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>• 1Q25 WI production of 22,402 boe/d was at the high end of expectations.</li><li>The Ebouri well continues to produce at ~1 mbbl/d (gross) on test.</li><li>• Cash flow from operations was US$32.7 mm, while capex of US$58 mm came in below projections.</li></ul>

• 1Q25 WI production of 22,402 boe/d was at the high end of expectations.The Ebouri well continues to produce at ~1 mbbl/d (gross) on test.• Cash flow from operations was US$32.7 mm, while capex of US$58 mm came in below projections.

Vaalco Energy (NYSE: EGY): Strong quarter. Resilient to low oil price

<ul>
<li>4Q24 production was 25,300 boe/d; which is in line with our expectations.</li>
<li>The YE24 WI 2P reserves were estimated at 96.1 mmboe) Adjusting for the acquisition of the Ivory Coast assets, the company has organically replaced over 100% of the FY24 production of ~9 mmboe.</li>
<li>This exceeds our expectations and reflects the strong performance of Vaalco’s various assets.</li>
</ul>


4Q24 production was 25,300 boe/d; which is in line with our expectations.
The YE24 WI 2P reserves were estimated at 96.1 mmboe) Adjusting for the acquisition of the Ivory Coast assets, the company has organically replaced over 100% of the FY24 production of ~9 mmboe.
This exceeds our expectations and reflects the strong performance of Vaalco’s various assets.


Vaalco Energy (NYSE: EGY): Two large projects to boost FY26 production

<ul>
<li>Vaalco has farmed into the CI-705 block offshore Côte d’Ivoire.</li>
<li>Vaalco will become operator of the block with a 70% WI and a 100% paying interest though a commercial carry arrangement.</li>
<li>The partners are Ivory Coast Exploration Oil &amp; Gas (ICE) and PETROCI.</li>
</ul>


Vaalco has farmed into the CI-705 block offshore Côte d’Ivoire.
Vaalco will become operator of the block with a 70% WI and a 100% paying interest though a commercial carry arrangement.
The partners are Ivory Coast Exploration Oil &amp; Gas (ICE) and PETROCI.


Vaalco Energy (NYSE: EGY): Adding exploration upside in Cote d’Ivoire

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>The FPSO Baobab Ivoirien MV10 at the Baobab oil field in Côte d’Ivoire ceased production on January 31, 2025, and the last lifting from the vessel was scheduled for around February 6, 2025.</li>
<li>The vessel is scheduled to be towed to shipyards in Dubai for a planned refurbishment on March 24, 2025.</li>
<li>Baobab production is expected to resume in 2026 when the refurbished FPSO is returned to the field. </li>
</ul>


The FPSO Baobab Ivoirien MV10 at the Baobab oil field in Côte d’Ivoire ceased production on January 31, 2025, and the last lifting from the vessel was scheduled for around February 6, 2025.
The vessel is scheduled to be towed to shipyards in Dubai for a planned refurbishment on March 24, 2025.
Baobab production is expected to resume in 2026 when the refurbished FPSO is returned to the field. 


VAALCO Energy, Inc. - Active 2025 Drilling Campaign Sets Stage for Future Growth

<ul><li>• 4Q24 WI production and sales were respectively 24.7-25.2 mboe/d and 23.6-24.1 mboe/d; which is in the middle of the guidance range of 23.8-26.7 mboe/d for production and 22.9-25.3 mboe/d for sales.</li><li> • 2025 should be an important year for value creation with potential reserves additions in Gabon and the FPSO upgrade in Cote d’Ivoire.</li><li>• The detailed 2025 programme will be disclosed by March.</li></ul>

• 4Q24 WI production and sales were respectively 24.7-25.2 mboe/d and 23.6-24.1 mboe/d; which is in the middle of the guidance range of 23.8-26.7 mboe/d for production and 22.9-25.3 mboe/d for sales. • 2025 should be an important year for value creation with potential reserves additions in Gabon and the FPSO upgrade in Cote d’Ivoire.• The detailed 2025 programme will be disclosed by March.

Vaalco Energy (NYSE: EGY): Good 4Q24 WI production and sales

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): Strong quarter. Resilient to low oil price

• 1Q25 WI production of 22,402 boe/d was at the high end of expectations. The Ebouri well continues to produce at ~1 mbbl/d (gross) on...

Auctus Advisors

Vaalco Energy (NYSE: EGY): Two large projects to boost FY26 production

The YE24 WI 2P reserves were estimated at 96.1 mmboe) Adjusting for the acquisition of the Ivory Coast assets, the company has organically replaced...

Auctus Advisors

Vaalco Energy (NYSE: EGY): Adding exploration upside in Cote d’Ivoire

Vaalco will become operator of the block with a 70% WI and a 100% paying interest though a commercial carry arrangement.The partners are Ivory...

Auctus Advisors

VAALCO Energy, Inc. - Active 2025 Drilling Campaign Sets Stage for Future Growth

The FPSO Baobab Ivoirien MV10 at the Baobab oil field in Côte d’Ivoire ceased production on January 31, 2025, and the last lifting from the vessel...

Water Tower Research

Vaalco Energy (NYSE: EGY): Good 4Q24 WI production and sales

• 4Q24 WI production and sales were respectively 24.7-25.2 mboe/d and 23.6-24.1 mboe/d; which is in the middle of the guidance range of 23.8-26.7...

Auctus Advisors

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