External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>Tenaz Energy is a debt-free E&amp;P company with low-decline, high-margin natgas assets in the Dutch North Sea</li><li>Led by former CEO Anthony Marino, the company has seen its share price increase significantly and is considered undervalued</li><li>Strong M&amp;A strategy and track record of success, with original asset Leduc-Woodbend now only a small portion of its FCF, highlighting growth potential and attractive valuation</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Tenaz Energy is a debt-free E&amp;P company with low-decline, high-margin natgas assets in the Dutch North SeaLed by former CEO Anthony Marino, the company has seen its share price increase significantly and is considered undervaluedStrong M&amp;A strategy and track record of success, with original asset Leduc-Woodbend now only a small portion of its FCF, highlighting growth potential and attractive valuationThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Tenaz Energy Corp (TNZ.) - Wednesday, Oct 9, 2024

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>ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.</li>
<li>The company held ~A$4 mm in cash at the end of September, also in line with forecasts.</li>
<li>A busy operational period is anticipated in 1H26.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.
The company held ~A$4 mm in cash at the end of September, also in line with forecasts.
A busy operational period is anticipated in 1H26.


<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.30 per share: High production at Z&amp;G.</li>
<li>Low risk exploration drilling in Austria to start in 4Q25/1Q26 – 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin.</li>
<li>The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perforation of a new oil production zone in a well.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: High production at Z&amp;G.
Low risk exploration drilling in Austria to start in 4Q25/1Q26 – 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin.
The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perforation of a new oil production zone in a well.


<ul><li>AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25.</li><li>Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.</li><li>Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25.Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively.</li><li>This represents an increase of 15% and 25%, respectively vs. YE23.</li><li>Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase including all the company’s assets: +3.0 mmboe of 2P reserves and +5.7 mmboe of 3P reserves).</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively.This represents an increase of 15% and 25%, respectively vs. YE23.Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase including all the company’s assets: +3.0 mmboe of 2P reserves and +5.7 mmboe of 3P reserves).

Canada

Tenaz Energy Corp. is a public energy company. The Company focuses on the acquisition and sustainable development of oil and gas assets capable of returning free cash flow to shareholders. Tenaz Energy serves clients worldwide.

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Tenaz Energy (TNZ CN)

Tenaz Energy Corp (TNZ.) - Wednesday, Oct 9, 2024

Strong M&A strategy and track record of success, with original asset Leduc-Woodbend now only a small portion of its FCF, highlighting growth...

Value Investors Club (VIC)

AUCTUS ON FRIDAY - 07/11/2025

ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations.

Auctus Advisors

AUCTUS ON FRIDAY - 08/08/2025

The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perforation of a new oil production zone...

Auctus Advisors

AUCTUS ON FRIDAY - 09/05/2025

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in...

Auctus Advisors

AUCTUS ON FRIDAY - 14/03/2025

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase...

Auctus Advisors

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