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>• Sintana has reached a settlement with ExxonMobil regarding the arbitration related to the VMM‑37 block in Colombia.</li>
<li>Under the agreement, Sintana will receive a total of US$9 million in cash, including an initial US$3 mm payment due within 60 days of execution (we assume receipt in April).</li>
<li>• The remaining US$6 mm payment is contingent on regulatory approval in Colombia.</li>
</ul>


• Sintana has reached a settlement with ExxonMobil regarding the arbitration related to the VMM‑37 block in Colombia.
Under the agreement, Sintana will receive a total of US$9 million in cash, including an initial US$3 mm payment due within 60 days of execution (we assume receipt in April).
• The remaining US$6 mm payment is contingent on regulatory approval in Colombia.


Sintana Energy Inc. (TSX-V: SEI): Resolution of Colombia Arbitration ...

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: HOCH-1 potentially larger than expected – Pressure‑build‑up analysis from the first Hall zone at HOCH‑1 indicates stronger reservoir productivity, supporting a potential flow rate of ~3.5 mmcf/d versus the actual test rate of 2.7 mmcf/d.</li><li>The sand body is also estimated to extend at least 600 m from the HOCH‑1 wellbore.</li><li>Recently reprocessed pre‑stack depth‑migrated 3D seismic has refined the mapping of the Hall Channel Sands intersected in the deeper section of HOCH‑1.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: HOCH-1 potentially larger than expected – Pressure‑build‑up analysis from the first Hall zone at HOCH‑1 indicates stronger reservoir productivity, supporting a potential flow rate of ~3.5 mmcf/d versus the actual test rate of 2.7 mmcf/d.The sand body is also estimated to extend at least 600 m from the HOCH‑1 wellbore.Recently reprocessed pre‑stack depth‑migrated 3D seismic has refined the mapping of the Hall Channel Sands intersected in the deeper section of HOCH‑1.

<ul>
<li>The completion of the acquisition by Sintana of Challenger creates one of the largest listed exploration-focused companies with a market cap of ~US$155 mm.</li>
<li>The group benefits from a dual listing in London and Toronto.</li>
<li>The enlarged platform offers exposure to a geographically diverse set of exploration and appraisal assets, unified by common geological themes on both sides of the South Atlantic conjugate margin.</li>
</ul>


The completion of the acquisition by Sintana of Challenger creates one of the largest listed exploration-focused companies with a market cap of ~US$155 mm.
The group benefits from a dual listing in London and Toronto.
The enlarged platform offers exposure to a geographically diverse set of exploration and appraisal assets, unified by common geological themes on both sides of the South Atlantic conjugate margin.


Sintana Energy Inc. (TSX-V: SEI): Materiality and Diversification

<ul>
<li>Sintana is acquiring Challenger Energy in an all-share transaction under which Challenger shareholders will receive 0.4705 new Sintana shares for each Challenger share held.</li>
<li>Challenger shareholders will hold ~25% of the combined entity on completion.</li>
<li>Challenger holds interests in two exploration licences, offshore Uruguay.</li>
</ul>


Sintana is acquiring Challenger Energy in an all-share transaction under which Challenger shareholders will receive 0.4705 new Sintana shares for each Challenger share held.
Challenger shareholders will hold ~25% of the combined entity on completion.
Challenger holds interests in two exploration licences, offshore Uruguay.


Sintana Energy Inc. (TSX-V: SEI): Widening high impact exploration footprint with deeper relationship with Chevron

<ul>
<li>ADX Energy (ADX AU)C ; target price of A$0.80 per share: Equity raise to fund increased WI in Anshof – ADX is raising A$4.2 mm of new equity plus up to A$1 mm through an offer to shareholders at a price of A$0.10 per share.</li>
<li>Subscribers will also receive half a warrant with an exercise price of A$0.16 per share.</li>
<li>The capital injection will provide funding for ADX’s increased interest in Anshof (from 50-60%) following the decision of Xstate Resources not to participate in the upcoming programme as well as funding for the Welchau-1 gas well (50% funded by MCF Energy) which ADX expects to spud in January 2024 after an anticipated environmental clearance.</li>
</ul>


ADX Energy (ADX AU)C ; target price of A$0.80 per share: Equity raise to fund increased WI in Anshof – ADX is raising A$4.2 mm of new equity plus up to A$1 mm through an offer to shareholders at a price of A$0.10 per share.
Subscribers will also receive half a warrant with an exercise price of A$0.16 per share.
The capital injection will provide funding for ADX’s increased interest in Anshof (from 50-60%) following the decision of Xstate Resources not to participate in the upcoming programme as well as funding for the Welchau-1 gas well (50% funded by MCF Energy) which ADX expects to spud in January 2024 after an anticipated environmental clearance.


Canada

Sintana Energy Inc. produces and distributes petroleum products. The Company acquires, develops, explores, and produces oil and gas. Sintana Energy serves customers in North and South America.

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Sintana Energy (SEI CN)

Sintana Energy Inc. (TSX-V: SEI): Resolution of Colombia Arbitration ...

Under the agreement, Sintana will receive a total of US$9 million in cash, including an initial US$3 mm payment due within 60 days of execution (we...

Auctus Advisors

AUCTUS ON FRIDAY - 21.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: HOCH-1 potentially larger...

Auctus Advisors

Sintana Energy Inc. (TSX-V: SEI): Materiality and Diversification

The completion of the acquisition by Sintana of Challenger creates one of the largest listed exploration-focused companies with a market cap of...

Auctus Advisors

Sintana Energy Inc. (TSX-V: SEI): Widening high impact exploration footprint with deeper relationship with Chevron

Sintana is acquiring Challenger Energy in an all-share transaction under which Challenger shareholders will receive 0.4705 new Sintana shares for...

Auctus Advisors

Auctus on Friday - 24/11/2023

Equity raise to fund increased WI in Anshof – ADX is raising A$4.2 mm of new equity plus up to A$1 mm through an offer to shareholders at a price...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sintana Energy Inc. (TSX-V: SEI): Resolution of Colombia Arbitration ...

Under the agreement, Sintana will receive a total of US$9 million in cash, including an initial US$3 mm payment due within 60 days of execution (we...

Auctus Advisors

AUCTUS ON FRIDAY - 21.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: HOCH-1 potentially larger...

Auctus Advisors

Sintana Energy Inc. (TSX-V: SEI): Materiality and Diversification

The completion of the acquisition by Sintana of Challenger creates one of the largest listed exploration-focused companies with a market cap of...

Auctus Advisors

Sintana Energy Inc. (TSX-V: SEI): Widening high impact exploration footprint with deeper relationship with Chevron

Sintana is acquiring Challenger Energy in an all-share transaction under which Challenger shareholders will receive 0.4705 new Sintana shares for...

Auctus Advisors

Auctus on Friday - 24/11/2023

Equity raise to fund increased WI in Anshof – ADX is raising A$4.2 mm of new equity plus up to A$1 mm through an offer to shareholders at a price...

Auctus Advisors

Under the agreement, Sintana will receive a total of US$9 million in cash, including an initial US$3 mm payment due within 60 days of execution (we...