AUCTUS ON FRIDAY - 05/12/2025

AUCTUS PUBLICATIONS
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ADX Energy (ADX AU)C; Target price of A$0.20 per share: Resource estimates boost in Sicily – ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases). The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit. Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects each estimated at 60–68 bcf (P50). The updated volumes reflect representative reservoir parameters from the nearby Lippone-Mazara onshore producing gas field, recovery factor assumptions derived from the recently developed Argo, Cassiopea, and Gemini fields. Shallow gas reservoirs encountered in historic oil wells within the permit, and three newly identified prospects/leads in the expanded permit area were not included in the August 2022 evaluation. Further updates will be provided following ADX’s planned visit to ENI’s seismic data room in January and additional seismic data acquisitions. These steps are expected to refine the resource assumptions and potentially expand the portfolio with new prospects and leads. The company also plans to publish an independent CPR. Our unrisked NAV for Italy is now A$0.42/sh.
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IN OTHER NEWS
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AMERICAS

Eco (Atlantic) Oil & Gas (ECO LN/EOG CN): Strategic Partnership with Navitas Petroleum – Navitas will pay Eco Atlantic US$2 mm to enter into an exclusive option agreement to farm-in to the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa. The Orinduik option gives the right to Navitas to acquire 80% WI in the block for US$2.5 mm. Navitas would also carry Eco in respect of the work to be performed in the Orinduik Block, which may include drilling an exploration well or appraising the Jethro-1 and Joe-1 existing heavy oil discoveries for potential development and commercialisation. It can be exercised within 12 months. The Block 1 CBK Option, which can be exercised within six months and upon payment of US$4 mm to Eco, enables Navitas to acquire up to a 47.5% WI and will carry Eco’s share of the exploration work programme in Block 1 CBK. The amounts carried by Navitas will be repaid via Eco's share of proceeds from future production.

GeoPark (GPRK US)C: Budget – Total 2P reserves increased 38% year-over-year to 121 mmboe at YE25 vs. YE24, driven primarily by the addition of 36.7 mmboe in Argentina.

Pantheon Resources (PANR LN): Operating update in Alaska – The Duhbe-1 onshore well has cost US$33 mm. In addition, the construction of the new Dubhe pad cost US$2.5 mm. The clean-up, flow-back and well testing operational costs will be determined at the end of the programme. The well is still cleaning-up with production dominated by previously injected stimulation fluids. Thus far, ~40% of the injected water volume has been produced with steady gas production along with the modest production of light oil.

Shell (SHEL LN): Exiting LNG project in Argentina – Shell is exiting Argentina LNG. The company had acquired a 50% interest in the project 12 months ago.

EUROPE

Aker BP (AKERBP NO)/Equinor (EQNR NO): Discovery in Norway – A significant gas and condensate discovery was made in the Lofn and Langemann wells in the Sleipner area of the North Sea. Gross recoverable volumes are estimated at 30 to 110 mmboe.

Var Energy (VAR NO): Discovery in Norway – The Goliat North exploration well encountered up to 5 mmboe recoverable resources. Including the latest discovery, the Goliat Ridge is estimated to contain gross discovered resources of 39 to 108 mmboe and with additional prospective resources taking the total gross potential to up to 200 mmboe.

Storegga: Exiting UK flagship carbon capture project - Storegga is looking to sell its 30% stake in the Acorn carbon capture and storage project.

SUB-SAHARAN AFRICA

Reconnaissance Energy Africa (RCO CN): Exploration well encounters hydrocarbons onshore Namibia – The Kavango West 1X well encountered ~400 m of gross hydrocarbon section in the Otavi carbonate section. The well encountered 64 net metres of hydrocarbon pay. An additional 61 metres of hydrocarbon shows was identified in the deeper sections, where interpreted natural fractures in the limestone reservoir occur. The company plans to production test Kavango West 1X in 1Q26.

TotalEnergies (TTE FP): Farm-out in Nigeria – Total is selling 40% WI in the PPL 2000 & 2001 licenses in the West Delta basin, offshore Nigeria to Chevron.

EVENTS TO WATCH NEXT WEEK
10/12/2025 - Pharos Energy (PHAR LN): Operating update