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.

Thematic (Sector/Industry)

<ul><li>Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected – The Gacheta zones proved unproductive at the CN 1 well location.</li><li>Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells.</li><li>Jadestone Energy (JSE LN): New equity raise – Jadestone Energy has raised US$50 mm of new equity priced at 45p per share.</li></ul>

Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected – The Gacheta zones proved unproductive at the CN 1 well location.Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells.Jadestone Energy (JSE LN): New equity raise – Jadestone Energy has raised US$50 mm of new equity priced at 45p per share.

<ul><li>ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 update – 1Q23 production in Austria was 299 boe/d.</li><li>Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.</li><li>Seplat Energy (SEPL LN): 1Q23 results – 1Q23 WI production in Nigeria was 51,720 boe/d.</li></ul>

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 update – 1Q23 production in Austria was 299 boe/d.Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.Seplat Energy (SEPL LN): 1Q23 results – 1Q23 WI production in Nigeria was 51,720 boe/d.

<ul><li>Arrow Exploration (AXL LN)C: Target price of £0.45 per share: Reaching 2,635 bbl/d without Capella.</li><li>High cash position – The RCE-5 well flowed 680 bbl/d (340 bbl/d net to Arrow) of oil over the last 24 hours.</li><li>GeoPark (GPRK US) C; Target price of US$26 per share: First horizontal well at LL-34 in production at over 3,000 bbl/d – 1Q23 production was 36,578 boe/d.</li></ul>

Arrow Exploration (AXL LN)C: Target price of £0.45 per share: Reaching 2,635 bbl/d without Capella.High cash position – The RCE-5 well flowed 680 bbl/d (340 bbl/d net to Arrow) of oil over the last 24 hours.GeoPark (GPRK US) C; Target price of US$26 per share: First horizontal well at LL-34 in production at over 3,000 bbl/d – 1Q23 production was 36,578 boe/d.

<ul><li>Arrow Exploration (AXL LN/CN) C; Target price of A$0.50 per share: Good well results in Colombia – The RCE-3 well flowed naturally at rates equivalent to 2,000 bbl/d gross for four hours after unloading kill fluid.</li><li>Calima Energy (CE1 AU)C; Target price of A$0.50 per share: High condensate yield in the Montney and lower costs – The Calima #2’s peak 24 hour condensate rate was 396 bbl/d at a rate of 3.4 mmcf/d gas.</li><li>YE22 production was 53 mboe/d with 90% of oil production evacuated through the Amukpe to Escravos pipeline rather than the Trans Forcados.</li></ul>

Arrow Exploration (AXL LN/CN) C; Target price of A$0.50 per share: Good well results in Colombia – The RCE-3 well flowed naturally at rates equivalent to 2,000 bbl/d gross for four hours after unloading kill fluid.Calima Energy (CE1 AU)C; Target price of A$0.50 per share: High condensate yield in the Montney and lower costs – The Calima #2’s peak 24 hour condensate rate was 396 bbl/d at a rate of 3.4 mmcf/d gas.YE22 production was 53 mboe/d with 90% of oil production evacuated through the Amukpe to Escravos pipeline rather than the Trans Forcados.

<ul><li>Chariot (CHAR LN)C; Target price increased from £0.55 per share: Adding a new renewable power project in Zimbabwe - Chariot continues to execute on its strategy to build a 1 GW (gross) power business.</li><li>Chariot and Total Eren have announced that the partners will work on a solar photovoltaic (PV) project that will provide competitive electricity for the Karo Platinum Project, in Zimbabwe.</li><li>This compares to a read through value of Wentworth’s non cash assets based on the share price of Wentworth on 2 December of p per share (25 p less 12.9 p).</li></ul>

Chariot (CHAR LN)C; Target price increased from £0.55 per share: Adding a new renewable power project in Zimbabwe - Chariot continues to execute on its strategy to build a 1 GW (gross) power business.Chariot and Total Eren have announced that the partners will work on a solar photovoltaic (PV) project that will provide competitive electricity for the Karo Platinum Project, in Zimbabwe.This compares to a read through value of Wentworth’s non cash assets based on the share price of Wentworth on 2 December of p per share (25 p less 12.9 p).

France

TOTAL S.A. explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. TOTAL operates gasoline filling stations in Europe, the United States, and Africa.

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TotalEnergies (TTE FP)

Auctus on Friday - 09/06/2023

Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than...

Auctus Advisors

Auctus on Friday - 28/04/2023

Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.

Auctus Advisors

Auctus on Friday - 14/04/2023

GeoPark (GPRK US) C; Target price of US$26 per share: First horizontal well at LL-34 in production at over 3,000 bbl/d – 1Q23 production was 36,578...

Auctus Advisors

Auctus on Friday - 03/03/2023

Arrow Exploration (AXL LN/CN) C; Target price of A$0.50 per share: Good well results in Colombia – The RCE-3 well flowed naturally at rates...

Auctus Advisors

Auctus on Friday - 09/12/2022

Adding a new renewable power project in Zimbabwe - Chariot continues to execute on its strategy to build a 1 GW (gross) power business.

Auctus Advisors

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