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)

<ul>
<li>GeoPark (GPRK US)C; Target price US$26 per share: Downtime and blockades continue to impact production.</li>
<li>All eyes on Argentina – 3Q24 production was 33,215 boe/d with production in Colombia still impacted by downtime and blockades (we expected 34.6 mboe/d).</li>
<li>Production at Llanos-34 continues to decline.</li>
</ul>


GeoPark (GPRK US)C; Target price US$26 per share: Downtime and blockades continue to impact production.
All eyes on Argentina – 3Q24 production was 33,215 boe/d with production in Colombia still impacted by downtime and blockades (we expected 34.6 mboe/d).
Production at Llanos-34 continues to decline.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September.</li><li>The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price.</li><li>In early September, ADX will drill the Anshof-2A side track.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September.The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price.In early September, ADX will drill the Anshof-2A side track.

<ul>
<li>PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by &gt;30% during the last quarter – 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.</li>
<li>A brief river blockade impacted production but production in June was 20,555 bbl/d.</li>
<li>All regulatory approvals for the pilot to sell 100 mbbl of production through Ecuador have now been secured.</li>
</ul>


PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by &gt;30% during the last quarter – 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.
A brief river blockade impacted production but production in June was 20,555 bbl/d.
All regulatory approvals for the pilot to sell 100 mbbl of production through Ecuador have now been secured.


<ul>
<li>Panoro Energy (PEN NO)C; Target price of NOK52 per share: About to commence drilling in EG – The drilling rig has arrived in EG.</li>
<li>The drilling campaign is about to commence.</li>
<li>It will include two development wells plus an exploration well at the high impact Akeng Deep prospect.</li>
</ul>


Panoro Energy (PEN NO)C; Target price of NOK52 per share: About to commence drilling in EG – The drilling rig has arrived in EG.
The drilling campaign is about to commence.
It will include two development wells plus an exploration well at the high impact Akeng Deep prospect.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel.</li><li>In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.</li><li>The annulment, if not contested, will result in reversion to the 2018 legislation enabling oil as well as gas within the d 363C.R .AX permit to be exploited.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel.In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.The annulment, if not contested, will result in reversion to the 2018 legislation enabling oil as well as gas within the d 363C.R .AX permit to be exploited.

Spain

Repsol S.A., through subsidiaries, explores for and produces crude oil and natural gas, refines petroleum, and transports petroleum products and liquefied petroleum gas (LPG).  The Company retails gasoline and other products through its chain of gasoline filling stations.  Repsol's petroleum reserves are in Spain, Latin America, Asia, North Africa, and the Middle East and United States.

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Repsol SA (REP SM)

AUCTUS ON FRIDAY - 11/10/2024

All eyes on Argentina – 3Q24 production was 33,215 boe/d with production in Colombia still impacted by downtime and blockades (we expected 34.6...

Auctus Advisors

AUCTUS ON FRIDAY - 26/07/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact...

Auctus Advisors

AUCTUS ON FRIDAY - 12/07/2024

PetroTal (PTAL LN/CN)C; Target price of £1.50 per share: Unrestricted cash position increased by >30% during the last quarter

Auctus Advisors

Auctus on Friday - 05/07/2024

Panoro Energy (PEN NO)C; Target price of NOK52 per share: About to commence drilling in EG – The drilling rig has arrived in EG. The drilling...

Auctus Advisors

AUCTUS ON FRIDAY - 26/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock...

Auctus Advisors

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