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>AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for 3Q26.</li><li>Encouraging results at Lemat – Criterium continues to target first gas in 3Q26.</li><li>The company received a gas allocation letter from SKK MIGAS in June, a critical milestone toward finalizing the binding Gas Sales Agreement.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for 3Q26.Encouraging results at Lemat – Criterium continues to target first gas in 3Q26.The company received a gas allocation letter from SKK MIGAS in June, a critical milestone toward finalizing the binding Gas Sales Agreement.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: High prices paid for lands adjacent to HEVI –The most recent Saskatchewan Crown land sale generated approximately C$16 mm from 660,598 acres, with winning bids ranging from C$2.02/acre to C$81.34/acre.</li><li>Pricing in the auction underscores the underlying value of Helium Evolution’s land position.</li><li>Parcels north of HEVI’s Fox and Abbey blocks transacted at roughly C$2/acre, while acreage to the east — where HEVI holds its largest contiguous position — cleared at materially higher levels of C$42–81/acre.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: High prices paid for lands adjacent to HEVI –The most recent Saskatchewan Crown land sale generated approximately C$16 mm from 660,598 acres, with winning bids ranging from C$2.02/acre to C$81.34/acre.Pricing in the auction underscores the underlying value of Helium Evolution’s land position.Parcels north of HEVI’s Fox and Abbey blocks transacted at roughly C$2/acre, while acreage to the east — where HEVI holds its largest contiguous position — cleared at materially higher levels of C$42–81/acre.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate from single Zone at HOCH first well test – Zone 1 delivered a stable, water‑free gas flow averaging 2.7 mmcf/d over an 11‑hour test, with a steady flowing wellhead pressure of 870 psi.</li><li>The interval corresponds to a Basin Floor Fan (BFF) at 1,465 m depth.</li><li>The HOCH‑1 well has now been shut in for a ~2‑week pressure‑build‑up to determine the connected gas volume within the Zone 1 BFF sand body, which is interpreted to extend over a broad area.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate from single Zone at HOCH first well test – Zone 1 delivered a stable, water‑free gas flow averaging 2.7 mmcf/d over an 11‑hour test, with a steady flowing wellhead pressure of 870 psi.The interval corresponds to a Basin Floor Fan (BFF) at 1,465 m depth.The HOCH‑1 well has now been shut in for a ~2‑week pressure‑build‑up to determine the connected gas volume within the Zone 1 BFF sand body, which is interpreted to extend over a broad area.

<ul><li>AUCTUS PUBLICATIONS ________________________________________ Hartshead Resources (HHR AU): Acquisition by ACAM approved – The shareholders of Hartshead and the supreme court of Western Australia have approved the acquisition of the company by ACAM.</li><li>Hartshead holds development assets in the Southern North Sea.</li><li>Auctus acted as advisor of ACAM in the transaction.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ Hartshead Resources (HHR AU): Acquisition by ACAM approved – The shareholders of Hartshead and the supreme court of Western Australia have approved the acquisition of the company by ACAM.Hartshead holds development assets in the Southern North Sea.Auctus acted as advisor of ACAM in the transaction.

<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.

United Kingdom

Zephyr Energy is a technology-led oil and gas company focused on responsible resource development from carbon-neutral operations in the Rocky Mountain region of the United States. It engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids. The company is headquartered in Newbury, United Kingdom, and was incorporated in 2002.

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Zephyr Energy (ZPHR LN)

AUCTUS ON FRIDAY - 31.07.2026

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.40 per share: First gas confirmed for...

Auctus Advisors

AUCTUS ON FRIDAY - 03.07.2026

AUCTUS PUBLICATIONS ________________________________________ Helium Evolution (HEVI CN)C; Target price of C$0.60 per share: High prices paid for...

Auctus Advisors

AUCTUS ON FRIDAY - 26.06.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.18 per share: High flow rate from single...

Auctus Advisors

AUCTUS ON FRIDAY - 12.06.2026

AUCTUS PUBLICATIONS ________________________________________ Hartshead Resources (HHR AU): Acquisition by ACAM approved – The shareholders of...

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

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