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$0.19 per share: New equity raise ahead of drilling in Austria – 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>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: 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 A$0.0405 per share.The proceeds will fund the HOCH‑1 shallow exploration well in Austria, which is expected to spud next month.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A0.22 per share: Raising new equity for Austria and Italy – ADX has raised A$4.4 mm of new equity priced at A$0.027 per share.</li><li>Participants will also receive one unlisted option for every two new shares with an exercise price of A$0.0405 per share.</li><li> New Zealand Energy (NZ CN)C; Target price of C$1.25 per share: Positive well result.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A0.22 per share: Raising new equity for Austria and Italy – ADX has raised A$4.4 mm of new equity priced at A$0.027 per share.Participants will also receive one unlisted option for every two new shares with an exercise price of A$0.0405 per share. New Zealand Energy (NZ CN)C; Target price of C$1.25 per share: Positive well result.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.22 per share: 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.</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>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.22 per share: 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.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.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.21 per share: 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 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>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.21 per share: 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 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.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.20 per share: Gas to surface at Welchau – Hydrocarbon gas (Methane - CH4) was observed at surface from the Reifling Formation for the first time within the shallowest part of the Welchau anticline following acidization.</li><li>See website for full report Condor Energies (CDR CN)C; Target price of C$5.60 per share: Strong well test results point to meaningful reserves upgrade – The K‑45 vertical well encountered 19.9 metres of net carbonate reservoir across four distinct intervals.</li><li>Reservoir quality in the primary pay zone exceeded pre‑drill expectations, delivering an average porosity of 16%, with localized streaks surpassing 20%.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.20 per share: Gas to surface at Welchau – Hydrocarbon gas (Methane - CH4) was observed at surface from the Reifling Formation for the first time within the shallowest part of the Welchau anticline following acidization.See website for full report Condor Energies (CDR CN)C; Target price of C$5.60 per share: Strong well test results point to meaningful reserves upgrade – The K‑45 vertical well encountered 19.9 metres of net carbonate reservoir across four distinct intervals.Reservoir quality in the primary pay zone exceeded pre‑drill expectations, delivering an average porosity of 16%, with localized streaks surpassing 20%.

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 - 20.03.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: New equity raise ahead of...

Auctus Advisors

AUCTUS ON FRIDAY - 13.03.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A0.22 per share: Raising new equity for Austria...

Auctus Advisors

AUCTUS ON FRIDAY - 06.03.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.22 per share: 3.5x resources estimates...

Auctus Advisors

AUCTUS ON FRIDAY - 27.02.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.21 per share: Well test results at Welchau...

Auctus Advisors

AUCTUS ON FRIDAY - 20.02.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.20 per share: Gas to surface at Welchau –...

Auctus Advisors

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