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>Valeura hosted an investor trip to its operations in Thailand earlier this month.</li>
<li>The visit underscored three key aspects: (1) the extensive experience of the management team, (2) the strong relationships with Thai authorities, and (3) the substantial breadth of its assets, offering more potential than previously anticipated.</li>
<li>Greg Kulawski, Valeura's COO, brings extensive experience to the company's shallow water operations in Thailand.</li>
</ul>


Valeura hosted an investor trip to its operations in Thailand earlier this month.
The visit underscored three key aspects: (1) the extensive experience of the management team, (2) the strong relationships with Thai authorities, and (3) the substantial breadth of its assets, offering more potential than previously anticipated.
Greg Kulawski, Valeura's COO, brings extensive experience to the company's shallow water operations in Thailand.


Valeura Energy (TSX: VLE): Investor Visit: Adding Depth and Breadth

<ul>
<li>Valeura has drilled three new production wells and two appraisal wells at Manora.</li>
<li>Four of these wells are now online, boosting production from 2,144 bbl/d to 2,866 bbl/d.</li>
<li>The results of the A35 and A36 appraisal wells have derisked 3-5 potential future drilling targets.</li>
</ul>


Valeura has drilled three new production wells and two appraisal wells at Manora.
Four of these wells are now online, boosting production from 2,144 bbl/d to 2,866 bbl/d.
The results of the A35 and A36 appraisal wells have derisked 3-5 potential future drilling targets.


Valeura Energy (TSX: VLE): Production boost and likely reserves increase at Manora

<ul><li>• YE24 2P reserves were estimated at 50 mmbbl (up from 38 mmbbl at YE23).</li><li>This represents a Reserves Replacement Ratio of 245%, significantly above our expectations of ~100%.</li><li>• The reserves revision reflects (1) upward revision of STOIIP estimates (the high achieved recovery factors suggest that the volumes initially in place had been underestimated), (ii), positive drilling results which reflect Valeura's application of advanced drilling and completion technologies including geosteering and inflow control and (iii) better well performance with lower decline rates than initially estimated.</li></ul>

• YE24 2P reserves were estimated at 50 mmbbl (up from 38 mmbbl at YE23).This represents a Reserves Replacement Ratio of 245%, significantly above our expectations of ~100%.• The reserves revision reflects (1) upward revision of STOIIP estimates (the high achieved recovery factors suggest that the volumes initially in place had been underestimated), (ii), positive drilling results which reflect Valeura's application of advanced drilling and completion technologies including geosteering and inflow control and (iii) better well performance with lower decline rates than initially estimated.

Valeura Energy (TSX: VLE): 245% Reserves Replacement Ratio. 2C Resources ~x2.5. Decommissioning down by 35%

<ul>
<li>Record 4Q24 production was 26.1 mbbl/d, which is in line with our expectations.</li>
<li>Net cash at YE24 was US$259 mm, exceeding our forecasts by US$34 mm.</li>
<li>This reflects a 0.56 mmbbl reduction in oil inventory during 4Q24 (1.2 mmbbl at the end of September versus 0.64 mmbbl at the end of December).</li>
</ul>


Record 4Q24 production was 26.1 mbbl/d, which is in line with our expectations.
Net cash at YE24 was US$259 mm, exceeding our forecasts by US$34 mm.
This reflects a 0.56 mmbbl reduction in oil inventory during 4Q24 (1.2 mmbbl at the end of September versus 0.64 mmbbl at the end of December).


Valeura Energy (TSX: VLE): >US$100 Mm Cash Build During 4Q24. All Eyes on the Reserves Update in February

Thematic (Sector/Industry)

<ul>
<li>Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete.</li>
<li>– 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded.</li>
<li>The lateral may be extended, and the well is expected to be brought onstream in December, potentially adding more than 10 mmcf/d of production. </li>
</ul>


Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete.
– 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded.
The lateral may be extended, and the well is expected to be brought onstream in December, potentially adding more than 10 mmcf/d of 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): Investor Visit: Adding Depth and Breadth

The visit underscored three key aspects: (1) the extensive experience of the management team, (2) the strong relationships with Thai authorities

Auctus Advisors

Valeura Energy (TSX: VLE): Production boost and likely reserves increase at Manora

Valeura has drilled three new production wells and two appraisal wells at Manora. Four of these wells are now online, boosting production from...

Auctus Advisors

Valeura Energy (TSX: VLE): 245% Reserves Replacement Ratio. 2C Resources ~x2.5. Decommissioning down by 35%

• YE24 2P reserves were estimated at 50 mmbbl (up from 38 mmbbl at YE23). This represents a Reserves Replacement Ratio of 245%, significantly...

Auctus Advisors

Valeura Energy (TSX: VLE): >US$100 Mm Cash Build During 4Q24. All Eyes on the Reserves Update in February

Record 4Q24 production was 26.1 mbbl/d, which is in line with our expectations.Net cash at YE24 was US$259 mm, exceeding our forecasts by US$34 mm.

Auctus Advisors

Auctus on Friday - 21/11/2025

Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90%...

Auctus Advisors

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