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>3Q26 production averaged 22.1 mbbl/d, ~1 mbbl/d above our estimate.</li>
<li>Sales of 2.01 mmbbl at an average realised price of US$97.4/bbl generated revenue of US$196.1 mm, US$11 mm above our estimate.</li>
<li>Valeura held US$384.9 mm of cash and no debt at the end of September, ~US$10 mm above our estimate.</li>
</ul>


3Q26 production averaged 22.1 mbbl/d, ~1 mbbl/d above our estimate.
Sales of 2.01 mmbbl at an average realised price of US$97.4/bbl generated revenue of US$196.1 mm, US$11 mm above our estimate.
Valeura held US$384.9 mm of cash and no debt at the end of September, ~US$10 mm above our estimate.


Valeura Energy (TSX: VLE): High production and high cash

<ul>
<li>PTT EP and Valeura have taken FID on the initial development of Bussabong, comprising two platforms.</li>
<li>Production will be tied back to the Bongkot platform for processing.</li>
<li>First gas is expected by YE29 at 30 mmcf/d gross (12 mmcf/d net to Valeura).</li>
</ul>


PTT EP and Valeura have taken FID on the initial development of Bussabong, comprising two platforms.
Production will be tied back to the Bongkot platform for processing.
First gas is expected by YE29 at 30 mmcf/d gross (12 mmcf/d net to Valeura).


Valeura Energy (TSX: VLE): FID at Bussabong – Diversification

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>The Manora‑9 exploration well encountered 162 ft and 172 ft of net oil pay in the E and D fault blocks at Suraphi.</li>
<li>The success in these two blocks also effectively de‑risks the adjacent F fault block, which is well‑imaged on 3D seismic.</li>
<li>Suraphi lies ~4.5 km from the Manora A platform.</li>
</ul>


The Manora‑9 exploration well encountered 162 ft and 172 ft of net oil pay in the E and D fault blocks at Suraphi.
The success in these two blocks also effectively de‑risks the adjacent F fault block, which is well‑imaged on 3D seismic.
Suraphi lies ~4.5 km from the Manora A platform.


Valeura Energy (TSX: VLE): Suraphi discovery unlocks a new development Area. Likely reserves boost at Jasmine

<ul>
<li>The Thai government has approved Valeura’s acquisition of a 40% working interest in blocks G1/65 and G3/65 from PTTEP.</li>
<li>Completion is expected within two weeks.</li>
<li>At closing, Valeura will reimburse PTTEP for 40% of back costs, together with the cost of the 163 km² 3D seismic programme over Nong Yao Northeast (which Valeura carried).</li>
</ul>


The Thai government has approved Valeura’s acquisition of a 40% working interest in blocks G1/65 and G3/65 from PTTEP.
Completion is expected within two weeks.
At closing, Valeura will reimburse PTTEP for 40% of back costs, together with the cost of the 163 km² 3D seismic programme over Nong Yao Northeast (which Valeura carried).


Valeura Energy (TSX: VLE): Farm-in transaction in Thailand approved

Canada

Valeura Energy Inc. operates as an exploration company. The Company engages in the development and production of petroleum and natural gas. Valeura Energy focuses on growing its resource base and production in the Thrace Basin in Northwest Turkey.

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Valeura Energy Inc (VLE CN)

Valeura Energy (TSX: VLE): High production and high cash

Sales of 2.01 mmbbl at an average realised price of US$97.4/bbl generated revenue of US$196.1 mm, US$11 mm above our estimate.

Auctus Advisors

Valeura Energy (TSX: VLE): FID at Bussabong – Diversification

PTT EP and Valeura have taken FID on the initial development of Bussabong, comprising two platforms.Production will be tied back to the Bongkot...

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

Valeura Energy (TSX: VLE): Suraphi discovery unlocks a new development Area. Likely reserves boost at Jasmine

The success in these two blocks also effectively de‑risks the adjacent F fault block, which is well‑imaged on 3D seismic.Suraphi lies ~4.5 km from...

Auctus Advisors

Valeura Energy (TSX: VLE): Farm-in transaction in Thailand approved

The Thai government has approved Valeura’s acquisition of a 40% working interest in blocks G1/65 and G3/65 from PTTEP.Completion is expected within...

Auctus Advisors

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