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 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.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: High production, reserves addition at Tapir – Production has increased to 5,325 boe/d, up from 4,900 boe/d in early March, driven by rising output from the M‑9 Hz well.</li><li>Further growth is expected with the imminent addition of the M‑11 well, which encountered 48 ft of net pay across the C7 and C9 formations and is scheduled to be brought online in the coming weeks.</li><li>M‑11 intersected both zones structurally higher than any previous Mateguafa Attic well, extending the structure southward and confirming additional development potential.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: High production, reserves addition at Tapir – Production has increased to 5,325 boe/d, up from 4,900 boe/d in early March, driven by rising output from the M‑9 Hz well.Further growth is expected with the imminent addition of the M‑11 well, which encountered 48 ft of net pay across the C7 and C9 formations and is scheduled to be brought online in the coming weeks.M‑11 intersected both zones structurally higher than any previous Mateguafa Attic well, extending the structure southward and confirming additional development potential.

<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>Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors.</li>
<li>Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25.</li>
<li>In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16.</li>
</ul>


Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors.
Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25.
In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16.


<ul>
<li>Condor Energies (CDR CN)C; Target price of C$5.80 per share: Well results derisk the deeper clastic play.</li>
<li>The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations.</li>
<li>The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November.</li>
</ul>


Condor Energies (CDR CN)C; Target price of C$5.80 per share: Well results derisk the deeper clastic play.
The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations.
The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November.


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)

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

AUCTUS ON FRIDAY - 27.03.2026

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: High production,...

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 - 12/12/2025

Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026

Auctus Advisors

AUCTUS ON FRIDAY - 24/10/2025

The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive...

Auctus Advisors

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