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>Pipeline construction for the SE-MGH 5–7 mmcf/d development is scheduled to begin in early 2026, with first gas expected in 1H26.</li>
<li>Capex has been reduced further to US$2–3 mm (from US$2.5–4 mm), of which US$1.7 mm has already been spent.</li>
<li>The subsequent North MGH development (incremental capex of ~US$1 mm) would lift total production to 7–10 mmcf/d.</li>
</ul>


Pipeline construction for the SE-MGH 5–7 mmcf/d development is scheduled to begin in early 2026, with first gas expected in 1H26.
Capex has been reduced further to US$2–3 mm (from US$2.5–4 mm), of which US$1.7 mm has already been spent.
The subsequent North MGH development (incremental capex of ~US$1 mm) would lift total production to 7–10 mmcf/d.


Criterium Energy Ltd (TSX-V: CEQ): Gas development on track. Capex to first gas guidance reduced again

<ul><li>• The SEM-01 well at South East MGH flowed 7–8 mmcf/d on test on 40/54” and 48/64” choke sizes.</li><li>Further choke expansion was constrained by surface facility limitations.</li><li>This follows the MGH-20 well at North MGH, which flowed at 2.8 mmcf/d on test.</li></ul>

• The SEM-01 well at South East MGH flowed 7–8 mmcf/d on test on 40/54” and 48/64” choke sizes.Further choke expansion was constrained by surface facility limitations.This follows the MGH-20 well at North MGH, which flowed at 2.8 mmcf/d on test.

Criterium Energy Ltd (TSX-V: CEQ): Flow rate of up to 8 mmcf/d at South East MGH. Reducing FY25 capex guidance

<ul><li>• The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil.</li><li>This is a positive surprise as there are currently no estimated resources at the field that was shut in in 2014.</li><li> • Following the extended well test at SE-MGH, Criterium plans to initiate extended testing on MGH-20 and three additional shut-in wells on the North MGH well pad.</li></ul>

• The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil.This is a positive surprise as there are currently no estimated resources at the field that was shut in in 2014. • Following the extended well test at SE-MGH, Criterium plans to initiate extended testing on MGH-20 and three additional shut-in wells on the North MGH well pad.

Criterium Energy Ltd (TSX-V: CEQ): On track for first gas in 1Q26

<ul>
<li>The staged development of gas discoveries at Tungkal is the primary driver of near-term growth.</li>
<li>Assuming flat oil production, bringing just two gas discoveries online could enable Criterium to triple output to ~3 mboe/d and triple 2P reserves by early 2027 • The first discovery to be developed, SE MGH (15 bcf 2C resources), is expected to see resource conversion to reserves in 2025.</li>
<li>In early 3Q25, the existing well—previously tested at 8 mmcf/d—will be re-tested, with initial production of 5-7 mmcf/d anticipated by 1Q26.</li>
</ul>


The staged development of gas discoveries at Tungkal is the primary driver of near-term growth.
Assuming flat oil production, bringing just two gas discoveries online could enable Criterium to triple output to ~3 mboe/d and triple 2P reserves by early 2027 • The first discovery to be developed, SE MGH (15 bcf 2C resources), is expected to see resource conversion to reserves in 2025.
In early 3Q25, the existing well—previously tested at 8 mmcf/d—will be re-tested, with initial production of 5-7 mmcf/d anticipated by 1Q26.


Criterium Energy Ltd (TSX-V: CEQ): Stepping on the gas

<ul><li>• At YE24, Criterium was estimated to hold 4.6 mmbbl 2P oil reserves, a slight increase from estimated YE23, as the reserves additions from the work-over program (especially the new GH sand) more tan offsets FY24 production of approximately 0.3 mmboe.</li><li>• The after-tax NPV10 of the 2P reserves is US$60 mm.</li><li>• The 2C contingent gas resources at Tungkal are estimated at 27.5 bcf, higher than the previous estimate of 20 bcf.</li></ul>

• At YE24, Criterium was estimated to hold 4.6 mmbbl 2P oil reserves, a slight increase from estimated YE23, as the reserves additions from the work-over program (especially the new GH sand) more tan offsets FY24 production of approximately 0.3 mmboe.• The after-tax NPV10 of the 2P reserves is US$60 mm.• The 2C contingent gas resources at Tungkal are estimated at 27.5 bcf, higher than the previous estimate of 20 bcf.

Criterium Energy Ltd (TSX-V: CEQ): Replacing 160% of FY24 oil production. Gas contingent resources increased by ~40%

Canada

Criterium Energy Ltd. is a mineral exploration and mining company. The Company mines for oil and gas in southern Turkey. Criterium Energy also mines for diamonds, gold, and base metals in Greenland.

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Criterium Energy (CEQ CN)

Criterium Energy Ltd (TSX-V: CEQ): Gas development on track. Capex to first gas guidance reduced again

Pipeline construction for the SE-MGH 5–7 mmcf/d development is scheduled to begin in early 2026, with first gas expected in 1H26.

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Flow rate of up to 8 mmcf/d at South East MGH. Reducing FY25 capex guidance

• The SEM-01 well at South East MGH flowed 7–8 mmcf/d on test on 40/54” and 48/64” choke sizes. Further choke expansion was constrained by surface...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): On track for first gas in 1Q26

• The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil. This is a positive surprise as there are currently no...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Stepping on the gas

In early 3Q25, the existing well—previously tested at 8 mmcf/d—will be re-tested, with initial production of 5-7 mmcf/d anticipated by 1Q26.

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Replacing 160% of FY24 oil production. Gas contingent resources increased by ~40%

• At YE24, Criterium was estimated to hold 4.6 mmbbl 2P oil reserves, a slight increase from estimated YE23, as the reserves additions from the...

Auctus Advisors

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