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.

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Resources upgrade expected in early 2Q26.</li><li>Shallow drilling result due next week – 1Q26 net production was ~200 boe/d.</li><li>ADX held A$4.9 mm in cash at the end of March.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Resources upgrade expected in early 2Q26.Shallow drilling result due next week – 1Q26 net production was ~200 boe/d.ADX held A$4.9 mm in cash at the end of March.

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>AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: High production, reserves addition at Tapir – Production has increased to 5,325 boe/d, up from 4,900 boe/d in early March, driven by rising output from the M‑9 Hz well.</li><li>Further growth is expected with the imminent addition of the M‑11 well, which encountered 48 ft of net pay across the C7 and C9 formations and is scheduled to be brought online in the coming weeks.</li><li>M‑11 intersected both zones structurally higher than any previous Mateguafa Attic well, extending the structure southward and confirming additional development potential.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: High production, reserves addition at Tapir – Production has increased to 5,325 boe/d, up from 4,900 boe/d in early March, driven by rising output from the M‑9 Hz well.Further growth is expected with the imminent addition of the M‑11 well, which encountered 48 ft of net pay across the C7 and C9 formations and is scheduled to be brought online in the coming weeks.M‑11 intersected both zones structurally higher than any previous Mateguafa Attic well, extending the structure southward and confirming additional development potential.

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)

AUCTUS ON FRIDAY - 01.05.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Resources upgrade expected in...

Auctus Advisors

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

AUCTUS ON FRIDAY - 27.03.2026

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: High production,...

Auctus Advisors

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