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>________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line.</li><li>Adding horizontal wells at Llanos-34 – 2Q23 production of 36,581 boe/d was in line with our expectations with strong performance at Llanos-34, Platanillo and CPO-5, offsetting lower production in Chile and Ecuador.</li><li>The company has re-iterated its FY23 production target of 38.0-40.0 mboe/d but the guidance is sensitive to the timing of production restart at Indico 6 and Indico 7.</li></ul>

________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line.Adding horizontal wells at Llanos-34 – 2Q23 production of 36,581 boe/d was in line with our expectations with strong performance at Llanos-34, Platanillo and CPO-5, offsetting lower production in Chile and Ecuador.The company has re-iterated its FY23 production target of 38.0-40.0 mboe/d but the guidance is sensitive to the timing of production restart at Indico 6 and Indico 7.

<ul>
<li>Pharos 1H23 trading update was dominated by the publication of the first independent resources assessment of Blocks 125 &amp; 126 that highlighted gross prospective (recoverable) resources of between 1.2 bnbbl and 29.8 bnbbl (mean of 13.3 bnbbl).</li>
<li>The resources estimate covers five high-graded prospects on 3D seismic over 23 prospective horizons (Prospect A Drape, Prospect A North, Lead A South, Prospect D and Prospect E1).</li>
<li>The Top F/G horizon is the most material (5.9 bnbbl at Lead A South and 2 bnbbl at Prospect A North) followed by the Basement (1.0 bnbbl and 0.5 bnbbl at the same prospects respectively).</li>
</ul>


Pharos 1H23 trading update was dominated by the publication of the first independent resources assessment of Blocks 125 &amp; 126 that highlighted gross prospective (recoverable) resources of between 1.2 bnbbl and 29.8 bnbbl (mean of 13.3 bnbbl).
The resources estimate covers five high-graded prospects on 3D seismic over 23 prospective horizons (Prospect A Drape, Prospect A North, Lead A South, Prospect D and Prospect E1).
The Top F/G horizon is the most material (5.9 bnbbl at Lead A South and 2 bnbbl at Prospect A North) followed by the Basement (1.0 bnbbl and 0.5 bnbbl at the same prospects respectively).


Pharos Energy Plc (LSE: PHAR): Enhancing investment profile with very high impact exploration asset

<ul><li>Pharos has been awarded a two year extension to Phase One of the Exploration Period (from 8 November 2023 to 7 November 2025) of Blocks 125 &amp; 126 in Vietnam.</li><li>The extension allows Pharos to postpone the drilling commitment by up to two years.</li><li>Without the extension, Pharos would have been required to pay the minimum US$15 mm commitment or fund a shallow well by November.</li></ul>

Pharos has been awarded a two year extension to Phase One of the Exploration Period (from 8 November 2023 to 7 November 2025) of Blocks 125 &amp; 126 in Vietnam.The extension allows Pharos to postpone the drilling commitment by up to two years.Without the extension, Pharos would have been required to pay the minimum US$15 mm commitment or fund a shallow well by November.

Pharos Energy Plc (LSE: PHAR) -  Vietnam Licence Extension Key Step to Unlocking Value

<ul><li>The recently drilled VNV-2PST1 lateral in Vietnam is flowing at 3 mbbl/d gross (750 bbl/d WI).</li><li>The lateral was drill from an existing well at a much lower cost compared to a new drill.</li><li>Total WI production from January to April was 6,805 boe/d including 5,477 boe/d in Vietnam and 1,328 bbl/d Pharos in Egypt.</li></ul>

The recently drilled VNV-2PST1 lateral in Vietnam is flowing at 3 mbbl/d gross (750 bbl/d WI).The lateral was drill from an existing well at a much lower cost compared to a new drill.Total WI production from January to April was 6,805 boe/d including 5,477 boe/d in Vietnam and 1,328 bbl/d Pharos in Egypt.

Pharos Energy Plc (LSE: PHAR): Flow rate at new Vietnam well above expectations. Discovery in Egypt

<ul><li>Pharos also held 19.7 mmboe of net 2C resources at YE22.</li><li>Repatriation of US$ from Egypt continues to be constrained and a second drilling rig to resume production growth is not now expected until next year.</li><li>Dividend, G&amp;A and net debt. The YE22 net debt based on cash and debt of US$29 mm had already been reported.</li></ul>

Pharos also held 19.7 mmboe of net 2C resources at YE22.Repatriation of US$ from Egypt continues to be constrained and a second drilling rig to resume production growth is not now expected until next year.Dividend, G&amp;A and net debt. The YE22 net debt based on cash and debt of US$29 mm had already been reported.

Pharos Energy Plc (LSE: PHAR): Operations on Track.

United Kingdom

Pharos Energy is an independent oil and gas exploration and production company with a portfolio of production, development, and exploration assets. The company primarily operates in Vietnam and Egypt, focusing on delivering sustainable growth and returns. Pharos Energy was founded in 1997 and is headquartered in London, England.

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Pharos Energy (PHAR LN)

Auctus on Friday - 21/07/2023

________________________________________ GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line. Adding horizontal wells at...

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Enhancing investment profile with very high impact exploration asset

Pharos 1H23 trading update was dominated by the publication of the first independent resources assessment of Blocks 125 & 126 that highlighted...

Auctus Advisors

Pharos Energy Plc (LSE: PHAR) - Vietnam Licence Extension Key Step to Unlocking Value

Pharos has been awarded a two year extension to Phase One of the Exploration Period (from 8 November 2023 to 7 November 2025) of Blocks 125 & 126...

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Flow rate at new Vietnam well above expectations. Discovery in Egypt

The recently drilled VNV-2PST1 lateral in Vietnam is flowing at 3 mbbl/d gross (750 bbl/d WI). The lateral was drill from an existing well at a...

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Operations on Track.

Repatriation of US$ from Egypt continues to be constrained and a second drilling rig to resume production growth is not now expected until next year.

Auctus Advisors

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