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>2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed.</li>
<li>Valeura’s average production over the first five days of August has increased to 23,150 bbl/d.</li>
<li>The company has re-iterated its FY25 guidance including 23-25.5 mbbl/d for production.</li>
</ul>


2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed.
Valeura’s average production over the first five days of August has increased to 23,150 bbl/d.
The company has re-iterated its FY25 guidance including 23-25.5 mbbl/d for production.


Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

<ul><li>• Valeura is acquiring from PTTEP 40% WI in Blocks G1/65 and G3/65 with a combined area of 20,134 km2 and bordering some of the largest gas fields in Thailand (Erawan and Bongkot).</li><li>The blocks have multiple gas discoveries that could be developed shortly as tie backs to existing infrastructure—positioning Valeura to potentially book its first gas reserves in the near term.</li><li>Both licences offer oil potential adjacent to Valeura’s current production.</li></ul>

• Valeura is acquiring from PTTEP 40% WI in Blocks G1/65 and G3/65 with a combined area of 20,134 km2 and bordering some of the largest gas fields in Thailand (Erawan and Bongkot).The blocks have multiple gas discoveries that could be developed shortly as tie backs to existing infrastructure—positioning Valeura to potentially book its first gas reserves in the near term.Both licences offer oil potential adjacent to Valeura’s current production.

<ul>
<li>2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d).</li>
<li>The company reported a net cash position of US$241.9 mm at end-June, significantly above our expected US$210 mm.</li>
<li>This reflects both the timing of capital expenditures across 2025 and continued strong operating performance.</li>
</ul>


2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d).
The company reported a net cash position of US$241.9 mm at end-June, significantly above our expected US$210 mm.
This reflects both the timing of capital expenditures across 2025 and continued strong operating performance.


Valeura Energy (TSX: VLE): Another strong quarter. FY25 guidance re-iterated

<ul>
<li>Valeura has completed an 8 well drilling programme on Block B5/27.</li>
<li>Two wells at Jasmine C encountered more oil pay than expected.</li>
<li>Two development wells at Ban Yen A are now on production and appraised new reservoirs, adding drilling locations and will likely contribute to reserves when next evaluated at year-end.</li>
</ul>


Valeura has completed an 8 well drilling programme on Block B5/27.
Two wells at Jasmine C encountered more oil pay than expected.
Two development wells at Ban Yen A are now on production and appraised new reservoirs, adding drilling locations and will likely contribute to reserves when next evaluated at year-end.


Valeura Energy (TSX: VLE): Potential reserves additions following appraisal programme. Ratree is dry.

<ul>
<li>The 1Q25 production and cash position at the end of March were in line with previous indications.</li>
<li>However the adjusted working capital was ~US$15 mm higher than cash given an oil inventory increase of 0.89 mmbbl.</li>
<li>Valeura has taken FID at Wassana (G10/48 licence), resulting in the conversion of 8.6 mmbbl 2C contingent resources into 2P reserves.</li>
</ul>


The 1Q25 production and cash position at the end of March were in line with previous indications.
However the adjusted working capital was ~US$15 mm higher than cash given an oil inventory increase of 0.89 mmbbl.
Valeura has taken FID at Wassana (G10/48 licence), resulting in the conversion of 8.6 mmbbl 2C contingent resources into 2P reserves.


Valeura Energy (TSX: VLE): FID at Wassana adds 8.6 mmbbl 2P reserves

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)

Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed. Valeura’s average production over the...

Auctus Advisors

Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

• Valeura is acquiring from PTTEP 40% WI in Blocks G1/65 and G3/65 with a combined area of 20,134 km2 and bordering some of the largest gas fields...

Auctus Advisors

Valeura Energy (TSX: VLE): Another strong quarter. FY25 guidance re-iterated

2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d). The company reported a net cash position of US$241.9 mm at...

Auctus Advisors

Valeura Energy (TSX: VLE): Potential reserves additions following appraisal programme. Ratree is dry.

Valeura has completed an 8 well drilling programme on Block B5/27. Two wells at Jasmine C encountered more oil pay than expected. Two development...

Auctus Advisors

Valeura Energy (TSX: VLE): FID at Wassana adds 8.6 mmbbl 2P reserves

The 1Q25 production and cash position at the end of March were in line with previous indications.However the adjusted working capital was ~US$15 mm...

Auctus Advisors

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