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>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

Thematic (Sector/Industry)

<ul><li>Criterium Energy (CEQ CN)C; target price of C$0.95 per share: Transformational acquisition in Indonesia – Criterium is delivering on its plans by acquiring Mont D’Or Petroleum with long life and high netback production of 1,050 bbl/d and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua).</li><li>With important spare capacity in existing infrastructure and very low drilling costs (US 5 mm per well) at Tungkal, Criterium plans to increase production by ~50% by the end of 1Q24 and to ~3 mbbl/d by YE25 within cashflow.</li><li>Tethys Oil (TETY SS)C; target price of SEK120 per share: Production update in Oman – Production from Blocks3 &amp; 4 was 8,995 bbl/d in May.</li></ul>

Criterium Energy (CEQ CN)C; target price of C$0.95 per share: Transformational acquisition in Indonesia – Criterium is delivering on its plans by acquiring Mont D’Or Petroleum with long life and high netback production of 1,050 bbl/d and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua).With important spare capacity in existing infrastructure and very low drilling costs (US 5 mm per well) at Tungkal, Criterium plans to increase production by ~50% by the end of 1Q24 and to ~3 mbbl/d by YE25 within cashflow.Tethys Oil (TETY SS)C; target price of SEK120 per share: Production update in Oman – Production from Blocks3 &amp; 4 was 8,995 bbl/d in May.

<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>Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will be submitted in two weeks.</li><li>Panoro Energy (PEN NO)C; target price of NOK50 per share: Executing on plans.</li><li>Pharos Energy (PHAR LN)C; target price of £0.55 per share: Flow rate at new Vietnam well above expectations.</li></ul>

Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will be submitted in two weeks.Panoro Energy (PEN NO)C; target price of NOK50 per share: Executing on plans.Pharos Energy (PHAR LN)C; target price of £0.55 per share: Flow rate at new Vietnam well above expectations.

<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

United Kingdom

Pharos Energy PLC is an independent oil and gas exploration and production company. The Company focuses on growth and returns to stakeholders, headquartered in London and listed on the London Stock Exchange. Pharos Energy has production, development, and exploration interests in Egypt, Israel, and Vietnam.

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Pharos Energy (PHAR LN)

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

Auctus on Friday - 16/06/2023

Tethys Oil (TETY SS)C; target price of SEK120 per share: Production update in Oman – Production from Blocks3 & 4 was 8,995 bbl/d in May.

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

Auctus on Friday - 26/05/2023

Hartshead Resources (HHR AU)C; target price of A$0.18 per share: On tack for first gas in 2025 – The FDP for Phase I is nearing completion and will...

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

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