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>Zephyr is acquiring the 25% WI across the White Sands Unit (WSU) in the Paradox it does not hold from Rockies Standard Oil (RSO).</li><li>In return, Zephyr will issue to RSO US$3 mm in shares at a price of 6.05 p/sh (~11% above the share price the day prior to the announcement).</li><li>More on the Paradox The 3.3 mboe/d run rate production estimate by YE23 is based on 2P forecasts for the Paradox and WSU and the installation of a 10 mmcf/d processing capacity at the Paradox.</li></ul>

Zephyr is acquiring the 25% WI across the White Sands Unit (WSU) in the Paradox it does not hold from Rockies Standard Oil (RSO).In return, Zephyr will issue to RSO US$3 mm in shares at a price of 6.05 p/sh (~11% above the share price the day prior to the announcement).More on the Paradox The 3.3 mboe/d run rate production estimate by YE23 is based on 2P forecasts for the Paradox and WSU and the installation of a 10 mmcf/d processing capacity at the Paradox.

Zephyr Energy Plc: Very Accretive Acquisitions Boost Production and Add Resources Upside

<ul><li>3Q22 sales volumes were 1,313 boe/d (1,208 boe/d production).</li><li>3Q22 revenue was US$9.6 mm, also very close to our expectations of US$10.6 mm.</li><li>3Q22 production was marginally impacted by temporary shut-ins due to planned frac-protect procedures on existing wells while new nearby wells were completed.</li></ul>

3Q22 sales volumes were 1,313 boe/d (1,208 boe/d production).3Q22 revenue was US$9.6 mm, also very close to our expectations of US$10.6 mm.3Q22 production was marginally impacted by temporary shut-ins due to planned frac-protect procedures on existing wells while new nearby wells were completed.

Zephyr Energy Plc (AIM: ZPHR): Solid 3Q22 Financial update. Raising FY22 revenue guidance

<ul><li>Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress towards FID in early 2023.</li><li>We understand that the banking syndicate is likely to include Moroccan banks and that debt could represent 70% of the overall cost of the project to first gas.</li><li>GeoPark (GPRK US)C; Target price of US$31 per share – 3Q22 production had already been reported.</li></ul>

Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress towards FID in early 2023.We understand that the banking syndicate is likely to include Moroccan banks and that debt could represent 70% of the overall cost of the project to first gas.GeoPark (GPRK US)C; Target price of US$31 per share – 3Q22 production had already been reported.

<ul><li>Zephyr has now received approval of its Application for Permit to Drill from the U.S.</li><li>Bureau of Land Management, the final regulatory approval required to spud the State 36-2 LNW-CC well on its project in the Paradox Basin.</li><li>Zephyr has also signed a rig contract with CWC Ironhand Drilling for its Ironhand Rig 118. </li></ul>

Zephyr has now received approval of its Application for Permit to Drill from the U.S.Bureau of Land Management, the final regulatory approval required to spud the State 36-2 LNW-CC well on its project in the Paradox Basin.Zephyr has also signed a rig contract with CWC Ironhand Drilling for its Ironhand Rig 118. 

Zephyr Energy Plc (AIM: ZPHR): Rig contracted to initiate high impact drilling campaign

<ul><li>ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).</li><li>The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.</li><li>Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.</li></ul>

ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.

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: Very Accretive Acquisitions Boost Production and Add Resources Upside

Zephyr is acquiring the 25% WI across the White Sands Unit (WSU) in the Paradox it does not hold from Rockies Standard Oil (RSO).

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Solid 3Q22 Financial update. Raising FY22 revenue guidance

3Q22 production was marginally impacted by temporary shut-ins due to planned frac-protect procedures on existing wells while new nearby wells were...

Auctus Advisors

Auctus on Friday - 11/11/2022

Chariot (CHAR LN) C; Target price of £0.55 per share: Meeting with management: Operations on track – The Anchois project continues to make progress...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Rig contracted to initiate high impact drilling campaign

Bureau of Land Management, the final regulatory approval required to spud the State 36-2 LNW-CC well on its project in the Paradox Basin.

Auctus Advisors

Auctus on Friday - 04/11/2022

The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.

Auctus Advisors

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