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>Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete.</li>
<li>– 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded.</li>
<li>The lateral may be extended, and the well is expected to be brought onstream in December, potentially adding more than 10 mmcf/d of production. </li>
</ul>


Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete.
– 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded.
The lateral may be extended, and the well is expected to be brought onstream in December, potentially adding more than 10 mmcf/d of production. 


<ul>
<li>Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa Oeste was water wet.</li>
<li>Our ReNAV for the well was £0.09 per share. We did not carry any production from this prospect in our cash flow forecast.</li>
<li>The rig will now move to Mateguafa Attic where the Mateguafa 5 vertical well will be drilled in November. </li>
</ul>


Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa Oeste was water wet.
Our ReNAV for the well was £0.09 per share. We did not carry any production from this prospect in our cash flow forecast.
The rig will now move to Mateguafa Attic where the Mateguafa 5 vertical well will be drilled in November. 


<ul><li>AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZE CN)C; Target price of C$1.70 per share: Equity raise to progress Tariki gas storage – New Zealand Energy (NZE) has raised C$3 mm of new equity priced at C$0.18 per share.</li><li>The proceeds of the raise will fund the desktop studies required to prepare the field development plan, derisking the gas storage project ahead of expected monetization within the next 12 months.</li><li>It will also fund the repayment of the convertible note.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZE CN)C; Target price of C$1.70 per share: Equity raise to progress Tariki gas storage – New Zealand Energy (NZE) has raised C$3 mm of new equity priced at C$0.18 per share.The proceeds of the raise will fund the desktop studies required to prepare the field development plan, derisking the gas storage project ahead of expected monetization within the next 12 months.It will also fund the repayment of the convertible note.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Quantitative Analysis

<ul>
<li>Active UK funds continue to reduce their exposure to the Energy sector, with positioning falling to near record lows. </li>
<li>The UK Energy sector is dominated by just two names— Shell and BP  —which together account for 90% of the total sector allocation.</li>
<li>UK Industrials, Financials, and Consumer sectors have become increasingly dominant, with Energy’s diminished role reflecting a shift in market structure and a redefinition of what drives UK equity portfolios.</li>
</ul>


Active UK funds continue to reduce their exposure to the Energy sector, with positioning falling to near record lows. 
The UK Energy sector is dominated by just two names— Shell and BP  —which together account for 90% of the total sector allocation.
UK Industrials, Financials, and Consumer sectors have become increasingly dominant, with Energy’s diminished role reflecting a shift in market structure and a redefinition of what drives UK equity portfolios.


UK Energy:  Concentrated, Under-Owned, and Out of Focus

<ul><li>Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: On track for first gas in 1Q26 – 1Q25 production of 988 boe/d had been previously reported.</li><li>Criterium held ~C$1.6 mm in cash at the end of 1Q25.</li><li>The company has reduced its accounts payable by ~C$3.5 mm while inventory + amounts receivable were flat vs. YE24.</li></ul>

Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: On track for first gas in 1Q26 – 1Q25 production of 988 boe/d had been previously reported.Criterium held ~C$1.6 mm in cash at the end of 1Q25.The company has reduced its accounts payable by ~C$3.5 mm while inventory + amounts receivable were flat vs. YE24.

United Kingdom

Tullow Oil plc explores for and produces oil and gas. The Group's assets are in Africa, Europe, South America and Asia.

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Tullow Oil PLC (TLW LN)

Auctus on Friday - 21/11/2025

Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90%...

Auctus Advisors

AUCTUS ON FRIDAY - 03/10/2025

Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa...

Auctus Advisors

AUCTUS ON FRIDAY - 25/07/2025

AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZE CN)C; Target price of C$1.70 per share: Equity raise to...

Auctus Advisors

UK Energy: Concentrated, Under-Owned, and Out of Focus

Active UK equity funds continue to reduce their exposure to the Energy sector, with positioning falling to near record lows.

Steven Holden

AUCTUS ON FRIDAY - 06/06/2025

Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: On track for first gas in 1Q26 – 1Q25 production of 988 boe/d had been previously...

Auctus Advisors

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