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: Additional flow at HOCH-1 – Zones 4 and 5 were perforated and tested however relative flow rates were inconclusive due to the likely dominance of Zone 2 which has greater permeability than zones 4 and 5.</li><li>Zone 3 was subsequently perforated and cleaned up confirming additional gas flow from this zone.</li><li>Zones 2, 3, 4 and 5 were comingled and produced at flow rate averaging 3.15 mmcf/d (equivalent to 548 boe/d) over a 12 hour period.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional flow at HOCH-1 – Zones 4 and 5 were perforated and tested however relative flow rates were inconclusive due to the likely dominance of Zone 2 which has greater permeability than zones 4 and 5.Zone 3 was subsequently perforated and cleaned up confirming additional gas flow from this zone.Zones 2, 3, 4 and 5 were comingled and produced at flow rate averaging 3.15 mmcf/d (equivalent to 548 boe/d) over a 12 hour period.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for 3Q26.</li><li>Encouraging results at Lemat – Criterium continues to target first gas in 3Q26.</li><li>The company received a gas allocation letter from SKK MIGAS in June, a critical milestone toward finalizing the binding Gas Sales Agreement.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for 3Q26.Encouraging results at Lemat – Criterium continues to target first gas in 3Q26.The company received a gas allocation letter from SKK MIGAS in June, a critical milestone toward finalizing the binding Gas Sales Agreement.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon drilling to commence mid-year and EG acquisition to close in 3Q26 – 1Q26 WI production and net debt at end-March had already been disclosed.</li><li>Completion of the additional 40.375% WI acquisition in Ceiba–Okume remains on track for 3Q26.</li><li>In 2Q26, Panoro has lifted ~546 mbbl on a pro forma basis at a realized price of US$114/bbl, generating ~US$62 mm of pro forma revenue.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon drilling to commence mid-year and EG acquisition to close in 3Q26 – 1Q26 WI production and net debt at end-March had already been disclosed.Completion of the additional 40.375% WI acquisition in Ceiba–Okume remains on track for 3Q26.In 2Q26, Panoro has lifted ~546 mbbl on a pro forma basis at a realized price of US$114/bbl, generating ~US$62 mm of pro forma revenue.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: 3D Seismic acquisition completed.</li><li>Drilling to start in 4Q26 - The 170 km² 3D seismic programme over the Mankota/Grasslands area (HEVI WI: 49%) has now been completed.</li><li>Processing and interpretation are expected in early June and will enable the company to define and rank drilling locations.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: 3D Seismic acquisition completed.Drilling to start in 4Q26 - The 170 km² 3D seismic programme over the Mankota/Grasslands area (HEVI WI: 49%) has now been completed.Processing and interpretation are expected in early June and will enable the company to define and rank drilling locations.

<ul>
<li>Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: Good flow rate at M-11.</li>
<li>Very strong performance at Mateguafa Attic Hz wells – The M‑11 well has been brought online from the C7 formation, which contains 18 ft of net pay, at 784 bbl/d (392 bbl/d net) with a 26% water cut.</li>
<li>The well also intersected ~30 ft of net oil pay in the C9, which will be brought into production at a later stage.</li>
</ul>


Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: Good flow rate at M-11.
Very strong performance at Mateguafa Attic Hz wells – The M‑11 well has been brought online from the C7 formation, which contains 18 ft of net pay, at 784 bbl/d (392 bbl/d net) with a 26% water cut.
The well also intersected ~30 ft of net oil pay in the C9, which will be brought into production at a later stage.


Singapore

Jadestone Energy is an independent upstream oil and gas development and production company primarily focused on the Asia-Pacific region. It holds a diversified portfolio of production and development assets in Australia, Malaysia, Indonesia, and Vietnam. The company's core activities include maximizing recovery from existing oil fields and developing discovered gas resources. Headquartered in Singapore, Jadestone Energy was founded in 1988.

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Jadestone Energy (JSE LN)

AUCTUS ON FRIDAY - 28.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional flow at HOCH-1 –...

Auctus Advisors

AUCTUS ON FRIDAY - 31.07.2026

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for...

Auctus Advisors

AUCTUS ON FRIDAY - 22.05.2026

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon...

Auctus Advisors

AUCTUS ON FRIDAY - 24.04.2026

AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: 3D Seismic acquisition...

Auctus Advisors

AUCTUS ON FRIDAY - 02.04.2026

Very strong performance at Mateguafa Attic Hz wells – The M‑11 well has been brought online from the C7 formation, which contains 18 ft of net pay,...

Auctus Advisors

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