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>Production in Uzbekistan in December to date has averaged 11,354 boe/d.</li>
<li>Adjusting for one day of shutdown implies a production capacity of almost 12 mboe/d.</li>
<li>The average production in December to date (11,354 boe/d) represents an increase of over 600 boe/d compared to the latest announcement (10,706 boe/d from 5 November to 11 November) and 1,344 boe/d compared to the 3Q24 average production.</li>
</ul>


Production in Uzbekistan in December to date has averaged 11,354 boe/d.
Adjusting for one day of shutdown implies a production capacity of almost 12 mboe/d.
The average production in December to date (11,354 boe/d) represents an increase of over 600 boe/d compared to the latest announcement (10,706 boe/d from 5 November to 11 November) and 1,344 boe/d compared to the 3Q24 average production.


Condor Energies Inc. (TSX: CDR): Further Production Increase in Uzbekistan

<ul>
<li>Condor has completed a C$19.4 mm equity financing priced at C$1.90 per share.</li>
<li>This represents a C$2 mm increase compared the latest announcement.</li>
<li>The proceeds of the raise will allow the company to bring to Uzbekistan a third service rig in 1Q25 and a drilling rig in 2Q25 (4Q25 previously).</li>
</ul>


Condor has completed a C$19.4 mm equity financing priced at C$1.90 per share.
This represents a C$2 mm increase compared the latest announcement.
The proceeds of the raise will allow the company to bring to Uzbekistan a third service rig in 1Q25 and a drilling rig in 2Q25 (4Q25 previously).


Condor Energies Inc.: Equity Financing to Accelerate Production Growth and Bolster the Balance Sheet

Thematic (Sector/Industry)

<ul><li>Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Another positive result at Mateguafa Attic – 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>

Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Another positive result at Mateguafa Attic – 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.

<ul>
<li>Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete.</li>
<li>– 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded.</li>
<li>The lateral may be extended, and the well is expected to be brought onstream in December, potentially adding more than 10 mmcf/d of production. </li>
</ul>


Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete.
– 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded.
The lateral may be extended, and the well is expected to be brought onstream in December, potentially adding more than 10 mmcf/d of production. 


<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.20 per share: A$3.5 mm funding boost ahead of busy activity programme – ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share.</li>
<li>Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share.</li>
<li>The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on the stock.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.20 per share: A$3.5 mm funding boost ahead of busy activity programme – ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share.
Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share.
The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on the stock.


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): Further Production Increase in Uzbekistan

Production in Uzbekistan in December to date has averaged 11,354 boe/d. Adjusting for one day of shutdown implies a production capacity of almost...

Auctus Advisors

Condor Energies Inc.: Equity Financing to Accelerate Production Growth and Bolster the Balance Sheet

Condor has completed a C$19.4 mm equity financing priced at C$1.90 per share. This represents a C$2 mm increase compared the latest announcement.

Auctus Advisors

AUCTUS ON FRIDAY - 28/11/2025

Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Another positive result at Mateguafa Attic – The M-6 vertical well has...

Auctus Advisors

Auctus on Friday - 21/11/2025

Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90%...

Auctus Advisors

AUCTUS ON FRIDAY - 14/11/2025

The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on...

Auctus Advisors

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