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>1Q26 production averaged 689 bbl/d, in line with prior indications.</li>
<li>Volumes are expected to be above 700 bbl/d for the remainder of the year, supported by straightforward workovers using the existing rig.</li>
<li>This is - consistent with our forecasts.</li>
</ul>


1Q26 production averaged 689 bbl/d, in line with prior indications.
Volumes are expected to be above 700 bbl/d for the remainder of the year, supported by straightforward workovers using the existing rig.
This is - consistent with our forecasts.


Criterium Energy Ltd (TSX-V: CEQ): First Gas Mid 3Q26. High Realizations.

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>FY25 production averaged 846 bbl/d, in line with prior indications.</li>
<li>Pipeline equipment for the SE–MGH tie‑in is now onsite, and construction has commenced.</li>
<li>First gas is expected around the end of 2Q26.</li>
</ul>


FY25 production averaged 846 bbl/d, in line with prior indications.
Pipeline equipment for the SE–MGH tie‑in is now onsite, and construction has commenced.
First gas is expected around the end of 2Q26.


Criterium Energy Ltd (TSX-V: CEQ): High cash. Operation on track

<ul>
<li>Criterium has doubled its 2P reserves versus YE24, booking approximately 24 bcf for the SE‑MGH and N‑MGH developments, where first gas is expected from SE-MGH in 2Q26.</li>
<li>The reserves increase reflects not only the conversion of 14.9 bcf of 2C resources into 2P, but also: (1) a reassessment of reservoir properties informed by the extended well test at SEM‑01 (+6 bcf), and (2) the successful test of MGH‑20 (+3 bcf).</li>
<li>At Macan Gedang, the probability of development has risen to 70%, corresponding to 12.6 bcf of contingent resources.</li>
</ul>


Criterium has doubled its 2P reserves versus YE24, booking approximately 24 bcf for the SE‑MGH and N‑MGH developments, where first gas is expected from SE-MGH in 2Q26.
The reserves increase reflects not only the conversion of 14.9 bcf of 2C resources into 2P, but also: (1) a reassessment of reservoir properties informed by the extended well test at SEM‑01 (+6 bcf), and (2) the successful test of MGH‑20 (+3 bcf).
At Macan Gedang, the probability of development has risen to 70%, corresponding to 12.6 bcf of contingent resources.


Criterium Energy Ltd (TSX-V: CEQ): Large Reserves and Resources increase

<ul>
<li>The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January.</li>
<li>Site preparation is already underway, with first gas expected in 2Q26.</li>
<li>Project capex is now estimated at US$2 mm (vs. prior guidance of US$2–3 mm), of which US$1.9 mm has already been incurred.</li>
</ul>


The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January.
Site preparation is already underway, with first gas expected in 2Q26.
Project capex is now estimated at US$2 mm (vs. prior guidance of US$2–3 mm), of which US$1.9 mm has already been incurred.


Criterium Energy Ltd (TSX-V: CEQ): First Gas in 2Q26 with a Likely Upgrade to Discovered Gas Resources

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Criterium Energy (CEQ CN)

Criterium Energy Ltd (TSX-V: CEQ): First Gas Mid 3Q26. High Realizations.

Volumes are expected to be above 700 bbl/d for the remainder of the year, supported by straightforward workovers using the existing rig. This is -...

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

Criterium Energy Ltd (TSX-V: CEQ): High cash. Operation on track

FY25 production averaged 846 bbl/d, in line with prior indications.Pipeline equipment for the SE–MGH tie‑in is now onsite, and construction has...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Large Reserves and Resources increase

Criterium has doubled its 2P reserves versus YE24, booking approximately 24 bcf for the SE‑MGH and N‑MGH developments, where first gas is expected...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): First Gas in 2Q26 with a Likely Upgrade to Discovered Gas Resources

The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January.

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Criterium Energy Ltd (TSX-V: CEQ): First Gas Mid 3Q26. High Realizations.

Volumes are expected to be above 700 bbl/d for the remainder of the year, supported by straightforward workovers using the existing rig. This is -...

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

Criterium Energy Ltd (TSX-V: CEQ): High cash. Operation on track

FY25 production averaged 846 bbl/d, in line with prior indications.Pipeline equipment for the SE–MGH tie‑in is now onsite, and construction has...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Large Reserves and Resources increase

Criterium has doubled its 2P reserves versus YE24, booking approximately 24 bcf for the SE‑MGH and N‑MGH developments, where first gas is expected...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): First Gas in 2Q26 with a Likely Upgrade to Discovered Gas Resources

The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January.

Auctus Advisors

Volumes are expected to be above 700 bbl/d for the remainder of the year, supported by straightforward workovers using the existing rig. This is -...

Criterium has doubled its 2P reserves versus YE24, booking approximately 24 bcf for the SE‑MGH and N‑MGH developments, where first gas is expected...

The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January.