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>FY22 production was 7,166 boe/d and within guidance (6,350-7,800 boe/d).</li><li>The FY23 production guidance in Vietnam is lower than we expected (6.8 mboe/d) as initial production from the two recently drilled wells has been below expectations (2 mbbl/d vs 3 mbbl/d).</li><li>The FY23 production guidance in Egypt is also lower than expected as 2H22 production was impacted by limited drilling activity due to a technical problem with a rig, resulting in a lower production starting point at 2023.</li></ul>

FY22 production was 7,166 boe/d and within guidance (6,350-7,800 boe/d).The FY23 production guidance in Vietnam is lower than we expected (6.8 mboe/d) as initial production from the two recently drilled wells has been below expectations (2 mbbl/d vs 3 mbbl/d).The FY23 production guidance in Egypt is also lower than expected as 2H22 production was impacted by limited drilling activity due to a technical problem with a rig, resulting in a lower production starting point at 2023.

Pharos Energy Plc : FY22 Production in Line

Global Cross-Asset Energy Analyst, VAC Investments

Aaditya Chintalapati, CFA

Global Cross-Asset Energy Analyst

VAC Investments

Thematic (Sector/Industry)

<h2>Oil Price</h2><p>Crude Oil prices remained fairly flat for the week, with markets awaiting further clarity on OPEC + Russia's likely production increases at their meeting later this month. WTI ended the week at USD 65.67/bbl (flat w/w) while Brent ended at USD 76.37/bbl. Crucially, the Brent/WTI spread remains elevated at c.USD 11/bbl, likely driven by continued robust US production growth. </p><hr><h2>Last Week in E&amp;Ps</h2><p><strong><a href="https://www.smartkarma.com/entities/22143" target="_blank" data-smartkarma-citation="entities:22143:1">Soco International PLC (SIA LN)</a></strong> ,<strong> 07 Jun</strong> - We like Soco's high-quality Vietnam production and…</p>

Oil PriceCrude Oil prices remained fairly flat for the week, with markets awaiting further clarity on OPEC + Russia's likely production increases at their meeting later this month. WTI ended the week at USD 65.67/bbl (flat w/w) while Brent ended at USD 76.37/bbl. Crucially, the Brent/WTI spread remains elevated at c.USD 11/bbl, likely driven by continued robust US production growth. Last Week in E&amp;PsSoco International PLC (SIA LN) , 07 Jun - We like Soco's high-quality Vietnam production and…

<h2>Oil Price</h2><p>Crude Oil had a strong week, with WTI and Brent +10% over the week, closing at USD 65.87/bbl and USD 70.5/bbl, respectively. The significant outperformance was largely driven by heightened geopolitical risk around the Iran Nuclear Deal, continued strong oil demand growth YTD in 2018, and an increased likelihood that the OPEC/Russia deal goalposts could be moved to extend it beyond Y/e-18. Crucially, we would argue the equity markets remain sceptical of the recent rally, with the…</p>

Oil PriceCrude Oil had a strong week, with WTI and Brent +10% over the week, closing at USD 65.87/bbl and USD 70.5/bbl, respectively. The significant outperformance was largely driven by heightened geopolitical risk around the Iran Nuclear Deal, continued strong oil demand growth YTD in 2018, and an increased likelihood that the OPEC/Russia deal goalposts could be moved to extend it beyond Y/e-18. Crucially, we would argue the equity markets remain sceptical of the recent rally, with the…

Energy Expert

Thierry Bros, PhD

Thierrybros.com

<p>As mentioned on 31 January 2017 in <a href="https://www.smartkarma.com/insights/energy-who-could-benefit-from-brexit" target="_blank" data-smartkarma-citation="insights:8488">Energy: Who Could Benefit from Brexit?</a>, "Independent trading houses operating in Europe (like <a href="https://www.smartkarma.com/entities/764" target="_blank" data-smartkarma-citation="entities:764:1">Glencore Plc (GLEN LN)</a>, Trafigura or Vitol) would be able to take advantage of the increased volatility and spread" and "some LNG producers close to Europe and LNG portfolio players would be able to arbitrage the EU vs the UK". Since this publication, Trafigura is seeking to reopen an LNG import terminal in the UK. </p><p>Enjoy a short updated <a href="https://www.dukascopy.com/tv/en#206316" target="_blank">webcast</a>, where I reiterate the 3…</p>

As mentioned on 31 January 2017 in Energy: Who Could Benefit from Brexit?, "Independent trading houses operating in Europe (like Glencore Plc (GLEN LN), Trafigura or Vitol) would be able to take advantage of the increased volatility and spread" and "some LNG producers close to Europe and LNG portfolio players would be able to arbitrage the EU vs the UK". Since this publication, Trafigura is seeking to reopen an LNG import terminal in the UK. Enjoy a short updated webcast, where I reiterate the 3…

Independent Trading Houses to Benefit from Brexit

<p><strong>Brexit negotiations are likely to start soon. Everyone is looking at the consequences on forex and on the UK financial sector. But who could benefit from decorrelation of energy prices between the UK and the EU?</strong></p><p><em>Following the policy paper " <a href="https://www.oxfordenergy.org/publications/brexits-impact-gas-markets-brext-security-supply-uk-ireland/" target="_blank">Brexit's impact on gas markets: Brexit and security of supply for the UK and Ireland</a>" just published by Oxford Institute for Energy Studies, this insight looks at the Brexit's impact on energy stocks.</em></p><p>As the outcome of Brexit is still unknown, we can only draft…</p>

Brexit negotiations are likely to start soon. Everyone is looking at the consequences on forex and on the UK financial sector. But who could benefit from decorrelation of energy prices between the UK and the EU?Following the policy paper " Brexit's impact on gas markets: Brexit and security of supply for the UK and Ireland" just published by Oxford Institute for Energy Studies, this insight looks at the Brexit's impact on energy stocks.As the outcome of Brexit is still unknown, we can only draft…

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 : FY22 Production in Line

The FY23 production guidance in Vietnam is lower than we expected (6.8 mboe/d) as initial production from the two recently drilled wells has been...

Auctus Advisors

Global E&Ps: Energy Weekly Vol. 20

Oil PriceCrude Oil prices remained fairly flat for the week, with markets awaiting further clarity on OPEC + Russia's likely production increases...

Aaditya Chintalapati, CFA

Global E&Ps: Energy Weekly Vol. 14

Oil PriceCrude Oil had a strong week, with WTI and Brent +10% over the week, closing at USD 65.87/bbl and USD 70.5/bbl, respectively. The...

Aaditya Chintalapati, CFA

Independent Trading Houses to Benefit from Brexit

As mentioned on 31 January 2017 in Energy: Who Could Benefit from Brexit?, "Independent trading houses operating in Europe (like Glencore Plc (GLEN...

Thierry Bros, PhD

Energy: Who Could Benefit from Brexit?

Brexit negotiations are likely to start soon. Everyone is looking at the consequences on forex and on the UK financial sector. But who could...

Thierry Bros, PhD

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