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.

Thematic (Sector/Industry)

<ul>
<li>Condor Energies (CDR CN) C ; Target price of C$5.60 per share: Production rises again.</li>
<li>Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.</li>
<li>4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. I</li>
</ul>


Condor Energies (CDR CN) C ; Target price of C$5.60 per share: Production rises again.
Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.
4Q24 production was 10,511 boe/d increasing to 12,019 boe/d in March to date and 12,288 boe/d over the past five days. I


<ul><li>AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively.</li><li>This represents an increase of 15% and 25%, respectively vs. YE23.</li><li>Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase including all the company’s assets: +3.0 mmboe of 2P reserves and +5.7 mmboe of 3P reserves).</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively.This represents an increase of 15% and 25%, respectively vs. YE23.Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase including all the company’s assets: +3.0 mmboe of 2P reserves and +5.7 mmboe of 3P reserves).

<ul><li>GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported previously.</li><li>Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025.</li><li>The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province.</li></ul>

GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported previously.Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025.The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province.

<ul>
<li>ADX Energy (ADX AU)C; Target price of A$0.30 per share: New acreage in Austria increases prospect inventory with a focus on low risk, shallow gas - ADX’s acreage in Austria has been modified to include additional near-term, low-risk gas prospects, as well as high-impact, higher-risk opportunities.</li>
<li>One focus of the 2025 program is to drill shallow, low-risk, high initial production gas prospects that can be rapidly put into production.</li>
<li>ADX has more than tripled the number of these prospects within its revised acreage positions at ADX-AT-I and ADX-AT-II, holding 100% WI in the new prospects.</li>
</ul>


ADX Energy (ADX AU)C; Target price of A$0.30 per share: New acreage in Austria increases prospect inventory with a focus on low risk, shallow gas - ADX’s acreage in Austria has been modified to include additional near-term, low-risk gas prospects, as well as high-impact, higher-risk opportunities.
One focus of the 2025 program is to drill shallow, low-risk, high initial production gas prospects that can be rapidly put into production.
ADX has more than tripled the number of these prospects within its revised acreage positions at ADX-AT-I and ADX-AT-II, holding 100% WI in the new prospects.


<ul>
<li>Arrow Exploration (AXL LN/ CN)C; Target price of £0.80 per share: Flow rate in line with expectations at AB-1.</li>
<li>Two more appraisal wells in January - The AB-1 (Alberta Llanos) exploration well is now on production at an oil rate of 658 bbl/d gross (329 bbl/d net) with 49% water cut from 62 feet of net pay in the Ubaque.</li>
<li>The IP rate is in line with the expectations set out in the company’s September corporate presentation (321 bbl/d net).</li>
</ul>


Arrow Exploration (AXL LN/ CN)C; Target price of £0.80 per share: Flow rate in line with expectations at AB-1.
Two more appraisal wells in January - The AB-1 (Alberta Llanos) exploration well is now on production at an oil rate of 658 bbl/d gross (329 bbl/d net) with 49% water cut from 62 feet of net pay in the Ubaque.
The IP rate is in line with the expectations set out in the company’s September corporate presentation (321 bbl/d net).


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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Valeura Energy Inc (VLE CN)

AUCTUS ON FRIDAY - 28/03/2025

Maiden reserves report. First LNG sales in Kazakhstan on track for 1H26 – YE24 2P reserves in Uzbekistan were estimated at 18.5 mmboe.

Auctus Advisors

AUCTUS ON FRIDAY - 14/03/2025

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase...

Auctus Advisors

AUCTUS ON FRIDAY - 07/03/2025

GeoPark (GPRK US)C; Target price of US$17 per share: Four new exploration wells at Confluencia Sur – The FY24 production had been reported...

Auctus Advisors

AUCTUS ON FRIDAY - 14/07/2025

ADX has more than tripled the number of these prospects within its revised acreage positions at ADX-AT-I and ADX-AT-II, holding 100% WI in the new...

Auctus Advisors

AUCTUS ON FRIDAY - 10/01/2025

The AB-1 (Alberta Llanos) exploration well is now on production at an oil rate of 658 bbl/d gross (329 bbl/d net) with 49% water cut from 62 feet...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)