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$0.16 per share: Industry partner for GOLD cluster – Empyrean Energy has signed a binding Heads of Agreement to acquire a 10% economic interest in the GOLD Cluster Area in Austria, in exchange for funding the drilling and testing of the GOLD‑1 well.</li><li>The required investment is EUR 555,400.</li><li>Empyrean will also pay EUR 50,000 (non‑refundable) for an exclusivity period running until 16 October, during which final funding arrangements and documentation will be completed.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Industry partner for GOLD cluster – Empyrean Energy has signed a binding Heads of Agreement to acquire a 10% economic interest in the GOLD Cluster Area in Austria, in exchange for funding the drilling and testing of the GOLD‑1 well.The required investment is EUR 555,400.Empyrean will also pay EUR 50,000 (non‑refundable) for an exclusivity period running until 16 October, during which final funding arrangements and documentation will be completed.

Equity Bottom-Up

<ul>
<li>IC‑1 has been brought onstream in the C7, where the perforated interval comprises two clean sandstone units with ~25% average porosity.</li>
<li>During clean‑up, the well achieved a maximum oil rate of 816 bbl/d (408 bbl/d net).</li>
<li>The oil gravity is 27.8° API.</li>
</ul>


IC‑1 has been brought onstream in the C7, where the perforated interval comprises two clean sandstone units with ~25% average porosity.
During clean‑up, the well achieved a maximum oil rate of 816 bbl/d (408 bbl/d net).
The oil gravity is 27.8° API.


Arrow Exploration Corp. (AIM: AXL): Positive flow rate at Icaco-1

<ul>
<li>The Icaco‑1 vertical exploration well encountered net oil pay in three of the four targeted formations.</li>
<li>The well intersected ~30 ft of net pay in the C7, ~15 ft in the Gacheta and ~26 ft in the Ubaque.</li>
<li>This is a very good result that should translate into additional reserves and very near term future production.</li>
</ul>


The Icaco‑1 vertical exploration well encountered net oil pay in three of the four targeted formations.
The well intersected ~30 ft of net pay in the C7, ~15 ft in the Gacheta and ~26 ft in the Ubaque.
This is a very good result that should translate into additional reserves and very near term future production.


Arrow Exploration Corp. (AIM: AXL): Discovery at Icaco across three formations

<ul><li>• The M‑HZ12 well at Mateguafa Attic has been brought onstream in the Carbonera C9 reservoir, producing 564 bbl/d gross ( 282 bbl/d net) of 32° API oil with a 60% water cut.</li><li>The well encountered ~30 ft of net oil pay in the C9.</li><li>During clean‑up, rates reached 668 bbl/d gross (334 bbl/d net).</li></ul>

• The M‑HZ12 well at Mateguafa Attic has been brought onstream in the Carbonera C9 reservoir, producing 564 bbl/d gross ( 282 bbl/d net) of 32° API oil with a 60% water cut.The well encountered ~30 ft of net oil pay in the C9.During clean‑up, rates reached 668 bbl/d gross (334 bbl/d net).

Arrow Exploration Corp. (AIM: AXL): High cash and high realizations

<ul>
<li>FY25 production averaged 4,012 boe/d; which is in line with expectations.</li>
<li>Arrow plans to drill up to nine wells in 2026, four of which have already been completed.</li>
<li>FY 26 Capex is set at US$24 mm, consistent with our forecasts.</li>
</ul>


FY25 production averaged 4,012 boe/d; which is in line with expectations.
Arrow plans to drill up to nine wells in 2026, four of which have already been completed.
FY 26 Capex is set at US$24 mm, consistent with our forecasts.


Arrow Exploration Corp. (AIM: AXL): US$24 mm capex and up to 9 wells in 2026

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)

AUCTUS ON FRIDAY - 18.09.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Industry partner for GOLD...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Positive flow rate at Icaco-1

IC‑1 has been brought onstream in the C7, where the perforated interval comprises two clean sandstone units with ~25% average porosity.

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Discovery at Icaco across three formations

The Icaco‑1 vertical exploration well encountered net oil pay in three of the four targeted formations.The well intersected ~30 ft of net pay in...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): High cash and high realizations

• The M‑HZ12 well at Mateguafa Attic has been brought onstream in the Carbonera C9 reservoir, producing 564 bbl/d gross ( 282 bbl/d net) of 32°...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): US$24 mm capex and up to 9 wells in 2026

FY25 production averaged 4,012 boe/d; which is in line with expectations.Arrow plans to drill up to nine wells in 2026, four of which have already...

Auctus Advisors

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