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>1Q24 production (excluding NGL) in the Williston was 1,151 boe/d.</li>
<li>This is 140 boe/d above our expectations and ~100 boe/d above 4Q23 production.</li>
<li>Production in March (excluding NGL) had increased to 1,212 boe/d.</li>
</ul>


1Q24 production (excluding NGL) in the Williston was 1,151 boe/d.
This is 140 boe/d above our expectations and ~100 boe/d above 4Q23 production.
Production in March (excluding NGL) had increased to 1,212 boe/d.


Zephyr Energy Plc (AIM: ZPHR): Higher 1Q24 Production than We Anticipated. All Eyes on High Impact Drilling in the Paradox

<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

<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>• 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

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at Anshof-2 has started.</li><li>Arrow Exploration (AXL LN/CN)C; target price of £0.55 per share: High flow and a new discovery at RCE-6.</li><li>Re-iterating FY23 guidance - 3Q23 production of 19,961 bbl/d and net cash at the end of September of ~US$103 mm had already been announced.</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at Anshof-2 has started.Arrow Exploration (AXL LN/CN)C; target price of £0.55 per share: High flow and a new discovery at RCE-6.Re-iterating FY23 guidance - 3Q23 production of 19,961 bbl/d and net cash at the end of September of ~US$103 mm had already been announced.

United Kingdom

Zephyr Energy is a technology-led oil and gas company focused on responsible resource development from carbon-neutral operations in the Rocky Mountain region of the United States. It engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids. The company is headquartered in Newbury, United Kingdom, and was incorporated in 2002.

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Zephyr Energy (ZPHR LN)

Zephyr Energy Plc (AIM: ZPHR): Higher 1Q24 Production than We Anticipated. All Eyes on High Impact Drilling in the Paradox

1Q24 production (excluding NGL) in the Williston was 1,151 boe/d. This is 140 boe/d above our expectations and ~100 boe/d above 4Q23 production.

Auctus Advisors

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

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

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

Auctus on Friday - 03/02/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at...

Auctus Advisors

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