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>4Q23 production in the Williston was 1,053 boe/d.</li>
<li>This only reflects oil and natural gas production.</li>
<li>Adding our estimates of NGL production (reported in previous periods but not in 4Q23) would lead to ~1,200 boe/d (we forecasted ~1,400 boe/d).</li>
</ul>


4Q23 production in the Williston was 1,053 boe/d.
This only reflects oil and natural gas production.
Adding our estimates of NGL production (reported in previous periods but not in 4Q23) would lead to ~1,200 boe/d (we forecasted ~1,400 boe/d).


Zephyr Energy Plc (AIM: ZPHR): Gearing-up for the return to drilling in the Paradox

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete.</li>
<li>The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release.</li>
<li>Drilling operations are expected to commence on 20 February with a duration of ~39 days.</li>
</ul>


ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is complete.
The drilling rig is expected to become available to ADX on 14 February. The rig move and rig assembly will take ~6 days after rig release.
Drilling operations are expected to commence on 20 February with a duration of ~39 days.


<ul><li>• The six Slawson wells in the Williston Basin have delivered an aggregate IP20-30 of 897 boe/d net to Zephyr. • The YE23 run rate from the Williston is expected to be between 1,450 and 1,700 boe/d. • Pending further details on the programme, we currently forecast overall production (net to Zephyr) of 4.6 mboe/d in 4Q24.</li></ul>

• The six Slawson wells in the Williston Basin have delivered an aggregate IP20-30 of 897 boe/d net to Zephyr. • The YE23 run rate from the Williston is expected to be between 1,450 and 1,700 boe/d. • Pending further details on the programme, we currently forecast overall production (net to Zephyr) of 4.6 mboe/d in 4Q24.

Zephyr Energy Plc (AIM: ZPHR): High initial production from Slawson

<ul>
<li>ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%.</li>
<li>The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case.</li>
<li>Tethys Oil (TETY SS)C; target price of SEK100 per share: Production update in Oman – WI Production in November was 8,361 bbl/d.</li>
</ul>


ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%.
The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case.
Tethys Oil (TETY SS)C; target price of SEK100 per share: Production update in Oman – WI Production in November was 8,361 bbl/d.


<ul><li>• 3Q23 sales of 1,043 boe/d was above our expectations of 987 boe/d. • In addition, ten Harms East Federal / Quale Federal wells are expected to come online in December or January. • 3Q23 operating income was US$4.3 mm, compared to US$4.2 mm in 2Q23.</li></ul>

• 3Q23 sales of 1,043 boe/d was above our expectations of 987 boe/d. • In addition, ten Harms East Federal / Quale Federal wells are expected to come online in December or January. • 3Q23 operating income was US$4.3 mm, compared to US$4.2 mm in 2Q23.

Zephyr Energy Plc (AIM: ZPHR): High sales in 3Q23

United Kingdom

Zephyr Energy plc operates as a technology-led exploration and production company. The Company focuses on the delivery of economic returns from developed oil and gas projects in the Rocky Mountain region of the United States.

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Zephyr Energy (ZPHR LN)

Zephyr Energy Plc (AIM: ZPHR): Gearing-up for the return to drilling in the Paradox

Adding our estimates of NGL production (reported in previous periods but not in 4Q23) would lead to ~1,200 boe/d (we forecasted ~1,400 boe/d).

Auctus Advisors

AUCTUS ON FRIDAY - 16/02/2024

ADX Energy (ADX AU) C ; target price of £A$0.65 per share: Drilling update in Austria – The well site construction at the Welchau-1 drill site is...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): High initial production from Slawson

• The six Slawson wells in the Williston Basin have delivered an aggregate IP20-30 of 897 boe/d net to Zephyr. • The YE23 run rate from the...

Auctus Advisors

Auctus on Friday - 15/12/2023

ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof - The Anshof-2 well encountered high...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): High sales in 3Q23

• 3Q23 sales of 1,043 boe/d was above our expectations of 987 boe/d. • In addition, ten Harms East Federal / Quale Federal wells are expected to...

Auctus Advisors

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