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>Initial invoices submitted to the insurer have now been approved and reimbursement totalling ~US$0.8 mm have been received.</li>
<li>Additional invoices are being submitted on a regular basis with payments expected within 30 days of receipt by the insurer.</li>
<li>Greater costs will come later in the process and are expected to be regularly re-imbursed as invoices are submitted.</li>
</ul>


Initial invoices submitted to the insurer have now been approved and reimbursement totalling ~US$0.8 mm have been received.
Additional invoices are being submitted on a regular basis with payments expected within 30 days of receipt by the insurer.
Greater costs will come later in the process and are expected to be regularly re-imbursed as invoices are submitted.


Zephyr Energy Plc (AIM: ZPHR): First payment from insurance received

<ul>
<li>FY23 production, revenue and operating income had been reported previously.</li>
<li>The timing of the well test is the main factor driving the delivery of first production in the Paradox.</li>
<li>We now forecast Zephyr to hold &gt;US$50 mm mm in net cash by YE24.</li>
</ul>


FY23 production, revenue and operating income had been reported previously.
The timing of the well test is the main factor driving the delivery of first production in the Paradox.
We now forecast Zephyr to hold &gt;US$50 mm mm in net cash by YE24.


Zephyr Energy Plc (AIM: ZPHR): Waiting on well 36-2 test

<ul><li>Zephyr has raised £3.15 mm of new equity priced at 3.5 p per share.</li><li>As we incorporate the 5% equity dilution and a delay in production start-up in the Paradox from 4Q23 to 1Q24, we are changing our target price to £0.18 per share.</li><li>We forecast Zephyr to hold ~US$18 mm in net cash by YE24, up ~US$48 mm from our net debt estimate of ~US$30 mm at the end of June 2023.</li></ul>

Zephyr has raised £3.15 mm of new equity priced at 3.5 p per share.As we incorporate the 5% equity dilution and a delay in production start-up in the Paradox from 4Q23 to 1Q24, we are changing our target price to £0.18 per share.We forecast Zephyr to hold ~US$18 mm in net cash by YE24, up ~US$48 mm from our net debt estimate of ~US$30 mm at the end of June 2023.

Zephyr Energy Plc (AIM: ZPHR): Small equity raise to address capex increase and production delay

<ul><li>1Q23 sales volumes averaged 1,093 boe/d. This was in line with our expectations. 1Q23 sales volumes include 783 bbl/d of crude, 144 boe/d of NGL and ~1.3 mmcf/d of natural gas.</li><li>1Q23 operating income was US$5.7 mm, also in line with our expectations.</li><li>While the recently acquired wellbore interests operated by Slawson Exploration have now been drilled and completed, these wells are now forecasted to be online by October rather than by July.</li></ul>

1Q23 sales volumes averaged 1,093 boe/d. This was in line with our expectations. 1Q23 sales volumes include 783 bbl/d of crude, 144 boe/d of NGL and ~1.3 mmcf/d of natural gas.1Q23 operating income was US$5.7 mm, also in line with our expectations.While the recently acquired wellbore interests operated by Slawson Exploration have now been drilled and completed, these wells are now forecasted to be online by October rather than by July.

Zephyr Energy Plc (AIM: ZPHR): Well Test at State 36-2 Likely During 2Q23

<ul><li>The State 36-2 LNW-CC well experienced a significant well control incident.</li><li>During the incident, the well’s safety valve failed and subsequently the ram on the BOP did not close properly.</li><li>Pending further details on next steps and the flow test results of the State 36-2 well, we have not changed our forecasts.</li></ul>

The State 36-2 LNW-CC well experienced a significant well control incident.During the incident, the well’s safety valve failed and subsequently the ram on the BOP did not close properly.Pending further details on next steps and the flow test results of the State 36-2 well, we have not changed our forecasts.

Zephyr Energy Plc (AIM: ZPHR): Blow-Out at State 36-2 Under Control.

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): First payment from insurance received

Initial invoices submitted to the insurer have now been approved and reimbursement totalling ~US$0.8 mm have been received.

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Waiting on well 36-2 test

FY23 production, revenue and operating income had been reported previously. The timing of the well test is the main factor driving the delivery of...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Small equity raise to address capex increase and production delay

As we incorporate the 5% equity dilution and a delay in production start-up in the Paradox from 4Q23 to 1Q24, we are changing our target price to...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Well Test at State 36-2 Likely During 2Q23

1Q23 sales volumes averaged 1,093 boe/d. This was in line with our expectations. 1Q23 sales volumes include 783 bbl/d of crude, 144 boe/d of NGL...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Blow-Out at State 36-2 Under Control.

The State 36-2 LNW-CC well experienced a significant well control incident. During the incident, the well’s safety valve failed and subsequently...

Auctus Advisors

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