AUCTUS ON FRIDAY - 21/03/2025

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price of £0.10 per share: Significant power transaction highlights the value of the S. Africa electricity trading business – Etana Energy, the South African electricity trading business (49% held by Chariot) has arranged a US$55 mm guarantee finance facility through Standard Bank and secured an equity investment of up to US$20 mm from Norfund for working capital. In exchange, Standard Bank and Norfund will hold 10% and 20% of the project’s economics, respectively, via preferred equity. This leaves Etana wit...

Criterium Energy Ltd (TSX-V: CEQ): Replacing 160% of FY24 oil production. Gas contingent resources increased by ~40%

• At YE24, Criterium was estimated to hold 4.6 mmbbl 2P oil reserves, a slight increase from estimated YE23, as the reserves additions from the work-over program (especially the new GH sand) more tan offsets FY24 production of approximately 0.3 mmboe. • The after-tax NPV10 of the 2P reserves is US$60 mm. • The 2C contingent gas resources at Tungkal are estimated at 27.5 bcf, higher than the previous estimate of 20 bcf. The auditor has attributed a 90% chance of development to Southeast Mengoepeh (2C resources of 14.9 bcf). The 12.6 bcf at Macan Gedang currently carries a 30% chance of developm...

Sintana Energy Inc. (TSX-V: SEI): Adding high impact exploration onshore Angola

• Sintana has agreed terms to acquire a 5% net interest in KON-16 onshore Angola from Corcel for US$2.5 mm. In addition, Sintana will receive a 2.5% net profit interest on 71.5% of KON-16 until reaching US$50 mm, after which the net profit interest reduces to 1.5%. • There are multiple post-salt (shallow) and pre-salt (deeper) prospects that were highlighted by 2010 2D seismic. The pre-salt prospects are analogous to what is being developed offshore with significantly lower cost. Corcel, plans to drill the first exploration well in 2026 targeting both a post-salt (~100 mmbbl) and a pre-salt (~...

Southern Energy Corp. (SOUC LN/SOU CN): Taking measures to resolve a long standing pipeline tariffs dispute

Corcel plc (AIM: CRCL): Material increase in KON-16 and subsequent farm-out to Sintana Energy (SEI.V CN)

• Corcel has agreed to acquire a net 27% additional stake in KON-16 (onshore Angola) from Intank for US$0.5 mm in cash. As part of the deal, Intank will receive a 5% overriding royalty on the first development area. • Corcel has subsequently agreed terms to divest a 5% net interest in KON-16 to Sintana Energy for US$2.5 mm in cash. In addition, Sintana will receive a 2.5% net profit interest on Corcel’s share of KON-16 until reaching US$50 mm, after which the net profit interest reduces to 1.5%. • KON-16 remains Corcel’s flagship asset, with its net interest increasing from 49.5% to 71.5%. Thi...