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 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%

<ul>
<li> FY25 oil production is expected to be 1,000-1,200 bbl/d with 8-12 work-overs costing US$0.04-0.07 mm per well (total of US$0.32-US$0.84 mm).</li>
<li>This in line with our expectations (1,150 bbl/d production and ~US$1 mm capex).</li>
<li>The capex requirement to reach first gas in 1Q26 at SE MGH based on modular LNG is now estimated at US$3-5 mm (we assumed US$5 mm).</li>
</ul>


 FY25 oil production is expected to be 1,000-1,200 bbl/d with 8-12 work-overs costing US$0.04-0.07 mm per well (total of US$0.32-US$0.84 mm).
This in line with our expectations (1,150 bbl/d production and ~US$1 mm capex).
The capex requirement to reach first gas in 1Q26 at SE MGH based on modular LNG is now estimated at US$3-5 mm (we assumed US$5 mm).


Criterium Energy Ltd (TSX-V: CEQ): Gas development capex only US$3-5 mm. FY25 debt repayment reduced by US$2 mm.

<ul>
<li>4Q24 production was 957 bbld (880 bbl/d in 3Q24).</li>
<li>January's production so far is 1,020 bbl/d.</li>
<li>This excludes the impact of the last four workovers of the 2024 programme.</li>
</ul>


4Q24 production was 957 bbld (880 bbl/d in 3Q24).
January's production so far is 1,020 bbl/d.
This excludes the impact of the last four workovers of the 2024 programme.


Criterium Energy Ltd: Onshore Gas Development Takes Centre Stage with Potentially Much Lower Capex

<ul>
<li>3Q24 production of 879 bbl/d was in line with expectations.</li>
<li>The company’s cash position of C$6.1 mm at the end of September is high but reflects greater current payables.</li>
<li>We note a further opex reduction from C$3.4 mm in 2Q24 to C$2.6 mm with flat production.</li>
</ul>


3Q24 production of 879 bbl/d was in line with expectations.
The company’s cash position of C$6.1 mm at the end of September is high but reflects greater current payables.
We note a further opex reduction from C$3.4 mm in 2Q24 to C$2.6 mm with flat production.


Criterium Energy Ltd (TSX-V: CEQ): Work-Overs Outperform. Still Waiting on Well Results.

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): 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

Criterium Energy Ltd (TSX-V: CEQ): Gas development capex only US$3-5 mm. FY25 debt repayment reduced by US$2 mm.

FY25 oil production is expected to be 1,000-1,200 bbl/d with 8-12 work-overs costing US$0.04-0.07 mm per well (total of US$0.32-US$0.84 mm).

Auctus Advisors

Criterium Energy Ltd: Onshore Gas Development Takes Centre Stage with Potentially Much Lower Capex

4Q24 production was 957 bbld (880 bbl/d in 3Q24). January's production so far is 1,020 bbl/d. This excludes the impact of the last four workovers...

Auctus Advisors

Criterium Energy Ltd (TSX-V: CEQ): Work-Overs Outperform. Still Waiting on Well Results.

3Q24 production of 879 bbl/d was in line with expectations.The company’s cash position of C$6.1 mm at the end of September is high but reflects...

Auctus Advisors

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