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$0.30 per share: Firming-up the exploration portfolio in Austria – ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations.</li><li>Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has delineated 24 drillable prospects across five distinct plays, with P50 prospective resources of ~247 bcf and 31 mmbbl (~72 mmboe).</li><li>The proportion of gas in the exploration portfolio (excluding Welchau-1) has increased from ~44% % to ~68% with OHO (15 mmboe) now estimated to hold gas rather than oil.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Firming-up the exploration portfolio in Austria – ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations.Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has delineated 24 drillable prospects across five distinct plays, with P50 prospective resources of ~247 bcf and 31 mmbbl (~72 mmboe).The proportion of gas in the exploration portfolio (excluding Welchau-1) has increased from ~44% % to ~68% with OHO (15 mmboe) now estimated to hold gas rather than oil.

<ul>
<li>Arrow Exploration (AXL LN/CN)C; Target price of £0.50 per share: High impact exploration drilling in 2H25 – 2Q25 production averaged 3,768 boe/d, impacted by water handling constraints and steeper-than-anticipated early declines at newly drilled wells.</li>
<li>Current WI production stands at ~4,200 boe/d, down from the July peak of 4,600–4,800 boe/d, which reflected initial flush output from AB-HZ5 and AB-HZ4.</li>
<li>While first-month decline rates are steep, Arrow has observed that post-month-one declines are minimal.</li>
</ul>


Arrow Exploration (AXL LN/CN)C; Target price of £0.50 per share: High impact exploration drilling in 2H25 – 2Q25 production averaged 3,768 boe/d, impacted by water handling constraints and steeper-than-anticipated early declines at newly drilled wells.
Current WI production stands at ~4,200 boe/d, down from the July peak of 4,600–4,800 boe/d, which reflected initial flush output from AB-HZ5 and AB-HZ4.
While first-month decline rates are steep, Arrow has observed that post-month-one declines are minimal.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB).</li><li>AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net).</li><li>Both wells are outperforming expectations in terms of flow rates and pressure, which may positively impact reserves estimates.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB).AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net).Both wells are outperforming expectations in terms of flow rates and pressure, which may positively impact reserves estimates.

<ul>
<li>Arrow Energy (AXL LN/CN)C; Target price of £0.70 per share: Share buyback programme – Arrow has announced a share buyback programme for up to £2.7 mm worth of shares, representing 5% of the company’s public float.</li>
<li>This highlights the strength of the business and the cashflow.</li>
<li>Pharos Energy (PHAR LN)C; Target price of £0.45 per share: Licence extension in Vietnam – The exploration period on Blocks 125 &amp; 126 has been extended by two years to November 2027.</li>
</ul>


Arrow Energy (AXL LN/CN)C; Target price of £0.70 per share: Share buyback programme – Arrow has announced a share buyback programme for up to £2.7 mm worth of shares, representing 5% of the company’s public float.
This highlights the strength of the business and the cashflow.
Pharos Energy (PHAR LN)C; Target price of £0.45 per share: Licence extension in Vietnam – The exploration period on Blocks 125 &amp; 126 has been extended by two years to November 2027.


<ul><li>Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: Gearing-up for acquisitions?</li><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></ul>

Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: 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 at RCE, the decline rate between 4Q24 and 1Q25 was only ~5%.

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 - 05/09/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Firming-up the exploration...

Auctus Advisors

AUCTUS ON FRIDAY - 29/08/2025

Current WI production stands at ~4,200 boe/d, down from the July peak of 4,600–4,800 boe/d, which reflected initial flush output from AB-HZ5 and AB...

Auctus Advisors

AUCTUS ON FRIDAY - 18/07/2025

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver...

Auctus Advisors

AUCTUS ON FRIDAY - 13/06/2025

Pharos Energy (PHAR LN)C; Target price of £0.45 per share: Licence extension in Vietnam – The exploration period on Blocks 125 & 126 has been...

Auctus Advisors

AUCTUS ON FRIDAY - 30/05/2025

Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: Gearing-up for acquisitions? – 1Q25 production was 4,085 boe/d with no horizontal...

Auctus Advisors

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