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>2Q26 production from the non-operated portfolio was 914 boe/d (69% oil), as disclosed last week.</li>
<li>The 1H26 operating netback was ~US$7 mm, against our ~US$6 mm estimate.</li>
<li>Cash at end-June 2026 was ~US$2 mm, against our ~US$1.5 mm forecast.</li>
</ul>


2Q26 production from the non-operated portfolio was 914 boe/d (69% oil), as disclosed last week.
The 1H26 operating netback was ~US$7 mm, against our ~US$6 mm estimate.
Cash at end-June 2026 was ~US$2 mm, against our ~US$1.5 mm forecast.


Zephyr Energy Plc (AIM: ZPHR): Strong performance from the non-operated assets

<ul>
<li>2Q26 production from the non-operated portfolio was 914 boe/d (69% oil).</li>
<li>Including our NGL estimates, this came in ~100 boe/d ahead of our forecast.</li>
<li>We forecast a broadly similar production level in 3Q26.</li>
</ul>


2Q26 production from the non-operated portfolio was 914 boe/d (69% oil).
Including our NGL estimates, this came in ~100 boe/d ahead of our forecast.
We forecast a broadly similar production level in 3Q26.


Zephyr Energy Plc (AIM: ZPHR): Strong 2Q26 production

<ul><li>• The completion of Enbridge’s in‑line inspection provides strong assurance that up‑rating the pipeline operating pressure—required to accommodate Zephyr’s increasing gas volumes—will not introduce further operational hurdles.</li><li>• The regulatory approvals needed for the pressure up‑rating are progressing as expected.</li><li>• As a result, Zephyr is now planning for an initial processing capacity of up to 15 mmcf/d, effectively firming-up the upper end of the previously indicated 5–15 mmcf/d range.</li></ul>

• The completion of Enbridge’s in‑line inspection provides strong assurance that up‑rating the pipeline operating pressure—required to accommodate Zephyr’s increasing gas volumes—will not introduce further operational hurdles.• The regulatory approvals needed for the pressure up‑rating are progressing as expected.• As a result, Zephyr is now planning for an initial processing capacity of up to 15 mmcf/d, effectively firming-up the upper end of the previously indicated 5–15 mmcf/d range.

Zephyr Energy Plc (AIM: ZPHR): Paradox high case of 15 mmcf/d initial processing capacity confirmed

<ul>
<li>Zephyr has signed a Letter of Intent with Atlas Oil for a pre-production pre-pay facility of up to US$15 mm for the Paradox project.</li>
<li>Crucially, the transaction involves zero equity dilution and Zephyr retains 100% of current asset-level working interests.</li>
<li>The facility will fund the infrastructure and work-over activities required to reach first production.</li>
</ul>


Zephyr has signed a Letter of Intent with Atlas Oil for a pre-production pre-pay facility of up to US$15 mm for the Paradox project.
Crucially, the transaction involves zero equity dilution and Zephyr retains 100% of current asset-level working interests.
The facility will fund the infrastructure and work-over activities required to reach first production.


Zephyr Energy Plc (AIM: ZPHR): Non-dilutive pre-pay funds Paradox to first gas with third-party validation

Thematic (Sector/Industry)

<ul><li>AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C: C$6 mm equity raise for Hungary – CamCambria is raising C$6 mm of new equity priced at C$0.30 peer share.</li><li>Participants in the transaction will also receive one warrant for every new share with a strike price of C$0.40 per share.</li><li>See website for full report Helium Evolution (HEVI CN)C; Target price of C$0.45 per share: Production starts at new plant adjacent to HEVI’s lands – North American Helium’s Stewart Valley helium purification facility in southwest Saskatchewan is onstream as of September 20, 2026 and producing at a rate of approximately 73 mmcf/y.</li></ul>

AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C: C$6 mm equity raise for Hungary – CamCambria is raising C$6 mm of new equity priced at C$0.30 peer share.Participants in the transaction will also receive one warrant for every new share with a strike price of C$0.40 per share.See website for full report Helium Evolution (HEVI CN)C; Target price of C$0.45 per share: Production starts at new plant adjacent to HEVI’s lands – North American Helium’s Stewart Valley helium purification facility in southwest Saskatchewan is onstream as of September 20, 2026 and producing at a rate of approximately 73 mmcf/y.

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.

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

Zephyr Energy (ZPHR LN)

Zephyr Energy Plc (AIM: ZPHR): Strong performance from the non-operated assets

2Q26 production from the non-operated portfolio was 914 boe/d (69% oil), as disclosed last week.The 1H26 operating netback was ~US$7 mm, against...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Strong 2Q26 production

2Q26 production from the non-operated portfolio was 914 boe/d (69% oil).Including our NGL estimates, this came in ~100 boe/d ahead of our forecast.

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Paradox high case of 15 mmcf/d initial processing capacity confirmed

• The completion of Enbridge’s in‑line inspection provides strong assurance that up‑rating the pipeline operating pressure—required to accommodate...

Auctus Advisors

Zephyr Energy Plc (AIM: ZPHR): Non-dilutive pre-pay funds Paradox to first gas with third-party validation

Zephyr has signed a Letter of Intent with Atlas Oil for a pre-production pre-pay facility of up to US$15 mm for the Paradox project.Crucially, the...

Auctus Advisors

AUCTUS ON FRIDAY - 25.09.2026

AUCTUS PUBLICATIONS ________________________________________ CanCambria Energy (CCEC CN)C: C$6 mm equity raise for Hungary – CamCambria is raising...

Auctus Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)