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.

<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.

<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.


<ul>
<li>Condor Energies (CDR CN)C; Target price of C$5.80 per share: Well results derisk the deeper clastic play.</li>
<li>The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations.</li>
<li>The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November.</li>
</ul>


Condor Energies (CDR CN)C; Target price of C$5.80 per share: Well results derisk the deeper clastic play.
The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations.
The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Financial update – New Zealand has received short term loans totalling C$0.48 mm from Charlestown Energy Partners and a company controlled by New Zealand’s Chairman.</li><li>The loans, which were issued with an original issuance discount of 10%.</li><li>are unsecured and non-convertible, with interest payable at 15% per annum and repayment is due on August 27, 2025, The company now intends to complete a private placement.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Financial update – New Zealand has received short term loans totalling C$0.48 mm from Charlestown Energy Partners and a company controlled by New Zealand’s Chairman.The loans, which were issued with an original issuance discount of 10%.are unsecured and non-convertible, with interest payable at 15% per annum and repayment is due on August 27, 2025, The company now intends to complete a private placement.

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

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

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

AUCTUS ON FRIDAY - 24/10/2025

The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive...

Auctus Advisors

AUCTUS ON FRIDAY - 27/06/2025

AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Financial update – New Zealand has received short term...

Auctus Advisors

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