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>The State 36-2 LNW-CC well in the Paradox basin encountered a significant influx of natural gas and condensate from the Cane Creek reservoir.</li><li>The influx was caused by the well intersecting an apparent major natural fracture network in the reservoir.</li><li>The ongoing drilling programme has an unrisked value of £0.14/sh just based on the contingent resources (39 mmboe) in the Cane Creek reservoir.</li></ul>

The State 36-2 LNW-CC well in the Paradox basin encountered a significant influx of natural gas and condensate from the Cane Creek reservoir.The influx was caused by the well intersecting an apparent major natural fracture network in the reservoir.The ongoing drilling programme has an unrisked value of £0.14/sh just based on the contingent resources (39 mmboe) in the Cane Creek reservoir.

Zephyr Energy Plc (AIM: ZPHR): Paradox well encounters substantial hydrocarbons while drilling

<ul><li>Zephyr Energy (ZPHR LN)C: Target price of £0.20 per share: 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).</li><li>In return, Zephyr will issue US$3 mm in shares at a price of 6.05 p/sh (~11% above the share price the day prior to the announcement) to RSO.</li><li>Beacon Energy (BCE LN): Reserves and resources update in Germany – Net 2P reserves in Germany were estimated at 85 mmbbl with 22.96 mmbbl net 2C resources.</li></ul>

Zephyr Energy (ZPHR LN)C: Target price of £0.20 per share: 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).In return, Zephyr will issue US$3 mm in shares at a price of 6.05 p/sh (~11% above the share price the day prior to the announcement) to RSO.Beacon Energy (BCE LN): Reserves and resources update in Germany – Net 2P reserves in Germany were estimated at 85 mmbbl with 22.96 mmbbl net 2C resources.

<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

Thematic (Sector/Industry)

<ul><li>Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production.</li><li>Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI).</li><li>We have reduced our target price from C$0.70 to C$0.60 per share as we incorporate the impact of the higher differentials.</li></ul>

Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production.Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI).We have reduced our target price from C$0.70 to C$0.60 per share as we incorporate the impact of the higher differentials.

<ul><li>Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons.</li><li>Panoro, Africa Energy (AFE CN/AEC SS) and Eco Atlantic (ECO LN/EOG CN) hold respectively 12.5%, 27.5% and 50% WI in the well.</li><li>Neptune Energy (EQNR NO): 3Q22 results – 3Q22 production was 133.7 mboe/d.</li></ul>

Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons.Panoro, Africa Energy (AFE CN/AEC SS) and Eco Atlantic (ECO LN/EOG CN) hold respectively 12.5%, 27.5% and 50% WI in the well.Neptune Energy (EQNR NO): 3Q22 results – 3Q22 production was 133.7 mboe/d.

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): Paradox well encounters substantial hydrocarbons while drilling

The State 36-2 LNW-CC well in the Paradox basin encountered a significant influx of natural gas and condensate from the Cane Creek reservoir.

Auctus Advisors

Auctus on Friday - 06/01/2023

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: 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

Auctus on Friday - 25/11/2022

Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials

Auctus Advisors

Auctus on Friday - 18/11/2022

Panoro Energy (PEN NO)C; Target price of NOK50 per share: Dry hole in South Africa – The Gazania- 1 well did not encounter hydrocarbons.

Auctus Advisors

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