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 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

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate at first zone at HOCH –The testing is planned to be undertaken in two phases.</li><li>The first phase focusses on the upper Hall formation and the second phase on the lower Base Hall formation.</li><li>The first phase will include the firm testing of up to three zones and potentially a fourth contingent zone.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate at first zone at HOCH –The testing is planned to be undertaken in two phases.The first phase focusses on the upper Hall formation and the second phase on the lower Base Hall formation.The first phase will include the firm testing of up to three zones and potentially a fourth contingent zone.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon drilling to commence mid-year and EG acquisition to close in 3Q26 – 1Q26 WI production and net debt at end-March had already been disclosed.</li><li>Completion of the additional 40.375% WI acquisition in Ceiba–Okume remains on track for 3Q26.</li><li>In 2Q26, Panoro has lifted ~546 mbbl on a pro forma basis at a realized price of US$114/bbl, generating ~US$62 mm of pro forma revenue.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon drilling to commence mid-year and EG acquisition to close in 3Q26 – 1Q26 WI production and net debt at end-March had already been disclosed.Completion of the additional 40.375% WI acquisition in Ceiba–Okume remains on track for 3Q26.In 2Q26, Panoro has lifted ~546 mbbl on a pro forma basis at a realized price of US$114/bbl, generating ~US$62 mm of pro forma revenue.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: 3D Seismic acquisition completed.</li><li>Drilling to start in 4Q26 - The 170 km² 3D seismic programme over the Mankota/Grasslands area (HEVI WI: 49%) has now been completed.</li><li>Processing and interpretation are expected in early June and will enable the company to define and rank drilling locations.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: 3D Seismic acquisition completed.Drilling to start in 4Q26 - The 170 km² 3D seismic programme over the Mankota/Grasslands area (HEVI WI: 49%) has now been completed.Processing and interpretation are expected in early June and will enable the company to define and rank drilling locations.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Very high flow rate at latest hz well boosts reserves, production and exploration upside – The K‑46 horizontal well has delivered an excellent result, flowing at rates of up to 18.3 mmcf/d.</li><li>It has been choked back to a stable 15.5 mmcf/d to mitigate the risk of gas‑hydrate formation.</li><li>The flowing pressure of 1,235 psi is very high.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Very high flow rate at latest hz well boosts reserves, production and exploration upside – The K‑46 horizontal well has delivered an excellent result, flowing at rates of up to 18.3 mmcf/d.It has been choked back to a stable 15.5 mmcf/d to mitigate the risk of gas‑hydrate formation.The flowing pressure of 1,235 psi is very high.

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): 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

AUCTUS ON FRIDAY - 19.06.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate at first zone...

Auctus Advisors

AUCTUS ON FRIDAY - 22.05.2026

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon...

Auctus Advisors

AUCTUS ON FRIDAY - 24.04.2026

AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: 3D Seismic acquisition...

Auctus Advisors

AUCTUS ON FRIDAY - 10.04.2026

AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Very high flow rate at...

Auctus Advisors

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