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>GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.</li>
<li>The Halcon-1 well at CPO-5 that also encountered potential hydrocarbons in the Guadalupe flowed at intermittent rates.</li>
<li>Pharos Energy (PHAR LN)C; target price of £0.50 per share: Reducing net debt by a further US$10 mm – FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.</li>
</ul>


GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation.
The Halcon-1 well at CPO-5 that also encountered potential hydrocarbons in the Guadalupe flowed at intermittent rates.
Pharos Energy (PHAR LN)C; target price of £0.50 per share: Reducing net debt by a further US$10 mm – FY23 production was 6,508 boe/d, which is the middle of the production guidance of 6.35-6.75 mboe/d.


Equity Bottom-Up

<ul>
<li>4Q23 production was 19,165 bbl/d (we expected ~21,300 boe/d) with minimal production at Wassana and declining production at Jasmine only partially offset by growing production at Nong Yao.</li>
<li>The capex programme includes US$50 mm for Jasmine and US$47 mm for the new Nong Yao C development.</li>
<li>YE23 net cash and YE24 net cash forecast Valeura held ~US$150.9 mm in net cash at YE23.</li>
</ul>


4Q23 production was 19,165 bbl/d (we expected ~21,300 boe/d) with minimal production at Wassana and declining production at Jasmine only partially offset by growing production at Nong Yao.
The capex programme includes US$50 mm for Jasmine and US$47 mm for the new Nong Yao C development.
YE23 net cash and YE24 net cash forecast Valeura held ~US$150.9 mm in net cash at YE23.


Valeura Energy Inc (Tsx: Vle/Otcqx: Vlerf)

<ul>
<li>Valeura has drilled three development wells and one appraisal well at Nong Yao A.</li>
<li>The three development wells were in line with expectations and are now in production.</li>
<li>The appraisal well has exceeded expectations confirming 50 feet of new net oil pay over several intervals that were not producing. </li>
</ul>


Valeura has drilled three development wells and one appraisal well at Nong Yao A.
The three development wells were in line with expectations and are now in production.
The appraisal well has exceeded expectations confirming 50 feet of new net oil pay over several intervals that were not producing. 


Valeura Energy (TSX: VLE): Positive drilling update

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%.</li>
<li>The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case.</li>
<li>Tethys Oil (TETY SS)C; target price of SEK100 per share: Production update in Oman – WI Production in November was 8,361 bbl/d.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%.
The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case.
Tethys Oil (TETY SS)C; target price of SEK100 per share: Production update in Oman – WI Production in November was 8,361 bbl/d.


<ul><li>• Production at Wassana has restarted, in line with management’s guidance. • The drilling rig will be mobilized to Wassana in the coming days to drill three horizontal production wells. • In 2024, Valeura will also drill wells targeting reserve adds including at Wassana North, Jasmine and Nong Yao.</li></ul>

• Production at Wassana has restarted, in line with management’s guidance. • The drilling rig will be mobilized to Wassana in the coming days to drill three horizontal production wells. • In 2024, Valeura will also drill wells targeting reserve adds including at Wassana North, Jasmine and Nong Yao.

Valeura Energy (TSX: VLE): Restarting Wassana

Canada

Valeura Energy Inc. operates as an exploration company. The Company engages in the development and production of petroleum and natural gas. Valeura Energy focuses on growing its resource base and production in the Thrace Basin in Northwest Turkey.

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Valeura Energy Inc (VLE CN)

Auctus on Friday - 19/01/2024

GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered...

Auctus Advisors

Valeura Energy Inc (Tsx: Vle/Otcqx: Vlerf)

4Q23 production was 19,165 bbl/d (we expected ~21,300 boe/d) with minimal production at Wassana and declining production at Jasmine only partially...

Auctus Advisors

Valeura Energy (TSX: VLE): Positive drilling update

Valeura has drilled three development wells and one appraisal well at Nong Yao A. The three development wells were in line with expectations and...

Auctus Advisors

Auctus on Friday - 15/12/2023

ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high...

Auctus Advisors

Valeura Energy (TSX: VLE): Restarting Wassana

• Production at Wassana has restarted, in line with management’s guidance. • The drilling rig will be mobilized to Wassana in the coming days to...

Auctus Advisors

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