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 A-23 horizontal well at the Andakli field has reached total depth, completing a ~1,000 m open-hole section which is Uzbekistan’s longest on record.</li>
<li>Initial gas flowback has already been observed at surface.</li>
<li>A service rig will conduct flow testing, with the well scheduled to enter production in December.</li>
</ul>


The A-23 horizontal well at the Andakli field has reached total depth, completing a ~1,000 m open-hole section which is Uzbekistan’s longest on record.
Initial gas flowback has already been observed at surface.
A service rig will conduct flow testing, with the well scheduled to enter production in December.


Condor Energies Inc. (TSX: CDR): Two Bypassed Pay Zones Add ~2 Mboe/D.

<ul>
<li>3Q25 production averaged 9,978 mboe/d, broadly in line with expectations.</li>
<li>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>


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.


Condor Energies Inc. (TSX: CDR): Imminent flow rate results for first horizontal well. LNG facility construction 90% complete.

<ul>
<li>Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations.</li>
<li>The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November.</li>
<li>IP rates are estimated between 13–20 mmcf/d, representing a potentially significant uplift in output.</li>
</ul>


Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations.
The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November.
IP rates are estimated between 13–20 mmcf/d, representing a potentially significant uplift in output.


Condor Energies Inc. (TSX: CDR): Well results derisk the deeper clastic play. The horizontal leg could add 13-20 mmcf/d

<ul>
<li>3Q25 Uzbekistan production to date has averaged 10,284 boe/d; which is consistent with 10,258 boe/d reported in 2Q25.</li>
<li>Drilling of the first vertical well in Uzbekistan is underway, with results expected in October.</li>
<li>The well is targeting the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals.</li>
</ul>


3Q25 Uzbekistan production to date has averaged 10,284 boe/d; which is consistent with 10,258 boe/d reported in 2Q25.
Drilling of the first vertical well in Uzbekistan is underway, with results expected in October.
The well is targeting the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals.


Condor Energies Inc. (TSX: CDR): Up to Twelve 13-20 Mmcf/D Horizontal Wells by YE26.

<ul><li>• 2Q25 gross production averaged 10,258 boe/d, consistent with prior indications.</li><li> • Drilling of the first vertical well in Uzbekistan will begin in early September.</li><li>The well will target the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals.</li></ul>

• 2Q25 gross production averaged 10,258 boe/d, consistent with prior indications. • Drilling of the first vertical well in Uzbekistan will begin in early September.The well will target the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals.

Condor Energies Inc. (TSX: CDR): 4Q25 drilling in Uzbekistan could add 26-40 mmcf/d. First LNG in Kazakhstan in 2Q26

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): Two Bypassed Pay Zones Add ~2 Mboe/D.

The A-23 horizontal well at the Andakli field has reached total depth, completing a ~1,000 m open-hole section which is Uzbekistan’s longest on...

Auctus Advisors

Condor Energies Inc. (TSX: CDR): Imminent flow rate results for first horizontal well. LNG facility construction 90% complete.

In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded.

Auctus Advisors

Condor Energies Inc. (TSX: CDR): Well results derisk the deeper clastic play. The horizontal leg could add 13-20 mmcf/d

Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with...

Auctus Advisors

Condor Energies Inc. (TSX: CDR): Up to Twelve 13-20 Mmcf/D Horizontal Wells by YE26.

3Q25 Uzbekistan production to date has averaged 10,284 boe/d; which is consistent with 10,258 boe/d reported in 2Q25. Drilling of the first...

Auctus Advisors

Condor Energies Inc. (TSX: CDR): 4Q25 drilling in Uzbekistan could add 26-40 mmcf/d. First LNG in Kazakhstan in 2Q26

• 2Q25 gross production averaged 10,258 boe/d, consistent with prior indications. • Drilling of the first vertical well in Uzbekistan will begin...

Auctus Advisors

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