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>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.</li><li>Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).</li><li>We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.

<ul>
<li>Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.</li>
<li>3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.</li>
<li>Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.</li>
</ul>


Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.
3Q23 production levels continue to be affected by weather related energy cuts and unforeseen work-overs.
Valeura Energy (VLE CN)C; target price of C$6.40 per share: 3Q23 update – 3Q23 production was 19,961 boe/d.


<ul><li>• 1H23 sales had been previously reported.</li><li>Zephyr held US$6.2 mm in cash at the end of June, ahead of our expectations of US$4.8 mm.</li><li>Zephyr is also carrying US$6.0 mm of current receivables and US$12.8 mm of current payables.</li></ul>

• 1H23 sales had been previously reported.Zephyr held US$6.2 mm in cash at the end of June, ahead of our expectations of US$4.8 mm.Zephyr is also carrying US$6.0 mm of current receivables and US$12.8 mm of current payables.

Zephyr Energy Plc (AIM: ZPHR): Balance sheet ahead of expectations. Waiting on Paradox progress

<ul><li>• 2Q23 sales volumes averaged 1,385 boe/d compared to 1Q23 sales volumes of 1,093 boe/d as more of Zephyr's existing production wells were changed from temporarily shut-in to producing status during 2Q23.</li><li>Production from these working interests continues to be expected to be online by October following completion of surface facilities on the well pad.</li><li>We continue to forecast overall net production increasing from ~1 mboe/d in 1Q23 to >4.5 mboe/d d in 1Q24 and >7.5 mboe/d in 4Q24.</li></ul>

• 2Q23 sales volumes averaged 1,385 boe/d compared to 1Q23 sales volumes of 1,093 boe/d as more of Zephyr's existing production wells were changed from temporarily shut-in to producing status during 2Q23.Production from these working interests continues to be expected to be online by October following completion of surface facilities on the well pad.We continue to forecast overall net production increasing from ~1 mboe/d in 1Q23 to >4.5 mboe/d d in 1Q24 and >7.5 mboe/d in 4Q24.

Zephyr Energy Plc (AIM: ZPHR): High sales in the Williston. Progress at Well 36 2 (Paradox) hindered by extreme heat

<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

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)

Auctus on Friday - 20/10/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by...

Auctus Advisors

Auctus on Friday - 06/10/2023

Calima Energy (CE1 AU); target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed.

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Balance sheet ahead of expectations. Waiting on Paradox progress

• 1H23 sales had been previously reported. Zephyr held US$6.2 mm in cash at the end of June, ahead of our expectations of US$4.8 mm. Zephyr is...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): High sales in the Williston. Progress at Well 36 2 (Paradox) hindered by extreme heat

• 2Q23 sales volumes averaged 1,385 boe/d compared to 1Q23 sales volumes of 1,093 boe/d as more of Zephyr's existing production wells were changed...

Auctus Advisors

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

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