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>• 1Q26 production averaged 22,326 bbl/d, in line with prior indications.</li><li>• As expected, 2Q26 has started very strongly.</li><li>Much of the 1Q26 inventory build was sold in the first week of April, resulting in monthly oil sales of 0.82 mmbbl at an average price of US$110.4/bbl and generating ~US$90 mm in revenue.</li></ul>

• 1Q26 production averaged 22,326 bbl/d, in line with prior indications.• As expected, 2Q26 has started very strongly.Much of the 1Q26 inventory build was sold in the first week of April, resulting in monthly oil sales of 0.82 mmbbl at an average price of US$110.4/bbl and generating ~US$90 mm in revenue.

Valeura Energy (TSX: VLE): ~US$90 mm in revenue in April. Bussabong FID readiness targeted for 3Q26

<ul>
<li>1Q26 production averaged 22.3 mbbl/d, broadly in line with our 23 mbbl/d forecast.</li>
<li>Liftings occurred only in January and March, resulting in inventories rising from ~0.62 mmbbl at YE25 to ~1.23 mmbbl as of 31 March 2026.</li>
<li>This timing effect limited reported revenue to US$93.3 mm in 1Q26, but we expect a significant revenue uplift in 2Q26 as inventories unwind.</li>
</ul>


1Q26 production averaged 22.3 mbbl/d, broadly in line with our 23 mbbl/d forecast.
Liftings occurred only in January and March, resulting in inventories rising from ~0.62 mmbbl at YE25 to ~1.23 mmbbl as of 31 March 2026.
This timing effect limited reported revenue to US$93.3 mm in 1Q26, but we expect a significant revenue uplift in 2Q26 as inventories unwind.


Valeura Energy (TSX: VLE): Expect very material cashflow in 2Q26

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration acreage in Italy – ADX has submitted a third exploration permit application in the Sicily Channel, further expanding its position within the Terravecchia biogenic gas play.</li><li>The new 517 km² d 370 C.R-.AU application is located adjacent to ADX’s existing C.R 150.AU Exploration Permit and the two additional permit applications announced in August.</li><li>Together, ADX’s existing permit and three new application areas cover approximately 1,650 km² in the Sicily Channel.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration acreage in Italy – ADX has submitted a third exploration permit application in the Sicily Channel, further expanding its position within the Terravecchia biogenic gas play.The new 517 km² d 370 C.R-.AU application is located adjacent to ADX’s existing C.R 150.AU Exploration Permit and the two additional permit applications announced in August.Together, ADX’s existing permit and three new application areas cover approximately 1,650 km² in the Sicily Channel.

<ul><li>• FY25 production, YE25 reserves, and YE25 net cash positions have already been disclosed.</li><li>Since the beginning of the conflict in Iran, the Dubai benchmark has outpaced Brent price with a current premium of US$40-50/bbl.</li><li>Given the fiscal terms in Thailand, this has important positive implications for Valeura’s cashflow.</li></ul>

• FY25 production, YE25 reserves, and YE25 net cash positions have already been disclosed.Since the beginning of the conflict in Iran, the Dubai benchmark has outpaced Brent price with a current premium of US$40-50/bbl.Given the fiscal terms in Thailand, this has important positive implications for Valeura’s cashflow.

Valeura Energy (TSX: VLE): Beyond a simple production story

<ul>
<li>Following the drilling of three new wells at Manora, field production has increased from 1,950 bbl/d prior to the first well coming onstream to a recent average of 2,626 bbl/d—this is ahead of the company’s expectations.</li>
<li>We have raised our 1Q26 production forecast for the field from 2,000 bbl/d to 2,200 bbl/d.</li>
<li>The MNA‑41 appraisal well has validated the prospectivity of key reservoir intervals.</li>
</ul>


Following the drilling of three new wells at Manora, field production has increased from 1,950 bbl/d prior to the first well coming onstream to a recent average of 2,626 bbl/d—this is ahead of the company’s expectations.
We have raised our 1Q26 production forecast for the field from 2,000 bbl/d to 2,200 bbl/d.
The MNA‑41 appraisal well has validated the prospectivity of key reservoir intervals.


Valeura Energy (TSX: VLE): Positive drilling results add production and probably reserves

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): ~US$90 mm in revenue in April. Bussabong FID readiness targeted for 3Q26

• 1Q26 production averaged 22,326 bbl/d, in line with prior indications. • As expected, 2Q26 has started very strongly. Much of the 1Q26 inventory...

Auctus Advisors

Valeura Energy (TSX: VLE): Expect very material cashflow in 2Q26

Liftings occurred only in January and March, resulting in inventories rising from ~0.62 mmbbl at YE25 to ~1.23 mmbbl as of 31 March 2026.

Auctus Advisors

AUCTUS ON FRIDAY - 04.09.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.16 per share: Additional exploration...

Auctus Advisors

Valeura Energy (TSX: VLE): Beyond a simple production story

• FY25 production, YE25 reserves, and YE25 net cash positions have already been disclosed. Since the beginning of the conflict in Iran, the Dubai...

Auctus Advisors

Valeura Energy (TSX: VLE): Positive drilling results add production and probably reserves

Following the drilling of three new wells at Manora, field production has increased from 1,950 bbl/d prior to the first well coming onstream to a...

Auctus Advisors

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