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 ________________________________________ 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$0.19 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.

<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January.</li>
<li>The shallow gas drilling programme will start February 2026 while oil appraisal drilling is scheduled for 3Q26.</li>
<li>Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: High pressure at Jetstream #3 – Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters depth, with bottom-hole pressure estimated at ~960 psi at 661 meters.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January.
The shallow gas drilling programme will start February 2026 while oil appraisal drilling is scheduled for 3Q26.
Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: High pressure at Jetstream #3 – Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters depth, with bottom-hole pressure estimated at ~960 psi at 661 meters.


<ul>
<li>Condor Energies (CDR CN) C ; Target price of C$5.80 per share: Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.</li>
<li>The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up.</li>
<li>With a total cost of &lt;US$0.2 mm, the pay back of theses workovers is ~2 months. This is a very good result that showcases the opportunity in Uzbekistan. </li>
</ul>


Condor Energies (CDR CN) C ; Target price of C$5.80 per share: Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.
The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up.
With a total cost of &lt;US$0.2 mm, the pay back of theses workovers is ~2 months. This is a very good result that showcases the opportunity in Uzbekistan. 


<ul>
<li>ADX Energy (ADX AU)C; Target price A$0.75 per share: Welchau test to start on 4th of November.</li>
<li>LICHT well to reach main target next week – MCF Energy (the partner of ADX at Welchau) has announced that the well test at Welchau is expected to start on 4th of November.</li>
<li>The initial well test results could also be available during November.</li>
</ul>


ADX Energy (ADX AU)C; Target price A$0.75 per share: Welchau test to start on 4th of November.
LICHT well to reach main target next week – MCF Energy (the partner of ADX at Welchau) has announced that the well test at Welchau is expected to start on 4th of November.
The initial well test results could also be available during November.


Nigeria

Seplat Energy PLC is Nigeria's leading indigenous energy company, primarily engaged in oil and gas exploration, development, and production. The company also invests in midstream gas processing facilities and is developing a "Power & New Energy" business to support Nigeria's energy transition. Seplat Energy is headquartered in Lagos, Nigeria, and was founded in 2009.

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Seplat Energy (SEPL LN)

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 - 01.05.2026

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

Auctus Advisors

AUCTUS ON FRIDAY - 31/10/2025

ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January.

Auctus Advisors

AUCTUS ON FRIDAY - 01/11/2024

Another positive operating update – The workovers of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated...

Auctus Advisors

AUCTUS ON FRIDAY - 25/10/2024

LICHT well to reach main target next week – MCF Energy (the partner of ADX at Welchau) has announced that the well test at Welchau is expected to...

Auctus Advisors

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