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

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU) C ; target price of A$0.100 per share: Exploration portfolio update in Austria: larger volume, lower risk – The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20 prospects.</li>
<li>The importance of the upgrade is as much about risk reduction as it is about resources increase.</li>
<li>The expansion of the portfolio also provides new opportunities for further farmouts. </li>
</ul>


ADX Energy (ADX AU) C ; target price of A$0.100 per share: Exploration portfolio update in Austria: larger volume, lower risk – The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20 prospects.
The importance of the upgrade is as much about risk reduction as it is about resources increase.
The expansion of the portfolio also provides new opportunities for further farmouts. 


<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>Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected – The Gacheta zones proved unproductive at the CN 1 well location.</li><li>Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells.</li><li>Jadestone Energy (JSE LN): New equity raise – Jadestone Energy has raised US$50 mm of new equity priced at 45p per share.</li></ul>

Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected – The Gacheta zones proved unproductive at the CN 1 well location.Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells.Jadestone Energy (JSE LN): New equity raise – Jadestone Energy has raised US$50 mm of new equity priced at 45p per share.

<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

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): 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

Auctus on Friday - 30/06/2023

The exploration portfolio in Upper Austria is now estimated to hold 213 mmboe of best technical prospective resources (previously 200 mmboe) in 20...

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

Auctus on Friday - 09/06/2023

Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: No flow from the Gacheta but overall reserves addition from CN-1 larger than...

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

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