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>PetroTal is acquiring Block 131 onshore Peru including the Los Angeles field from CEPSA for US$5 mm.</li>
<li>The field produces ~900 boe/d from 4 existing wells and holds 4.9 mmbbl of 40-45 deg API oil 2P reserves.</li>
<li>We estimate that 3 new wells (at ~US$12 mm per well) could increase production to 2-3 mbbl/d.</li>
</ul>


PetroTal is acquiring Block 131 onshore Peru including the Los Angeles field from CEPSA for US$5 mm.
The field produces ~900 boe/d from 4 existing wells and holds 4.9 mmbbl of 40-45 deg API oil 2P reserves.
We estimate that 3 new wells (at ~US$12 mm per well) could increase production to 2-3 mbbl/d.


PetroTal Corp (AIM: PTAL): Acquisition in Peru – More than Meets the Eye

<ul>
<li>1Q24 production of 18,518 bbl/d was in line with our expectations.</li>
<li>Production over the last 30 days was 20.5 mbbl/d with the recently drilled 17H well, now on pump, delivering 4,500 bbl/d.</li>
<li>This bodes very well for 2Q24 production given that the 18H well is expected to commence production in May.</li>
</ul>


1Q24 production of 18,518 bbl/d was in line with our expectations.
Production over the last 30 days was 20.5 mbbl/d with the recently drilled 17H well, now on pump, delivering 4,500 bbl/d.
This bodes very well for 2Q24 production given that the 18H well is expected to commence production in May.


PetroTal Corp (AIM: PTAL): Better Balance Sheet than Expected

<ul>
<li>FY23 production of 14,248 bbl/d had been reported previously and the YE23 cash position of US$105 mm (including ~US$15 mm of restricted cash) is very close to previous indications.</li>
<li>PetroTal is re-iterating its FY24 production guidance of ~17 mbbl/d with US$134 mm capex.</li>
<li>Production currently trends ahead of guidance with 24,453 bbl/d in January and 17,411 bbl/d in February.</li>
</ul>


FY23 production of 14,248 bbl/d had been reported previously and the YE23 cash position of US$105 mm (including ~US$15 mm of restricted cash) is very close to previous indications.
PetroTal is re-iterating its FY24 production guidance of ~17 mbbl/d with US$134 mm capex.
Production currently trends ahead of guidance with 24,453 bbl/d in January and 17,411 bbl/d in February.


PetroTal Corp (AIM: PTAL): Delivering on Guidance

<ul>
<li>YE23 1P, 2P and 3P reserves were estimated at 48 mmbbl, 100 mmbbl and 200 mmbbl respectively.</li>
<li>This represents an increase of 6%, 4% and 19% respectively compared to YE22.</li>
<li>The YE23 1P and 2P reserves estimates imply a Reserves Replacement Ratio of 150% and 167% during 2023.</li>
</ul>


YE23 1P, 2P and 3P reserves were estimated at 48 mmbbl, 100 mmbbl and 200 mmbbl respectively.
This represents an increase of 6%, 4% and 19% respectively compared to YE22.
The YE23 1P and 2P reserves estimates imply a Reserves Replacement Ratio of 150% and 167% during 2023.


PetroTal Corp (AIM: PTAL): Replacing >165% of 2P Reserves in 2023

<ul>
<li>The FY24 production guidance stands at 16.5-17.5 mbbl/d (we forecasted 18.6 mbbl/d assuming a moderate dry season) with US$135 mm capex (broadly in line with our expectations of US$130 mm).</li>
<li>The FY24 production guidance assumes a dry season as severe as in 2023 with production of only 13 mbbl/d in 3Q24 and 17.5 mbbl/d in 4Q24.</li>
<li>The Ecuador export route through the OCP will be operational in October (2 mbbl/d) while a new route via Yurimaguas to Bayovar (2 mbbl/d) could be operational in July.</li>
</ul>


The FY24 production guidance stands at 16.5-17.5 mbbl/d (we forecasted 18.6 mbbl/d assuming a moderate dry season) with US$135 mm capex (broadly in line with our expectations of US$130 mm).
The FY24 production guidance assumes a dry season as severe as in 2023 with production of only 13 mbbl/d in 3Q24 and 17.5 mbbl/d in 4Q24.
The Ecuador export route through the OCP will be operational in October (2 mbbl/d) while a new route via Yurimaguas to Bayovar (2 mbbl/d) could be operational in July.


PetroTal Corp (AIM: PTAL): FY24 Production Expected to Grow by 20%.

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): Acquisition in Peru – More than Meets the Eye

PetroTal is acquiring Block 131 onshore Peru including the Los Angeles field from CEPSA for US$5 mm.The field produces ~900 boe/d from 4 existing...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Better Balance Sheet than Expected

1Q24 production of 18,518 bbl/d was in line with our expectations. Production over the last 30 days was 20.5 mbbl/d with the recently drilled 17H...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Delivering on Guidance

FY23 production of 14,248 bbl/d had been reported previously and the YE23 cash position of US$105 mm (including ~US$15 mm of restricted cash) is...

Auctus Advisors

PetroTal Corp (AIM: PTAL): Replacing >165% of 2P Reserves in 2023

YE23 1P, 2P and 3P reserves were estimated at 48 mmbbl, 100 mmbbl and 200 mmbbl respectively. This represents an increase of 6%, 4% and 19%...

Auctus Advisors

PetroTal Corp (AIM: PTAL): FY24 Production Expected to Grow by 20%.

he FY24 production guidance assumes a dry season as severe as in 2023 with production of only 13 mbbl/d in 3Q24 and 17.5 mbbl/d in 4Q24.

Auctus Advisors

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