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.

Equity Bottom-Up

<ul><li>• Corporate production, including Thorsby, is now above 6 mboe/d.</li><li>Our 4Q26 forecast of 5.7 mboe/d therefore looks conservative.</li><li>• Backing out ~550 boe/d from Thorsby implies Colombia production of ~5.45 mbbl/d, above the ~5 mbbl/d reported on 7 August, despite no new wells being added.</li></ul>

• Corporate production, including Thorsby, is now above 6 mboe/d.Our 4Q26 forecast of 5.7 mboe/d therefore looks conservative.• Backing out ~550 boe/d from Thorsby implies Colombia production of ~5.45 mbbl/d, above the ~5 mbbl/d reported on 7 August, despite no new wells being added.

Arrow Exploration Corp. (AIM: AXL): Stronger‑than‑expected production; Icaco drilling programme expanded again

<ul>
<li>2Q26 production averaged 4,902 boe/d, broadly in line with expectations (1Q26: 4,715 boe/d).</li>
<li>Arrow reported a working‑capital position of US$14.5 mm at end‑June, including US$28.5 mm of cash.</li>
<li>This reflects an improvement of ~US$9 mm versus end‑March, driven by ~US$14 mm of free cash flow generated in 2Q26.</li>
</ul>


2Q26 production averaged 4,902 boe/d, broadly in line with expectations (1Q26: 4,715 boe/d).
Arrow reported a working‑capital position of US$14.5 mm at end‑June, including US$28.5 mm of cash.
This reflects an improvement of ~US$9 mm versus end‑March, driven by ~US$14 mm of free cash flow generated in 2Q26.


Arrow Exploration Corp. (AIM: AXL): US$14 mm Free Cash Flow in 2Q26. Production in line

Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

<ul>
<li>The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins reports for the three months ended 31 March 2026.</li>
<li>The average corporate production increased 15.4% to 4,715 boe/d. making $23.5m of total oil and natural gas revenue which is 21% higher than Q1 last year.</li>
<li>The EBITDA is $14.1m, a 22% increase when compared to Q1 2025. </li>
</ul>


The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins reports for the three months ended 31 March 2026.
The average corporate production increased 15.4% to 4,715 boe/d. making $23.5m of total oil and natural gas revenue which is 21% higher than Q1 last year.
The EBITDA is $14.1m, a 22% increase when compared to Q1 2025. 


<ul>
<li>Arrow Exploration Corp 23.00p £62.18m (AXL.L) The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins updates on operational activity at the Icaco field on the Tapir Block where Arrow holds 50%.</li>
<li>The Icaco 1 exploration well (IC-1) was spud on May 5, and reached target depth on May 9.</li>
<li>The IC-1 well was drilled, on time and under budget, to a total measured depth of 7,800 feet and encountered multiple hydrocarbonbearing intervals. </li>
</ul>


Arrow Exploration Corp 23.00p £62.18m (AXL.L) The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins updates on operational activity at the Icaco field on the Tapir Block where Arrow holds 50%.
The Icaco 1 exploration well (IC-1) was spud on May 5, and reached target depth on May 9.
The IC-1 well was drilled, on time and under budget, to a total measured depth of 7,800 feet and encountered multiple hydrocarbonbearing intervals. 


Thematic (Sector/Industry)

<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.

Canada

Arrow Exploration Corp. is a public junior oil and gas company. The Company focuses in the acquisition, exploration, and development of oil and gas properties in Colombia and in Western Canada.

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Arrow Exploration (AXL CN)

Arrow Exploration Corp. (AIM: AXL): Stronger‑than‑expected production; Icaco drilling programme expanded again

• Corporate production, including Thorsby, is now above 6 mboe/d. Our 4Q26 forecast of 5.7 mboe/d therefore looks conservative. • Backing out...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): US$14 mm Free Cash Flow in 2Q26. Production in line

2Q26 production averaged 4,902 boe/d, broadly in line with expectations (1Q26: 4,715 boe/d).Arrow reported a working‑capital position of US$14.5 mm...

Auctus Advisors

Hybridan Small Cap Feast: 27 May 2026

The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins reports for the three months ended 31 March 2026.

Hybridan

Hybridan Small Cap Feast: 13 May 2026

Arrow Exploration Corp 23.00p £62.18m (AXL.L) The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins updates...

Hybridan

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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