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>ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 update – 1Q23 production in Austria was 299 boe/d.</li><li>Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.</li><li>Seplat Energy (SEPL LN): 1Q23 results – 1Q23 WI production in Nigeria was 51,720 boe/d.</li></ul>

ADX Energy (ADX AU)C: Target price of A$0.100 per share: 1Q23 update – 1Q23 production in Austria was 299 boe/d.Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.Seplat Energy (SEPL LN): 1Q23 results – 1Q23 WI production in Nigeria was 51,720 boe/d.

<ul><li>Chariot (CHAR LM) C; Target price of £0.55 per share: One step closer to FID – Production ramp-up quicker than expected – Chariot has completed the Front-End Engineering and Design (FEED) on the key components of the Anchois gas development project.</li><li>The FEED confirms a plateau production of 105 mmcf/d from three wells including the existing Anchois-2 well, subsea infrastructure to an onshore central processing facility and an onshore gas pipeline to the Maghreb Europe Gas Pipeline (tie-in agreement already signed).</li><li>Neptune Energy: FY22 results – FY22 production was 135 mboe/d.</li></ul>

Chariot (CHAR LM) C; Target price of £0.55 per share: One step closer to FID – Production ramp-up quicker than expected – Chariot has completed the Front-End Engineering and Design (FEED) on the key components of the Anchois gas development project.The FEED confirms a plateau production of 105 mmcf/d from three wells including the existing Anchois-2 well, subsea infrastructure to an onshore central processing facility and an onshore gas pipeline to the Maghreb Europe Gas Pipeline (tie-in agreement already signed).Neptune Energy: FY22 results – FY22 production was 135 mboe/d.

Equity Bottom-Up

<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

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)

Auctus on Friday - 28/04/2023

Criterium Energy (CEQ CN)C: On track for near term acquisition – The FY22 financials were in line with our expectations.

Auctus Advisors

Auctus on Friday - 10/03/2023

One step closer to FID – Production ramp-up quicker than expected – Chariot has completed the Front-End Engineering and Design (FEED) on the key...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)