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

Equity Bottom-Up

<ul><li>Continued strong asset performance across VAALCO’s portfolio in Gabon, Egypt, and Canada contributed to 4Q23 production and sales at, or above, the high end of management’s November 7, 2023, updated outlook.</li><li>4Q23 working interest (WI) production and sales fell to 23.1-23.5 MBOE/d and 27.4-27.6 MBOE/d, compared with guidance of 22.9- 24.6 MBOE/d and 25.3-27.6 MBOE/d, respectively.</li><li>4Q23 net revenue interest (NRI) production and sales volumes averaged 17.9-18.2 MBOE/d and 21.725-22.125 MBOE/d, compared with guidance of 17.6-19.4 MBOE/d and 19.8-22.0 MBOE/d, respectively.</li></ul>

Continued strong asset performance across VAALCO’s portfolio in Gabon, Egypt, and Canada contributed to 4Q23 production and sales at, or above, the high end of management’s November 7, 2023, updated outlook.4Q23 working interest (WI) production and sales fell to 23.1-23.5 MBOE/d and 27.4-27.6 MBOE/d, compared with guidance of 22.9- 24.6 MBOE/d and 25.3-27.6 MBOE/d, respectively.4Q23 net revenue interest (NRI) production and sales volumes averaged 17.9-18.2 MBOE/d and 21.725-22.125 MBOE/d, compared with guidance of 17.6-19.4 MBOE/d and 19.8-22.0 MBOE/d, respectively.

VAALCO Energy, Inc. - 4Q23 Production Outperformed Guidance

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.

<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

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boss-energy" target="_blank" data-smartkarma-citation="entities:4823:1" rel="noopener">Boss Energy (BOE AU)</a> is looking to raise up to A$205m (US$135m) through its primary placement. The proceeds will be used to fund an acquisition and replenish working capital. </li>
<li>The deal will be a large one to digest, at 19.7 days of three month ADV and 14% dilution.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Boss Energy (BOE AU) is looking to raise up to A$205m (US$135m) through its primary placement. The proceeds will be used to fund an acquisition and replenish working capital. 
The deal will be a large one to digest, at 19.7 days of three month ADV and 14% dilution.
In this note, we will talk about the placement and run the deal through our ECM framework.


Boss Energy Placement - Heavy Dilution and Doesn’t Appear Well Flagged

Leader Energy Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/leader-energy-holdings" target="_blank" data-smartkarma-citation="entities:39938:1" rel="noopener">Leader Energy Holdings (1814173D MK)</a> is looking to raise up to US$215m in its upcoming Malaysia IPO. </li>
<li>Leader Energy Holdings (LE) is an independent power producer (IPP) primarily engaged in the development, ownership, O&amp;M of power assets and projects.</li>
<li>LE’s revenue has grown on the back of higher power generation as well as coal price increases over the track record period, which drove profitability up. </li>
</ul>



Leader Energy Holdings (1814173D MK) is looking to raise up to US$215m in its upcoming Malaysia IPO. 
Leader Energy Holdings (LE) is an independent power producer (IPP) primarily engaged in the development, ownership, O&amp;M of power assets and projects.
LE’s revenue has grown on the back of higher power generation as well as coal price increases over the track record period, which drove profitability up. 


Leader Energy Holdings Pre-IPO - Still Too Early for an ESG Angle

<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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

VAALCO Energy (EGY US)

VAALCO Energy, Inc. - 4Q23 Production Outperformed Guidance

4Q23 working interest (WI) production and sales fell to 23.1-23.5 MBOE/d and 27.4-27.6 MBOE/d, compared with guidance of 22.9- 24.6 MBOE/d and 25.3...

Water Tower Research

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

Boss Energy Placement - Heavy Dilution and Doesn’t Appear Well Flagged

Boss Energy (BOE AU) is looking to raise up to A$205m (US$135m) through its primary placement. The proceeds will be used to fund an acquisition and...

Ethan Aw

Leader Energy Holdings Pre-IPO - Still Too Early for an ESG Angle

Leader Energy Holdings (1814173D MK) is looking to raise up to US$215m in its upcoming Malaysia IPO. LE’s revenue has grown on the back of higher...

Ethan Aw

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)