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>Record 4Q24 production was 26.1 mbbl/d, which is in line with our expectations.</li>
<li>Net cash at YE24 was US$259 mm, exceeding our forecasts by US$34 mm.</li>
<li>This reflects a 0.56 mmbbl reduction in oil inventory during 4Q24 (1.2 mmbbl at the end of September versus 0.64 mmbbl at the end of December).</li>
</ul>


Record 4Q24 production was 26.1 mbbl/d, which is in line with our expectations.
Net cash at YE24 was US$259 mm, exceeding our forecasts by US$34 mm.
This reflects a 0.56 mmbbl reduction in oil inventory during 4Q24 (1.2 mmbbl at the end of September versus 0.64 mmbbl at the end of December).


Valeura Energy (TSX: VLE): >US$100 Mm Cash Build During 4Q24. All Eyes on the Reserves Update in February

<ul><li>• Production at Jasmine has increased to 9,8mbbl/d over the last seven days following the drilling of five new infill wells.</li><li>This is higher than we expected and represents an increase of >2 mbbl/d.</li><li>• Corporate production in September and October was already at ~26.4 mbbl/d.</li></ul>

• Production at Jasmine has increased to 9,8mbbl/d over the last seven days following the drilling of five new infill wells.This is higher than we expected and represents an increase of >2 mbbl/d.• Corporate production in September and October was already at ~26.4 mbbl/d.

Valeura Energy (TSX: VLE): Higher flow rates than expected and potential reserves upside at Jasmine

<ul>
<li>The 3Q24 production and cash position at the end of September had been reported previously.</li>
<li>Production in September and October stood at ~26.4 mbbl/d. This is very high.</li>
<li>The company expects production to be ~26 mbbl/d over 4Q24. We only assumed 24-25 mbbl/d. </li>
</ul>


The 3Q24 production and cash position at the end of September had been reported previously.
Production in September and October stood at ~26.4 mbbl/d. This is very high.
The company expects production to be ~26 mbbl/d over 4Q24. We only assumed 24-25 mbbl/d. 


Valeura Energy (TSX: VLE): High Production in 4Q24. Launching a Share Buyback Programme

<ul>
<li>Valeura has completed the restructuring of its Thailand subsidiary companies.</li>
<li>Valeura’s working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields will now be held in a single subsidiary.</li>
<li>This will allow Valeura to use its US$397 mm tax losses at Wassana against the profits at Nong Yao and Manora.</li>
</ul>


Valeura has completed the restructuring of its Thailand subsidiary companies.
Valeura’s working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields will now be held in a single subsidiary.
This will allow Valeura to use its US$397 mm tax losses at Wassana against the profits at Nong Yao and Manora.


Valeura Energy (TSX: VLE): Tax Restructuring Adds Cash Flow and Showcases Thailand’s Operating Environment

<ul><li>• 3Q24 production was 22.2 mbbl/d.</li><li>This is well above our conservative forecast of 20.4 mbbl/d that incorporated more provisions for downtime and steeper declines.</li><li>All the assets appear to be performing very well.</li></ul>

• 3Q24 production was 22.2 mbbl/d.This is well above our conservative forecast of 20.4 mbbl/d that incorporated more provisions for downtime and steeper declines.All the assets appear to be performing very well.

Valeura Energy (TSX: VLE): Another strong quarter

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Valeura Energy Inc (VLE CN)

Valeura Energy (TSX: VLE): >US$100 Mm Cash Build During 4Q24. All Eyes on the Reserves Update in February

Record 4Q24 production was 26.1 mbbl/d, which is in line with our expectations.Net cash at YE24 was US$259 mm, exceeding our forecasts by US$34 mm.

Auctus Advisors

Valeura Energy (TSX: VLE): Higher flow rates than expected and potential reserves upside at Jasmine

• Production at Jasmine has increased to 9,8mbbl/d over the last seven days following the drilling of five new infill wells. This is higher than...

Auctus Advisors

Valeura Energy (TSX: VLE): Tax Restructuring Adds Cash Flow and Showcases Thailand’s Operating Environment

Valeura’s working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields will now be held in a single...

Auctus Advisors

Valeura Energy (TSX: VLE): Another strong quarter

• 3Q24 production was 22.2 mbbl/d. This is well above our conservative forecast of 20.4 mbbl/d that incorporated more provisions for downtime and...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Valeura Energy (TSX: VLE): >US$100 Mm Cash Build During 4Q24. All Eyes on the Reserves Update in February

Record 4Q24 production was 26.1 mbbl/d, which is in line with our expectations.Net cash at YE24 was US$259 mm, exceeding our forecasts by US$34 mm.

Auctus Advisors

Valeura Energy (TSX: VLE): Higher flow rates than expected and potential reserves upside at Jasmine

• Production at Jasmine has increased to 9,8mbbl/d over the last seven days following the drilling of five new infill wells. This is higher than...

Auctus Advisors

Valeura Energy (TSX: VLE): High Production in 4Q24. Launching a Share Buyback Programme

The 3Q24 production and cash position at the end of September had been reported previously. Production in September and October stood at ~26.4 mbbl...

Auctus Advisors

Valeura Energy (TSX: VLE): Tax Restructuring Adds Cash Flow and Showcases Thailand’s Operating Environment

Valeura’s working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields will now be held in a single...

Auctus Advisors

Valeura Energy (TSX: VLE): Another strong quarter

• 3Q24 production was 22.2 mbbl/d. This is well above our conservative forecast of 20.4 mbbl/d that incorporated more provisions for downtime and...

Auctus Advisors