in Brazil.</li><li>Production was only 6.5 mbbl/d in October, resulting in expected average production of 12-13 mbbl/d in 4Q22.</li></ul>

3Q22 production, cash and receivables/payables as at the end of September had been reported previously.As previously reported, production had been adversely impacted by the record low levels in the Amazon river in Brazil.Production was only 6.5 mbbl/d in October, resulting in expected average production of 12-13 mbbl/d in 4Q22.

PetroTal Corp (AIM: PTAL): Production returning to normal

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): >US$100 Mm Potentially Available for Shareholder Returns in 2023

4Q22 production of 10,374 bbl/d was above the guidance of 8.5-9.5 mbbl/d given in December.YE22 production was 23,709 bbl/d. Natural flow from...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Production Back at 20 Mbbl/D. Another Good Well Result.

Production has averaged 20 mbbl/d since mid December, up from 18 mbbl/d announced on 15 December as the Brazilian barges have returned.

Auctus Advisors

PetroTal Corp (AIM: PTAL): Brazil Export Route Re-Opened

The Asociacion Indigena de Desarrollo y Conservacion de Bajo Puinahua has removed the river blockade to allow oil barge transportation access in...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Repayment Agreement with Petroperu Finalized.

PetroTal and Petroperu have finalized an agreement for the repayment of US$64 mm in true up revenue owed to PetroTal by Petroperu

Auctus Advisors

PetroTal Corp (AIM: PTAL): Production returning to normal

As previously reported, production had been adversely impacted by the record low levels in the Amazon river in Brazil.Production was only 6.5 mbbl...

Auctus Advisors

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