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>FY23 production and YE23 net debt had already been reported.</li>
<li>Pharos has re-iterated its FY24 guidance of 5.2-6.5 mboe/d (3.9-5.0 mboe/d in Vietnam plus 1.3-1.5 mbbl/d in Egypt) with net capex of US$27.1 mm.</li>
<li>In 2H24, Pharos plans to commence a two well drilling programme at TGT (Vietnam) and to start the development of NBS SW (Egypt).</li>
</ul>


FY23 production and YE23 net debt had already been reported.
Pharos has re-iterated its FY24 guidance of 5.2-6.5 mboe/d (3.9-5.0 mboe/d in Vietnam plus 1.3-1.5 mbbl/d in Egypt) with net capex of US$27.1 mm.
In 2H24, Pharos plans to commence a two well drilling programme at TGT (Vietnam) and to start the development of NBS SW (Egypt).


Pharos Energy Plc (LSE: PHAR): Re-Iterating Guidance

Thematic (Sector/Industry)

<ul>
<li>GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.</li>
<li>The Halcon-1 well at CPO-5 that also encountered potential hydrocarbons in the Guadalupe flowed at intermittent rates.</li>
<li>Pharos Energy (PHAR LN)C; target price of £0.50 per share: Reducing net debt by a further US$10 mm – FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.</li>
</ul>


GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.
The Halcon-1 well at CPO-5 that also encountered potential hydrocarbons in the Guadalupe flowed at intermittent rates.
Pharos Energy (PHAR LN)C; target price of £0.50 per share: Reducing net debt by a further US$10 mm – FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.


<ul>
<li>FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.</li>
<li>This includes 5,127 boe/d for Vietnam (guidance of 5.0-5.3 mboe/d) and 1,381 boe/d in Egypt (guidance of 1.35-1.45 mbbl/d).</li>
<li>While the production guidance is below our expectations of 6.8 mboe/d, the net capex forecast is also below our numbers (US$30 mm).</li>
</ul>


FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.
This includes 5,127 boe/d for Vietnam (guidance of 5.0-5.3 mboe/d) and 1,381 boe/d in Egypt (guidance of 1.35-1.45 mbbl/d).
While the production guidance is below our expectations of 6.8 mboe/d, the net capex forecast is also below our numbers (US$30 mm).


Pharos Energy Plc (LSE: PHAR): Reducing net debt by a further US$10 mm

<ul><li>• Pharos has declared an interim dividend of 0.33 p per share for 2023 payable in January.</li><li>The interim dividend represents ~33% of the final dividend of the previous year. • The company is also looking to commit a further US$3 mm to share buybacks in 2024 which will provide additional support to the share price.</li></ul>

• Pharos has declared an interim dividend of 0.33 p per share for 2023 payable in January.The interim dividend represents ~33% of the final dividend of the previous year. • The company is also looking to commit a further US$3 mm to share buybacks in 2024 which will provide additional support to the share price.

Pharos Energy Plc (LSE: PHAR): More share buybacks and more dividends

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 - ADX has farmed out a 50% interest in an exploration area within the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling.</li><li>The exploration area farmed-out to MND includes the LICHT and IRR gas prospects.</li><li>The cash and carry component alone values 10% of the project at US$220 mm or US$440 mm for Chariot’s residual 20% interest (£0.31/sh).</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 - ADX has farmed out a 50% interest in an exploration area within the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling.The exploration area farmed-out to MND includes the LICHT and IRR gas prospects.The cash and carry component alone values 10% of the project at US$220 mm or US$440 mm for Chariot’s residual 20% interest (£0.31/sh).

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 (LSE: PHAR): Re-Iterating Guidance

Pharos has re-iterated its FY24 guidance of 5.2-6.5 mboe/d (3.9-5.0 mboe/d in Vietnam plus 1.3-1.5 mbbl/d in Egypt) with net capex of US$27.1 mm.

Auctus Advisors

Auctus on Friday - 19/01/2024

GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered...

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Reducing net debt by a further US$10 mm

While the production guidance is below our expectations of 6.8 mboe/d, the net capex forecast is also below our numbers (US$30 mm).

Auctus Advisors

Auctus on Friday - 08/12/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 -...

Auctus Advisors

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Market Cap (USDm)

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Pharos Energy Plc (LSE: PHAR): Re-Iterating Guidance

Pharos has re-iterated its FY24 guidance of 5.2-6.5 mboe/d (3.9-5.0 mboe/d in Vietnam plus 1.3-1.5 mbbl/d in Egypt) with net capex of US$27.1 mm.

Auctus Advisors

Auctus on Friday - 19/01/2024

GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered...

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): Reducing net debt by a further US$10 mm

While the production guidance is below our expectations of 6.8 mboe/d, the net capex forecast is also below our numbers (US$30 mm).

Auctus Advisors

Pharos Energy Plc (LSE: PHAR): More share buybacks and more dividends

• Pharos has declared an interim dividend of 0.33 p per share for 2023 payable in January. The interim dividend represents ~33% of the final...

Auctus Advisors

Auctus on Friday - 08/12/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 -...

Auctus Advisors