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 ________________________________________ 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.

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Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

<ul>
  <li>Parex is a pure-play Colombian E&amp;P company that has become the largest independent producer in the country following its recent acquisition of Frontera Energy's Colombian assets.</li>
  <li>The company exhibits a strong commitment to shareholder returns, evidenced by a high dividend yield and a significant share repurchase program that has reduced its share count by over 40% since 2018.</li>
  <li>While the company trades at an attractive valuation and maintains a robust, low-debt balance sheet, it faces significant risks from its geographic concentration in Colombia and its direct exposure to volatile global oil prices.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Parex is a pure-play Colombian E&amp;P company that has become the largest independent producer in the country following its recent acquisition of Frontera Energy's Colombian assets.
  The company exhibits a strong commitment to shareholder returns, evidenced by a high dividend yield and a significant share repurchase program that has reduced its share count by over 40% since 2018.
  While the company trades at an attractive valuation and maintains a robust, low-debt balance sheet, it faces significant risks from its geographic concentration in Colombia and its direct exposure to volatile global oil prices.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Parex Resources (PXT CN) - Aug 2026

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for 3Q26.</li><li>Encouraging results at Lemat – Criterium continues to target first gas in 3Q26.</li><li>The company received a gas allocation letter from SKK MIGAS in June, a critical milestone toward finalizing the binding Gas Sales Agreement.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for 3Q26.Encouraging results at Lemat – Criterium continues to target first gas in 3Q26.The company received a gas allocation letter from SKK MIGAS in June, a critical milestone toward finalizing the binding Gas Sales Agreement.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Independent resources auditor confirms resources estimates in Italy – RISC has independently validated ADX’s prospective resource estimates in Italy, confirming a range of 188–1,265 bcf (P90–P10) and a P50–Pmean case of 484–619 bcf.</li><li>After reviewing ADX’s data and methodology, RISC considers the prospective resource estimates to be a reasonable probabilistic representation of reservoir properties.</li><li>The lead/prospect areas and reservoir thickness assumptions used by ADX to calculate gas volumes are also deemed appropriate.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Independent resources auditor confirms resources estimates in Italy – RISC has independently validated ADX’s prospective resource estimates in Italy, confirming a range of 188–1,265 bcf (P90–P10) and a P50–Pmean case of 484–619 bcf.After reviewing ADX’s data and methodology, RISC considers the prospective resource estimates to be a reasonable probabilistic representation of reservoir properties.The lead/prospect areas and reservoir thickness assumptions used by ADX to calculate gas volumes are also deemed appropriate.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper zones in ~ 3 weeks –Wireline logging has identified 4–6 m of net gas pay across seven intervals within the deeper Base Hall channel formation (1,465–1,617 m).</li><li>Based on offset well data, these relatively thin reservoirs (0.3–1.5 m) can deliver high production rates and support a commercial development.</li><li>The identified intervals are expected to be tested in approximately three weeks, which should provide greater clarity on reservoir performance and enable an estimate of potential reserves.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper zones in ~ 3 weeks –Wireline logging has identified 4–6 m of net gas pay across seven intervals within the deeper Base Hall channel formation (1,465–1,617 m).Based on offset well data, these relatively thin reservoirs (0.3–1.5 m) can deliver high production rates and support a commercial development.The identified intervals are expected to be tested in approximately three weeks, which should provide greater clarity on reservoir performance and enable an estimate of potential reserves.

Canada

Parex Resources Inc. is an oil and gas exploration and production company. The Company owns interests in Colombia and Trinidad & Tobago.

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Parex Resources (PXT CN)

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

Primer: Parex Resources (PXT CN) - Aug 2026

Parex is a pure-play Colombian E&P company that has become the largest independent producer in the country following its recent acquisition...

αSK Primers

AUCTUS ON FRIDAY - 31.07.2026

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for...

Auctus Advisors

AUCTUS ON FRIDAY - 10.07.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Independent resources auditor...

Auctus Advisors

AUCTUS ON FRIDAY - 15.05.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper...

Auctus Advisors

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