Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

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.

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration acreage in Italy – ADX has submitted a third exploration permit application in the Sicily Channel, further expanding its position within the Terravecchia biogenic gas play.</li><li>The new 517 km² d 370 C.R-.AU application is located adjacent to ADX’s existing C.R 150.AU Exploration Permit and the two additional permit applications announced in August.</li><li>Together, ADX’s existing permit and three new application areas cover approximately 1,650 km² in the Sicily Channel.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration acreage in Italy – ADX has submitted a third exploration permit application in the Sicily Channel, further expanding its position within the Terravecchia biogenic gas play.The new 517 km² d 370 C.R-.AU application is located adjacent to ADX’s existing C.R 150.AU Exploration Permit and the two additional permit applications announced in August.Together, ADX’s existing permit and three new application areas cover approximately 1,650 km² in the Sicily Channel.

Equity Bottom-Up

<ul>
<li>ADX has raised A$4.4 mm new equity at A$0.027 per share.</li>
<li>Investors will also receive one option for every two new shares, with an exercise price of A$0.0405 per share.</li>
<li>The proceeds will fund the HOCH‑1 shallow exploration well in Austria, which is expected to spud next month.</li>
</ul>


ADX has raised A$4.4 mm new equity at A$0.027 per share.
Investors will also receive one option for every two new shares, with an exercise price of A$0.0405 per share.
The proceeds will fund the HOCH‑1 shallow exploration well in Austria, which is expected to spud next month.


ADX Energy (ASX: ADX): New Equity Raise Ahead of Drilling in Austria

<ul>
<li>As expected, prospective resource estimates at Welchau have been upgraded, now incorporating the deeper Duplex Array 2 gas‑condensate interval.</li>
<li>The sands in this interval are estimated to contain 165–262 bcf of prospective gas (P50–Pmean), together with 5.8–9.2 mmbbl of associated condensate.</li>
<li>Combined prospective resources across Duplex Arrays 1 and 2 are now assessed at (P50–Pmean) 230–387 bcf, plus 8.1–13.6 mmbbl of condensate, representing more than a three‑fold increase versus previous estimates.</li>
</ul>


As expected, prospective resource estimates at Welchau have been upgraded, now incorporating the deeper Duplex Array 2 gas‑condensate interval.
The sands in this interval are estimated to contain 165–262 bcf of prospective gas (P50–Pmean), together with 5.8–9.2 mmbbl of associated condensate.
Combined prospective resources across Duplex Arrays 1 and 2 are now assessed at (P50–Pmean) 230–387 bcf, plus 8.1–13.6 mmbbl of condensate, representing more than a three‑fold increase versus previous estimates.


ADX Energy (ASX: ADX): 3.5x resources estimates increase at Welchau incorporating deeper potential

<ul>
<li>Following a small acidisation treatment (6 m³ across 45 m of perforations) in the Reifling interval at the Welchau‑1 well, gas and light oil were recovered at surface during swabbing operations.</li>
<li>Although stable inflow was not achieved—indicating that the limited acid volume did not access the open fracture network—the response is encouraging given that the formation had previously been unresponsive.</li>
<li>The light oil recovered from the Reifling Formation is non‑biodegraded and matches the density of the oil sampled from the deeper Steinalm Formation during drilling.</li>
</ul>


Following a small acidisation treatment (6 m³ across 45 m of perforations) in the Reifling interval at the Welchau‑1 well, gas and light oil were recovered at surface during swabbing operations.
Although stable inflow was not achieved—indicating that the limited acid volume did not access the open fracture network—the response is encouraging given that the formation had previously been unresponsive.
The light oil recovered from the Reifling Formation is non‑biodegraded and matches the density of the oil sampled from the deeper Steinalm Formation during drilling.


ADX Energy (ASX: ADX): Well test results at Welchau support interpretation of an updip light oil accumulation

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional flow at HOCH-1 – Zones 4 and 5 were perforated and tested however relative flow rates were inconclusive due to the likely dominance of Zone 2 which has greater permeability than zones 4 and 5.</li><li>Zone 3 was subsequently perforated and cleaned up confirming additional gas flow from this zone.</li><li>Zones 2, 3, 4 and 5 were comingled and produced at flow rate averaging 3.15 mmcf/d (equivalent to 548 boe/d) over a 12 hour period.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional flow at HOCH-1 – Zones 4 and 5 were perforated and tested however relative flow rates were inconclusive due to the likely dominance of Zone 2 which has greater permeability than zones 4 and 5.Zone 3 was subsequently perforated and cleaned up confirming additional gas flow from this zone.Zones 2, 3, 4 and 5 were comingled and produced at flow rate averaging 3.15 mmcf/d (equivalent to 548 boe/d) over a 12 hour period.

Australia

ADX Energy Ltd. explores for oil and natural gas.  The Company operates onshore and offshore in Tunisia, offshore in Italy, and onshore in Australia.

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ADX Energy Ltd (ADX AU)

AUCTUS ON FRIDAY - 04.09.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration...

Auctus Advisors

ADX Energy (ASX: ADX): New Equity Raise Ahead of Drilling in Austria

ADX has raised A$4.4 mm new equity at A$0.027 per share.Investors will also receive one option for every two new shares, with an exercise price of...

Auctus Advisors

ADX Energy (ASX: ADX): 3.5x resources estimates increase at Welchau incorporating deeper potential

As expected, prospective resource estimates at Welchau have been upgraded, now incorporating the deeper Duplex Array 2 gas‑condensate interval.

Auctus Advisors

ADX Energy (ASX: ADX): Well test results at Welchau support interpretation of an updip light oil accumulation

Following a small acidisation treatment (6 m³ across 45 m of perforations) in the Reifling interval at the Welchau‑1 well, gas and light oil were...

Auctus Advisors

AUCTUS ON FRIDAY - 28.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional flow at HOCH-1 –...

Auctus Advisors

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AUCTUS ON FRIDAY - 04.09.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration...

Auctus Advisors

ADX Energy (ASX: ADX): New Equity Raise Ahead of Drilling in Austria

ADX has raised A$4.4 mm new equity at A$0.027 per share.Investors will also receive one option for every two new shares, with an exercise price of...

Auctus Advisors

ADX Energy (ASX: ADX): 3.5x resources estimates increase at Welchau incorporating deeper potential

As expected, prospective resource estimates at Welchau have been upgraded, now incorporating the deeper Duplex Array 2 gas‑condensate interval.

Auctus Advisors

ADX Energy (ASX: ADX): Well test results at Welchau support interpretation of an updip light oil accumulation

Following a small acidisation treatment (6 m³ across 45 m of perforations) in the Reifling interval at the Welchau‑1 well, gas and light oil were...

Auctus Advisors

AUCTUS ON FRIDAY - 28.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional flow at HOCH-1 –...

Auctus Advisors

Following a small acidisation treatment (6 m³ across 45 m of perforations) in the Reifling interval at the Welchau‑1 well, gas and light oil were...