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 ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: High prices paid for lands adjacent to HEVI –The most recent Saskatchewan Crown land sale generated approximately C$16 mm from 660,598 acres, with winning bids ranging from C$2.02/acre to C$81.34/acre.</li><li>Pricing in the auction underscores the underlying value of Helium Evolution’s land position.</li><li>Parcels north of HEVI’s Fox and Abbey blocks transacted at roughly C$2/acre, while acreage to the east — where HEVI holds its largest contiguous position — cleared at materially higher levels of C$42–81/acre.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: High prices paid for lands adjacent to HEVI –The most recent Saskatchewan Crown land sale generated approximately C$16 mm from 660,598 acres, with winning bids ranging from C$2.02/acre to C$81.34/acre.Pricing in the auction underscores the underlying value of Helium Evolution’s land position.Parcels north of HEVI’s Fox and Abbey blocks transacted at roughly C$2/acre, while acreage to the east — where HEVI holds its largest contiguous position — cleared at materially higher levels of C$42–81/acre.

<ul>
<li>Condor Energies (CDR CN)C; Target price of C$5.60 per share: Uzbekistan production boost: two new wells onstream in February – The first horizontal well is now onstream.</li>
<li>Only the shallower interval has been tested to date, delivering 3.6 mmcf/d.</li>
<li>The full ~1 km lateral — including the zones with the strongest gas‑show responses — has not yet been accessed.</li>
</ul>


Condor Energies (CDR CN)C; Target price of C$5.60 per share: Uzbekistan production boost: two new wells onstream in February – The first horizontal well is now onstream.
Only the shallower interval has been tested to date, delivering 3.6 mmcf/d.
The full ~1 km lateral — including the zones with the strongest gas‑show responses — has not yet been accessed.


<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.</li>
<li>The company held ~A$4 mm in cash at the end of September, also in line with forecasts.</li>
<li>A busy operational period is anticipated in 1H26.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.
The company held ~A$4 mm in cash at the end of September, also in line with forecasts.
A busy operational period is anticipated in 1H26.


<ul>
<li>Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa Oeste was water wet.</li>
<li>Our ReNAV for the well was £0.09 per share. We did not carry any production from this prospect in our cash flow forecast.</li>
<li>The rig will now move to Mateguafa Attic where the Mateguafa 5 vertical well will be drilled in November. </li>
</ul>


Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa Oeste was water wet.
Our ReNAV for the well was £0.09 per share. We did not carry any production from this prospect in our cash flow forecast.
The rig will now move to Mateguafa Attic where the Mateguafa 5 vertical well will be drilled in November. 


<ul>
<li>Condor Energies (CDR CN) C ; Target price of C$5.60 per share: Production rises again.</li>
<li>Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.</li>
<li>4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. I</li>
</ul>


Condor Energies (CDR CN) C ; Target price of C$5.60 per share: Production rises again.
Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.
4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. I


United States

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis.  The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

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Exxon Mobil (XOM US)

AUCTUS ON FRIDAY - 03.07.2026

AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: High prices paid for...

Auctus Advisors

AUCTUS ON FRIDAY - 16.01.2026

Condor Energies (CDR CN)C; Target price of C$5.60 per share: Uzbekistan production boost: two new wells onstream in February – The first horizontal...

Auctus Advisors

AUCTUS ON FRIDAY - 07/11/2025

ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.

Auctus Advisors

AUCTUS ON FRIDAY - 03/10/2025

Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa...

Auctus Advisors

AUCTUS ON FRIDAY - 28/03/2025

Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.

Auctus Advisors

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