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>Panoro is acquiring 40.375% WI in Block G, Equatorial Guinea from Kosmos Energy for US$180 mm, effective 1 January 2025.</li>
<li>Closing is expected in August, with an estimated ~US$140-150 mm payable at completion and up to US$39.5 mm in deferred contingent consideration tied to oil prices and production over 2026–2028.</li>
<li>The acquisition is highly material, increasing Panoro’s WI in Block G by ~3.9× and adding 46 mmbbl of 2P reserves (+110% versus the company’s current 2P base) and 29 mmbbl of 2C resources.</li>
</ul>


Panoro is acquiring 40.375% WI in Block G, Equatorial Guinea from Kosmos Energy for US$180 mm, effective 1 January 2025.
Closing is expected in August, with an estimated ~US$140-150 mm payable at completion and up to US$39.5 mm in deferred contingent consideration tied to oil prices and production over 2026–2028.
The acquisition is highly material, increasing Panoro’s WI in Block G by ~3.9× and adding 46 mmbbl of 2P reserves (+110% versus the company’s current 2P base) and 29 mmbbl of 2C resources.


Panoro Energy ASA (OSE: PEN): Transformational acquisition in EG

<ul>
<li>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>
<li>The operator continues to expect a return to normal operating levels in 1Q26.</li>
</ul>


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.
The operator continues to expect a return to normal operating levels in 1Q26.


Panoro Energy ASA - 2026: Drilling Resumes in Gabon, EG Normalises, and Visibility Improves on EG‑23

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: HOCH-1 potentially larger than expected – Pressure‑build‑up analysis from the first Hall zone at HOCH‑1 indicates stronger reservoir productivity, supporting a potential flow rate of ~3.5 mmcf/d versus the actual test rate of 2.7 mmcf/d.</li><li>The sand body is also estimated to extend at least 600 m from the HOCH‑1 wellbore.</li><li>Recently reprocessed pre‑stack depth‑migrated 3D seismic has refined the mapping of the Hall Channel Sands intersected in the deeper section of HOCH‑1.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: HOCH-1 potentially larger than expected – Pressure‑build‑up analysis from the first Hall zone at HOCH‑1 indicates stronger reservoir productivity, supporting a potential flow rate of ~3.5 mmcf/d versus the actual test rate of 2.7 mmcf/d.The sand body is also estimated to extend at least 600 m from the HOCH‑1 wellbore.Recently reprocessed pre‑stack depth‑migrated 3D seismic has refined the mapping of the Hall Channel Sands intersected in the deeper section of HOCH‑1.

<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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Panoro Energy ASA (PEN NO)

Panoro Energy ASA (OSE: PEN): Transformational acquisition in EG

Closing is expected in August, with an estimated ~US$140-150 mm payable at completion and up to US$39.5 mm in deferred contingent consideration...

Auctus Advisors

Panoro Energy ASA - 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...

Auctus Advisors

AUCTUS ON FRIDAY - 21.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: HOCH-1 potentially larger...

Auctus Advisors

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Panoro Energy ASA (OSE: PEN): Transformational acquisition in EG

Closing is expected in August, with an estimated ~US$140-150 mm payable at completion and up to US$39.5 mm in deferred contingent consideration...

Auctus Advisors

Panoro Energy ASA - 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...

Auctus Advisors

AUCTUS ON FRIDAY - 21.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: HOCH-1 potentially larger...

Auctus Advisors

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

Closing is expected in August, with an estimated ~US$140-150 mm payable at completion and up to US$39.5 mm in deferred contingent consideration...