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>• 1Q25 production was 4,085 boe/d with no horizontal wells drilled in the period.</li><li>RCE is more mature than CN and while no drilling has taken place at RCE, the decline rate between 4Q24 and 1Q25 was only ~5%.</li><li> • 1Q25 Production was constrained by increased water production preventing the company increasing the speed of the pumps at some of its producing wells.</li></ul>

• 1Q25 production was 4,085 boe/d with no horizontal wells drilled in the period.RCE is more mature than CN and while no drilling has taken place at RCE, the decline rate between 4Q24 and 1Q25 was only ~5%. • 1Q25 Production was constrained by increased water production preventing the company increasing the speed of the pumps at some of its producing wells.

Arrow Exploration Corp. (AIM: AXL): Gearing-up for acquisitions?

<ul>
<li>4Q24 net production was 4,738 boe/d.</li>
<li>The YE24 cash position had been reported previously and there are no surprises in the remainder of the YE24 balance sheet.</li>
<li>The existing rig is being mobilized to Alberta Llanos to drill two new horizontal development wells in 2Q25.</li>
</ul>


4Q24 net production was 4,738 boe/d.
The YE24 cash position had been reported previously and there are no surprises in the remainder of the YE24 balance sheet.
The existing rig is being mobilized to Alberta Llanos to drill two new horizontal development wells in 2Q25.


Arrow Exploration Corp. (AIM: AXL): Second Drilling Rig to Be Mobilized in May

<ul>
<li>Net production is currently exceeding 4.5 mboe/d, consistent with January levels.</li>
<li>The CN HZ10 well, located in the northern area of the CN field, commenced production on 31 March, delivering 1,183 bbl/d of oil (591 bbl/d net to Arrow) with a 21% water cut from the Ubaque reservoir.</li>
<li>The well is in the process of cleaning up, with the water cut gradually decreasing.</li>
</ul>


Net production is currently exceeding 4.5 mboe/d, consistent with January levels.
The CN HZ10 well, located in the northern area of the CN field, commenced production on 31 March, delivering 1,183 bbl/d of oil (591 bbl/d net to Arrow) with a 21% water cut from the Ubaque reservoir.
The well is in the process of cleaning up, with the water cut gradually decreasing.


Arrow Exploration Corp. (AIM: AXL): Stable Production, 10% Cash Increase

<ul>
<li>Following the discovery well, Arrow has drilled two new vertical wells at Alberta Llanos, effectively delineating the field.</li>
<li>The AB-2 well at the far northern limit of the field encountered multiple hydrocarbon-bearing intervals with good reservoir characteristics but came in structurally lower than anticipated, resulting in sub-economic oil rates from the Carbonera sandstones.</li>
<li>Additional zones can be completed at a later stage.</li>
</ul>


Following the discovery well, Arrow has drilled two new vertical wells at Alberta Llanos, effectively delineating the field.
The AB-2 well at the far northern limit of the field encountered multiple hydrocarbon-bearing intervals with good reservoir characteristics but came in structurally lower than anticipated, resulting in sub-economic oil rates from the Carbonera sandstones.
Additional zones can be completed at a later stage.


Arrow Exploration Corp. (AIM: AXL): Appraisal drilling results at Alberta Llanos unlock full field development with horizontal wells

<ul><li>• The AB-1 (Alberta Llanos) exploration well is now on production at an oil rate of 658 bbl/d gross (329 bbl/d net) with 49% water cut from 62 feet of net pay in the Ubaque.</li><li>• The IP rate is in line with the expectations set out in the company’s September corporate presentation (321 bbl/d net).</li><li>• The AB-2 well has reached TD and the logs are being evaluated.</li></ul>

• The AB-1 (Alberta Llanos) exploration well is now on production at an oil rate of 658 bbl/d gross (329 bbl/d net) with 49% water cut from 62 feet of net pay in the Ubaque.• The IP rate is in line with the expectations set out in the company’s September corporate presentation (321 bbl/d net).• The AB-2 well has reached TD and the logs are being evaluated.

Arrow Exploration Corp. (AIM: AXL): Flow rate in line with expectations at AB-1. Two more appraisal wells in January

Canada

Arrow Exploration is a Canadian junior oil and gas company focused on the acquisition, exploration, development, and production of crude oil and natural gas properties. The company operates in two segments: Colombia, its core area of operations, and Canada. Its primary assets are in Colombia's Llanos and Middle Magdalena Basins. The company was formed in 2018 and is headquartered in Calgary, Canada.

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Arrow Exploration (AXL LN)

Arrow Exploration Corp. (AIM: AXL): Gearing-up for acquisitions?

• 1Q25 production was 4,085 boe/d with no horizontal wells drilled in the period. RCE is more mature than CN and while no drilling has taken place...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Second Drilling Rig to Be Mobilized in May

4Q24 net production was 4,738 boe/d. The YE24 cash position had been reported previously and there are no surprises in the remainder of the YE24...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Stable Production, 10% Cash Increase

The CN HZ10 well, located in the northern area of the CN field, commenced production on 31 March, delivering 1,183 bbl/d of oil (591 bbl/d net to...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Appraisal drilling results at Alberta Llanos unlock full field development with horizontal wells

The AB-2 well at the far northern limit of the field encountered multiple hydrocarbon-bearing intervals with good reservoir characteristics but...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Flow rate in line with expectations at AB-1. Two more appraisal wells in January

• The AB-1 (Alberta Llanos) exploration well is now on production at an oil rate of 658 bbl/d gross (329 bbl/d net) with 49% water cut from 62...

Auctus Advisors

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