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>Average 3Q25 production was 27.5 mboe/d, comprising 15.4 mboe/d from Bruce, 7.7 mboe/d from Triton, and 4.4 mboe/d from other assets.</li>
<li>This performance is in line with expectations, given issues at Triton, that are now solved, were previously flagged.</li>
<li>Production at the Bruce hub is above 20 mboe/d, though output was temporarily curtailed to ~16 mboe/d in October.</li>
</ul>


Average 3Q25 production was 27.5 mboe/d, comprising 15.4 mboe/d from Bruce, 7.7 mboe/d from Triton, and 4.4 mboe/d from other assets.
This performance is in line with expectations, given issues at Triton, that are now solved, were previously flagged.
Production at the Bruce hub is above 20 mboe/d, though output was temporarily curtailed to ~16 mboe/d in October.


Serica Energy Plc (AIM: SQZ): UK Budget Neutral for Serica

<ul>
<li>Serica has agreed to acquire a 40% interest in Licence P2530 from Finder Energy for an upfront consideration of US$0.65 mm.</li>
<li>The licence contains the Wagtail discovery.</li>
<li>Should the joint venture proceed to Phase C (commitment to drill, with a decision to be made by the end of August 2026), Serica will pay Finder an additional £0.94 mm.</li>
</ul>


Serica has agreed to acquire a 40% interest in Licence P2530 from Finder Energy for an upfront consideration of US$0.65 mm.
The licence contains the Wagtail discovery.
Should the joint venture proceed to Phase C (commitment to drill, with a decision to be made by the end of August 2026), Serica will pay Finder an additional £0.94 mm.


Serica Energy Plc (AIM: SQZ): Farm-In Transaction Boosts Upside at Triton

<ul>
<li>Triton production has ramped to over 25,000 boed net to Serica.</li>
<li>This elevated level of output could be sustained until the commencement of the Bittern pipework in November.</li>
<li>The pace of ramp-up has exceeded forecasts.</li>
</ul>


Triton production has ramped to over 25,000 boed net to Serica.
This elevated level of output could be sustained until the commencement of the Bittern pipework in November.
The pace of ramp-up has exceeded forecasts.


Serica Energy Plc (AIM: SQZ): 25 Mboe/D Net Production at Triton

<ul>
<li>Serica has agreed to acquire BP’s 32% interest in the P111 and P2544 licences in the Central North Sea.</li>
<li>P111 includes the Culzean gas condensate field—the UK North Sea’s largest producing gas asset.</li>
<li>Culzean commenced production in 2019, with remaining net 2P reserves of ~33 mmboe attributable to BP as of 1 January 2025.</li>
</ul>


Serica has agreed to acquire BP’s 32% interest in the P111 and P2544 licences in the Central North Sea.
P111 includes the Culzean gas condensate field—the UK North Sea’s largest producing gas asset.
Culzean commenced production in 2019, with remaining net 2P reserves of ~33 mmboe attributable to BP as of 1 January 2025.


Serica Energy Plc (AIM: SQZ): Major Potential Acquisition

<ul>
<li>Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production.</li>
<li>Production is likely to restart shortly at very low rates until the root cause is identified and resolved.</li>
<li>In the absence of further clarity, we conservatively assume that Triton production will be constrained until the scheduled Bittern pipeline shutdown in November.</li>
</ul>


Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production.
Production is likely to restart shortly at very low rates until the root cause is identified and resolved.
In the absence of further clarity, we conservatively assume that Triton production will be constrained until the scheduled Bittern pipeline shutdown in November.


Serica Energy Plc (AIM: SQZ): Another operational setback at Triton; value and distribution profile intact

United Kingdom

Serica Energy PLC explores for and extracts oil and natural gas.  The Company operates primarily in the United Kingdom and Indonesia.

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Serica Energy (SQZ LN)

Serica Energy Plc (AIM: SQZ): UK Budget Neutral for Serica

Average 3Q25 production was 27.5 mboe/d, comprising 15.4 mboe/d from Bruce, 7.7 mboe/d from Triton, and 4.4 mboe/d from other assets.

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Farm-In Transaction Boosts Upside at Triton

Serica has agreed to acquire a 40% interest in Licence P2530 from Finder Energy for an upfront consideration of US$0.65 mm.The licence contains the...

Auctus Advisors

Serica Energy Plc (AIM: SQZ): 25 Mboe/D Net Production at Triton

Triton production has ramped to over 25,000 boed net to Serica. This elevated level of output could be sustained until the commencement of the...

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Major Potential Acquisition

Serica has agreed to acquire BP’s 32% interest in the P111 and P2544 licences in the Central North Sea.P111 includes the Culzean gas condensate...

Auctus Advisors

Serica Energy Plc (AIM: SQZ): Another operational setback at Triton; value and distribution profile intact

In the absence of further clarity, we conservatively assume that Triton production will be constrained until the scheduled Bittern pipeline...

Auctus Advisors

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