Auctus Advisors

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. 

Stephane Foucaud
  • Stephane Foucaud

Serica Energy Plc (AIM: SQZ): 40 mboe/d production in 2025. Expect gen...

• FY24 production of 34.6 mboe/d had been reported previously. • The GE-05 well (Serica WI: 100%) has been brought into production at a stable rate of 6 mbbl/d after having flowed 9 mbbl/d on test. This exceeds our estimate of 3 mbbl/d. The recent B6 well had a net IP rate of over 5 mboe/d (~8 mboe/d gross) when brought online. • YE24 net debt was US$71 mm; which is below our estimate of US$105 mm. The company expects an additional US$12 mm cash inflow from a December lifting post YE24 (to be re...

Stephane Foucaud
  • Stephane Foucaud

Criterium Energy Ltd (TSX-V: CEQ): Onshore gas development takes centr...

• 4Q24 production was 957 bbld (880 bbl/d in 3Q24). January's production so far is 1,020 bbl/d. This excludes the impact of the last four workovers of the 2024 programme. These workovers could boost production to 1,100-1,150 bbl/d. This level of production could be sustained throughout 2025 with a 10-13 workover programme costing less than US$1 mm. • 4Q24 G&A plus opex is estimated at US$2.97 mm, down from ~US$3.3 mm in 3Q24. • The MGH-43 well has not yet been brought into production. Potential ...

Stephane Foucaud
  • Stephane Foucaud

AUCTUS ON FRIDAY - 17/01/2025

AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.00p per share: Initiating Coverage - Corcel is a ~£6 mm market cap AIM-listed E&P company focused on Portuguese-speaking Angola and Brazil. It offers a unique exposure to the prolific Kwanza onshore basin in Angola which reopened to international companies in 2021. Corcel is also building a portfolio of mature onshore producing assets in Brazil. The key asset in Angola is the KON-16 licence, which C...

Stephane Foucaud
  • Stephane Foucaud

PetroTal Corp (AIM: PTAL): High FY25 production driven by high uptime ...

• PetroTal expects to produce 21-23 mbbl/d in 2025, with the midpoint of this guidance exceeding our expectations of 21.2 mbbl/d. • Although only four new wells are expected to come online in 2025 (including the 23H well but excluding the final well of the FY25 four-well drilling program), average production is expected to grow by ~4.2 mbbl/d from 2024 to 2025. In comparison, six new producers were brought online in 2024 (excluding the 23H well but including the 16H well), but production increas...

Stephane Foucaud
  • Stephane Foucaud

Sintana Energy Inc. (TSX-V: SEI): Kapana-1X uncommercial but Chevron e...

• The Kapana 1-X well on PEL-90 did not encounter commercial hydrocarbons. • The rig is likely to be demobilized, but the well’s results have increased confidence in the block. Chevron has indicated that it anticipates further exploration in Namibia. • Sintana was carried for this well, but the company will fund its share of future capex on PEL-90. Assuming drilling costs of US$100-150 mm for a new well, this suggests a net capex exposure of approximately US$5-7 mm per well, net to Sintana’s 4.9...

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