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>Panoro Energy (PEN NO) C ; Target price of NOK47 per share: High production in Gabon – BW Energy reported gross production in Gabon of 39.3 mbbl/d.</li>
<li>This equates to 6.9 mbbl/d net to Panoro’s 17.5% WI.</li>
<li>Galp Energia (GALP LI): 1Q25 update – 1Q25 production in Brazil was 104 mboe/d.</li>
</ul>


Panoro Energy (PEN NO) C ; Target price of NOK47 per share: High production in Gabon – BW Energy reported gross production in Gabon of 39.3 mbbl/d.
This equates to 6.9 mbbl/d net to Panoro’s 17.5% WI.
Galp Energia (GALP LI): 1Q25 update – 1Q25 production in Brazil was 104 mboe/d.


<ul>
<li>Condor Energies (CDR CN) C ; Target price of C$5.60 per share: Production rises again.</li>
<li>Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.</li>
<li>4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. I</li>
</ul>


Condor Energies (CDR CN) C ; Target price of C$5.60 per share: Production rises again.
Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.
4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. I


<ul><li>AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.00p per share: Restarting intervention activities at Tobias field -Intervention activities will soon restart at the Tobias-13 and Tobias-14 wells on Block KON-11, aiming to re-establish production at the Tobias field.</li><li>Discovered in 1961, the Tobias field initially had an estimated 94 mmbbl of oil in place.</li><li>Twelve wells were drilled, with eight producers reaching peak production of 17.5 mbbl/d.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.00p per share: Restarting intervention activities at Tobias field -Intervention activities will soon restart at the Tobias-13 and Tobias-14 wells on Block KON-11, aiming to re-establish production at the Tobias field.Discovered in 1961, the Tobias field initially had an estimated 94 mmbbl of oil in place.Twelve wells were drilled, with eight producers reaching peak production of 17.5 mbbl/d.

<ul>
<li>Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Material discovery at Alberta Llanos - The AB-1 (Alberta Llanos) exploration well has encountered four main hydrocarbon bearing reservoirs with a total true vertical depth of 121 feet, including the C7, Gacheta, Guadalupe, and Ubaque formations.</li>
<li>The main pre-drill targets were the C7 and the Ubaque formations.</li>
<li>The Gacheta and Guadalupe formations carried a higher risk, and encountering these two formations is a positive.</li>
</ul>


Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Material discovery at Alberta Llanos - The AB-1 (Alberta Llanos) exploration well has encountered four main hydrocarbon bearing reservoirs with a total true vertical depth of 121 feet, including the C7, Gacheta, Guadalupe, and Ubaque formations.
The main pre-drill targets were the C7 and the Ubaque formations.
The Gacheta and Guadalupe formations carried a higher risk, and encountering these two formations is a positive.


<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.30 per share: Reflections on Welchau - Three intervals in the Reifling formation (1324 m-1340 m, 1346 m-1351 m and 1358 m-1382 m MD) were perforated but only limited inflow was determined.</li>
<li>No fluid could reach the surface after the well was shut in.</li>
<li>Sampling of the well indicated only completion brine (not reservoir fluid) and fine solid particles of unknown origin.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: Reflections on Welchau - Three intervals in the Reifling formation (1324 m-1340 m, 1346 m-1351 m and 1358 m-1382 m MD) were perforated but only limited inflow was determined.
No fluid could reach the surface after the well was shut in.
Sampling of the well indicated only completion brine (not reservoir fluid) and fine solid particles of unknown origin.


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 - 18/04/2025

Panoro Energy (PEN NO) C ; Target price of NOK47 per share: High production in Gabon – BW Energy reported gross production in Gabon of 39.3 mbbl/d.

Auctus Advisors

AUCTUS ON FRIDAY - 28/03/2025

Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.

Auctus Advisors

AUCTUS ON FRIDAY - 31/01/2025

AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.00p per share: Restarting intervention...

Auctus Advisors

AUCTUS ON FRIDAY - 20/12/2024

Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Material discovery at Alberta Llanos - The AB-1 (Alberta Llanos) exploration well...

Auctus Advisors

AUCTUS ON FRIDAY - 13/12/2024

Reflections on Welchau - Three intervals in the Reifling formation (1324 m-1340 m, 1346 m-1351 m and 1358 m-1382 m MD) were perforated but only...

Auctus Advisors

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