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 K-47 well has been flow tested at a peak rate of 18.4 mmcf/d, with the well subsequently choked back to 14.8 mmcf/d.</li><li>The performance is consistent with K‑46.</li><li>• Current output has increased to 15,283 boe/d, more than 1 mboe/d above prior levels.</li></ul>

• The K-47 well has been flow tested at a peak rate of 18.4 mmcf/d, with the well subsequently choked back to 14.8 mmcf/d.The performance is consistent with K‑46.• Current output has increased to 15,283 boe/d, more than 1 mboe/d above prior levels.

Condor Energies Inc. (TSX: CDR): Another very strong well result. Multiple levers for growth in Uzbekistan. Gas price upside

<ul>
<li>1Q26 gross production in Kazakhstan averaged 11,832 boe/d, including 355 bbl/d of condensate, in line with our expectations.</li>
<li>The 1Q26 financials contained no surprises.</li>
<li>Production reached ~14 mboe/d in mid‑April following the start‑up of K46.</li>
</ul>


1Q26 gross production in Kazakhstan averaged 11,832 boe/d, including 355 bbl/d of condensate, in line with our expectations.
The 1Q26 financials contained no surprises.
Production reached ~14 mboe/d in mid‑April following the start‑up of K46.


Condor Energies Inc. (TSX: CDR): >14 mboe/d average production in May to date. K47 to be tested shortly

Thematic (Sector/Industry)

<ul><li>• The government of Minesota has signed into law new legislation updating the state processes for the permitting of gas extraction projects.</li><li>In particular, this will advance a helium-specific framework for gas resource development in Northeastern Minnesota.</li><li>Detailed implementing regulations are expected to be completed by early 4Q26.</li></ul>

• The government of Minesota has signed into law new legislation updating the state processes for the permitting of gas extraction projects.In particular, this will advance a helium-specific framework for gas resource development in Northeastern Minnesota.Detailed implementing regulations are expected to be completed by early 4Q26.

<ul><li>• Gross production in Uzbekistan has reached ~14 mboe/d, reflecting the strong performance of the K-46 well.</li><li>• Condor is raising C$26–29.9 mm of new equity at C$2.60 per share, providing capital to accelerate production growth.</li><li>The very high wellhead pressures from new wells are constraining output from older, lower‑pressure wells.</li></ul>

• Gross production in Uzbekistan has reached ~14 mboe/d, reflecting the strong performance of the K-46 well.• Condor is raising C$26–29.9 mm of new equity at C$2.60 per share, providing capital to accelerate production growth.The very high wellhead pressures from new wells are constraining output from older, lower‑pressure wells.

Condor Energies Inc. (TSX: CDR): C$26-29.9 mm equity raise to boost growth

<ul><li>• The K‑46 horizontal well has delivered an excellent result, flowing at rates of up to 18.3 mmcf/d.</li><li>It has been choked back to a stable 15.5 mmcf/d to mitigate the risk of gas‑hydrate formation.</li><li> • The flowing pressure of 1,235 psi is very high.</li></ul>

• The K‑46 horizontal well has delivered an excellent result, flowing at rates of up to 18.3 mmcf/d.It has been choked back to a stable 15.5 mmcf/d to mitigate the risk of gas‑hydrate formation. • The flowing pressure of 1,235 psi is very high.

Condor Energies Inc. (TSX: CDR): Very high flow rate at latest hz well boosts reserves

Canada

Condor Energies Inc. is an international oil and gas company. The Company engages in exploration, development, and production of oil, natural gas, and NGLs in Kazakhstan and Canada.

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Condor Energies (CDR CN)

Condor Energies Inc. (TSX: CDR): Another very strong well result. Multiple levers for growth in Uzbekistan. Gas price upside

• The K-47 well has been flow tested at a peak rate of 18.4 mmcf/d, with the well subsequently choked back to 14.8 mmcf/d. The performance is...

Auctus Advisors

Condor Energies Inc. (TSX: CDR): >14 mboe/d average production in May to date. K47 to be tested shortly

1Q26 gross production in Kazakhstan averaged 11,832 boe/d, including 355 bbl/d of condensate, in line with our expectations.

Auctus Advisors

AUCTUS ON FRIDAY - 29.05.2026

• The government of Minesota has signed into law new legislation updating the state processes for the permitting of gas extraction projects. In...

Auctus Advisors

Condor Energies Inc. (TSX: CDR): C$26-29.9 mm equity raise to boost growth

• Gross production in Uzbekistan has reached ~14 mboe/d, reflecting the strong performance of the K-46 well. • Condor is raising C$26–29.9 mm of...

Auctus Advisors

Condor Energies Inc. (TSX: CDR): Very high flow rate at latest hz well boosts reserves

• The K‑46 horizontal well has delivered an excellent result, flowing at rates of up to 18.3 mmcf/d. It has been choked back to a stable 15.5...

Auctus Advisors

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