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 NOK51 per share: Water inflow from a small interval in Welchau deeper formation.</li><li>Continuing well test up hole – Two intervals in the Steinalm formation (1452.5 m-1463.5 m and 1474.5 m-1480 m MD) were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces.</li><li>Gas was initially observed at surface.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of NOK51 per share: Water inflow from a small interval in Welchau deeper formation.Continuing well test up hole – Two intervals in the Steinalm formation (1452.5 m-1463.5 m and 1474.5 m-1480 m MD) were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces.Gas was initially observed at surface.

Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Equity Bottom-Up

<ul>
<li>80 Mile 0.46p £34.54m (80M.L) The exploration and development Company with projects in Greenland, Finland and Italy updates on its drilling programme at its Jameson Land Basin Project in East Greenland.</li>
<li>The commencement of drilling during the 2026/27 winter season is now expected to be delayed.</li>
<li>The delay relates to the time required to complete the permitting and regulatory approval process and does not reflect any change to the Company's plans for Jameson. </li>
</ul>


80 Mile 0.46p £34.54m (80M.L) The exploration and development Company with projects in Greenland, Finland and Italy updates on its drilling programme at its Jameson Land Basin Project in East Greenland.
The commencement of drilling during the 2026/27 winter season is now expected to be delayed.
The delay relates to the time required to complete the permitting and regulatory approval process and does not reflect any change to the Company's plans for Jameson. 


<ul>
<li>Southern Energy’s 2Q25 production averaged 1,883 boe/d, exceeding our forecast of 1,698 boe/d.</li>
<li>Current assets minus accounts payable stood at ~US$1.5 mm at end-June, in line with expectations.</li>
<li>The GH LSC 13-13 #2 well in the Lower Selma Chalk continues to exhibit a notably shallower decline rate than the previous Upper Selma Chalk wells.</li>
</ul>


Southern Energy’s 2Q25 production averaged 1,883 boe/d, exceeding our forecast of 1,698 boe/d.
Current assets minus accounts payable stood at ~US$1.5 mm at end-June, in line with expectations.
The GH LSC 13-13 #2 well in the Lower Selma Chalk continues to exhibit a notably shallower decline rate than the previous Upper Selma Chalk wells.


Southern Energy Corp. (SOUC LN/SOU CN): Shallower Decline at LSC Well Supports Reserve Upside

<ul><li>• The GH LSC 13-13 #2 well (Lower Selma Chalk) commenced production at ~4.0 mmcf/d and averaged 3.6 mmcf/d over its IP30 period.</li><li>Although below the initial 5.5 mmcf/d forecast, the observed decline rate is notably shallower than expected, with flow rates holding at 3.4 mmcf/d after one month (~15% decline).</li><li>• This performance benchmarks favourably against Upper Selma Chalk (USC) wells, which typically exhibit higher IP30 rates of 5.0–6.5 mmcf/d but decline more steeply, often down to ~3.0 mmcf/d within the first month.</li></ul>

• The GH LSC 13-13 #2 well (Lower Selma Chalk) commenced production at ~4.0 mmcf/d and averaged 3.6 mmcf/d over its IP30 period.Although below the initial 5.5 mmcf/d forecast, the observed decline rate is notably shallower than expected, with flow rates holding at 3.4 mmcf/d after one month (~15% decline).• This performance benchmarks favourably against Upper Selma Chalk (USC) wells, which typically exhibit higher IP30 rates of 5.0–6.5 mmcf/d but decline more steeply, often down to ~3.0 mmcf/d within the first month.

Southern Energy Corp. (SOUC LN/SOU CN): IP30 flow rate at first DUC could derisk up to 45 new locations in the Lower Selma Chalk

<ul>
<li>1Q25 production of 2,135 boe/d was broadly in line with our expectations.</li>
<li>The company’s gas production was sold a US$0.49/mcf premium to Henry Hub (+13%).</li>
<li>Field operations are scheduled to commence on the 13‐13 #2 Lower Selma Chalk horizontal well in the next few weeks, and Southern with production due to commence in June.</li>
</ul>


1Q25 production of 2,135 boe/d was broadly in line with our expectations.
The company’s gas production was sold a US$0.49/mcf premium to Henry Hub (+13%).
Field operations are scheduled to commence on the 13‐13 #2 Lower Selma Chalk horizontal well in the next few weeks, and Southern with production due to commence in June.


Southern Energy Corp. (SOUC LN/SOU CN): 1Q25 Production in Line.

Canada

Southern Energy is an oil and natural gas exploration and production company focused on acquiring and developing conventional natural gas and light oil resources. The company's primary assets are located in the Southeast Gulf States of Mississippi, Louisiana, and East Texas. Southern Energy was founded in 2008 and is headquartered in Calgary, Alberta, Canada.

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Southern Energy (SOUC LN)

AUCTUS ON FRIDAY - 29/11/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of NOK51 per share: Water inflow from a small...

Auctus Advisors

Hybridan Small Cap Feast: 12 August 2026

The exploration and development Company with projects in Greenland, Finland and Italy updates on its drilling programme at its Jameson Land Basin...

Hybridan

Southern Energy Corp. (SOUC LN/SOU CN): Shallower Decline at LSC Well Supports Reserve Upside

Southern Energy’s 2Q25 production averaged 1,883 boe/d, exceeding our forecast of 1,698 boe/d. Current assets minus accounts payable stood at...

Auctus Advisors

Southern Energy Corp. (SOUC LN/SOU CN): IP30 flow rate at first DUC could derisk up to 45 new locations in the Lower Selma Chalk

• The GH LSC 13-13 #2 well (Lower Selma Chalk) commenced production at ~4.0 mmcf/d and averaged 3.6 mmcf/d over its IP30 period. Although below...

Auctus Advisors

Southern Energy Corp. (SOUC LN/SOU CN): 1Q25 Production in Line.

Field operations are scheduled to commence on the 13‐13 #2 Lower Selma Chalk horizontal well in the next few weeks, and Southern with production...

Auctus Advisors

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