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 ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon drilling to commence mid-year and EG acquisition to close in 3Q26 – 1Q26 WI production and net debt at end-March had already been disclosed.</li><li>Completion of the additional 40.375% WI acquisition in Ceiba–Okume remains on track for 3Q26.</li><li>In 2Q26, Panoro has lifted ~546 mbbl on a pro forma basis at a realized price of US$114/bbl, generating ~US$62 mm of pro forma revenue.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon drilling to commence mid-year and EG acquisition to close in 3Q26 – 1Q26 WI production and net debt at end-March had already been disclosed.Completion of the additional 40.375% WI acquisition in Ceiba–Okume remains on track for 3Q26.In 2Q26, Panoro has lifted ~546 mbbl on a pro forma basis at a realized price of US$114/bbl, generating ~US$62 mm of pro forma revenue.

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Cross Asset Strategy

<ul><li>The first quarter's results were driven by mining and energy investments.</li><li>The Norwegian upstream complex (Var Energi, Equinor, Aker BP), joined by the UK's Harbour Energy, contributed a combined 12.0% of gross quarterly returns.</li><li>The materials sleeve added a further 11.2%, with performance split between miners and the warrant book. </li></ul>

The first quarter's results were driven by mining and energy investments.The Norwegian upstream complex (Var Energi, Equinor, Aker BP), joined by the UK's Harbour Energy, contributed a combined 12.0% of gross quarterly returns.The materials sleeve added a further 11.2%, with performance split between miners and the warrant book. 

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Natural gas encountered at HOCH-1 – The HOCH-1 well encountered a first intersection of gas filled sands (100% methane) in the primary target (Hall formation) at ~1350 m.</li><li>The well was deepened and encountered six further sands approximately 1 to 2 metres thick with gas shows below the primary target interval between 1354 to 1368 m.</li><li>A wireline logging program will be run to confirm reservoir quality, net reservoir thickness and gas saturation.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Natural gas encountered at HOCH-1 – The HOCH-1 well encountered a first intersection of gas filled sands (100% methane) in the primary target (Hall formation) at ~1350 m.The well was deepened and encountered six further sands approximately 1 to 2 metres thick with gas shows below the primary target interval between 1354 to 1368 m.A wireline logging program will be run to confirm reservoir quality, net reservoir thickness and gas saturation.

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Key points (machine generated)<ul><li>Aker BP, led by CEO Karl Johnny Hersvik since 2014, has achieved a 22% annualized return and focuses on the Norwegian Continental Shelf.</li><li>The company was formed through significant mergers, including the 2016 merger of Det norske and BP Norge, and the 2022 acquisition of Lundin Energy for $14 billion.</li><li>Aker BP has a breakeven oil price below $35 per barrel, competitive production costs of approximately $6 per barrel of oil equivalent, and 10.6 years of proven reserves.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Aker BP, led by CEO Karl Johnny Hersvik since 2014, has achieved a 22% annualized return and focuses on the Norwegian Continental Shelf.The company was formed through significant mergers, including the 2016 merger of Det norske and BP Norge, and the 2022 acquisition of Lundin Energy for $14 billion.Aker BP has a breakeven oil price below $35 per barrel, competitive production costs of approximately $6 per barrel of oil equivalent, and 10.6 years of proven reserves.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Aker Bp Asa (AKRBF) - Thursday, Jul 10, 2025

<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.</li>
<li>The company held ~A$4 mm in cash at the end of September, also in line with forecasts.</li>
<li>A busy operational period is anticipated in 1H26.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.
The company held ~A$4 mm in cash at the end of September, also in line with forecasts.
A busy operational period is anticipated in 1H26.


Norway

Aker BP ASA operates as an oil and gas exploration and production company. The Company focuses on the exploration and development of petroleum resources on the Norwegian Shelf.

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Aker BP ASA (AKRBP NO)

AUCTUS ON FRIDAY - 22.05.2026

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon...

Auctus Advisors

1Q2026 Letter to Investors

The first quarter's results were driven by mining and energy investments. The Norwegian upstream complex (Var Energi, Equinor, Aker BP), joined by...

Massif Capital Research

AUCTUS ON FRIDAY - 08.05.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Natural gas encountered at...

Auctus Advisors

Aker Bp Asa (AKRBF) - Thursday, Jul 10, 2025

Aker BP, a top oil company focused on the Norwegian Continental Shelf, has achieved a 22% annualized return since 2014, with low costs and strong...

Value Investors Club (VIC)

AUCTUS ON FRIDAY - 07/11/2025

ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.

Auctus Advisors

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