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>AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price £0.70 per share: Key horizontal wells outperforms expectations – Arrow has now drilled 3 horizontal wells in Carrizales Norte.</li><li>The flow rates of the wells are exceeding our expectations.</li><li>The first CN horizontal well (CNB HZ-1) is being restricted to a current oil flow rate of 2,090 bbl/d with approximately 41% water cut.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price £0.70 per share: Key horizontal wells outperforms expectations – Arrow has now drilled 3 horizontal wells in Carrizales Norte.The flow rates of the wells are exceeding our expectations.The first CN horizontal well (CNB HZ-1) is being restricted to a current oil flow rate of 2,090 bbl/d with approximately 41% water cut.

Equity Bottom-Up

<ul>
<li>Net production at Nong Yao has reached a stable level of ~12.1 mbbl/d. This compares with 6.3 mbbl/d in 2Q24.</li>
<li>This production, when combined with the Wassana field being back online, has resulted in stable aggregate WI oil production over the past week of 26.2 mbbl/d.</li>
<li>We are assuming only 20.4 mbbl/d for 3Q24, which might be too conservative.</li>
</ul>


Net production at Nong Yao has reached a stable level of ~12.1 mbbl/d. This compares with 6.3 mbbl/d in 2Q24.
This production, when combined with the Wassana field being back online, has resulted in stable aggregate WI oil production over the past week of 26.2 mbbl/d.
We are assuming only 20.4 mbbl/d for 3Q24, which might be too conservative.


Valeura Energy: Production Guidance Re-Iterated but Lower Capex and Additional Resources

<ul>
<li>Criterium Energy (CEQ CN)C; Target price C$0.35 per share: New drilling expected to start in September – A drilling rig is scheduled to be mobilized to site in August.</li>
<li>The two-well infill program, targeting a previously undrilled section of the MGH Field, is anticipated to commence in early September with the wells expected to come on production in early November at a forecasted combined rate of 300 bbl/d.</li>
<li>While this is a bit later than we anticipated, we continue to forecast that Criterium will exit 2024 with ~1,250 boe/d production.</li>
</ul>


Criterium Energy (CEQ CN)C; Target price C$0.35 per share: New drilling expected to start in September – A drilling rig is scheduled to be mobilized to site in August.
The two-well infill program, targeting a previously undrilled section of the MGH Field, is anticipated to commence in early September with the wells expected to come on production in early November at a forecasted combined rate of 300 bbl/d.
While this is a bit later than we anticipated, we continue to forecast that Criterium will exit 2024 with ~1,250 boe/d production.


<ul><li>• The 2Q24 production and the cash position at the end of June had previously been reported.</li><li>• Development drilling at Nong Yao C has been completed with the 6 development wells encountering the reservoirs in line with expectations.</li><li>One appraisal well was successful and will be converted into a seventh production well.</li></ul>

• The 2Q24 production and the cash position at the end of June had previously been reported.• Development drilling at Nong Yao C has been completed with the 6 development wells encountering the reservoirs in line with expectations.One appraisal well was successful and will be converted into a seventh production well.

Valeura Energy (TSX: VLE): Production guidance re-iterated but lower capex and additional resources

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: All eyes on EG – 1H24 production was 9,168 bbl/d.</li><li>EG and Gabon production had already been disclosed.</li><li>1H24 production in Tunisia was 1,670 bbl/d (we forecasted 1,760 bbl/d) given subdued activities.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: All eyes on EG – 1H24 production was 9,168 bbl/d.EG and Gabon production had already been disclosed.1H24 production in Tunisia was 1,670 bbl/d (we forecasted 1,760 bbl/d) given subdued activities.

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)

AUCTUS ON FRIDAY - 30/08/2024

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price £0.70 per share: Key horizontal wells...

Auctus Advisors

Valeura Energy: Production Guidance Re-Iterated but Lower Capex and Additional Resources

This production, when combined with the Wassana field being back online, has resulted in stable aggregate WI oil production over the past week of...

Auctus Advisors

AUCTUS ON FRIDAY - 16/08/2024

Criterium Energy (CEQ CN)C; Target price C$0.35 per share: New drilling expected to start in September – A drilling rig is scheduled to be...

Auctus Advisors

Valeura Energy (TSX: VLE): Production guidance re-iterated but lower capex and additional resources

• The 2Q24 production and the cash position at the end of June had previously been reported. • Development drilling at Nong Yao C has been...

Auctus Advisors

AUCTUS ON FRIDAY - 09/08/2024

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price NOK52 per share: All eyes on EG – 1H24...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)