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.

<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: 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: High flow rate at first zone at HOCH –The testing is planned to be undertaken in two phases.</li><li>The first phase focusses on the upper Hall formation and the second phase on the lower Base Hall formation.</li><li>The first phase will include the firm testing of up to three zones and potentially a fourth contingent zone.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate at first zone at HOCH –The testing is planned to be undertaken in two phases.The first phase focusses on the upper Hall formation and the second phase on the lower Base Hall formation.The first phase will include the firm testing of up to three zones and potentially a fourth contingent zone.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Resources upgrade expected in early 2Q26.</li><li>Shallow drilling result due next week – 1Q26 net production was ~200 boe/d.</li><li>ADX held A$4.9 mm in cash at the end of March.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Resources upgrade expected in early 2Q26.Shallow drilling result due next week – 1Q26 net production was ~200 boe/d.ADX held A$4.9 mm in cash at the end of March.

Spain

Repsol S.A., through subsidiaries, explores for and produces crude oil and natural gas, refines petroleum, and transports petroleum products and liquefied petroleum gas (LPG).  The Company retails gasoline and other products through its chain of gasoline filling stations.  Repsol's petroleum reserves are in Spain, Latin America, Asia, North Africa, and the Middle East and United States.

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Repsol SA (REP SM)

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

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 - 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 - 19.06.2026

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

Auctus Advisors

AUCTUS ON FRIDAY - 01.05.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Resources upgrade expected in...

Auctus Advisors

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