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>• Zephyr is divesting a further 1,837 undeveloped acres in the Powder River Basin, Wyoming, through two transactions for US$2.275 mm in cash.</li><li>• Completion is expected before end‑June.</li><li>• Including prior divestments, Zephyr has now recovered US$5.8 mm of the US$7.3 mm acquisition cost (August 2025) without any material impact on acquired production.</li></ul>

• Zephyr is divesting a further 1,837 undeveloped acres in the Powder River Basin, Wyoming, through two transactions for US$2.275 mm in cash.• Completion is expected before end‑June.• Including prior divestments, Zephyr has now recovered US$5.8 mm of the US$7.3 mm acquisition cost (August 2025) without any material impact on acquired production.

Zephyr Energy Plc (AIM: ZPHR): Further non core divestment of undeveloped leases in the Powder River basin

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon drilling to commence mid-year and EG acquisition to close in 3Q26 – 1Q26 WI production and net debt at end-March had already been disclosed.</li><li>Completion of the additional 40.375% WI acquisition in Ceiba–Okume remains on track for 3Q26.</li><li>In 2Q26, Panoro has lifted ~546 mbbl on a pro forma basis at a realized price of US$114/bbl, generating ~US$62 mm of pro forma revenue.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon drilling to commence mid-year and EG acquisition to close in 3Q26 – 1Q26 WI production and net debt at end-March had already been disclosed.Completion of the additional 40.375% WI acquisition in Ceiba–Okume remains on track for 3Q26.In 2Q26, Panoro has lifted ~546 mbbl on a pro forma basis at a realized price of US$114/bbl, generating ~US$62 mm of pro forma revenue.

<ul>
<li>Zephyr has completed additional divestments linked to its recent non‑operated acquisition, including ~160 acres of non‑operated, undeveloped leases sold for US$1.3 mm, and royalty plus working interests in a non‑producing Powder River Basin wellbore sold for US$0.4 mm in cash, with the buyer also assuming ~US$0.4 mm of near‑term capex obligations.</li>
<li>These sales were not anticipated and further strengthen Zephyr’s cash position.</li>
<li>Including the divestments announced in 2H25, Zephyr has now recovered US$4.7 mm of the US$7.3 mm acquisition cost without material impact on acquired production.</li>
</ul>


Zephyr has completed additional divestments linked to its recent non‑operated acquisition, including ~160 acres of non‑operated, undeveloped leases sold for US$1.3 mm, and royalty plus working interests in a non‑producing Powder River Basin wellbore sold for US$0.4 mm in cash, with the buyer also assuming ~US$0.4 mm of near‑term capex obligations.
These sales were not anticipated and further strengthen Zephyr’s cash position.
Including the divestments announced in 2H25, Zephyr has now recovered US$4.7 mm of the US$7.3 mm acquisition cost without material impact on acquired production.


Zephyr Energy Plc (AIM: ZPHR): Accretive non-core divestments. Non-binding marketing/funding offers for the Paradox

<ul>
<li>In October 2023, Zephyr announced the acquisition of at least a 75% WI in the Salt Wash field, located ~3 miles to the south of the Paradox project.</li>
<li>Salt Wash has a 15 feet oil rim, above which is an inert gas cap (~500 feet of gas column) which consists of ~72% nitrogen, 22% hydrocarbon gases, and 1.4% to 1.7% helium content.</li>
<li>The field was abandoned in 2014 after having produced 1.65 mmbbl of oil and 11.7 bcf of natural gas.</li>
</ul>


In October 2023, Zephyr announced the acquisition of at least a 75% WI in the Salt Wash field, located ~3 miles to the south of the Paradox project.
Salt Wash has a 15 feet oil rim, above which is an inert gas cap (~500 feet of gas column) which consists of ~72% nitrogen, 22% hydrocarbon gases, and 1.4% to 1.7% helium content.
The field was abandoned in 2014 after having produced 1.65 mmbbl of oil and 11.7 bcf of natural gas.


Zephyr Energy Plc (AIM: ZPHR): Potential for helium well to be drilled mid 2024

<ul>
<li>Zephyr has entered into a framework agreement with Enbridge to allow for interconnect services from Zephyr’s Powerline Road Gas Plant into Enbridge’s 16” pipeline, with ultimate access to the Williams Northwest Pipeline and enabling sales into the broader Western U.S. gas market.</li>
<li>This represents a major de‑risking milestone, as securing a tie‑in agreement was the key uncertainty affecting the timeline for first gas from the Paradox project.</li>
<li>We maintain our expectation of first gas in 2026.</li>
</ul>


Zephyr has entered into a framework agreement with Enbridge to allow for interconnect services from Zephyr’s Powerline Road Gas Plant into Enbridge’s 16” pipeline, with ultimate access to the Williams Northwest Pipeline and enabling sales into the broader Western U.S. gas market.
This represents a major de‑risking milestone, as securing a tie‑in agreement was the key uncertainty affecting the timeline for first gas from the Paradox project.
We maintain our expectation of first gas in 2026.


Zephyr Energy Plc (AIM: ZPHR): Reaching key agreement with Enbridge

United Kingdom

Zephyr Energy plc operates as a technology-led exploration and production company. The Company focuses on the delivery of economic returns from developed oil and gas projects in the Rocky Mountain region of the United States.

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Zephyr Energy (ZPHR LN)

Zephyr Energy Plc (AIM: ZPHR): Further non core divestment of undeveloped leases in the Powder River basin

• Zephyr is divesting a further 1,837 undeveloped acres in the Powder River Basin, Wyoming, through two transactions for US$2.275 mm in...

Auctus Advisors

AUCTUS ON FRIDAY - 22.05.2026

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Accretive non-core divestments. Non-binding marketing/funding offers for the Paradox

Including the divestments announced in 2H25, Zephyr has now recovered US$4.7 mm of the US$7.3 mm acquisition cost without material impact on...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Potential for helium well to be drilled mid 2024

In October 2023, Zephyr announced the acquisition of at least a 75% WI in the Salt Wash field, located ~3 miles to the south of the Paradox project.

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Reaching key agreement with Enbridge

Zephyr has entered into a framework agreement with Enbridge to allow for interconnect services from Zephyr’s Powerline Road Gas Plant into...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zephyr Energy Plc (AIM: ZPHR): Further non core divestment of undeveloped leases in the Powder River basin

• Zephyr is divesting a further 1,837 undeveloped acres in the Powder River Basin, Wyoming, through two transactions for US$2.275 mm in...

Auctus Advisors

AUCTUS ON FRIDAY - 22.05.2026

AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK55 per share: 1Q26 in line – Gabon...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Accretive non-core divestments. Non-binding marketing/funding offers for the Paradox

Including the divestments announced in 2H25, Zephyr has now recovered US$4.7 mm of the US$7.3 mm acquisition cost without material impact on...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Potential for helium well to be drilled mid 2024

In October 2023, Zephyr announced the acquisition of at least a 75% WI in the Salt Wash field, located ~3 miles to the south of the Paradox project.

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Reaching key agreement with Enbridge

Zephyr has entered into a framework agreement with Enbridge to allow for interconnect services from Zephyr’s Powerline Road Gas Plant into...

Auctus Advisors

Including the divestments announced in 2H25, Zephyr has now recovered US$4.7 mm of the US$7.3 mm acquisition cost without material impact on...