AUCTUS ON FRIDAY - 12/09/2025
AUCTUS PUBLICATIONS________________________________________
ADX Energy (ADX AU)C; Target price of A$0.30 per share: Deep dive into Italy – ADX has released further details on its C.R 150.AU permit; located in shallow waters offshore western Sicily, ~50 km from a potential onshore tie-in to the TransMed pipeline, which transports Algerian gas to Europe. While initial efforts centred on the Nilde oil field, ADX has shifted its strategic focus toward gas, reflecting the evidence of high quality gas from historic oil exploration in the permit, Europe’s growing demand for domestic supply and the recent offshore development of nearby Argo-Cassiopea—the largest greenfield gas project in Italy (~350 bcf). Italy’s current regulatory and political environment remains supportive of upstream activity, with continued exploration across the Sicily Channel. The area has been historically very prospective for gas. Notably, in late 2024, ENI and Energean encountered ~100 bcf at the Gemini discovery, which may be commercialised via Argo-Cassiopea infrastructure which commenced production in August 2024. On ADX’s permit, gas shows were recorded at multiple depths (512 m, 657 m, and 812 m) in the Nilde 2 well while targeting deeper oil reservoirs. The gas play targeted by ADX is proven, with excellent reservoir characteristics observed in regional analogs across Sicily and Tunisia—most notably porosities exceeding 30%. Multiple prospects were identified in high quality 2D seismic indicating gas amplitudes. The principal risk for ADX is commerciality. However shallow water depths, drill depths and proximity to shore is expected to facilitate the commerciality of any discoveries. The company believes that a 150 bcf development would be viable, supported by stacked reservoirs capable of delivering high flow rates. As of 2022, five mapped prospects on the permit were estimated to contain 369 bcf of prospective resources (best case). With ongoing seismic reprocessing, combined with data from recent discoveries, ADX expects both the number of prospects and the resource estimates to increase materially, driven by improved imaging of stacked reservoirs and higher porosity assumptions. The P10 case for the existing prospects already suggests 772 bcf of prospective resources, with associated geological risks expected to decline.
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Corcel (CRCL LN)C; Target price of 1.5p per share: Operating update in Angola – A 2D seismic acquisition programme (326-line km) contract over KON-16 has been awarded. Acquisition is expected to start in 4Q25 and to finish before YE25. Seismic processing is scheduled to occur during 1Q26, with results expected in 2Q26. This will allow the company to move to drilling preparation in 2026 with the aim of drilling a high-impact well within KON-16. Our unrisked NAV for KON-16 is 20.34 p per share. The first well is expected to target a pre- and post-salt prospects at the same time with ~245 mmbbl WI prospective resources (net to Corcel). The overall unrisked prospective resources on KON-16 net to Corcel’s WI are estimated at ~745 mmbbl.
Pulsar Helium (PLSR LN/CN)C; Target price of £0.90 per share: Helium concentration at Topaz – Average Helium centration from the recent flow tests at Topaz is estimated at 7-8% while CO2 content is estimated at 75-80%.
IN OTHER NEWS
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AMERICAS
Mosman Oil & Gas (MSMN LN): Helium resources estimates in USA – 0.134 bcf gross prospective resources (best case) of helium have been estimated at the Sagebrush project. In addition the auditor estimates CO2 prospective resources of 1.96 bcf.
EUROPE
European Oil & Gas (EOG LN): 1H25 results – 1H25 net production in the UK was 114 bbl/d. The company held £0.9 mm in cash at the end of June.
Star Energy (STAR LN): 1H25 results – 1H25 production in the UK was 1,894 boe/d with FY25 production expected to average ~2 mboe/d.
MIDDLE EAST AND NORTH AFRICA
Capricorn Energy (CNE LN): 1H25 results – Capricorn has re-iterated its FY25 production guidance in Egypt of 17-21 mboe/d with US$75-85 mm capex. The Egyptian Parliamentary ratification of the integrated concession agreement is expected in 2025. Net cash at the end of June was US$32 mm. Egypt receivables stood at US$172 mm at the end of 2Q25. Payments expected in 2H25 are expected to amount at least US$90 mm based on EGPC's payment plan. The company is considering investment opportunities in the UK North Sea.
Sound Energy (SOU LN): 1H25 results – First gas in Morocco is expected by YE25. The company held £2.8 mm in cash at the end of June.
SUB-SAHARAN AFRICA
Eco Atlantic (ECO LN): Portfolio update in Namibia – Eco has sold its 85% interest in PEL 98 to Lamda energy. Lamda Energy will make an up-front payment to Eco for administrative costs, and will assume all obligations and liabilities associated to PEL 98. In addition, in the event of a future farm-out by Lamda Energy to a third party, Lamda Energy will be required to make certain payments to Eco at a fixed quantum per percentage interest farmed out, up to a maximum of US$2 mm. Eco has also been granted one year extension to the initial exploration period for PEL 97, 98, 99 and 100.
Galp Energia (GALP LS): Acquiring assets in Sao Tome – Galp is acquiring a 27.5% stake in Block 4, in São Tomé and Príncipe from Shell.
ReconAfrica (RECO CN): Equity raise – ReconAfrica is raising C$10 mm of new equity priced at C$0.60 per share. Participants will also receive one warrant per new share with a strike price of C$0.72 per share.
Savannah Energy (SAVE LN): Acquiring Power projects – Savannah is acquiring 50.1% interest in Klinchenberg from Norfund for a total consideration of up to US$65.4 mm. Klinchenberg has interests in a portfolio of hydropower assets including (1) an indirect 13.6% interest in the operating 255 MW Bujagali run-of-river hydropower plant in Uganda, (2) an indirect 12.3% interest in the 361 MW Mpatamanga hydropower development project in Malawi, and an indirect 9.8% interest in the 206 MW Ruzizi III hydropower development project spanning Burundi, the Democratic Republic of the Congo and Rwanda.
Seplat Energy (SEPL LN): Strategy and outlook in Nigeria – Seplat is targeting production of 200 mboe/d by 2030 (+50%) with US$2.5-3.0 bn capex over 2025-2030. Seplat plans to return between 40% to 50% of Free Cash Flow (~US$1 bn from 2026-2030). At least US$120 mm per annum (~US$0.20 per share) will be returned as long as Brent price averages above US$50/bbl. The YE24 2P reserves are now estimated at ~1,043 mmboe (+18%) with 2C resources of 1,262 mm boe (+282%). Seplat is considering selling 10% interest in the recently acquired assets from ExxonMobil to NNPC.
Stamper Oil & Gas (STMP CN): Closing acquisition in Namibia – Stamper has raised C$13.2 mm of new equity priced at C$0.20 per share. Participants in the transaction have also received one half warrant (strike price of C$0.35 per share) for every new share. Stamper has also acquired a package of exploration licences in Namibia, being ~4% of PEL107, 5% in PEL 106, 5% in PEL 98 (carried) and 20% in PEL 102 (carried).
EVENTS TO WATCH NEXT WEEK
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24/09/2025: Pharos Energy (PHAR LN): 1H25 results
Cairn Energy is an oil and gas exploration and development company. Co. has three groups of business unit: Senegal, which focuses on appraising the discoveries offshore Senegal and to identify further exploration prospects for drilling; U.K and Norway, which includes exploration activities in the North Sea, Norwegian Sea and Barents Sea and management of Co.'s development assets in the U.K. North Sea; and International, which consists of all other regions where Co. holds exploration licenses, including Greenland, Ireland, Morocco, Western Sahara, Mauritania and the Mediterranean. As at Dec 31 2016, Co. had total proved plus probable reserves of 51.5 million barrels of oil equivalent.
Regency Mines is engaged as a natural resource exploration and development company. Co. manages a balanced portfolio of mineral and oil and gas projects and investments at different stages of development. Co. is active in multiple international locations including the U.K., Papua New Guinea, the U.S. and Greenland.
Eco (Atlantic) Oil & Gas is an oil and gas exploration company focused on petroleum opportunities in Namibia. Through its wholly owned Namibian subsidiary, Eco Namibia, it holds five petroleum licenses issued by the Government of the Republic of Namibia. Eco Namibia holds three offshore license blocks covering more than 25,000 square kilometers (6,177,000 acres), in the Walvis Basin. Eco Namibia also holds two onshore license blocks covering 30,000 square kilometers (7,413,000 acres).
Galp Energia is a holding company. Through its subsidiaries, Co. operates in the following segments: exploration and production, with activities relating to exploration, development and production of hydrocarbons, particularly in Angola, Brazil and Mozambique; refining and marketing, which owns refineries in Portugal and also includes activities relating to the retail and wholesale commercialization of oil products; and gas and power, which covers the purchasing, commercialization, distribution and storage of natural gas and electric and thermal power production. As of Dec 31 2014, Co. had proved and probable reserves of 638.0 million barrels of oil equivalent.
IGas Energy is engaged in exploring for, appraising, developing and producing oil and gas. Co. has producing assets in Scotland, East Midlands and the Weald Basin and is seeking to develop shale resources across its acreage position focusing on the East Midlands, Yorkshire and the North West of England. As of Dec 31 2016, Co. had proved plus probable reserves of 13.4 million barrels of oil equivalent, which consisted of 12.7 million barrels of oil and 3.95 billion cubic feet of gas.
Mosman Oil and Gas is a New Zealand and Australia oil exploration and development company. Co. is engaged in examining resource opportunities in overlooked and emerging resource areas. Co. objective is to discover economic oil and gas reserves and realize value through the development, joint venture or sale of its oil and gas interests.
Lund Enterprises is engaged in the business of exploring its mineral properties and has not yet determined whether these properties contain reserves that are economically recoverable. Co. is focusing on its Noront and Black Fox projects in Northern Ontario. Co. is in the exploration stage.
Savannah Petroleum is an oil and gas company. Co.'s principal activity is the management of its investment in Savannah Petroleum 1 Limited (SP1). SP1's principal activity is the management of its investment in Savannah Petroleum 2 Limited (SP2), and the provision of services to other companies within Co. SP2 has a 95% interest in Savannah Petroleum Niger R1/R2 S.A. whose principal activity is the exploration of hydrocarbons in the Republic of Niger.
Sound Energy is the holding company for a group of companies whose principal activities are the exploration, appraisal and development of oil and gas assets to first production and the operation of producing assets. Co.'s principal areas of activity are in Italy and Morocco.
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.
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