Criterium Energy Ltd (TSX-V: CEQ): Work-overs outperform. Still waiting on well results. Near term focus on gas.
• 3Q24 production of 879 bbl/d was in line with expectations. The company’s cash position of C$6.1 mm at the end of September is high but reflects greater current payables. We note a further opex reduction from C$3.4 mm in 2Q24 to C$2.6 mm with flat production.• The workover programme is outperforming expectations with production currently standing at ~1,000 bbl/d without any new wells. Production is expected to reach 1,100-1,150 bbl/d by ~YE24 with four additional workovers. The total cost of the FY24 workover programme to boost production from ~800 bbl/d to >1,100 bbl/d was only ~US$0.6 mm.
• Well testing activities continue at the MGH-43 well with multiple zones being evaluated. Adding 150 bbl/d in 1Q25 would boost production to ~1,250 bbl/d. A 10-13 workover programme in 2025 (total cost
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.
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