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: HOCH-1 potentially larger than expected – Pressure‑build‑up analysis from the first Hall zone at HOCH‑1 indicates stronger reservoir productivity, supporting a potential flow rate of ~3.5 mmcf/d versus the actual test rate of 2.7 mmcf/d.</li><li>The sand body is also estimated to extend at least 600 m from the HOCH‑1 wellbore.</li><li>Recently reprocessed pre‑stack depth‑migrated 3D seismic has refined the mapping of the Hall Channel Sands intersected in the deeper section of HOCH‑1.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: HOCH-1 potentially larger than expected – Pressure‑build‑up analysis from the first Hall zone at HOCH‑1 indicates stronger reservoir productivity, supporting a potential flow rate of ~3.5 mmcf/d versus the actual test rate of 2.7 mmcf/d.The sand body is also estimated to extend at least 600 m from the HOCH‑1 wellbore.Recently reprocessed pre‑stack depth‑migrated 3D seismic has refined the mapping of the Hall Channel Sands intersected in the deeper section of HOCH‑1.

Equity Bottom-Up

<ul>
<li>M-HZ7, the first horizontal well at Mateguafa Attic, has been brought onstream in the C9 zone.</li>
<li>It is producing on a small choke (25/128) at a restricted gross oil rate of 1,694 bbl/d (847 bbl/d net to Arrow), with oil quality of 30.6° API and a 4% water cut.</li>
<li>This initial rate is approximately double that of the M-6 vertical well.</li>
</ul>


M-HZ7, the first horizontal well at Mateguafa Attic, has been brought onstream in the C9 zone.
It is producing on a small choke (25/128) at a restricted gross oil rate of 1,694 bbl/d (847 bbl/d net to Arrow), with oil quality of 30.6° API and a 4% water cut.
This initial rate is approximately double that of the M-6 vertical well.


Arrow Exploration Corp. (AIM: AXL): High flow rate at first Mateguafa Hz well firms-up the upside case

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Well test update in Austria – The pressure build up analysis of first Hall zone at HOCH-1 indicates good reservoir productivity (3.5 mmcf/d potential) with a sand extent of at least 600 metres from the HOCH-1 wellbore.</li><li>Recently reprocessed pre stacked depth migrated 3D seismic mapping of the Hall Channel Sands intersected in the deeper section of the HOCH-1 well have been correlated to nearby wells (2.5-3.0 km away) indicating the potential for a large lateral extension of several sand bodies planned to be tested during the remaining program.</li><li>A Hall sand and a Hall Channel sand will be tested during the remaining phase 1 test program later this month.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Well test update in Austria – The pressure build up analysis of first Hall zone at HOCH-1 indicates good reservoir productivity (3.5 mmcf/d potential) with a sand extent of at least 600 metres from the HOCH-1 wellbore.Recently reprocessed pre stacked depth migrated 3D seismic mapping of the Hall Channel Sands intersected in the deeper section of the HOCH-1 well have been correlated to nearby wells (2.5-3.0 km away) indicating the potential for a large lateral extension of several sand bodies planned to be tested during the remaining program.A Hall sand and a Hall Channel sand will be tested during the remaining phase 1 test program later this month.

<ul>
<li>Arrow reported 3Q25 production of 4,214 boe/d, broadly in line with our ~4.4 mboe/d expectation.</li>
<li>The company held US$6.5 mm in cash at end‑September (with no debt), rising to US$8.2 mm by 1 November.</li>
<li>With only one rig currently in operation, recent drilling success at M‑5 and M‑6, and the imminent contribution from the M‑HZ7 horizontal well, we expect Arrow’s cash position to continue to strengthen.</li>
</ul>


Arrow reported 3Q25 production of 4,214 boe/d, broadly in line with our ~4.4 mboe/d expectation.
The company held US$6.5 mm in cash at end‑September (with no debt), rising to US$8.2 mm by 1 November.
With only one rig currently in operation, recent drilling success at M‑5 and M‑6, and the imminent contribution from the M‑HZ7 horizontal well, we expect Arrow’s cash position to continue to strengthen.


Arrow Exploration Corp. (AIM: AXL): Rebuilding cash momentum; Icaco prospect drilling on track for 1Q26

<ul>
<li>The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe).</li>
<li>This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation.</li>
<li>This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in December.</li>
</ul>


The M-6 vertical well has encountered 30 ft of net oil pay in the Carbonera C9 formation (previously named Guadalupe).
This compares favourably with the results of the M-5 well that encountered ~ 26 feet of net oil pay in the same formation.
This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in December.


Arrow Exploration Corp. (AIM: AXL): Another positive result at Mateguafa Attic

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 - 21.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: HOCH-1 potentially larger...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): High flow rate at first Mateguafa Hz well firms-up the upside case

It is producing on a small choke (25/128) at a restricted gross oil rate of 1,694 bbl/d (847 bbl/d net to Arrow), with oil quality of 30.6° API and...

Auctus Advisors

AUCTUS ON FRIDAY - 14.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Well test update in Austria –...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Rebuilding cash momentum; Icaco prospect drilling on track for 1Q26

With only one rig currently in operation, recent drilling success at M‑5 and M‑6, and the imminent contribution from the M‑HZ7 horizontal well, we...

Auctus Advisors

Arrow Exploration Corp. (AIM: AXL): Another positive result at Mateguafa Attic

This result provides a strong foundation for the first horizontal well at Mateguafa (M-HZ7), already spudded and expected to come onstream in...

Auctus Advisors

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