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 ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25.</li><li>Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.</li><li>Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25.Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.

<ul>
<li>Condor Energies (CDR CN) C ; Target price of C$5.60 per share: Production rises again.</li>
<li>Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.</li>
<li>4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. I</li>
</ul>


Condor Energies (CDR CN) C ; Target price of C$5.60 per share: Production rises again.
Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.
4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. I


<ul><li>AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.00p per share: Restarting intervention activities at Tobias field -Intervention activities will soon restart at the Tobias-13 and Tobias-14 wells on Block KON-11, aiming to re-establish production at the Tobias field.</li><li>Discovered in 1961, the Tobias field initially had an estimated 94 mmbbl of oil in place.</li><li>Twelve wells were drilled, with eight producers reaching peak production of 17.5 mbbl/d.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.00p per share: Restarting intervention activities at Tobias field -Intervention activities will soon restart at the Tobias-13 and Tobias-14 wells on Block KON-11, aiming to re-establish production at the Tobias field.Discovered in 1961, the Tobias field initially had an estimated 94 mmbbl of oil in place.Twelve wells were drilled, with eight producers reaching peak production of 17.5 mbbl/d.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in October – The ANS-2A sidetrack well has encountered a 6.5 m net vertical oil column in high quality Eocene-aged sandstone reservoir.</li><li>The reservoir quality encountered at ANS-2A is consistent with ANS-2 (porosity and permeability ~20% higher than at ANS-3).</li><li>The oil-water contact was encountered very close to the top of the water wet reservoir encountered at ANS-2.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in October – The ANS-2A sidetrack well has encountered a 6.5 m net vertical oil column in high quality Eocene-aged sandstone reservoir.The reservoir quality encountered at ANS-2A is consistent with ANS-2 (porosity and permeability ~20% higher than at ANS-3).The oil-water contact was encountered very close to the top of the water wet reservoir encountered at ANS-2.

<ul>
<li>Chariot (CHAR LN) C: target price of £0.50 per share: High impact well offshore Morocco on track to spud in August – The FY23 financials were in line with our forecasts.</li>
<li>The high impact Anchois East well is expected to spud in August.</li>
<li>A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot).</li>
</ul>


Chariot (CHAR LN) C: target price of £0.50 per share: High impact well offshore Morocco on track to spud in August – The FY23 financials were in line with our forecasts.
The high impact Anchois East well is expected to spud in August.
A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot).


United Kingdom

Capricorn Energy PLC is oil and gas exploration and development company. The Company operates in North West Europe, North Atlantic, Mediterranean, and South Asia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Capricorn Energy (CNE LN)

AUCTUS ON FRIDAY - 09/05/2025

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in...

Auctus Advisors

AUCTUS ON FRIDAY - 28/03/2025

Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.

Auctus Advisors

AUCTUS ON FRIDAY - 31/01/2025

AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.00p per share: Restarting intervention...

Auctus Advisors

AUCTUS ON FRIDAY - 20/09/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in...

Auctus Advisors

AUCTUS ON FRIDAY - 14/06/2024

Chariot (CHAR LN) C: target price of £0.50 per share: High impact well offshore Morocco on track to spud in August – The FY23 financials were in...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)