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$0.16 per share: Equity raise to fund Production growth and exploration upside in Austria – ADX has raised A$3.58 mm in new equity at A$0.020 per share.</li><li> Investors also received one option per new share, exercisable at A$0.030 per share.</li><li>Proceeds will fund the extended testing programme at the HOCH‑1 shallow gas discovery, ongoing shallow gas drilling at GOLD-1, Sicily Channel prospect maturation and working capital.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Equity raise to fund Production growth and exploration upside in Austria – ADX has raised A$3.58 mm in new equity at A$0.020 per share. Investors also received one option per new share, exercisable at A$0.030 per share.Proceeds will fund the extended testing programme at the HOCH‑1 shallow gas discovery, ongoing shallow gas drilling at GOLD-1, Sicily Channel prospect maturation and working capital.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Natural gas encountered at HOCH-1 – The HOCH-1 well encountered a first intersection of gas filled sands (100% methane) in the primary target (Hall formation) at ~1350 m.</li><li>The well was deepened and encountered six further sands approximately 1 to 2 metres thick with gas shows below the primary target interval between 1354 to 1368 m.</li><li>A wireline logging program will be run to confirm reservoir quality, net reservoir thickness and gas saturation.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Natural gas encountered at HOCH-1 – The HOCH-1 well encountered a first intersection of gas filled sands (100% methane) in the primary target (Hall formation) at ~1350 m.The well was deepened and encountered six further sands approximately 1 to 2 metres thick with gas shows below the primary target interval between 1354 to 1368 m.A wireline logging program will be run to confirm reservoir quality, net reservoir thickness and gas saturation.

<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.20 per share: A$3.5 mm funding boost ahead of busy activity programme – ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share.</li>
<li>Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share.</li>
<li>The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on the stock.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.20 per share: A$3.5 mm funding boost ahead of busy activity programme – ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share.
Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share.
The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on the stock.


<ul><li>GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported previously.</li><li>Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025.</li><li>The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province.</li></ul>

GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported previously.Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025.The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province.

<ul>
<li>Chariot (CHAR LN)C; Target price of £0.08 per share: US$100 mm guarantees highlight the value of the South Africa energy trading business - British International Investment (BII) and GuarantCo have announced a US$100 mm guarantee finance facility for Etana Energy, the South African electricity trading platform which is owned and was co-founded by Chariot (49%) and H1 Holdings (51%).</li>
<li>Etana is one of the few companies holding an electricity trading licence in South Africa that can buy and sell electricity through the grid.</li>
<li>Etana is therefore a required counterparty to power producers.</li>
</ul>


Chariot (CHAR LN)C; Target price of £0.08 per share: US$100 mm guarantees highlight the value of the South Africa energy trading business - British International Investment (BII) and GuarantCo have announced a US$100 mm guarantee finance facility for Etana Energy, the South African electricity trading platform which is owned and was co-founded by Chariot (49%) and H1 Holdings (51%).
Etana is one of the few companies holding an electricity trading licence in South Africa that can buy and sell electricity through the grid.
Etana is therefore a required counterparty to power producers.


Norway

Equinor ASA operates as an energy company. The Company develops oil, gas, wind, and solar energy projects, as well as focuses on offshore operations and exploration services. Equinor serves customers worldwide.

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Equinor ASA (EQNR US)

AUCTUS ON FRIDAY - 24.07.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Equity raise to fund...

Auctus Advisors

AUCTUS ON FRIDAY - 08.05.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Natural gas encountered at...

Auctus Advisors

AUCTUS ON FRIDAY - 14/11/2025

The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on...

Auctus Advisors

AUCTUS ON FRIDAY - 07/03/2025

GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported...

Auctus Advisors

AUCTUS ON FRIDAY - 06/12/2024

Chariot (CHAR LN)C; Target price of £0.08 per share: US$100 mm guarantees highlight the value of the South Africa energy trading business -...

Auctus Advisors

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