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.

Thematic (Sector/Industry)

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<li>Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Good flow rate at RCE-4 – The RCE-4 well has been put in production.</li>
<li>This is a similar result as at RCE-3 (24 h flow rate of 968 bbl/d gross/484 bbl/d net).</li>
<li>Serinus Energy (SEN LN): FY22 results – FY22 production was 889 boe/d including 379 boe/d in Romania and 510 boe/d in Tunisia.</li>
</ul>


Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Good flow rate at RCE-4 – The RCE-4 well has been put in production.
This is a similar result as at RCE-3 (24 h flow rate of 968 bbl/d gross/484 bbl/d net).
Serinus Energy (SEN LN): FY22 results – FY22 production was 889 boe/d including 379 boe/d in Romania and 510 boe/d in Tunisia.


<ul><li>ADX Energy (ADX AU) C ; Target price of A$0.10 per share: Drilling news flow.</li><li>Production growth. Value. – 2023 is expected to be a busy and transformational year for ADX.</li><li>The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23. </li></ul>

ADX Energy (ADX AU) C ; Target price of A$0.10 per share: Drilling news flow.Production growth. Value. – 2023 is expected to be a busy and transformational year for ADX.The company plans to grow gross production at Anshof (4.2 mmbbl net 2P reserves) to almost 1,000 bbl/d with two new wells by YE23. 

Equity Bottom-Up

<ul><li>Hartshead published its half year financial report for the six month period ending 31/12/2022.</li><li>The cash position as at the end of December had already been reported and there are no surprises in the financials.</li><li>Valuation Our Core NAV for Hartshead assuming a US$100 mm farm-out and 85% chance of development stands at ~A$0.12/sh.</li></ul>

Hartshead published its half year financial report for the six month period ending 31/12/2022.The cash position as at the end of December had already been reported and there are no surprises in the financials.Valuation Our Core NAV for Hartshead assuming a US$100 mm farm-out and 85% chance of development stands at ~A$0.12/sh.

Hartshead Resources NL: Re-Iterating Key Guidances

<ul><li>Arrow Exploration (AXL LN/CN)C: Target price of £0.45 per share: Positive drilling results at RCE-3 - RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay across seven hydrocarbon bearing intervals.</li><li>The total 58 feet of net pay compares with 55 feet in the RCS-1 well and 80 feet in the RCE-2 well.</li><li>Importantly, ~500 bbl/d net production comes from 16 feet in the C7 at RCE-2 while the C7A and C7B produces ~350 bbl/d (net) at RCS-1 from a total 38 feet of net pay.</li></ul>

Arrow Exploration (AXL LN/CN)C: Target price of £0.45 per share: Positive drilling results at RCE-3 - RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay across seven hydrocarbon bearing intervals.The total 58 feet of net pay compares with 55 feet in the RCS-1 well and 80 feet in the RCE-2 well.Importantly, ~500 bbl/d net production comes from 16 feet in the C7 at RCE-2 while the C7A and C7B produces ~350 bbl/d (net) at RCS-1 from a total 38 feet of net pay.

<ul><li>Over January, production was ~1,800 boe/d with short term outages due to weather at Ombu and Pepper.</li><li>This compares with production rate of 1,900-2,000 in November which included an initial high contribution at East Pepper (that has since declined, as expected).</li><li>4Q22 production of 3,727 boe/d including 1,132 boe/d at Thorsby and 2,595 boe/d at Brooks was below our expectations of 3,970 boe/d.</li></ul>

Over January, production was ~1,800 boe/d with short term outages due to weather at Ombu and Pepper.This compares with production rate of 1,900-2,000 in November which included an initial high contribution at East Pepper (that has since declined, as expected).4Q22 production of 3,727 boe/d including 1,132 boe/d at Thorsby and 2,595 boe/d at Brooks was below our expectations of 3,970 boe/d.

Australia

Hartshead Resources NL provides energy solutions. The Company offers oil and gas exploration and production services. Hartshead Resources serves customers in Australia.

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Hartshead Resources (HHR AU)

Auctus on Friday - 24/03/2023

Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Good flow rate at RCE-4 – The RCE-4 well has been put in production.

Auctus Advisors

Auctus on Friday - 17/03/2023

ADX Energy (ADX AU) C ; Target price of A$0.10 per share: Drilling news flow. Production growth. Value. – 2023 is expected to be a busy and...

Auctus Advisors

Hartshead Resources NL: Re-Iterating Key Guidances

This would provide clarity on the funding of the project as well as well as an external industry valuation for the assets. FID for the Phase I...

Auctus Advisors

Auctus on Friday - 24/02/2023

AXL: Positive drilling results at RCE-3 - RCE-3, the first well of the FY23 10 well drilling programme, has encountered 58 feet of net oil pay...

Auctus Advisors

Auctus on Friday - 03/02/2023

4Q22 production of 3,727 boe/d including 1,132 boe/d at Thorsby and 2,595 boe/d at Brooks was below our expectations of 3,970 boe/d.

Auctus Advisors

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