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>The ETSEM-3H development well on the SE Etame field encountered 300 metres of net pay along its lateral wellbore in high-quality Gamba reservoir sands.</li>
<li>The well achieved a stabilised initial rate of ~2,000 bbl/d (1,140 bbl/d net to Vaalco’s WI).</li>
<li>This compares with ~2,000 bbl/d at ET-15H-ST, 4,850 bbl/d at ET-14H and &gt;8,000 bbl/d at Ebouri-5H.</li>
</ul>


The ETSEM-3H development well on the SE Etame field encountered 300 metres of net pay along its lateral wellbore in high-quality Gamba reservoir sands.
The well achieved a stabilised initial rate of ~2,000 bbl/d (1,140 bbl/d net to Vaalco’s WI).
This compares with ~2,000 bbl/d at ET-15H-ST, 4,850 bbl/d at ET-14H and &gt;8,000 bbl/d at Ebouri-5H.


Vaalco Energy (NYSE: EGY): Another positive well result in Gabon

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C; Target price of C$2.90 per share: Equity raise to fund shallow oil seismic – CanCambria has raised C$6.9 mm through an offering of 23.0 mm units at C$0.30 per unit, each comprising one share and one warrant exercisable at C$0.40 per share for 36 months.</li><li>Proceeds fund a proprietary 3D seismic survey over the Soltvadkert/Tázlár/Alpár (STA) shallow oil fairway (C$4 mm in 4Q26 in our model) and the de-risking of ten shallow oil prospects.</li><li>There are 400 legacy wells across CanCambria's licence, and neighbouring analogue fields have collectively produced over 160 mmboe from 15 fields, with oil gravities of 22–40° API.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C; Target price of C$2.90 per share: Equity raise to fund shallow oil seismic – CanCambria has raised C$6.9 mm through an offering of 23.0 mm units at C$0.30 per unit, each comprising one share and one warrant exercisable at C$0.40 per share for 36 months.Proceeds fund a proprietary 3D seismic survey over the Soltvadkert/Tázlár/Alpár (STA) shallow oil fairway (C$4 mm in 4Q26 in our model) and the de-risking of ten shallow oil prospects.There are 400 legacy wells across CanCambria's licence, and neighbouring analogue fields have collectively produced over 160 mmboe from 15 fields, with oil gravities of 22–40° API.

<ul><li>• 2Q26 WI production averaged 21,976 boe/d, within guidance of 21.6–23.8 mboe/d (Auctus forecast: 22.3 mboe/d).</li><li>The company generated ~US$74 mm of operating cash flow, broadly in line with expectations and underscoring the cash‑generative profile of the business.</li><li>We forecast US$120 mm of operating cash flow in 2H26, implying an annualised run‑rate of ~US$240 mm, or ~45% of the current market cap.</li></ul>

• 2Q26 WI production averaged 21,976 boe/d, within guidance of 21.6–23.8 mboe/d (Auctus forecast: 22.3 mboe/d).The company generated ~US$74 mm of operating cash flow, broadly in line with expectations and underscoring the cash‑generative profile of the business.We forecast US$120 mm of operating cash flow in 2H26, implying an annualised run‑rate of ~US$240 mm, or ~45% of the current market cap.

Vaalco Energy (NYSE: EGY): Strong Cash Flow; FY26 Guidance Edges Higher

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>A portfolio of organic exploration and development projects underpins Vaalco’s long-term growth potential. </li><li>Near-term production is supported by existing producing assets in Côte d’Ivoire, Gabon, and Egypt. </li><li>Developments at the Kossipo field offshore Côte d’Ivoire and the Venus field offshore Equatorial Guinea could drive step-change growth beginning in 2030.</li></ul></div>

A portfolio of organic exploration and development projects underpins Vaalco’s long-term growth potential. Near-term production is supported by existing producing assets in Côte d’Ivoire, Gabon, and Egypt. Developments at the Kossipo field offshore Côte d’Ivoire and the Venus field offshore Equatorial Guinea could drive step-change growth beginning in 2030.

<ul><li>LNG importers look to diversify supply options. We recently wrote on the potential for global oil importers to look to diversify supplies going forward as a result of the Iran war-related massive supply disruption across the Middle East.</li><li>It appears that liquefied natural gas (LNG) importers could also be considering doing the same thing. Bloomberg reported last week that sideline discussions at Gastech—the world’s largest natural gas conference that was held earlier this month in Thailand—focused on the industry’s need to look to supply diversification.</li><li>That line of thinking is being driven by concerns that after more than six months into the US-Iran war, there is still no sign of LNG flowing again through the Strait of Hormuz and industry worries over whether LNG traffic through Hormuz will ever fully return to normal. </li></ul>

LNG importers look to diversify supply options. We recently wrote on the potential for global oil importers to look to diversify supplies going forward as a result of the Iran war-related massive supply disruption across the Middle East.It appears that liquefied natural gas (LNG) importers could also be considering doing the same thing. Bloomberg reported last week that sideline discussions at Gastech—the world’s largest natural gas conference that was held earlier this month in Thailand—focused on the industry’s need to look to supply diversification.That line of thinking is being driven by concerns that after more than six months into the US-Iran war, there is still no sign of LNG flowing again through the Strait of Hormuz and industry worries over whether LNG traffic through Hormuz will ever fully return to normal. 

Energy Roundup : US LNG Plugging Global Supply Gap; Oil Prices Dip on Renewed Middle East Optimism

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): Another positive well result in Gabon

The ETSEM-3H development well on the SE Etame field encountered 300 metres of net pay along its lateral wellbore in high-quality Gamba reservoir...

Auctus Advisors

AUCTUS ON FRIDAY - 09.10.2026

AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C; Target price of C$2.90 per share: Equity raise to fund...

Auctus Advisors

Vaalco Energy (NYSE: EGY): Strong Cash Flow; FY26 Guidance Edges Higher

• 2Q26 WI production averaged 21,976 boe/d, within guidance of 21.6–23.8 mboe/d (Auctus forecast: 22.3 mboe/d). The company generated ~US$74 mm of...

Auctus Advisors

EGY: Expect Production Growth in 2H26

Developments at the Kossipo field offshore Côte d’Ivoire and the Venus field offshore Equatorial Guinea could drive step-change growth beginning in...

Water Tower Research

Energy Roundup : US LNG Plugging Global Supply Gap; Oil Prices Dip on Renewed Middle East Optimism

We recently wrote on the potential for global oil importers to look to diversify supplies going forward as a result of the Iran war-related massive...

Water Tower Research

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