Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

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 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>Panoro’s YE25 WI 2P reserves are estimated at 41 mmbbl (YE24: 42.3 mmbbl).</li>
<li>Given that the company produced 3.7 mmbbl during 2025, this represents an organic Reserves Replacement Ratio of ~65%.</li>
<li>Including the acquisition of a 40.375% interest in Ceiba Okume, pro forma YE25 WI 2P reserves are estimated at ~84 mmboe.</li>
</ul>


Panoro’s YE25 WI 2P reserves are estimated at 41 mmbbl (YE24: 42.3 mmbbl).
Given that the company produced 3.7 mmbbl during 2025, this represents an organic Reserves Replacement Ratio of ~65%.
Including the acquisition of a 40.375% interest in Ceiba Okume, pro forma YE25 WI 2P reserves are estimated at ~84 mmboe.


Panoro Energy ASA (OSE: PEN): First audited contingent resources at EG-23