Auctus on Friday - 21/07/2023
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GeoPark (GPRK US)C; target price of US$25 per share: 2Q23 production in line. Adding horizontal wells at Llanos-34 – 2Q23 production of 36,581 boe/d was in line with our expectations with strong performance at Llanos-34, Platanillo and CPO-5, offsetting lower production in Chile and Ecuador. The Indico 6 and Indico 7 wells in the CPO-5 block in Colombia are now expected to return to production in August (rather than July) when the required surface facilities are completed. The company has re-iterated its FY23 production target of 38.0-40.0 mboe/d but the guidance is sensitive to the timing of production restart at Indico 6 and Indico 7. The drilling programme is accelerating with one horizontal well at Llanos-34 about to be flow tested and multiple exploration wells in the Llanos having reached target depth or about to. Three more rigs are being added in 3Q23 to the nine currently in operation. GeoPark is considering drilling 3-4 additional horizontal wells at Llanos-34 in 2H23, which is expected to have a positive impact on production. The first horizontal well at Llanos-34 is producing >3 mbbl/d. The cash position of US$86 mm at the end of June was in line with our expectations (after paying US$88 mm in tax – also in line). Overall GeoPark continues to expect to generate free cash flow of US$120 140 mm in 2023 at Brent of US$80-90/bbl.
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Panoro Energy (PEN NO)C; target price of NOK50 per share: Positive perating update in Gabon – The new gas lift compressor on the BW Adolo FPSO following recent commissioning and gradual ramp up of gas lift capacity. The gas lift compressor will support production from all six existing wells at the Tortue field and once fully operational is expected to add approximately 3,000 bbl/d of gross production. The DHIBM-5H production well at the Hibiscus Ruche Phase I development has been put onstream at a rate of approximately 6,000 bbl/d. This is the third well of the campaign (out of six wells) and we view the production performance as very good.
Pharos Energy (PHAR LN)C; target price of £0.55 per share: Enhancing investment profile with very high impact exploration asset – Pharos 1H23 trading update was dominated by the publication of the first independent resources assessment of Blocks 125 & 126 that highlighted gross prospective (recoverable) resources of between 1.2 bnbbl and 29.8 bnbbl (mean of 13.3 bnbbl). This is much more material than we anticipated and should attract industry attention in the context of the large discoveries made in “new” areas around the world in recent years (Guyana, Suriname, South Africa and Namibia). Pharos holds 70% WI. The resources estimate covers five high-graded prospects on 3D seismic over 23 prospective horizons (Prospect A Drape, Prospect A North, Lead A South, Prospect D and Prospect E1). Leads already identified in Blocks 125 & 126 but not yet covered by 3D seismic have not been included in the resources estimate. Geological Chance of Success (GCOS) for individual horizons ranges from 8% to 23%. Four out of the five prospects each target 3-8 different horizons which maximizes the chances of a well encountering at least one horizon. The Top F/G horizon is the most material (5.9 bnbbl at Lead A South and 2 bnbbl at Prospect A North) followed by the Basement (1.0 bnbbl and 0.5 bnbbl at the same prospects respectively). Part of Prospect D (1.3 bnbbl mean prospective resources, GCOS: 17%) is accessible in
Diversified Gas & Oil is an Appalachian Basin focused natural gas and crude oil operations company.
DNO is a Norwegian exploration and production company focused on the Middle East and North Africa. Co. holds stakes in oil and gas blocks in various stages of exploration, development and production, both onshore and offshore, in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland.
Jadestone Energy is engaged in the evaluation, acquisition, exploration and development of oil and gas properties.
Panoro Energy is an international independent oil and gas company engaged in the exploration and production of oil and gas resources in Brazil and West Africa. In Brazil, Co. participates in a number of oil and gas licenses located in the Santos basin outside the south-east coast of Brazil and in the Camamu-Almada basin in the state of Bahia. In West Africa, Co. participates in a number of licences in Nigeria and Gabon. As of Dec 31 2013, Co.'s commercial production is from the Manati field in Brazil.
Parex Resources is engaged in oil and natural gas exploration, development and production in South America and the Caribbean region. As of Dec 31 2010, Co. had gross proved light and medium oil reserve of 1,066 thousand barrels (net: 980 thousand barrels).
Soco International is an oil and gas exploration and production company. Co. has exploration, development and production interests in Vietnam, and exploration and appraisal interests in the Republic of Congo and Angola. As of Dec 31 2016, Co.'s commercial reserves were 33.3 million barrels of oil equivalent.
Tethys Petroleum is an oil and gas exploration and production company focused on projects in Central Asia. Through its subsidiaries, Co. is engaged in the exploration for, and the acquisition, development and production of, oil and natural gas resources in Kazakhstan, Tajikistan and Uzbekistan.
UK Oil & Gas Investments is an investment holding company. Co. is engaged in acquiring a portfolio of direct and indirect interests in exploration, development and production oil and gas assets which are based in the U.K.
United Oil & Gas is engaged to take control or investing in businesses within the oil and gas sector.
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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