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>• The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate.</li><li> • Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Tethys Oil’s unrisked recoverable prospective resources on the block are estimated to be 435.9 mmbbl (Pmean).</li><li>• The geological chance of success ranges from 6% to 11% for the six new prospects.</li></ul>

• The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. • Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Tethys Oil’s unrisked recoverable prospective resources on the block are estimated to be 435.9 mmbbl (Pmean).• The geological chance of success ranges from 6% to 11% for the six new prospects.

Tethys Oil AB (SSE: TETY): Increasing further the size of the prize

<ul>
<li>Overall 4Q23 financials were ahead of our expectations and, despite a small underlift position, YE23 cash was US$25.8 mm, above our forecasts of US$22.2 mm.</li>
<li>Tethys expects to spend US$90-94 mm capex in 2024.</li>
<li>This is above our forecasts of US$70 mm that incorporated only US$10 mm of exploration and appraisal capex on Block 56 and Block 58.</li>
</ul>


Overall 4Q23 financials were ahead of our expectations and, despite a small underlift position, YE23 cash was US$25.8 mm, above our forecasts of US$22.2 mm.
Tethys expects to spend US$90-94 mm capex in 2024.
This is above our forecasts of US$70 mm that incorporated only US$10 mm of exploration and appraisal capex on Block 56 and Block 58.


Tethys Oil AB (SSE: TETY): All Eyes on Block 56. Outcome of Strategic Review Expected in 1Q24

<ul><li>• The Menna-1 well encountered hydrocarbons in the Al Khlata, Karim and Birba formations.</li><li>In a success case, this could increase the size of the development of the Eastern Flank (together with Al Jumd) on Block 56.</li><li>On Block 58, the very high impact Kunooz (South Fahd) prospect with 123 mmbbl unrisked resources continues to be expected to be drilled in early 2024.</li></ul>

• The Menna-1 well encountered hydrocarbons in the Al Khlata, Karim and Birba formations.In a success case, this could increase the size of the development of the Eastern Flank (together with Al Jumd) on Block 56.On Block 58, the very high impact Kunooz (South Fahd) prospect with 123 mmbbl unrisked resources continues to be expected to be drilled in early 2024.

Tethys Oil AB (SSE: TETY): New exploration well at Block 56 encounters hydrocarbons

<ul><li>• 2Q23 financials were above our expectations with net cash of ~US$34 mm at the end of June (we expected US$31 mm). • 2Q23 WI production at Blocks 3&4 of 8,994 bbl/d had already been reported.</li><li>Tethys has taken the cautious view of changing its FY23 production guidance from 9-10 mbbl/d to ~9 mbbl/d (+/- 0.2 mbbl/d).</li></ul>

• 2Q23 financials were above our expectations with net cash of ~US$34 mm at the end of June (we expected US$31 mm). • 2Q23 WI production at Blocks 3&4 of 8,994 bbl/d had already been reported.Tethys has taken the cautious view of changing its FY23 production guidance from 9-10 mbbl/d to ~9 mbbl/d (+/- 0.2 mbbl/d).

Tethys Oil AB (SSE: TETY): Lower production but positive appraisal results could trigger the development of a new field

<ul><li>The 1Q23 financials were in line with our expectations with net cash of ~US$40 mm at the end of March.</li><li>1Q23 production of 9,411 bbl/d had already been reported and is stable compared to 4Q22.</li><li>Tethys’ shares continue to provide investors with a combination of dividend yield with very high impact exploration.</li></ul>

The 1Q23 financials were in line with our expectations with net cash of ~US$40 mm at the end of March.1Q23 production of 9,411 bbl/d had already been reported and is stable compared to 4Q22.Tethys’ shares continue to provide investors with a combination of dividend yield with very high impact exploration.

Tethys Oil AB (SSE: TETY): ~10% Yield, Stabilized Production and Very Busy Upcoming 6 Months

Sweden

Tethys Oil AB explores for and develops oil and natural gas projects.  The Company's primary operations are within the European Union.

Tethys Oil (TETY SS)

Tethys Oil AB (SSE: TETY): Increasing further the size of the prize

• The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl...

Auctus Advisors

Tethys Oil AB (SSE: TETY): All Eyes on Block 56. Outcome of Strategic Review Expected in 1Q24

Overall 4Q23 financials were ahead of our expectations and, despite a small underlift position, YE23 cash was US$25.8 mm, above our forecasts of...

Auctus Advisors

Tethys Oil AB (SSE: TETY): New exploration well at Block 56 encounters hydrocarbons

• The Menna-1 well encountered hydrocarbons in the Al Khlata, Karim and Birba formations. In a success case, this could increase the size of the...

Auctus Advisors

Tethys Oil AB (SSE: TETY): Lower production but positive appraisal results could trigger the development of a new field

• 2Q23 financials were above our expectations with net cash of ~US$34 mm at the end of June (we expected US$31 mm). • 2Q23 WI production at Blocks...

Auctus Advisors

Tethys Oil AB (SSE: TETY): ~10% Yield, Stabilized Production and Very Busy Upcoming 6 Months

The 1Q23 financials were in line with our expectations with net cash of ~US$40 mm at the end of March. 1Q23 production of 9,411 bbl/d had already...

Auctus Advisors