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$0.18 per share: Well test at HOCH deeper zones in ~ 3 weeks –Wireline logging has identified 4–6 m of net gas pay across seven intervals within the deeper Base Hall channel formation (1,465–1,617 m).</li><li>Based on offset well data, these relatively thin reservoirs (0.3–1.5 m) can deliver high production rates and support a commercial development.</li><li>The identified intervals are expected to be tested in approximately three weeks, which should provide greater clarity on reservoir performance and enable an estimate of potential reserves.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper zones in ~ 3 weeks –Wireline logging has identified 4–6 m of net gas pay across seven intervals within the deeper Base Hall channel formation (1,465–1,617 m).Based on offset well data, these relatively thin reservoirs (0.3–1.5 m) can deliver high production rates and support a commercial development.The identified intervals are expected to be tested in approximately three weeks, which should provide greater clarity on reservoir performance and enable an estimate of potential reserves.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: 3D Seismic acquisition completed.</li><li>Drilling to start in 4Q26 - The 170 km² 3D seismic programme over the Mankota/Grasslands area (HEVI WI: 49%) has now been completed.</li><li>Processing and interpretation are expected in early June and will enable the company to define and rank drilling locations.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: 3D Seismic acquisition completed.Drilling to start in 4Q26 - The 170 km² 3D seismic programme over the Mankota/Grasslands area (HEVI WI: 49%) has now been completed.Processing and interpretation are expected in early June and will enable the company to define and rank drilling locations.

<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 Exploration (ADX AU)C; Target price of A$0.20 per share: Momentum accelerating.</li><li>Potential resources increase in Austria – The Welchau‑1 well is scheduled for re‑entry in February to test the Reifling reservoir.</li><li>An acid stimulation will be performed on the perforated interval to address wellbore damage and improve productivity in the carbonate section.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy Exploration (ADX AU)C; Target price of A$0.20 per share: Momentum accelerating.Potential resources increase in Austria – The Welchau‑1 well is scheduled for re‑entry in February to test the Reifling reservoir.An acid stimulation will be performed on the perforated interval to address wellbore damage and improve productivity in the carbonate section.

<ul>
<li>Condor Energies (CDR CN)C; Target price of C$5.60 per share: Uzbekistan production boost: two new wells onstream in February – The first horizontal well is now onstream.</li>
<li>Only the shallower interval has been tested to date, delivering 3.6 mmcf/d.</li>
<li>The full ~1 km lateral — including the zones with the strongest gas‑show responses — has not yet been accessed.</li>
</ul>


Condor Energies (CDR CN)C; Target price of C$5.60 per share: Uzbekistan production boost: two new wells onstream in February – The first horizontal well is now onstream.
Only the shallower interval has been tested to date, delivering 3.6 mmcf/d.
The full ~1 km lateral — including the zones with the strongest gas‑show responses — has not yet been accessed.


United Kingdom

Afentra is an upstream oil and gas company focused on acquiring and optimizing producing and near-field development assets, primarily in Africa, with a core portfolio in Angola. The company is involved in the appraisal, exploration, development, and production of oil and gas. Afentra is headquartered in London, United Kingdom, and was incorporated in 1983.

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Afentra (AET LN)

AUCTUS ON FRIDAY - 15.05.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper...

Auctus Advisors

AUCTUS ON FRIDAY - 24.04.2026

AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: 3D Seismic acquisition...

Auctus Advisors

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 - 02.06.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy Exploration (ADX AU)C; Target price of A$0.20 per share: Momentum...

Auctus Advisors

AUCTUS ON FRIDAY - 16.01.2026

Condor Energies (CDR CN)C; Target price of C$5.60 per share: Uzbekistan production boost: two new wells onstream in February – The first horizontal...

Auctus Advisors

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