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)C; Target price of A$0.16 per share: 2Q26 update – 2Q26 WI production in Austria was 197 boe/d.</li><li>Current production is 270 boe/d.</li><li> Arrow Exploration (AXL LN/CN)C; Target price of £0.55 per share: Reserves addition in Gacheta reservoir at Icaco.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX)C; Target price of A$0.16 per share: 2Q26 update – 2Q26 WI production in Austria was 197 boe/d.Current production is 270 boe/d. Arrow Exploration (AXL LN/CN)C; Target price of £0.55 per share: Reserves addition in Gacheta reservoir at Icaco.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C; Target price of C$3.00 per share: Framing the Soltvadkert shallow play – CanCambria has released additional information on the Soltvadkert shallow play, where the acquisition of modern 3D seismic is scheduled to commence in 3Q26.</li><li>Ten oil prospects have been mapped using 1980s‑vintage 2D seismic across an 80,000‑acre fairway, adjacent to legacy fields that have collectively produced ~160 mmboe.</li><li>The area was drilled extensively during the 1960s–1980s, with ~400 legacy wells on CCEC acreage.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C; Target price of C$3.00 per share: Framing the Soltvadkert shallow play – CanCambria has released additional information on the Soltvadkert shallow play, where the acquisition of modern 3D seismic is scheduled to commence in 3Q26.Ten oil prospects have been mapped using 1980s‑vintage 2D seismic across an 80,000‑acre fairway, adjacent to legacy fields that have collectively produced ~160 mmboe.The area was drilled extensively during the 1960s–1980s, with ~400 legacy wells on CCEC acreage.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Hartshead Resources (HHR AU): Acquisition by ACAM approved – The shareholders of Hartshead and the supreme court of Western Australia have approved the acquisition of the company by ACAM.</li><li>Hartshead holds development assets in the Southern North Sea.</li><li>Auctus acted as advisor of ACAM in the transaction.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Hartshead Resources (HHR AU): Acquisition by ACAM approved – The shareholders of Hartshead and the supreme court of Western Australia have approved the acquisition of the company by ACAM.Hartshead holds development assets in the Southern North Sea.Auctus acted as advisor of ACAM in the transaction.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Resources upgrade expected in early 2Q26.</li><li>Shallow drilling result due next week – 1Q26 net production was ~200 boe/d.</li><li>ADX held A$4.9 mm in cash at the end of March.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Resources upgrade expected in early 2Q26.Shallow drilling result due next week – 1Q26 net production was ~200 boe/d.ADX held A$4.9 mm in cash at the end of March.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.20 per share: Gas to surface at Welchau – Hydrocarbon gas (Methane - CH4) was observed at surface from the Reifling Formation for the first time within the shallowest part of the Welchau anticline following acidization.</li><li>See website for full report Condor Energies (CDR CN)C; Target price of C$5.60 per share: Strong well test results point to meaningful reserves upgrade – The K‑45 vertical well encountered 19.9 metres of net carbonate reservoir across four distinct intervals.</li><li>Reservoir quality in the primary pay zone exceeded pre‑drill expectations, delivering an average porosity of 16%, with localized streaks surpassing 20%.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.20 per share: Gas to surface at Welchau – Hydrocarbon gas (Methane - CH4) was observed at surface from the Reifling Formation for the first time within the shallowest part of the Welchau anticline following acidization.See website for full report Condor Energies (CDR CN)C; Target price of C$5.60 per share: Strong well test results point to meaningful reserves upgrade – The K‑45 vertical well encountered 19.9 metres of net carbonate reservoir across four distinct intervals.Reservoir quality in the primary pay zone exceeded pre‑drill expectations, delivering an average porosity of 16%, with localized streaks surpassing 20%.

United Kingdom

Tullow Oil is an independent upstream oil and gas company focused on exploration, development, and production of oil and natural gas, primarily in Africa. It has core producing assets offshore Ghana, including the Jubilee and TEN fields. The company is headquartered in London, United Kingdom, and was founded in 1985.

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Tullow Oil (TLW LN)

AUCTUS ON FRIDAY - 07.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX)C; Target price of A$0.16 per share: 2Q26 update – 2Q26 WI production...

Auctus Advisors

AUCTUS ON FRIDAY - 17.07.2026

AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C; Target price of C$3.00 per share: Framing the...

Auctus Advisors

AUCTUS ON FRIDAY - 12.06.2026

AUCTUS PUBLICATIONS ________________________________________ Hartshead Resources (HHR AU): Acquisition by ACAM approved – The shareholders of...

Auctus Advisors

AUCTUS ON FRIDAY - 01.05.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.19 per share: Resources upgrade expected in...

Auctus Advisors

AUCTUS ON FRIDAY - 20.02.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.20 per share: Gas to surface at Welchau –...

Auctus Advisors

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