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>• 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

<ul>
<li>YE25 2P reserves were estimated at 57.8 mmbbl, implying a reserves‑replacement ratio of 192%.</li>
<li>Even excluding the previously disclosed Wassana additions at FID, the company still achieved 100% organic replacement of 2025 production, adding 8.5 mmbbl of reserves.</li>
<li>At US$10/bbl, this equates to roughly C$1.20 per share of value creation.</li>
</ul>


YE25 2P reserves were estimated at 57.8 mmbbl, implying a reserves‑replacement ratio of 192%.
Even excluding the previously disclosed Wassana additions at FID, the company still achieved 100% organic replacement of 2025 production, adding 8.5 mmbbl of reserves.
At US$10/bbl, this equates to roughly C$1.20 per share of value creation.


Valeura Energy (TSX: VLE): Impressive reserves replacement ratio

<ul><li>• 4Q25 production averaged 24,721 bbl/d, comparing favourably with the 24,537 bbl/d reported during the first two weeks of November and coming in roughly 600 bbl/d above our forecasts.</li><li>The strong quarter reflects the performance of the Jasmine drilling programme, where 9 new producers were drilled, including 8 horizontals.</li><li>This campaign lifted Jasmine output from 7,300 bbl/d to 8,600 bbl/d.</li></ul>

• 4Q25 production averaged 24,721 bbl/d, comparing favourably with the 24,537 bbl/d reported during the first two weeks of November and coming in roughly 600 bbl/d above our forecasts.The strong quarter reflects the performance of the Jasmine drilling programme, where 9 new producers were drilled, including 8 horizontals.This campaign lifted Jasmine output from 7,300 bbl/d to 8,600 bbl/d.

Valeura Energy (TSX: VLE): Ending 2025 with a bang. Busy 2026

<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.

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): 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

Valeura Energy (TSX: VLE): Impressive reserves replacement ratio

Even excluding the previously disclosed Wassana additions at FID, the company still achieved 100% organic replacement of 2025 production, adding...

Auctus Advisors

Valeura Energy (TSX: VLE): Ending 2025 with a bang. Busy 2026

• 4Q25 production averaged 24,721 bbl/d, comparing favourably with the 24,537 bbl/d reported during the first two weeks of November and coming in...

Auctus Advisors

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

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