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>• 4Q23 WI production of 23.1-23.5 mboe/d was comfortably within the management guidance of 22.9-24.6 mboe/d. • VAALCO held >US$120 mm in cash and cash equivalents at the end of December, up from US$103 mm at the end of September.</li><li>The YE23 cash position was impacted by the fact the Egyptian sales during 4Q23 were for the domestic market rather than exported (domestic sales carry a lower value than exported cargoes).</li></ul>

• 4Q23 WI production of 23.1-23.5 mboe/d was comfortably within the management guidance of 22.9-24.6 mboe/d. • VAALCO held >US$120 mm in cash and cash equivalents at the end of December, up from US$103 mm at the end of September.The YE23 cash position was impacted by the fact the Egyptian sales during 4Q23 were for the domestic market rather than exported (domestic sales carry a lower value than exported cargoes).

VAALCO Energy (NYSE: EGY): Good operational performance in 4Q23

<ul><li>• 3Q23 NRI production was nearly 19 mboe/d, near the top range of the 3Q23 guidance range of 17.5-19.2 mboe/d. • 3Q23 sales volumes were almost 19.9 mboe/d, at the higher end of the guidance range of 18.4-20.6 mboe/d. • VAALCO held >US$100 mm in cash and cash equivalents at the end of September.</li></ul>

• 3Q23 NRI production was nearly 19 mboe/d, near the top range of the 3Q23 guidance range of 17.5-19.2 mboe/d. • 3Q23 sales volumes were almost 19.9 mboe/d, at the higher end of the guidance range of 18.4-20.6 mboe/d. • VAALCO held >US$100 mm in cash and cash equivalents at the end of September.

VAALCO Energy (NYSE: EGY): Very strong performance in 3Q23

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.</li><li>Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).</li><li>We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>VAALCO’s assets continue to deliver strong production results. On October 16, 2023, the company disclosed that 3Q23 net revenue interest (NRI) production averaged ~19,000 BOE/d, near the high end of management’s 17,500-19,200 BOE/d guidance range.</li><li>NRI sales volumes averaged 19,900 BOE/d, also at the high end of management’s 18,400-20,600 BOE/d.</li><li>A Gabon lifting of ~600,000 gross barrels of oil was completed during the first week of October and will be reflected in 4Q23 sales.</li></ul>

VAALCO’s assets continue to deliver strong production results. On October 16, 2023, the company disclosed that 3Q23 net revenue interest (NRI) production averaged ~19,000 BOE/d, near the high end of management’s 17,500-19,200 BOE/d guidance range.NRI sales volumes averaged 19,900 BOE/d, also at the high end of management’s 18,400-20,600 BOE/d.A Gabon lifting of ~600,000 gross barrels of oil was completed during the first week of October and will be reflected in 4Q23 sales.

VAALCO Energy, Inc. - Asset Performance Drives Volumes to Upper End of 3Q23 Guidance

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.</li>
<li>MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).</li>
<li>Kosmos Energy (KOS US/LN): 2Q23 results – 2Q23 net production was ~58 mboe/d.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.
MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).
Kosmos Energy (KOS US/LN): 2Q23 results – 2Q23 net production was ~58 mboe/d.


United States

VAALCO Energy, Inc. acquires, explores, and develops crude oil and natural gas properties. The Company owns producing properties and conducts exploration activities in the Philippines and Gabon, and has interest in the Texas Gulf Coast area. VAALCO, through participation in a partnership, has additional international exploration interests in South and North America and Africa.

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VAALCO Energy (EGY US)

VAALCO Energy (NYSE: EGY): Good operational performance in 4Q23

• 4Q23 WI production of 23.1-23.5 mboe/d was comfortably within the management guidance of 22.9-24.6 mboe/d. • VAALCO held >US$120 mm in cash...

Auctus Advisors

VAALCO Energy (NYSE: EGY): Very strong performance in 3Q23

• 3Q23 NRI production was nearly 19 mboe/d, near the top range of the 3Q23 guidance range of 17.5-19.2 mboe/d. • 3Q23 sales volumes were almost...

Auctus Advisors

Auctus on Friday - 20/10/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by...

Auctus Advisors

VAALCO Energy, Inc. - Asset Performance Drives Volumes to Upper End of 3Q23 Guidance

VAALCO’s assets continue to deliver strong production results. On October 16, 2023, the company disclosed that 3Q23 net revenue interest (NRI)...

Water Tower Research

Auctus on Friday - 11/08/2023

A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.

Auctus Advisors

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