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>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.

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX)C; Target price of A$0.16 per share: 2Q26 update – 2Q26 WI production in Austria was 197 boe/d.</li><li>Current production is 270 boe/d.</li><li> Arrow Exploration (AXL LN/CN)C; Target price of £0.55 per share: Reserves addition in Gacheta reservoir at Icaco.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX)C; Target price of A$0.16 per share: 2Q26 update – 2Q26 WI production in Austria was 197 boe/d.Current production is 270 boe/d. Arrow Exploration (AXL LN/CN)C; Target price of £0.55 per share: Reserves addition in Gacheta reservoir at Icaco.

<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

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): 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

AUCTUS ON FRIDAY - 07.08.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX)C; Target price of A$0.16 per share: 2Q26 update – 2Q26 WI production...

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

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