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.

Equity Bottom-Up

<ul><li>• WI production averaged 19,887 boe/d in 3Q25, exceeding our forecast of ~19,160 boe/d.</li><li>This outperformance was driven by stronger-than-expected volumes from Gabon (7,118 boe/d vs our estimate of 6.6 mboe/d and company guidance of 6.4–7.1 mboe/d).</li><li>Despite a full platform shutdown in July for planned maintenance, Gabon’s production impact was less than anticipated.</li></ul>

• WI production averaged 19,887 boe/d in 3Q25, exceeding our forecast of ~19,160 boe/d.This outperformance was driven by stronger-than-expected volumes from Gabon (7,118 boe/d vs our estimate of 6.6 mboe/d and company guidance of 6.4–7.1 mboe/d).Despite a full platform shutdown in July for planned maintenance, Gabon’s production impact was less than anticipated.

Vaalco Energy (NYSE: EGY): FY25 production guidance increased. CI on track

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<div><ul><li>Vaalco’s asset portfolio includes a mix of development and exploration projects that expose the company to significant growth in the coming years.</li><li>Activity is expected to accelerate across multiple assets in 2026 that could begin to crystallize a portion of the potential.</li><li>The Phase 3 drilling campaign at the Etame Marin Block offshore Gabon is expected to commence in 4Q25. </li></ul></div>

Vaalco’s asset portfolio includes a mix of development and exploration projects that expose the company to significant growth in the coming years.Activity is expected to accelerate across multiple assets in 2026 that could begin to crystallize a portion of the potential.The Phase 3 drilling campaign at the Etame Marin Block offshore Gabon is expected to commence in 4Q25. 

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate at first zone at HOCH –The testing is planned to be undertaken in two phases.</li><li>The first phase focusses on the upper Hall formation and the second phase on the lower Base Hall formation.</li><li>The first phase will include the firm testing of up to three zones and potentially a fourth contingent zone.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate at first zone at HOCH –The testing is planned to be undertaken in two phases.The first phase focusses on the upper Hall formation and the second phase on the lower Base Hall formation.The first phase will include the firm testing of up to three zones and potentially a fourth contingent zone.

<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$0.18 per share: Well test at HOCH deeper zones in ~ 3 weeks –Wireline logging has identified 4–6 m of net gas pay across seven intervals within the deeper Base Hall channel formation (1,465–1,617 m).</li><li>Based on offset well data, these relatively thin reservoirs (0.3–1.5 m) can deliver high production rates and support a commercial development.</li><li>The identified intervals are expected to be tested in approximately three weeks, which should provide greater clarity on reservoir performance and enable an estimate of potential reserves.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper zones in ~ 3 weeks –Wireline logging has identified 4–6 m of net gas pay across seven intervals within the deeper Base Hall channel formation (1,465–1,617 m).Based on offset well data, these relatively thin reservoirs (0.3–1.5 m) can deliver high production rates and support a commercial development.The identified intervals are expected to be tested in approximately three weeks, which should provide greater clarity on reservoir performance and enable an estimate of potential reserves.

United States

VAALCO Energy, Inc. acquires, explores, and develops crude oil and natural gas properties. The Company owns producing properties and conducts exploration activities in the Philippines and Gabon, and has interest in the Texas Gulf Coast area. VAALCO, through participation in a partnership, has additional international exploration interests in South and North America and Africa.

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VAALCO Energy (EGY US)

Vaalco Energy (NYSE: EGY): FY25 production guidance increased. CI on track

• WI production averaged 19,887 boe/d in 3Q25, exceeding our forecast of ~19,160 boe/d. This outperformance was driven by stronger-than-expected...

Auctus Advisors

EGY: Estimate Update - 3 November 2025

Vaalco’s asset portfolio includes a mix of development and exploration projects that expose the company to significant growth in the coming years.

Water Tower Research

AUCTUS ON FRIDAY - 19.06.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate at first zone...

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 - 15.05.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: Well test at HOCH deeper...

Auctus Advisors

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