Director, RaaS Research Group, Research as a Service (RaaS)

RaaS Research Group (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Research as a Service (RaaS)

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Equity Bottom-Up

<ul><li>D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South Africa and Australia, perhaps increasingly so on the current supply crisis.</li><li>The association of natural gas with globally unmatched helium concentrations gives the company a material point of differentiation versus its listed upstream peers.</li><li>Industry forecasts are quite bearish with respect to the restart of Qatar supply in particular, suggesting a three-to-five-year period before supply-demand rebalances to pre-crisis levels which doesn’t account for any demand growth.</li></ul>

D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South Africa and Australia, perhaps increasingly so on the current supply crisis.The association of natural gas with globally unmatched helium concentrations gives the company a material point of differentiation versus its listed upstream peers.Industry forecasts are quite bearish with respect to the restart of Qatar supply in particular, suggesting a three-to-five-year period before supply-demand rebalances to pre-crisis levels which doesn’t account for any demand growth.

Disruption drives consolidation - Is D3E a target?

<ul><li>D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South Africa and Australia, perhaps even more so on the current supply crisis.</li><li>The association of natural gas with globally unmatched helium concentrations gives the company a material point of differentiation versus to its listed upstream peers and we suggest a South African jurisdiction could become of increasing interest to off-takers seeking risk diversification.</li><li>D3E is continuing to work through its Production Right Application (PRA) and FEED processes looking to achieve commercial resolution / project sanction on an initial production project in 2026.</li></ul>

D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South Africa and Australia, perhaps even more so on the current supply crisis.The association of natural gas with globally unmatched helium concentrations gives the company a material point of differentiation versus to its listed upstream peers and we suggest a South African jurisdiction could become of increasing interest to off-takers seeking risk diversification.D3E is continuing to work through its Production Right Application (PRA) and FEED processes looking to achieve commercial resolution / project sanction on an initial production project in 2026.

D3 Energy Limited - The Helium squeeze is on

<ul><li>D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South Africa and Australia.</li><li>The association of natural gas with globally significant helium concentrations gives the company a material point of differentiation versus to its listed upstream peers.</li><li>D3E is currently working through its Production Right Application (PRA) and FEED processes looking to achieve commercial resolution / project sanction on an initial production project in 2026.</li></ul>

D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South Africa and Australia.The association of natural gas with globally significant helium concentrations gives the company a material point of differentiation versus to its listed upstream peers.D3E is currently working through its Production Right Application (PRA) and FEED processes looking to achieve commercial resolution / project sanction on an initial production project in 2026.

D3 Energy Limited - Seeking commercial definition through 2026

<ul><li>D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South Africa.</li><li>The association of natural gas with globally significant helium concentrations gives the company a material point of differentiation compared to its listed upstream peers.</li><li>D3E has delivered significantly positive results through its first stage drilling and testing activity, independent certification of initial reserves and resources, and a Production Right Area (PRA) application that could see the company at a project sanction stage by end-2026.</li></ul>

D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South Africa.The association of natural gas with globally significant helium concentrations gives the company a material point of differentiation compared to its listed upstream peers.D3E has delivered significantly positive results through its first stage drilling and testing activity, independent certification of initial reserves and resources, and a Production Right Area (PRA) application that could see the company at a project sanction stage by end-2026.

D3 Energy Limited - Ahead of budget, ahead of the curve

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 ________________________________________ 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.

Australia

D3 Energy Limited operates as an exploration company. The Company specializes in the development and production of natural gas and helium resources. D3 Energy conducts its business in Australia and Africa.

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D3 Energy (D3E AU)

Disruption drives consolidation - Is D3E a target?

D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South...

Research as a Service (RaaS)

D3 Energy Limited - The Helium squeeze is on

D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South...

Research as a Service (RaaS)

D3 Energy Limited - Seeking commercial definition through 2026

D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South...

Research as a Service (RaaS)

D3 Energy Limited - Ahead of budget, ahead of the curve

D3 Energy Limited (ASX:D3E) continues to represent a compelling investment case as a leveraged play on natural gas and helium projects in South...

Research as a Service (RaaS)

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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