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>Serica is acquiring a Southern North Sea (SNS) asset package from Spirit Energy for ~US$74 mm, with an effective economic date of 1 January 2025.</li>
<li>The assets produced 13.5 mboe/d in 1H25 (96% gas) and hold 18.7 mmboe of 2P reserves.</li>
<li>Completion is expected in 2H26, with an expected modest cash payment at closing.</li>
</ul>


Serica is acquiring a Southern North Sea (SNS) asset package from Spirit Energy for ~US$74 mm, with an effective economic date of 1 January 2025.
The assets produced 13.5 mboe/d in 1H25 (96% gas) and hold 18.7 mmboe of 2P reserves.
Completion is expected in 2H26, with an expected modest cash payment at closing.


Serica Energy Plc (AIM: SQZ): Another Accretive Gas Acquisition

<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

Thematic (Sector/Industry)

<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.20 per share: A$3.5 mm funding boost ahead of busy activity programme – ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share.</li>
<li>Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share.</li>
<li>The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on the stock.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.20 per share: A$3.5 mm funding boost ahead of busy activity programme – ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share.
Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share.
The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on the stock.


United Kingdom

Serica Energy is a UK-based independent upstream oil and gas company with operations focused on the UK North Sea. It specializes in identifying, acquiring, exploiting, and producing oil and gas reserves, managing a portfolio of energy fields to extract hydrocarbons. The company operates assets such as the Bruce, Keith, and Rhum fields in the UK Northern North Sea, as well as the Columbus Field, Triton FPSO, and Mansell field in the Central North Sea. Headquartered in London, United Kingdom, the company was founded in 2004.

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Serica Energy (SQZ LN)

Serica Energy Plc (AIM: SQZ): Another Accretive Gas Acquisition

Serica is acquiring a Southern North Sea (SNS) asset package from Spirit Energy for ~US$74 mm, with an effective economic date of 1 January 2025.

Auctus Advisors

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

AUCTUS ON FRIDAY - 14/11/2025

The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on...

Auctus Advisors

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