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.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: New equity raise ahead of drilling in Austria – ADX has raised A$4.4 mm new equity at A$0.027 per share.</li><li>Investors will also receive one option for every two new shares, with an exercise price of A$0.0405 per share.</li><li>The proceeds will fund the HOCH‑1 shallow exploration well in Austria, which is expected to spud next month.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: New equity raise ahead of drilling in Austria – ADX has raised A$4.4 mm new equity at A$0.027 per share.Investors will also receive one option for every two new shares, with an exercise price of A$0.0405 per share.The proceeds will fund the HOCH‑1 shallow exploration well in Austria, which is expected to spud next month.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A0.22 per share: Raising new equity for Austria and Italy – ADX has raised A$4.4 mm of new equity priced at A$0.027 per share.</li><li>Participants will also receive one unlisted option for every two new shares with an exercise price of A$0.0405 per share.</li><li> New Zealand Energy (NZ CN)C; Target price of C$1.25 per share: Positive well result.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A0.22 per share: Raising new equity for Austria and Italy – ADX has raised A$4.4 mm of new equity priced at A$0.027 per share.Participants will also receive one unlisted option for every two new shares with an exercise price of A$0.0405 per share. New Zealand Energy (NZ CN)C; Target price of C$1.25 per share: Positive well result.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: First Gas in 2Q26 with a Likely Upgrade to Discovered Gas Resources – The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January.</li><li>Site preparation is already underway, with first gas expected in 2Q26.</li><li>Project capex is now estimated at US$2 mm (vs. prior guidance of US$2–3 mm), of which US$1.9 mm has already been incurred.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: First Gas in 2Q26 with a Likely Upgrade to Discovered Gas Resources – The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January.Site preparation is already underway, with first gas expected in 2Q26.Project capex is now estimated at US$2 mm (vs. prior guidance of US$2–3 mm), of which US$1.9 mm has already been incurred.

<ul>
<li>New Zealand Energy (NZ CN)C; Target price of C$1.70 per share: Raising new equity – New Zealand is raising up to C$3.5 mm of new equity at a price of C$0.20 per share to progress its gas storage project.</li>
<li>Panoro Energy (PEN NO)C; Target price of NOK46 per share: 2026: Drilling Resumes in Gabon, EG Normalises, and Visibility Improves on EG‑23 – 4Q25 production averaged 9,928 boe/d, comprising 5,343 boe/d from Gabon (as previously reported by BW Energy), 1,511 boe/d from Tunisia, and 2,374 boe/d from Equatorial Guinea.</li>
<li>EG production remains constrained by unplanned facilities‑related downtime at Ceiba.</li>
</ul>


New Zealand Energy (NZ CN)C; Target price of C$1.70 per share: Raising new equity – New Zealand is raising up to C$3.5 mm of new equity at a price of C$0.20 per share to progress its gas storage project.
Panoro Energy (PEN NO)C; Target price of NOK46 per share: 2026: Drilling Resumes in Gabon, EG Normalises, and Visibility Improves on EG‑23 – 4Q25 production averaged 9,928 boe/d, comprising 5,343 boe/d from Gabon (as previously reported by BW Energy), 1,511 boe/d from Tunisia, and 2,374 boe/d from Equatorial Guinea.
EG production remains constrained by unplanned facilities‑related downtime at Ceiba.


New Zealand

New Zealand Energy Corp. is an oil and natural gas company. The Company is engaged in the exploration, acquisition and development of petroleum and natural gas assets in New Zealand.

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New Zealand Energy (NZ CN)

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

AUCTUS ON FRIDAY - 20.03.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: New equity raise ahead of...

Auctus Advisors

AUCTUS ON FRIDAY - 13.03.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A0.22 per share: Raising new equity for Austria...

Auctus Advisors

AUCTUS ON FRIDAY - 13.02.2026

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: First Gas in 2Q26 with...

Auctus Advisors

AUCTUS ON FRIDAY - 22.01.2026

New Zealand Energy (NZ CN)C; Target price of C$1.70 per share: Raising new equity – New Zealand is raising up to C$3.5 mm of new equity at a price...

Auctus Advisors

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