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 3Q25 production and cash position at the end of September had been previously disclosed.</li>
<li>November production to date has averaged 24,537 bbl/d, exceeding the 3Q25 average of ~23 mbbl/d.</li>
<li>The FY25 production guidance of 23-25.5 mbbl/d has been re-iterated.</li>
</ul>


The 3Q25 production and cash position at the end of September had been previously disclosed.
November production to date has averaged 24,537 bbl/d, exceeding the 3Q25 average of ~23 mbbl/d.
The FY25 production guidance of 23-25.5 mbbl/d has been re-iterated.


Valeura Energy (TSX: VLE): Operations and Financials on Track.

<ul>
<li>TransAtantic Petroleum is acquiring 50% WI in the West Thrace Production and Exploration Licences, currently held 63% by Valeura and 37% by Pinnacle.</li>
<li>In exchange, TransAtlantic will fund the re-entry of the Devepinar-1 well—including hydraulic stimulation and testing of the Kesan zones (4.7–4.8 km depth)—for up to US$2 mm.</li>
<li>Operations could commence in 4Q25.</li>
</ul>


TransAtantic Petroleum is acquiring 50% WI in the West Thrace Production and Exploration Licences, currently held 63% by Valeura and 37% by Pinnacle.
In exchange, TransAtlantic will fund the re-entry of the Devepinar-1 well—including hydraulic stimulation and testing of the Kesan zones (4.7–4.8 km depth)—for up to US$2 mm.
Operations could commence in 4Q25.


Valeura Energy (TSX: VLE): Quality partner to revive Turkiye

<ul>
<li>3Q25 production averaged ~23 mbbl/d (above 2Q25 production of 21.4 mbbl/d), exiting the quarter at 24.8 mbbl/d.</li>
<li>Ten wells were drilled at Nong Yao, of which seven are now producing.</li>
<li>Field output has increased from ~8 mbbl/d to ~11.6 mbbl/d as of end-September.</li>
</ul>


3Q25 production averaged ~23 mbbl/d (above 2Q25 production of 21.4 mbbl/d), exiting the quarter at 24.8 mbbl/d.
Ten wells were drilled at Nong Yao, of which seven are now producing.
Field output has increased from ~8 mbbl/d to ~11.6 mbbl/d as of end-September.


Valeura Energy (TSX: VLE): Potential reserves addition. Wassana redevelopment on track

<ul>
<li>2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed.</li>
<li>Valeura’s average production over the first five days of August has increased to 23,150 bbl/d.</li>
<li>The company has re-iterated its FY25 guidance including 23-25.5 mbbl/d for production.</li>
</ul>


2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed.
Valeura’s average production over the first five days of August has increased to 23,150 bbl/d.
The company has re-iterated its FY25 guidance including 23-25.5 mbbl/d for production.


Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

<ul><li>• Valeura is acquiring from PTTEP 40% WI in Blocks G1/65 and G3/65 with a combined area of 20,134 km2 and bordering some of the largest gas fields in Thailand (Erawan and Bongkot).</li><li>The blocks have multiple gas discoveries that could be developed shortly as tie backs to existing infrastructure—positioning Valeura to potentially book its first gas reserves in the near term.</li><li>Both licences offer oil potential adjacent to Valeura’s current production.</li></ul>

• Valeura is acquiring from PTTEP 40% WI in Blocks G1/65 and G3/65 with a combined area of 20,134 km2 and bordering some of the largest gas fields in Thailand (Erawan and Bongkot).The blocks have multiple gas discoveries that could be developed shortly as tie backs to existing infrastructure—positioning Valeura to potentially book its first gas reserves in the near term.Both licences offer oil potential adjacent to Valeura’s current production.

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): Operations and Financials on Track.

The 3Q25 production and cash position at the end of September had been previously disclosed. November production to date has averaged 24,537 bbl/d

Auctus Advisors

Valeura Energy (TSX: VLE): Quality partner to revive Turkiye

TransAtantic Petroleum is acquiring 50% WI in the West Thrace Production and Exploration Licences, currently held 63% by Valeura and 37% by Pinnacle.

Auctus Advisors

Valeura Energy (TSX: VLE): Potential reserves addition. Wassana redevelopment on track

3Q25 production averaged ~23 mbbl/d (above 2Q25 production of 21.4 mbbl/d), exiting the quarter at 24.8 mbbl/d.Ten wells were drilled at Nong Yao,...

Auctus Advisors

Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed. Valeura’s average production over the...

Auctus Advisors

Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

• Valeura is acquiring from PTTEP 40% WI in Blocks G1/65 and G3/65 with a combined area of 20,134 km2 and bordering some of the largest gas fields...

Auctus Advisors

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52-week Range

Market Cap (USDm)

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