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>Criterium Energy (CEQ CN)C; target price of C$0.95 per share: Transformational acquisition in Indonesia – Criterium is delivering on its plans by acquiring Mont D’Or Petroleum with long life and high netback production of 1,050 bbl/d and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua).</li><li>With important spare capacity in existing infrastructure and very low drilling costs (US 5 mm per well) at Tungkal, Criterium plans to increase production by ~50% by the end of 1Q24 and to ~3 mbbl/d by YE25 within cashflow.</li><li>Tethys Oil (TETY SS)C; target price of SEK120 per share: Production update in Oman – Production from Blocks3 &amp; 4 was 8,995 bbl/d in May.</li></ul>

Criterium Energy (CEQ CN)C; target price of C$0.95 per share: Transformational acquisition in Indonesia – Criterium is delivering on its plans by acquiring Mont D’Or Petroleum with long life and high netback production of 1,050 bbl/d and 4.7 mmbbl 2P reserves across 2 PSCs in Indonesia (Tungkal in South Sumatra and West Salawati in Southwest Papua).With important spare capacity in existing infrastructure and very low drilling costs (US 5 mm per well) at Tungkal, Criterium plans to increase production by ~50% by the end of 1Q24 and to ~3 mbbl/d by YE25 within cashflow.Tethys Oil (TETY SS)C; target price of SEK120 per share: Production update in Oman – Production from Blocks3 &amp; 4 was 8,995 bbl/d in May.

Equity Bottom-Up

<ul><li>The two horizontal wells drilled at Nong Yao are producing at a combined rate of 1,350 bbl/d.</li><li>Overall aggregate net oil production rates have averaged 23.7 mbbl/d during the first 11 days of June, up from 20.5 mbbl/d in 1Q23. </li><li>Net production at Nong Yao is ~8,000 bbl/d.</li></ul>

The two horizontal wells drilled at Nong Yao are producing at a combined rate of 1,350 bbl/d.Overall aggregate net oil production rates have averaged 23.7 mbbl/d during the first 11 days of June, up from 20.5 mbbl/d in 1Q23. Net production at Nong Yao is ~8,000 bbl/d.

Valeura Energy (LSE: VLU): Very good execution in Thailand

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

Amman Mineral Internasional / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a> is looking to raise around US$880m in its Indonesian IPO. </li>
<li>Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.</li>
<li>AMI's profitability grew dramatically over the track record period. However, copper prices might possibly be on a downtrend in the near term.</li>
</ul>



Amman Mineral Internasional (1416286D IJ) is looking to raise around US$880m in its Indonesian IPO. 
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
AMI's profitability grew dramatically over the track record period. However, copper prices might possibly be on a downtrend in the near term.


Amman Mineral International IPO - Promising Assets with Decent Prospects

<ul><li>Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Exploration success at Carrizales Norte –The Carrizales Norte-1 (CN-1) exploration well encountered a total of 148 feet of net oil pay measured depth (128 feet TVD) across three very high quality sands.</li><li>This is the largest net oil pay encountered by a well so far on Tapir (RCE-5: 90 feet, RCE-4: 45 feet, RCE-3: 58 feet, RCE-2 80 feet, RCS-1: 55 feet).</li><li>Tethys Energy (TETY SS) C; target price of SEK120 per share: Production update in April – Production in April was 9,225 bbl/d.</li></ul>

Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Exploration success at Carrizales Norte –The Carrizales Norte-1 (CN-1) exploration well encountered a total of 148 feet of net oil pay measured depth (128 feet TVD) across three very high quality sands.This is the largest net oil pay encountered by a well so far on Tapir (RCE-5: 90 feet, RCE-4: 45 feet, RCE-3: 58 feet, RCE-2 80 feet, RCS-1: 55 feet).Tethys Energy (TETY SS) C; target price of SEK120 per share: Production update in April – Production in April was 9,225 bbl/d.

<ul><li>Since production re-start at Wassana on 28 April, 11 of the 13 wells have been brought back into production.</li><li>We are increasing our average production forecast for Wassana in 2Q23 from 700 bbl/d to 1,700 bbl/d. </li><li>Production from the Mubadala assets averaged 20,475 bbl/d in 1Q23 and total production (including Wassana) has recently increased to over 23 mbbl/d.</li></ul>

Since production re-start at Wassana on 28 April, 11 of the 13 wells have been brought back into production.We are increasing our average production forecast for Wassana in 2Q23 from 700 bbl/d to 1,700 bbl/d. Production from the Mubadala assets averaged 20,475 bbl/d in 1Q23 and total production (including Wassana) has recently increased to over 23 mbbl/d.

Valeura Energy (TSE VLE): Delivering on Plan. Already 2.6 Mbbl/D Production at 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 - 16/06/2023

Tethys Oil (TETY SS)C; target price of SEK120 per share: Production update in Oman – Production from Blocks3 & 4 was 8,995 bbl/d in May.

Auctus Advisors

Valeura Energy (LSE: VLU): Very good execution in Thailand

Overall aggregate net oil production rates have averaged 23.7 mbbl/d during the first 11 days of June, up from 20.5 mbbl/d in 1Q23.

Auctus Advisors

Amman Mineral International IPO - Promising Assets with Decent Prospects

Amman Mineral Internasional (1416286D IJ) is looking to raise around US$880m in its Indonesian IPO. The company operates an open pit copper and...

Ethan Aw

Auctus on Friday - 19/05/2023

Tethys Energy (TETY SS) C; target price of SEK120 per share: Production update in April – Production in April was 9,225 bbl/d.

Auctus Advisors

Valeura Energy (TSE VLE): Delivering on Plan. Already 2.6 Mbbl/D Production at Wassana

Since production re-start at Wassana on 28 April, 11 of the 13 wells have been brought back into production. We are increasing our average...

Auctus Advisors

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