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>Five corporate offers have been made for listed producers so far in 2025–26: Capricorn, GeoPark, Genel, Pharos and BlueNord.</li>
<li>Capricorn and Pharos attracted competing bidders.</li>
<li>In addition, Maurel &amp; Prom has agreed to acquire Gran Tierra’s Colombia and Ecuador business for US$1.33 bn, and Ithaca is buying Suncor’s offshore Canada assets for US$860–1,110 mm.</li>
</ul>


Five corporate offers have been made for listed producers so far in 2025–26: Capricorn, GeoPark, Genel, Pharos and BlueNord.
Capricorn and Pharos attracted competing bidders.
In addition, Maurel &amp; Prom has agreed to acquire Gran Tierra’s Colombia and Ecuador business for US$1.33 bn, and Ithaca is buying Suncor’s offshore Canada assets for US$860–1,110 mm.


Panoro Energy ASA (OSE: PEN): Might Panoro be next in line?

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C; Target price of C$2.90 per share: Equity raise to fund shallow oil seismic – CanCambria has raised C$6.9 mm through an offering of 23.0 mm units at C$0.30 per unit, each comprising one share and one warrant exercisable at C$0.40 per share for 36 months.</li><li>Proceeds fund a proprietary 3D seismic survey over the Soltvadkert/Tázlár/Alpár (STA) shallow oil fairway (C$4 mm in 4Q26 in our model) and the de-risking of ten shallow oil prospects.</li><li>There are 400 legacy wells across CanCambria's licence, and neighbouring analogue fields have collectively produced over 160 mmboe from 15 fields, with oil gravities of 22–40° API.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C; Target price of C$2.90 per share: Equity raise to fund shallow oil seismic – CanCambria has raised C$6.9 mm through an offering of 23.0 mm units at C$0.30 per unit, each comprising one share and one warrant exercisable at C$0.40 per share for 36 months.Proceeds fund a proprietary 3D seismic survey over the Soltvadkert/Tázlár/Alpár (STA) shallow oil fairway (C$4 mm in 4Q26 in our model) and the de-risking of ten shallow oil prospects.There are 400 legacy wells across CanCambria's licence, and neighbouring analogue fields have collectively produced over 160 mmboe from 15 fields, with oil gravities of 22–40° API.

<ul><li>• Panoro Energy has agreed to acquire a 9.09% indirect interest in the gas‑producing CI‑27 block in Côte d’Ivoire from DNO for US$80 mm.</li><li>• CI‑27 is the country’s largest source of non‑associated gas, supplying more than 70% of domestic demand.</li><li>The block produces ~195–200 mmcfe/d (Panoro net: ~18 mmcfe/d, ~95% gas), with volumes sold to CI Energy at a fixed price of US$6.5/mmbtu.</li></ul>

• Panoro Energy has agreed to acquire a 9.09% indirect interest in the gas‑producing CI‑27 block in Côte d’Ivoire from DNO for US$80 mm.• CI‑27 is the country’s largest source of non‑associated gas, supplying more than 70% of domestic demand.The block produces ~195–200 mmcfe/d (Panoro net: ~18 mmcfe/d, ~95% gas), with volumes sold to CI Energy at a fixed price of US$6.5/mmbtu.

Panoro Energy ASA (OSE: PEN): Acquisition in CI provides diversification and improves risk profile

<ul><li>• 2Q26 pro forma WI production averaged 15,529 bbl/d, comprising 9,456 bbl/d in Equatorial Guinea, 4,599 bbl/d in Gabon, and 1,474 bbl/d in Tunisia.</li><li>• Current WI production is ~17.5 mbbl/d, around 2 mbbl/d above our prior assumptions for 3Q26, driven by stronger‑than‑expected performance in Equatorial Guinea.</li><li>Gross Equatorial Guinea production has increased from ~17.3 mbbl/d in 2Q26 to ~22 mbbl/d currently (Panoro WI: 54.625%), reflecting improved production efficiency at Ceiba and successful well clean‑ups and interventions at Okume.</li></ul>

• 2Q26 pro forma WI production averaged 15,529 bbl/d, comprising 9,456 bbl/d in Equatorial Guinea, 4,599 bbl/d in Gabon, and 1,474 bbl/d in Tunisia.• Current WI production is ~17.5 mbbl/d, around 2 mbbl/d above our prior assumptions for 3Q26, driven by stronger‑than‑expected performance in Equatorial Guinea.Gross Equatorial Guinea production has increased from ~17.3 mbbl/d in 2Q26 to ~22 mbbl/d currently (Panoro WI: 54.625%), reflecting improved production efficiency at Ceiba and successful well clean‑ups and interventions at Okume.

Panoro Energy ASA (OSE: PEN): High production in Equatorial Guinea

<ul>
<li>Panoro has completed the acquisition of a 40.375% interest in Block G, Equatorial Guinea, from Kosmos Energy earlier than we had anticipated (we had assumed a 3Q26 close).</li>
<li>Completion payments totalled US$127 mm, broadly in line with our expectation of US$130 mm in 3Q26.</li>
<li>Our prior closing‑price assumption had incorporated the next crude‑oil lifting, which will now be recognised separately.</li>
</ul>


Panoro has completed the acquisition of a 40.375% interest in Block G, Equatorial Guinea, from Kosmos Energy earlier than we had anticipated (we had assumed a 3Q26 close).
Completion payments totalled US$127 mm, broadly in line with our expectation of US$130 mm in 3Q26.
Our prior closing‑price assumption had incorporated the next crude‑oil lifting, which will now be recognised separately.


Panoro Energy ASA (OSE: PEN): Low closing price for EG acquisition

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): Might Panoro be next in line?

Five corporate offers have been made for listed producers so far in 2025–26: Capricorn, GeoPark, Genel, Pharos and BlueNord.Capricorn and Pharos...

Auctus Advisors

AUCTUS ON FRIDAY - 09.10.2026

AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C; Target price of C$2.90 per share: Equity raise to fund...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Acquisition in CI provides diversification and improves risk profile

• Panoro Energy has agreed to acquire a 9.09% indirect interest in the gas‑producing CI‑27 block in Côte d’Ivoire from DNO for US$80 mm. • CI‑27...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): High production in Equatorial Guinea

• 2Q26 pro forma WI production averaged 15,529 bbl/d, comprising 9,456 bbl/d in Equatorial Guinea, 4,599 bbl/d in Gabon, and 1,474 bbl/d in...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Low closing price for EG acquisition

Panoro has completed the acquisition of a 40.375% interest in Block G, Equatorial Guinea, from Kosmos Energy earlier than we had anticipated (we...

Auctus Advisors

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52-week Range

Market Cap (USDm)

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Panoro Energy ASA (OSE: PEN): Might Panoro be next in line?

Five corporate offers have been made for listed producers so far in 2025–26: Capricorn, GeoPark, Genel, Pharos and BlueNord.Capricorn and Pharos...

Auctus Advisors

AUCTUS ON FRIDAY - 09.10.2026

AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C; Target price of C$2.90 per share: Equity raise to fund...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Acquisition in CI provides diversification and improves risk profile

• Panoro Energy has agreed to acquire a 9.09% indirect interest in the gas‑producing CI‑27 block in Côte d’Ivoire from DNO for US$80 mm. • CI‑27...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): High production in Equatorial Guinea

• 2Q26 pro forma WI production averaged 15,529 bbl/d, comprising 9,456 bbl/d in Equatorial Guinea, 4,599 bbl/d in Gabon, and 1,474 bbl/d in...

Auctus Advisors

Panoro Energy ASA (OSE: PEN): Low closing price for EG acquisition

Panoro has completed the acquisition of a 40.375% interest in Block G, Equatorial Guinea, from Kosmos Energy earlier than we had anticipated (we...

Auctus Advisors

Panoro has completed the acquisition of a 40.375% interest in Block G, Equatorial Guinea, from Kosmos Energy earlier than we had anticipated (we...