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>2Q23 production was 19,961 bbl/d with the difference to our forecast mostly reflecting the timing of drilling.</li>
<li>Wassana (1.6 mbbl/d production during 2Q23) was offline in 3Q23.</li>
<li>Our YE24 estimated net cash (~US$450 mm given the late tax restructuring) represents 1.6x the current market cap of the company.</li>
</ul>


2Q23 production was 19,961 bbl/d with the difference to our forecast mostly reflecting the timing of drilling.
Wassana (1.6 mbbl/d production during 2Q23) was offline in 3Q23.
Our YE24 estimated net cash (~US$450 mm given the late tax restructuring) represents 1.6x the current market cap of the company.


Valeura Energy (TSE VLE): ~20 mbbl/d production in 2Q23

<ul>
<li>Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.</li>
<li>3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.</li>
<li>Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.</li>
</ul>


Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.
3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.
Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.


<ul>
<li>The A28 and A28-ST1 wells encountered 72 ft and 75 ft of net oil pay respectively in deeper reservoir sections (2.0 and 2.1) at Wassana.</li>
<li>The A28 well results proved the presence of oil down to 5,594 ft TVD, 77 ft below previous the estimate of 5,517 ft, which was the depth that was used to estimate reserves.</li>
<li>A28 also encountered a thicker package of reservoir sands and new oil-filled sands that have not been previously developed.</li>
</ul>


The A28 and A28-ST1 wells encountered 72 ft and 75 ft of net oil pay respectively in deeper reservoir sections (2.0 and 2.1) at Wassana.
The A28 well results proved the presence of oil down to 5,594 ft TVD, 77 ft below previous the estimate of 5,517 ft, which was the depth that was used to estimate reserves.
A28 also encountered a thicker package of reservoir sands and new oil-filled sands that have not been previously developed.


Valeura Energy (TSE VLE): Positive drilling results unlock additional resources and delay decommissioning

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.</li>
<li>MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).</li>
<li>Kosmos Energy (KOS US/LN): 2Q23 results – 2Q23 net production was ~58 mboe/d.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.08 per share: A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.
MND will also fund ADX’s share of drilling and completion costs of A$3.9 mm per well (total of A$7.8 mm for two wells).
Kosmos Energy (KOS US/LN): 2Q23 results – 2Q23 net production was ~58 mboe/d.


<ul>
<li>2Q23 production and net cash at the end of June had already been reported.</li>
<li>The drilling programmes at various fields have delivered positive results, unlocking further drilling campaigns to extend production and delay decommissioning.</li>
<li>At Nong Yao, following the 2Q23 drilling programme, Valeura is progressing plans for further infill drilling on the already-producing Nong Yao accumulations aimed at enhancing production and minimising the effect of natural declines.</li>
</ul>


2Q23 production and net cash at the end of June had already been reported.
The drilling programmes at various fields have delivered positive results, unlocking further drilling campaigns to extend production and delay decommissioning.
At Nong Yao, following the 2Q23 drilling programme, Valeura is progressing plans for further infill drilling on the already-producing Nong Yao accumulations aimed at enhancing production and minimising the effect of natural declines.


Valeura Energy - Lower Capex, Lower Opex and Potentially More 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 (TSE VLE): ~20 mbbl/d production in 2Q23

2Q23 production was 19,961 bbl/d with the difference to our forecast mostly reflecting the timing of drilling. Wassana (1.6 mbbl/d production...

Auctus Advisors

Auctus on Friday - 06/10/2023

Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.

Auctus Advisors

Valeura Energy (TSE VLE): Positive drilling results unlock additional resources and delay decommissioning

The A28 and A28-ST1 wells encountered 72 ft and 75 ft of net oil pay respectively in deeper reservoir sections (2.0 and 2.1) at Wassana.

Auctus Advisors

Auctus on Friday - 11/08/2023

A high-quality industry partner in Austria to fund and accelerate Anshof development - ADX is farming out 30% WI in the Anshof discovery to MND.

Auctus Advisors

Valeura Energy - Lower Capex, Lower Opex and Potentially More Reserves

The drilling programmes at various fields have delivered positive results, unlocking further drilling campaigns to extend production and delay...

Auctus Advisors

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