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.

Equity Bottom-Up

<ul>
<li>The Gas Supply Agreement first signed in July 2024 with Genesis now covers all gas produced by NZE and L&amp;M Energy.</li>
<li>The agreement has no take-or-pay obligations for NZE or L&amp;M.</li>
<li>We understand the gas will be sold at a fixed price, but the terms are confidential.</li>
</ul>


The Gas Supply Agreement first signed in July 2024 with Genesis now covers all gas produced by NZE and L&amp;M Energy.
The agreement has no take-or-pay obligations for NZE or L&amp;M.
We understand the gas will be sold at a fixed price, but the terms are confidential.


New Zealand Energy Corp. (TSX-V: NZ): Expanded gas sales agreement and gas production set to more than double

<ul>
<li>2Q26 WI production averaged 223 boe/d, resulting in a broadly unchanged cash position of approximately C$2 mm at end‑June.</li>
<li>Production is set to increase further in 4Q26 with full contributions from Tariki‑1A (1.1–1.25 mmcf/d plus 15–20 bbl/d of condensate, net to NZE’s 50% WI) and Tariki‑5A (~2.5 mmcf/d net).</li>
<li>On the oil side, activity will focus on debottlenecking and workovers.</li>
</ul>


2Q26 WI production averaged 223 boe/d, resulting in a broadly unchanged cash position of approximately C$2 mm at end‑June.
Production is set to increase further in 4Q26 with full contributions from Tariki‑1A (1.1–1.25 mmcf/d plus 15–20 bbl/d of condensate, net to NZE’s 50% WI) and Tariki‑5A (~2.5 mmcf/d net).
On the oil side, activity will focus on debottlenecking and workovers.


New Zealand Energy Corp. (TSX-V: NZ): Strong quarter. Production

<ul><li>• Tariki‑1A delivered a stabilized flow rate of approximately 3 mmcf/d over a 96‑hour test.</li><li>The well initially flowed at ~0.2 mmcf/d and continues to unload water, with top‑hole pressure still rising.</li><li>We understand that current production is ~5 mmcf/d.</li></ul>

• Tariki‑1A delivered a stabilized flow rate of approximately 3 mmcf/d over a 96‑hour test.The well initially flowed at ~0.2 mmcf/d and continues to unload water, with top‑hole pressure still rising.We understand that current production is ~5 mmcf/d.

New Zealand Energy Corp. (TSX-V: NZ): High gas flow rate at Tariki adds cashflow and derisks gas storage

<ul>
<li>The Ngaere‑2 well is delivering a stable, unstimulated oil rate of ~300 bbl/d from 36 metres of perforated Mount Messenger pay.</li>
<li>This materially exceeds management expectations.</li>
<li>In early March, NZE confirmed that Ngaere‑1 recompletion work—targeting a previously bypassed interval—achieved ~120 bbl/d of oil, consistent with prior guidance.</li>
</ul>


The Ngaere‑2 well is delivering a stable, unstimulated oil rate of ~300 bbl/d from 36 metres of perforated Mount Messenger pay.
This materially exceeds management expectations.
In early March, NZE confirmed that Ngaere‑1 recompletion work—targeting a previously bypassed interval—achieved ~120 bbl/d of oil, consistent with prior guidance.


New Zealand Energy Corp. (TSX-V: NZ): Well recompletion successes opens-up a route to production and reserves growth

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration acreage in Italy – ADX has submitted a third exploration permit application in the Sicily Channel, further expanding its position within the Terravecchia biogenic gas play.</li><li>The new 517 km² d 370 C.R-.AU application is located adjacent to ADX’s existing C.R 150.AU Exploration Permit and the two additional permit applications announced in August.</li><li>Together, ADX’s existing permit and three new application areas cover approximately 1,650 km² in the Sicily Channel.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration acreage in Italy – ADX has submitted a third exploration permit application in the Sicily Channel, further expanding its position within the Terravecchia biogenic gas play.The new 517 km² d 370 C.R-.AU application is located adjacent to ADX’s existing C.R 150.AU Exploration Permit and the two additional permit applications announced in August.Together, ADX’s existing permit and three new application areas cover approximately 1,650 km² in the Sicily Channel.

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)

New Zealand Energy Corp. (TSX-V: NZ): Expanded gas sales agreement and gas production set to more than double

The Gas Supply Agreement first signed in July 2024 with Genesis now covers all gas produced by NZE and L&M Energy.The agreement has no take-or-pay...

Auctus Advisors

New Zealand Energy Corp. (TSX-V: NZ): Strong quarter. Production

Production is set to increase further in 4Q26 with full contributions from Tariki‑1A (1.1–1.25 mmcf/d plus 15–20 bbl/d of condensate, net to NZE’s...

Auctus Advisors

New Zealand Energy Corp. (TSX-V: NZ): High gas flow rate at Tariki adds cashflow and derisks gas storage

• Tariki‑1A delivered a stabilized flow rate of approximately 3 mmcf/d over a 96‑hour test. The well initially flowed at ~0.2 mmcf/d and continues...

Auctus Advisors

New Zealand Energy Corp. (TSX-V: NZ): Well recompletion successes opens-up a route to production and reserves growth

The Ngaere‑2 well is delivering a stable, unstimulated oil rate of ~300 bbl/d from 36 metres of perforated Mount Messenger pay.This materially...

Auctus Advisors

AUCTUS ON FRIDAY - 04.09.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

New Zealand Energy Corp. (TSX-V: NZ): Expanded gas sales agreement and gas production set to more than double

The Gas Supply Agreement first signed in July 2024 with Genesis now covers all gas produced by NZE and L&M Energy.The agreement has no take-or-pay...

Auctus Advisors

New Zealand Energy Corp. (TSX-V: NZ): Strong quarter. Production

Production is set to increase further in 4Q26 with full contributions from Tariki‑1A (1.1–1.25 mmcf/d plus 15–20 bbl/d of condensate, net to NZE’s...

Auctus Advisors

New Zealand Energy Corp. (TSX-V: NZ): High gas flow rate at Tariki adds cashflow and derisks gas storage

• Tariki‑1A delivered a stabilized flow rate of approximately 3 mmcf/d over a 96‑hour test. The well initially flowed at ~0.2 mmcf/d and continues...

Auctus Advisors

New Zealand Energy Corp. (TSX-V: NZ): Well recompletion successes opens-up a route to production and reserves growth

The Ngaere‑2 well is delivering a stable, unstimulated oil rate of ~300 bbl/d from 36 metres of perforated Mount Messenger pay.This materially...

Auctus Advisors

AUCTUS ON FRIDAY - 04.09.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration...

Auctus Advisors

Production is set to increase further in 4Q26 with full contributions from Tariki‑1A (1.1–1.25 mmcf/d plus 15–20 bbl/d of condensate, net to NZE’s...