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>FY25 production and YE25 net cash were disclosed previously.</li>
<li>1Q26 production has averaged 15 mbbl/d, including 14.5 mbbl/d from Bretana, in line with expectations.</li>
<li>The company has selected a rig contractor, with the rig expected to be imported in 2Q26 and drilling to begin in October, consistent with prior guidance.</li>
</ul>


FY25 production and YE25 net cash were disclosed previously.
1Q26 production has averaged 15 mbbl/d, including 14.5 mbbl/d from Bretana, in line with expectations.
The company has selected a rig contractor, with the rig expected to be imported in 2Q26 and drilling to begin in October, consistent with prior guidance.


PetroTal Corp (AIM: PTAL): 1Q26 Production in Line. Rig Selected for October Drilling

<ul>
<li>YE25 reserves stand at 66.4 mmbbl (1P), 110.2 mmbbl (2P) and 185.5 mmbbl (3P).</li>
<li>After adjusting for 7.1 mmbbl of 2025 production, PetroTal added 6.4 mmbbl of 1P and 3.6 mmbbl of 2P reserves during the year, while 3P reserves fell by 20.7 mmbbl.</li>
<li>The reduction in 3P volumes reflects volumes now considered unlikely to be produced within the remaining 15‑year licence life under current oil price assumptions.</li>
</ul>


YE25 reserves stand at 66.4 mmbbl (1P), 110.2 mmbbl (2P) and 185.5 mmbbl (3P).
After adjusting for 7.1 mmbbl of 2025 production, PetroTal added 6.4 mmbbl of 1P and 3.6 mmbbl of 2P reserves during the year, while 3P reserves fell by 20.7 mmbbl.
The reduction in 3P volumes reflects volumes now considered unlikely to be produced within the remaining 15‑year licence life under current oil price assumptions.


PetroTal Corp (AIM: PTAL): 76% 2P Reserves Replacement Ratio Despite Brent Price Drop

<ul>
<li>PetroTal expects 2026 production of 11,750–12,250 bbl/d, landing at the lower end of the indicative forecasts of 12-15 mbbl/d provided in November (vs. our prior forecast of 13.9 mbbl/d).</li>
<li>The FY26 capex budget is set at US$80–90 mm, which is US$10–20 mm below our expectations.</li>
<li>The FY26 budget includes two new Bretana wells, US$15 mm allocated to erosion control (total capex for the project unchanged) and minimal upgrades to Bretana water handling facilities.</li>
</ul>


PetroTal expects 2026 production of 11,750–12,250 bbl/d, landing at the lower end of the indicative forecasts of 12-15 mbbl/d provided in November (vs. our prior forecast of 13.9 mbbl/d).
The FY26 capex budget is set at US$80–90 mm, which is US$10–20 mm below our expectations.
The FY26 budget includes two new Bretana wells, US$15 mm allocated to erosion control (total capex for the project unchanged) and minimal upgrades to Bretana water handling facilities.


PetroTal Corp (PTAL): Budget Stress‑case Ready: Production to Trough in 3Q26 Before Doubling in 2027

<ul>
<li>4Q25 production averaged 15,258 bbl/d, comprising 14,766 bbl/d from Bretana and 492 bbl/d from the Los Angeles field.</li>
<li>The result is in line with our forecasts and consistent with the 14,983 bbl/d reported during the first 10 days of November.</li>
<li>Production from the six wells previously shut‑in due to tubing leaks has now been fully restored following workover operations.</li>
</ul>


4Q25 production averaged 15,258 bbl/d, comprising 14,766 bbl/d from Bretana and 492 bbl/d from the Los Angeles field.
The result is in line with our forecasts and consistent with the 14,983 bbl/d reported during the first 10 days of November.
Production from the six wells previously shut‑in due to tubing leaks has now been fully restored following workover operations.


PetroTal Corp (AIM: PTAL): 4Q25 in Line. Entering 2026 with a Strong Cash Position

<ul>
<li>3Q25 production and net cash figures as of end-September have already been disclosed.</li>
<li>Bretana field output averaged 14,983 bbl/d during the first 10 days of November.</li>
<li>Only one of the five wells previously shut due to tubing leaks has been worked over and returned to production so far.</li>
</ul>


3Q25 production and net cash figures as of end-September have already been disclosed.
Bretana field output averaged 14,983 bbl/d during the first 10 days of November.
Only one of the five wells previously shut due to tubing leaks has been worked over and returned to production so far.


PetroTal Corp (PTAL): Preserving Capital in the Context of Drilling Delays Impacting FY26 Production

United States

PetroTal Corp. operates as an oil and gas development and production company. The Company focuses on acquisition, development, and exploration of material oil assets. PetroTal serves customers in North and South America. ... More

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PetroTal (PTAL LN)

PetroTal Corp (AIM: PTAL): 1Q26 Production in Line. Rig Selected for October Drilling

FY25 production and YE25 net cash were disclosed previously.1Q26 production has averaged 15 mbbl/d, including 14.5 mbbl/d from Bretana, in line...

Auctus Advisors

PetroTal Corp (AIM: PTAL): 76% 2P Reserves Replacement Ratio Despite Brent Price Drop

After adjusting for 7.1 mmbbl of 2025 production, PetroTal added 6.4 mmbbl of 1P and 3.6 mmbbl of 2P reserves during the year, while 3P reserves...

Auctus Advisors

PetroTal Corp (PTAL): Budget Stress‑case Ready: Production to Trough in 3Q26 Before Doubling in 2027

PetroTal expects 2026 production of 11,750–12,250 bbl/d, landing at the lower end of the indicative forecasts of 12-15 mbbl/d provided in November...

Auctus Advisors

PetroTal Corp (AIM: PTAL): 4Q25 in Line. Entering 2026 with a Strong Cash Position

4Q25 production averaged 15,258 bbl/d, comprising 14,766 bbl/d from Bretana and 492 bbl/d from the Los Angeles field.The result is in line with our...

Auctus Advisors

PetroTal Corp (PTAL): Preserving Capital in the Context of Drilling Delays Impacting FY26 Production

3Q25 production and net cash figures as of end-September have already been disclosed. Bretana field output averaged 14,983 bbl/d during the first...

Auctus Advisors

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Market Cap (USDm)

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PetroTal Corp (AIM: PTAL): 1Q26 Production in Line. Rig Selected for October Drilling

FY25 production and YE25 net cash were disclosed previously.1Q26 production has averaged 15 mbbl/d, including 14.5 mbbl/d from Bretana, in line...

Auctus Advisors

PetroTal Corp (AIM: PTAL): 76% 2P Reserves Replacement Ratio Despite Brent Price Drop

After adjusting for 7.1 mmbbl of 2025 production, PetroTal added 6.4 mmbbl of 1P and 3.6 mmbbl of 2P reserves during the year, while 3P reserves...

Auctus Advisors

PetroTal Corp (PTAL): Budget Stress‑case Ready: Production to Trough in 3Q26 Before Doubling in 2027

PetroTal expects 2026 production of 11,750–12,250 bbl/d, landing at the lower end of the indicative forecasts of 12-15 mbbl/d provided in November...

Auctus Advisors

PetroTal Corp (AIM: PTAL): 4Q25 in Line. Entering 2026 with a Strong Cash Position

4Q25 production averaged 15,258 bbl/d, comprising 14,766 bbl/d from Bretana and 492 bbl/d from the Los Angeles field.The result is in line with our...

Auctus Advisors

PetroTal Corp (PTAL): Preserving Capital in the Context of Drilling Delays Impacting FY26 Production

3Q25 production and net cash figures as of end-September have already been disclosed. Bretana field output averaged 14,983 bbl/d during the first...

Auctus Advisors

FY25 production and YE25 net cash were disclosed previously.1Q26 production has averaged 15 mbbl/d, including 14.5 mbbl/d from Bretana, in line...

After adjusting for 7.1 mmbbl of 2025 production, PetroTal added 6.4 mmbbl of 1P and 3.6 mmbbl of 2P reserves during the year, while 3P reserves...