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>• Drilling operations have commenced at the TGT-H1 infill well in Vietnam, with results expected within 28 days.</li><li>This well is anticipated to enhance production ahead of year-end 2025.</li><li>• This marks the beginning of a six-well drilling campaign across the TGT and CNV fields, utilizing two rigs operating in parallel.</li></ul>

• Drilling operations have commenced at the TGT-H1 infill well in Vietnam, with results expected within 28 days.This well is anticipated to enhance production ahead of year-end 2025.• This marks the beginning of a six-well drilling campaign across the TGT and CNV fields, utilizing two rigs operating in parallel.

Pharos Energy Plc (LSE: PHAR): Kicking off high impact drilling programme

Thematic (Sector/Industry)

<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$0.16 per share: Equity raise to fund Production growth and exploration upside in Austria – ADX has raised A$3.58 mm in new equity at A$0.020 per share.</li><li> Investors also received one option per new share, exercisable at A$0.030 per share.</li><li>Proceeds will fund the extended testing programme at the HOCH‑1 shallow gas discovery, ongoing shallow gas drilling at GOLD-1, Sicily Channel prospect maturation and working capital.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Equity raise to fund Production growth and exploration upside in Austria – ADX has raised A$3.58 mm in new equity at A$0.020 per share. Investors also received one option per new share, exercisable at A$0.030 per share.Proceeds will fund the extended testing programme at the HOCH‑1 shallow gas discovery, ongoing shallow gas drilling at GOLD-1, Sicily Channel prospect maturation and working capital.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate from single Zone at HOCH first well test – Zone 1 delivered a stable, water‑free gas flow averaging 2.7 mmcf/d over an 11‑hour test, with a steady flowing wellhead pressure of 870 psi.</li><li>The interval corresponds to a Basin Floor Fan (BFF) at 1,465 m depth.</li><li>The HOCH‑1 well has now been shut in for a ~2‑week pressure‑build‑up to determine the connected gas volume within the Zone 1 BFF sand body, which is interpreted to extend over a broad area.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate from single Zone at HOCH first well test – Zone 1 delivered a stable, water‑free gas flow averaging 2.7 mmcf/d over an 11‑hour test, with a steady flowing wellhead pressure of 870 psi.The interval corresponds to a Basin Floor Fan (BFF) at 1,465 m depth.The HOCH‑1 well has now been shut in for a ~2‑week pressure‑build‑up to determine the connected gas volume within the Zone 1 BFF sand body, which is interpreted to extend over a broad area.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Hartshead Resources (HHR AU): Acquisition by ACAM approved – The shareholders of Hartshead and the supreme court of Western Australia have approved the acquisition of the company by ACAM.</li><li>Hartshead holds development assets in the Southern North Sea.</li><li>Auctus acted as advisor of ACAM in the transaction.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Hartshead Resources (HHR AU): Acquisition by ACAM approved – The shareholders of Hartshead and the supreme court of Western Australia have approved the acquisition of the company by ACAM.Hartshead holds development assets in the Southern North Sea.Auctus acted as advisor of ACAM in the transaction.

United Kingdom

Pharos Energy is an independent oil and gas exploration and production company with a portfolio of production, development, and exploration assets. The company primarily operates in Vietnam and Egypt, focusing on delivering sustainable growth and returns. Pharos Energy was founded in 1997 and is headquartered in London, England.

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Pharos Energy (PHAR LN)

Pharos Energy Plc (LSE: PHAR): Kicking off high impact drilling programme

• Drilling operations have commenced at the TGT-H1 infill well in Vietnam, with results expected within 28 days. This well is anticipated to...

Auctus Advisors

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 - 24.07.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Equity raise to fund...

Auctus Advisors

AUCTUS ON FRIDAY - 26.06.2026

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

Auctus Advisors

AUCTUS ON FRIDAY - 12.06.2026

AUCTUS PUBLICATIONS ________________________________________ Hartshead Resources (HHR AU): Acquisition by ACAM approved – The shareholders of...

Auctus Advisors

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