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 production averaged 23.9 mboe/d, which is in line with previous indications.</li><li>This included a planned seven-day annual maintenance shutdown at the Nong Yao field near the end of the quarter.</li><li>Production resumed on 1 April.</li></ul>

• 1Q25 production averaged 23.9 mboe/d, which is in line with previous indications.This included a planned seven-day annual maintenance shutdown at the Nong Yao field near the end of the quarter.Production resumed on 1 April.

Valeura Energy (TSX: VLE): Lower oil prices could generate acquisition opportunities

<ul>
<li>FY24 production, YE24 reserves and YE24 net cash had been reported previously.</li>
<li>The FY25 guidance has been re-iterated.</li>
<li>Production in March to date at Manora was 2.9 mbbl/d.</li>
</ul>


FY24 production, YE24 reserves and YE24 net cash had been reported previously.
The FY25 guidance has been re-iterated.
Production in March to date at Manora was 2.9 mbbl/d.


Valeura Energy (TSX: VLE): FY24 Results in Line. Additional Reserves Expected in Early 2Q25

<ul>
<li>Valeura hosted an investor trip to its operations in Thailand earlier this month.</li>
<li>The visit underscored three key aspects: (1) the extensive experience of the management team, (2) the strong relationships with Thai authorities, and (3) the substantial breadth of its assets, offering more potential than previously anticipated.</li>
<li>Greg Kulawski, Valeura's COO, brings extensive experience to the company's shallow water operations in Thailand.</li>
</ul>


Valeura hosted an investor trip to its operations in Thailand earlier this month.
The visit underscored three key aspects: (1) the extensive experience of the management team, (2) the strong relationships with Thai authorities, and (3) the substantial breadth of its assets, offering more potential than previously anticipated.
Greg Kulawski, Valeura's COO, brings extensive experience to the company's shallow water operations in Thailand.


Valeura Energy (TSX: VLE): Investor Visit: Adding Depth and Breadth

<ul>
<li>Valeura has drilled three new production wells and two appraisal wells at Manora.</li>
<li>Four of these wells are now online, boosting production from 2,144 bbl/d to 2,866 bbl/d.</li>
<li>The results of the A35 and A36 appraisal wells have derisked 3-5 potential future drilling targets.</li>
</ul>


Valeura has drilled three new production wells and two appraisal wells at Manora.
Four of these wells are now online, boosting production from 2,144 bbl/d to 2,866 bbl/d.
The results of the A35 and A36 appraisal wells have derisked 3-5 potential future drilling targets.


Valeura Energy (TSX: VLE): Production boost and likely reserves increase at Manora

<ul><li>• YE24 2P reserves were estimated at 50 mmbbl (up from 38 mmbbl at YE23).</li><li>This represents a Reserves Replacement Ratio of 245%, significantly above our expectations of ~100%.</li><li>• The reserves revision reflects (1) upward revision of STOIIP estimates (the high achieved recovery factors suggest that the volumes initially in place had been underestimated), (ii), positive drilling results which reflect Valeura's application of advanced drilling and completion technologies including geosteering and inflow control and (iii) better well performance with lower decline rates than initially estimated.</li></ul>

• YE24 2P reserves were estimated at 50 mmbbl (up from 38 mmbbl at YE23).This represents a Reserves Replacement Ratio of 245%, significantly above our expectations of ~100%.• The reserves revision reflects (1) upward revision of STOIIP estimates (the high achieved recovery factors suggest that the volumes initially in place had been underestimated), (ii), positive drilling results which reflect Valeura's application of advanced drilling and completion technologies including geosteering and inflow control and (iii) better well performance with lower decline rates than initially estimated.

Valeura Energy (TSX: VLE): 245% Reserves Replacement Ratio. 2C Resources ~x2.5. Decommissioning down by 35%

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): Lower oil prices could generate acquisition opportunities

• 1Q25 production averaged 23.9 mboe/d, which is in line with previous indications. This included a planned seven-day annual maintenance shutdown...

Auctus Advisors

Valeura Energy (TSX: VLE): FY24 Results in Line. Additional Reserves Expected in Early 2Q25

FY24 production, YE24 reserves and YE24 net cash had been reported previously. The FY25 guidance has been re-iterated. Production in March to date...

Auctus Advisors

Valeura Energy (TSX: VLE): Investor Visit: Adding Depth and Breadth

The visit underscored three key aspects: (1) the extensive experience of the management team, (2) the strong relationships with Thai authorities

Auctus Advisors

Valeura Energy (TSX: VLE): Production boost and likely reserves increase at Manora

Valeura has drilled three new production wells and two appraisal wells at Manora. Four of these wells are now online, boosting production from...

Auctus Advisors

Valeura Energy (TSX: VLE): 245% Reserves Replacement Ratio. 2C Resources ~x2.5. Decommissioning down by 35%

• YE24 2P reserves were estimated at 50 mmbbl (up from 38 mmbbl at YE23). This represents a Reserves Replacement Ratio of 245%, significantly...

Auctus Advisors

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