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>3Q26 production and net debt (end-September) have already been reported.</li>
<li>The company has reiterated FY25 capex guidance of ~US$40 mm.</li>
<li>Gross production in Gabon remains on track to return to ~40 mbbl/d in 2026.</li>
</ul>


3Q26 production and net debt (end-September) have already been reported.
The company has reiterated FY25 capex guidance of ~US$40 mm.
Gross production in Gabon remains on track to return to ~40 mbbl/d in 2026.


Panoro Energy ASA (OSE: PEN): More than meets the eyes at EG-23

<ul>
<li>Panoro reported average production of 8,811 bbl/d in 3Q25, in line with prior disclosures from BW Energy (Gabon) and Kosmos Energy (Equatorial Guinea).</li>
<li>Gabon volumes were impacted by a three-week planned maintenance, while EG production was constrained by mechanical failures on subsea pumps at Ceiba.</li>
<li>The first pump was restored in early 4Q25, with the second expected online later this quarter and the third in 1Q26.</li>
</ul>


Panoro reported average production of 8,811 bbl/d in 3Q25, in line with prior disclosures from BW Energy (Gabon) and Kosmos Energy (Equatorial Guinea).
Gabon volumes were impacted by a three-week planned maintenance, while EG production was constrained by mechanical failures on subsea pumps at Ceiba.
The first pump was restored in early 4Q25, with the second expected online later this quarter and the third in 1Q26.


Panoro Energy ASA (OSE: PEN): Returning to growth during 2026

<ul>
<li>2Q25 production of 11,064 bbl/d had already been reported.</li>
<li>The production was impacted by unplanned downtime at Ceiba (~5,000 bbl/d gross or ~700 bbl/d net to Panoro’s 14.25% WI).</li>
<li>Remedial works are expected to restore production in 4Q25.</li>
</ul>


2Q25 production of 11,064 bbl/d had already been reported.
The production was impacted by unplanned downtime at Ceiba (~5,000 bbl/d gross or ~700 bbl/d net to Panoro’s 14.25% WI).
Remedial works are expected to restore production in 4Q25.


Panoro Energy ASA (OSE: PEN): Large cash build-up expected in 2H25

<ul>
<li>2Q25 production averaged ~11,065 bbl/d, negatively affected by unplanned facilities-related downtime at the Ceiba field, as reported by Kosmos earlier this week.</li>
<li>WI production in EG fell to 3,136 bbl/d (vs. 3,661 bbl/d in 1Q25).</li>
<li>Remedial work is underway, with production expected to recover in 4Q25.</li>
</ul>


2Q25 production averaged ~11,065 bbl/d, negatively affected by unplanned facilities-related downtime at the Ceiba field, as reported by Kosmos earlier this week.
WI production in EG fell to 3,136 bbl/d (vs. 3,661 bbl/d in 1Q25).
Remedial work is underway, with production expected to recover in 4Q25.


Panoro Energy ASA (OSE: PEN): Minor temporary production downtime in EG. Initiating a new share buyback programme.

<ul><li>• 1Q25 production of ~12 mbbl/d and net debt at the end of March had been previously disclosed.</li><li> • The company has reaffirmed its FY25 production guidance of 11–13 mbbl/d but has raised its expected capex for 2025 from US$35 mm to US$40 mm.</li><li>This increase reflects additional spending to appraise the Bourdon discovery.</li></ul>

• 1Q25 production of ~12 mbbl/d and net debt at the end of March had been previously disclosed. • The company has reaffirmed its FY25 production guidance of 11–13 mbbl/d but has raised its expected capex for 2025 from US$35 mm to US$40 mm.This increase reflects additional spending to appraise the Bourdon discovery.

Panoro Energy ASA (OSE: PEN): Potential resources addition in EG, reducing costs in Gabon

Norway

Panoro Energy ASA explores for oil and natural gas in Brazil, Gabon, and Nigeria . The Company operates offshore in the Camamu-Almada and Santos basins.

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Panoro Energy ASA (PEN NO)

Panoro Energy ASA (OSE: PEN): More than meets the eyes at EG-23

3Q26 production and net debt (end-September) have already been reported. The company has reiterated FY25 capex guidance of ~US$40 mm.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Returning to growth during 2026

Panoro reported average production of 8,811 bbl/d in 3Q25, in line with prior disclosures from BW Energy (Gabon) and Kosmos Energy (Equatorial...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Large cash build-up expected in 2H25

2Q25 production of 11,064 bbl/d had already been reported. The production was impacted by unplanned downtime at Ceiba (~5,000 bbl/d gross or ~700...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Potential resources addition in EG, reducing costs in Gabon

• 1Q25 production of ~12 mbbl/d and net debt at the end of March had been previously disclosed. • The company has reaffirmed its FY25 production...

Auctus Advisors

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Panoro Energy ASA (OSE: PEN): More than meets the eyes at EG-23

3Q26 production and net debt (end-September) have already been reported. The company has reiterated FY25 capex guidance of ~US$40 mm.

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Returning to growth during 2026

Panoro reported average production of 8,811 bbl/d in 3Q25, in line with prior disclosures from BW Energy (Gabon) and Kosmos Energy (Equatorial...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Large cash build-up expected in 2H25

2Q25 production of 11,064 bbl/d had already been reported. The production was impacted by unplanned downtime at Ceiba (~5,000 bbl/d gross or ~700...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Minor temporary production downtime in EG. Initiating a new share buyback programme.

2Q25 production averaged ~11,065 bbl/d, negatively affected by unplanned facilities-related downtime at the Ceiba field, as reported by Kosmos...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Potential resources addition in EG, reducing costs in Gabon

• 1Q25 production of ~12 mbbl/d and net debt at the end of March had been previously disclosed. • The company has reaffirmed its FY25 production...

Auctus Advisors