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>ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January.</li>
<li>The shallow gas drilling programme will start February 2026 while oil appraisal drilling is scheduled for 3Q26.</li>
<li>Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: High pressure at Jetstream #3 – Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters depth, with bottom-hole pressure estimated at ~960 psi at 661 meters.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January.
The shallow gas drilling programme will start February 2026 while oil appraisal drilling is scheduled for 3Q26.
Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: High pressure at Jetstream #3 – Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters depth, with bottom-hole pressure estimated at ~960 psi at 661 meters.


<ul>
<li>erica Energy (SQZ LN)C; Target price of £3.05 per share: Another operational setback at Triton; value and distribution profile intact – Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production.</li>
<li>Production is likely to restart shortly at very low rates until the root cause is identified and resolved.</li>
<li>In the absence of further clarity, we conservatively assume that Triton production will be constrained until the scheduled Bittern pipeline shutdown in November.</li>
</ul>


erica Energy (SQZ LN)C; Target price of £3.05 per share: Another operational setback at Triton; value and distribution profile intact – Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production.
Production is likely to restart shortly at very low rates until the root cause is identified and resolved.
In the absence of further clarity, we conservatively assume that Triton production will be constrained until the scheduled Bittern pipeline shutdown in November.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Operating update – Net production in Austria was 303 boe/d.</li><li>The company held A$4.8 mm in cash at the end of June.</li><li> Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: Successful flow test at North-MGH boosts expected 2H26 gas production to 7-10 mmcf/d – The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Operating update – Net production in Austria was 303 boe/d.The company held A$4.8 mm in cash at the end of June. Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: Successful flow test at North-MGH boosts expected 2H26 gas production to 7-10 mmcf/d – The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB).</li><li>AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net).</li><li>Both wells are outperforming expectations in terms of flow rates and pressure, which may positively impact reserves estimates.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB).AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net).Both wells are outperforming expectations in terms of flow rates and pressure, which may positively impact reserves estimates.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of new equity at a price of C$0.18 per share.</li><li>This includes the settlement of outstanding loans of C$0.3 mm through the issue of ~1.7 mm shares.</li><li> Valeura Energy (VLE CN)C; Target price of C$12.70 per share: Another strong quarter.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of new equity at a price of C$0.18 per share.This includes the settlement of outstanding loans of C$0.3 mm through the issue of ~1.7 mm shares. Valeura Energy (VLE CN)C; Target price of C$12.70 per share: Another strong quarter.

Austria

OMV AG explores for and refines crude oil and natural gas.  The Company sells refined products through gas stations and distributors.  The Company also manufactures plastics such as polyolefins and technical plastics.  Customers are in the automotive, electrical, and construction industries.

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OMV AG (OMV AV)

AUCTUS ON FRIDAY - 31/10/2025

ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January.

Auctus Advisors

AUCTUS ON FRIDAY - 10/10/2025

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AUCTUS ON FRIDAY - 01/08/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Operating update – Net...

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AUCTUS ON FRIDAY - 18/07/2025

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver...

Auctus Advisors

AUCTUS ON FRIDAY - 11/07/2025

AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of...

Auctus Advisors

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