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>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.21 per share: Well test results at Welchau support interpretation of an updip light oil accumulation – Following a small acidisation treatment (6 m³ across 45 m of perforations) in the Reifling interval at the Welchau‑1 well, gas and light oil were recovered at surface during swabbing operations.</li><li>Although stable inflow was not achieved—indicating that the limited acid volume did not access the open fracture network—the response is encouraging given that the formation had previously been unresponsive.</li><li>The light oil recovered from the Reifling Formation is non‑biodegraded and matches the density of the oil sampled from the deeper Steinalm Formation during drilling.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.21 per share: Well test results at Welchau support interpretation of an updip light oil accumulation – Following a small acidisation treatment (6 m³ across 45 m of perforations) in the Reifling interval at the Welchau‑1 well, gas and light oil were recovered at surface during swabbing operations.Although stable inflow was not achieved—indicating that the limited acid volume did not access the open fracture network—the response is encouraging given that the formation had previously been unresponsive.The light oil recovered from the Reifling Formation is non‑biodegraded and matches the density of the oil sampled from the deeper Steinalm Formation during drilling.

<ul>
<li>New Zealand Energy (NZ CN)C; Target price of C$1.70 per share: Raising new equity – New Zealand is raising up to C$3.5 mm of new equity at a price of C$0.20 per share to progress its gas storage project.</li>
<li>Panoro Energy (PEN NO)C; Target price of NOK46 per share: 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 boe/d from Equatorial Guinea.</li>
<li>EG production remains constrained by unplanned facilities‑related downtime at Ceiba.</li>
</ul>


New Zealand Energy (NZ CN)C; Target price of C$1.70 per share: Raising new equity – New Zealand is raising up to C$3.5 mm of new equity at a price of C$0.20 per share to progress its gas storage project.
Panoro Energy (PEN NO)C; Target price of NOK46 per share: 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 boe/d from Equatorial Guinea.
EG production remains constrained by unplanned facilities‑related downtime at Ceiba.


<ul>
<li>Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete.</li>
<li>– 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded.</li>
<li>The lateral may be extended, and the well is expected to be brought onstream in December, potentially adding more than 10 mmcf/d of production. </li>
</ul>


Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete.
– 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded.
The lateral may be extended, and the well is expected to be brought onstream in December, potentially adding more than 10 mmcf/d of production. 


<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.</li>
<li>The company held ~A$4 mm in cash at the end of September, also in line with forecasts.</li>
<li>A busy operational period is anticipated in 1H26.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.
The company held ~A$4 mm in cash at the end of September, also in line with forecasts.
A busy operational period is anticipated in 1H26.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Formal permit award in Italy adds gas exploration upside – ADX has been formally awarded the C.R150.AU offshore exploration permit in Sicily.</li><li>The permit has an initial term of 6 years, with the option for 2 additional 3-year renewal periods.</li><li>In the event of a commercial discovery, an exploitation concession may be granted for 20 years, extendable by a further 10 years.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Formal permit award in Italy adds gas exploration upside – ADX has been formally awarded the C.R150.AU offshore exploration permit in Sicily.The permit has an initial term of 6 years, with the option for 2 additional 3-year renewal periods.In the event of a commercial discovery, an exploitation concession may be granted for 20 years, extendable by a further 10 years.

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)

AUCTUS ON FRIDAY - 27.02.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.21 per share: Well test results at Welchau...

Auctus Advisors

AUCTUS ON FRIDAY - 22.01.2026

New Zealand Energy (NZ CN)C; Target price of C$1.70 per share: Raising new equity – New Zealand is raising up to C$3.5 mm of new equity at a price...

Auctus Advisors

Auctus on Friday - 21/11/2025

Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90%...

Auctus Advisors

AUCTUS ON FRIDAY - 07/11/2025

ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.

Auctus Advisors

AUCTUS ON FRIDAY - 15/08/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Formal permit award in Italy...

Auctus Advisors

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