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AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; target price of £0.50 per share: Feasibility study as a first step to unlocking a mega green hydrogen project – The feasibility study for the green hydrogen “Project Nour” has now been presented to the government of Mauritania. Chariot holds a 50% interest in the project and TotalEnergies is a partner. Mauritania benefits from an ideal geography for wind and solar energy. The 10 GW project will be developed in sever
Companies: ENI SEI GPRK BNL MAHAA COPL ZPHR CHAR GPRK SLE LNGE GENL ENI GTE EGY
Auctus Advisors
• The key takeaway from the 4Q23 results press release is the announcement of a modified Dutch auction tender offer to purchase up to US$50 mm of GeoPark shares at a price of US$9-10 per share. This represents ~10% of the current market cap of the company. The tender price range represents a premium of 8-20% to the prior day close. • The company is sending a strong signal that its shares offer value. The tender price is well below the independent net debt adjusted NPV (after tax) of the company
Companies: Geopark (GPRK:NYSE)GeoPark Ltd (GPRK:NYS)
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of £A$0.65 per share: Drilling update in Austria - Drilling operations at the high impact Welchau prospect are now expected to commence on 24 February with a duration of ~39 days. ADX will now use the RED E200 rig instead of RED E202. Arrow Exploration (AXL LN/CN)C; target price of £0.60 per share: Successful appraisal drilling expected to boost reserves – The CN-5 well encountered 45 feet of Ubaque
Companies: PEN GPRK ADX REP AXL REP TETY GPRK PRD PEN GTE TETY VLE ATOM KIST
• 2P YE23 reserves were estimated at 115.1 mmboe. Excluding 14.6 mmboe at YE22 in Chile (being sold), this compares to 113.8 mmboe at YE22. During 2023, GeoPark has added ~14 mmboe of 2P reserves. With 12.7 mmbope production in FY23, this represents a reserve replacement ratio of 110%. • The largest contributors to reserve addition are Ecuador (2P increased by 5.3 mmboe to 7.1 mmboe) and the new 2023 discoveries in Colombia with YE23 2P reserves of 3 mmboe at Halcon/Perico (CPO-5) and 3 mmboe at
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$24 per share: Further exploration success in Colombia – The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation. The well is currently producing 650 bbl/d of 14 deg API oil with 8% water cut. This is an important well that confirms the extension of the Llanos-34 Guadalupe play into CPO-5 and is probably derisking further prospects. This is the fifth disco
Companies: TCFF GPRK REP AKRBP MAHAA JSE PXT SOU DNO AKERBP REP ENW EOG HBR PHAR DELT ENOG LBE TETY GPRK TETY VLE DNO MAHAA EGY
• The Perico-1 exploration well at CPO-5 encountered hydrocarbons in the Barco (Guadalupe) formation. The well is currently producing 650 bbl/d of 14 deg API oil with 8% water cut. This is an important well that confirms the extension of the Llanos-34 Guadalupe play into CPO-5 and is probably derisking further prospects. This is the fifth discovery made in the Llanos since mid 2023. • The Halcon-1 well at CPO-5 that also encountered potential hydrocarbons in the Guadalupe flowed at intermittent
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.65 per share: Oversuscribed share purchase plan – ADX has raised a further ~A$1.6 mm as part of a share purchase plan. The terms are in line with the recently announced A$4.8 mm equity raise priced at A$0.10 per share. Chariot (CHAR LN)C; target price of £0.50 per share: Extending position in electricity trading company – Chariot is acquiring 49% of Etana Energy from the Neura Group, with H1 a
Companies: GPRK OMV ADX SYN IVZ OMV CEQ TXP ZEN DNO BOIL EOG CASP HBR ENQ CNE TRIN ZPHR UOG CHAR GPRK R4Y GENL CNE HE1 XOP VLE DNO KIST
• The Bisbita Centro-1 well (Llanos-123) encountered hydrocarbons in the Guadalupe formation. The well is currently producing ~860 bbl/d of 19 degrees API oil with a water cut of less than 1%. • At Llanos-87, the Zorzal Este exploration well that encountered 40 feet of pay in the Guadalupe is currently producing ~660 bbl/d of 33 degrees API oil with a water cut of less than 1%. • The Zorzal Este 2 well (Llanos-87) spudded in late November 2023 and is expected to reach total depth in late Decemb
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Drilling commences at Anshof-2 – Drilling at Anshof-2 has started. The well is targeting the field’s possible reserves with an unrisked NAV of A$0.23 per share. A success would open-up the 3C case with an additional A$0.26 per share unrisked NAV. Arrow Exploration (AXL LN/CN)C; target price of £0.55 per share: High flow and a new discovery at RCE-6. Larger volumes than expected a
Companies: PEN GPRK ADX MAHAA AOI AXL COPL JSE TXP TAL TLW ZPHR ENOG PMG DEC GPRK BCE GENL BWEFF PEN VLE ATOM
• 3Q23 production had already been reported. GeoPark held US$106 mm in cash at the end of September, which is in line with our expectations. • 25-30 feet of hydrocarbon pay were encountered in the Guadalupe formation at the high impact Halcon-1 exploration well at CPO-5. The OWC was not encountered. The Guadalupe formation is one of the producing formations at Llanos-34 and is the reservoir that GeoPark was looking for. The well will now be tested. An appraisal well (Perico-1) will spud adjacent
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November. The well is targeting 4.9 mmboe possible reserves (net to ADX). Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX). The Anshof-2 well is anticipated to be onstream together with the existing Anshof-3 well in 1H24. The Ansh
Companies: PEN SEI OKEA GPRK ADX CE1 BNL MSMN MAHAA AXL SOU TAL DNO ZPHR GPRK CNE PEN DNO OKEA EGY
• 3Q23 production of 34,778 boe/d was below our forecasts of 37.3 mboe/d mostly due to a 10 day blockade at Llanos-34 (-~1.8 mboe/d) and slightly lower production at Platanillo (-~400 bbl/d) and CPO-5 (-~300 bbl/d). • Current production stands at ~39 mboe/d including 7.1 mbbl/d at CPO-5 and 24.4 mboe/d at Llanos-34. • Following the recent exploration success at Toritos-1 and Saltador-1, Llanos-123 is now producing 2,140 bbl/d (1,070 bbl/d net to GeoPark). The very rapid exploration to product
AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; target price of A$0.45 per share: Operating update in Canada – The 3-well Pisces drilling programme has now been completed. The wells have been drilled under budget. The Pisces#10 well is already in production and the production performance is in line with the Pisces#6 and Pisces#7 wells that delivered production significantly above the typical glauconitic production curve. Peak production at these new wells is
Companies: ENI OKEA ALV GPRK CE1 REP AKRBP MAHAA ALV COPL CEQ SOU AKERBP PNOR REP EOG I3E ZPHR DEC GPRK PNOR TTE ENI VLE OKEA
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