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>Serica has agreed to acquire BP’s 32% interest in the P111 and P2544 licences in the Central North Sea.</li>
<li>P111 includes the Culzean gas condensate field—the UK North Sea’s largest producing gas asset.</li>
<li>Culzean commenced production in 2019, with remaining net 2P reserves of ~33 mmboe attributable to BP as of 1 January 2025.</li>
</ul>


Serica has agreed to acquire BP’s 32% interest in the P111 and P2544 licences in the Central North Sea.
P111 includes the Culzean gas condensate field—the UK North Sea’s largest producing gas asset.
Culzean commenced production in 2019, with remaining net 2P reserves of ~33 mmboe attributable to BP as of 1 January 2025.


Serica Energy Plc (AIM: SQZ): Major Potential Acquisition

<ul>
<li>Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production.</li>
<li>Production is likely to restart shortly at very low rates until the root cause is identified and resolved.</li>
<li>In the absence of further clarity, we conservatively assume that Triton production will be constrained until the scheduled Bittern pipeline shutdown in November.</li>
</ul>


Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production.
Production is likely to restart shortly at very low rates until the root cause is identified and resolved.
In the absence of further clarity, we conservatively assume that Triton production will be constrained until the scheduled Bittern pipeline shutdown in November.


Serica Energy Plc (AIM: SQZ): Another operational setback at Triton; value and distribution profile intact

<ul>
<li>Serica is acquiring Prax Upstream from administrators for ~US$26 mm, adding 8–10 mboe/d net production in 2026 and 11 mmboe of 2P reserves, diversifying exposure to a key growth basin.</li>
<li>Prax holds a 100% WI in Lancaster with 2.6 mmbbl 2P oil reserves, 3-4 mbbl/d production forecast in 2026 (given COP in 3Q26).</li>
<li>Prax has also executed two SPAs (closing in 1Q26).</li>
</ul>


Serica is acquiring Prax Upstream from administrators for ~US$26 mm, adding 8–10 mboe/d net production in 2026 and 11 mmboe of 2P reserves, diversifying exposure to a key growth basin.
Prax holds a 100% WI in Lancaster with 2.6 mmbbl 2P oil reserves, 3-4 mbbl/d production forecast in 2026 (given COP in 3Q26).
Prax has also executed two SPAs (closing in 1Q26).


Serica Energy Plc (AIM: SQZ): Depth, Breadth, and a Cash Windfall

<ul>
<li>Production at the Triton FPSO is currently running at a reduced rate due to a vibration issue within the compression trains, requiring bearing replacement.</li>
<li>Normal output is expected to resume by end-September.</li>
<li>Triton achieved net production of over 25,000 boe/d in August using only one compressor.</li>
</ul>


Production at the Triton FPSO is currently running at a reduced rate due to a vibration issue within the compression trains, requiring bearing replacement.
Normal output is expected to resume by end-September.
Triton achieved net production of over 25,000 boe/d in August using only one compressor.


Serica Energy Plc (AIM: SQZ): Temporary blip at Triton

<ul>
<li>Net production at Triton has averaged 20 mboe/d over the past two weeks.</li>
<li>This reflects the progressive restart of all the fields, with further upside expected as additional wells are brought online.</li>
<li>These include (1) productive wells from Bittern and Gannet E, and (2) newly drilled wells at Guillemot North West and Evelyn, which have yet to commence production.</li>
</ul>


Net production at Triton has averaged 20 mboe/d over the past two weeks.
This reflects the progressive restart of all the fields, with further upside expected as additional wells are brought online.
These include (1) productive wells from Bittern and Gannet E, and (2) newly drilled wells at Guillemot North West and Evelyn, which have yet to commence production.


Serica Energy Plc (AIM: SQZ): High production at Triton. More to come

United Kingdom

Serica Energy is a UK-based independent upstream oil and gas company with operations focused on the UK North Sea. It specializes in identifying, acquiring, exploiting, and producing oil and gas reserves, managing a portfolio of energy fields to extract hydrocarbons. The company operates assets such as the Bruce, Keith, and Rhum fields in the UK Northern North Sea, as well as the Columbus Field, Triton FPSO, and Mansell field in the Central North Sea. Headquartered in London, United Kingdom, the company was founded in 2004.

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Serica Energy (SQZ LN)

Serica Energy Plc (AIM: SQZ): Major Potential Acquisition

Serica has agreed to acquire BP’s 32% interest in the P111 and P2544 licences in the Central North Sea.P111 includes the Culzean gas condensate...

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Another operational setback at Triton; value and distribution profile intact

In the absence of further clarity, we conservatively assume that Triton production will be constrained until the scheduled Bittern pipeline...

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Depth, Breadth, and a Cash Windfall

Serica is acquiring Prax Upstream from administrators for ~US$26 mm, adding 8–10 mboe/d net production in 2026 and 11 mmboe of 2P reserves,...

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Temporary blip at Triton

Production at the Triton FPSO is currently running at a reduced rate due to a vibration issue within the compression trains, requiring bearing...

Auctus Advisors

Serica Energy Plc (AIM: SQZ): High production at Triton. More to come

Net production at Triton has averaged 20 mboe/d over the past two weeks. This reflects the progressive restart of all the fields, with further upside

Auctus Advisors

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