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>• The management of Chariot Group are considering splitting the company in two entities, one focusing on upstream oil and gas and the other on renewable power, the latter will also house the hydrogen and water assets.</li><li>• Pending further details, we are placing our target price under review.</li></ul>

• The management of Chariot Group are considering splitting the company in two entities, one focusing on upstream oil and gas and the other on renewable power, the latter will also house the hydrogen and water assets.• Pending further details, we are placing our target price under review.

Chariot Limited (AIM: CHAR): Potentially demerging the group

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.20 per share: Gas to surface at Welchau – Hydrocarbon gas (Methane - CH4) was observed at surface from the Reifling Formation for the first time within the shallowest part of the Welchau anticline following acidization.</li><li>See website for full report Condor Energies (CDR CN)C; Target price of C$5.60 per share: Strong well test results point to meaningful reserves upgrade – The K‑45 vertical well encountered 19.9 metres of net carbonate reservoir across four distinct intervals.</li><li>Reservoir quality in the primary pay zone exceeded pre‑drill expectations, delivering an average porosity of 16%, with localized streaks surpassing 20%.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.20 per share: Gas to surface at Welchau – Hydrocarbon gas (Methane - CH4) was observed at surface from the Reifling Formation for the first time within the shallowest part of the Welchau anticline following acidization.See website for full report Condor Energies (CDR CN)C; Target price of C$5.60 per share: Strong well test results point to meaningful reserves upgrade – The K‑45 vertical well encountered 19.9 metres of net carbonate reservoir across four distinct intervals.Reservoir quality in the primary pay zone exceeded pre‑drill expectations, delivering an average porosity of 16%, with localized streaks surpassing 20%.

<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January.</li>
<li>The shallow gas drilling programme will start February 2026 while oil appraisal drilling is scheduled for 3Q26.</li>
<li>Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: High pressure at Jetstream #3 – Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters depth, with bottom-hole pressure estimated at ~960 psi at 661 meters.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January.
The shallow gas drilling programme will start February 2026 while oil appraisal drilling is scheduled for 3Q26.
Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: High pressure at Jetstream #3 – Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters depth, with bottom-hole pressure estimated at ~960 psi at 661 meters.


<ul>
<li>Chariot (CHAR LN)C; Under review: Potential demerger – The management of Chariot is considering splitting the company in two entities, one focusing on upstream oil and gas and the other on renewable power.</li>
<li>The latter will also house the hydrogen and water assets.</li>
<li>Pending further details, we are placing the company under review.</li>
</ul>


Chariot (CHAR LN)C; Under review: Potential demerger – The management of Chariot is considering splitting the company in two entities, one focusing on upstream oil and gas and the other on renewable power.
The latter will also house the hydrogen and water assets.
Pending further details, we are placing the company under review.


<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%.

United Kingdom

Chariot Limited is an independent oil and gas exploration group focused on Namibia and Mauritania.

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Chariot Limited (CHAR LN)

Chariot Limited (AIM: CHAR): Potentially demerging the group

• The management of Chariot Group are considering splitting the company in two entities, one focusing on upstream oil and gas and the other on...

Auctus Advisors

AUCTUS ON FRIDAY - 20.02.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.20 per share: Gas to surface at Welchau –...

Auctus Advisors

AUCTUS ON FRIDAY - 31/10/2025

ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January.

Auctus Advisors

AUCTUS ON FRIDAY - 04/07/2025

Chariot (CHAR LN)C; Under review: Potential demerger – The management of Chariot is considering splitting the company in two entities, one focusing...

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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