AUCTUS ON FRIDAY - 13.03.2026
AUCTUS PUBLICATIONS________________________________________
ADX Energy (ADX AU)C; Target price of A0.22 per share: Raising new equity for Austria and Italy – ADX has raised A$4.4 mm of new equity priced at A$0.027 per share. Participants will also receive one unlisted option for every two new shares with an exercise price of A$0.0405 per share.
New Zealand Energy (NZ CN)C; Target price of C$1.25 per share: Positive well result. Supportive environment – Ngaere‑1 is currently producing around 120 bbl/d of oil after perforating a previously bypassed interval. The zone has already delivered roughly 3,000 bbl, with an initial rate of 580 bbl/d , and it carries meaningful upside for additional reserves. The same bypassed interval is now expected to be perforated at Ngaere‑2 and Waihapa H1, with all associated costs covered by Monumental Energy. These recompletions have the potential to add production, cash flow, and reserves. An application has been submitted to extend the Ngaere permit by approximately 4,050 acres. New Zealand Energy will retain a 50% working interest, while Monumental Energy has funded the application costs. Key near‑term catalysts remain the upcoming Tariki‑5 flow test and the expected indicative offer from Genesis for the gas‑storage project. Our risked valuation for the gas storage asset is ~US$52 mm net to NZE, equivalent to C$1.26 per share.
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Vaalco Energy (EGY US/LN)C; Target price of US$11.50 per share: Dry hole in Gabon – The Etame West ET-14P exploration well was water wet. Our ReNAV for the well was US$0.10 per share.
Valeura Energy (VLE CN)C; Target price of C$15per share: Positive drilling results add production and probably reserves – Following the drilling of three new wells at Manora, field production has increased from 1,950 bbl/d prior to the first well coming onstream to a recent average of 2,626 bbl/d—this is ahead of the company’s expectations. We have raised our 1Q26 production forecast for the field from 2,000 bbl/d to 2,200 bbl/d. The MNA‑41 appraisal well has validated the prospectivity of key reservoir intervals. It encountered oil pay within the 300‑series sand, opening up additional exploration and appraisal opportunities, and intersected five oil‑bearing zones within the 400/500‑series reservoir. The results also exceed the company’s expectations and may allow decommissioning activities to be deferred. The well has now been brought into production. We are increasing our target price from C$14 to C$15 per share. This reflects a higher chance of development for the 1 mmbbl Manora contingent resource, which we have raised from 50% to 75% following the positive drilling results. We have also increased our 2026 Brent assumption from ~US$69/bbl to ~US$74/bbl. Several upcoming catalysts are not yet reflected in our valuation.
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IN OTHER NEWS
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AMERICAS
Brazil: Temporary tax on oil export - The Brazilian Government approved the implementation of a 12% levy on crude oil exports
Eco (Atlantic) Oil & Gas Energy (ECO LN/EOG CN): Acquiring JHI – Eco is acquiring the shares it does not own in JHI based on an exchange ratio of 0.7054 Eco shares for each JHI share. On completion JHI shareholders will own ~21.8% of Eco. The acquisition is valued at ~US$52 mm. JHI’s principal assets comprise a 35% WI in the PL001 licence area in the Falkland Islands, a block directly adjacent to Sea Lion and a 17.5% W Iin the Canje Block offshore Guyana (operated by ExxonMobil and JV partner TotalEnergies). The remaining 65% interest in the PL001 licence area will be held by Navitas.
EUROPE
DNO (DNO NO): Reserves update – YE25 2P reserves are estimated at 390 mmboe (YE24: 282 mmboe) including 199 mmboe in Kurdistan, 179 mmboe in Norway, 9 mmboe in CI and 3 mmbo in the UK. The company also held 302 mmboe 2C resources including 215 mmboe in Norway.
Equinor (EQNR NO): Discoveries in Norway – 5-9 mmboe and 4-8 mmboe have been discovered at Frida Kahlo and Byrding C.
Reabold Resources (RBD LN): Raising new equity – Reabold is raising £3.0 mm of new equity of 1.1 p per share. Participants in the subscription will receive 1.25 warrants for each new share with an exercise price of 0.11 pence per share.
Repsol (REP SM): Capital Market Day and strategy – The dividend is expected to grow by over 6% per year through 2028. The company expects to spend EUR7.5-9 bn capex over 2026-2028. Production is expected to increase to 580-600 mboe/d in 2028 (+6/10% vs. 2025).
Rex International: Production update in Norway, Germany and Oman – Production in February averaged 10.3 mboe/d.
Tenaz Energy (TN CN): 4Q25 results – 4Q25 production in the Netherlands was 15,556 boe/d. YE25 net debt was C$345 mm. A discovery has been made at K07-FB-103 (Netherlands) which flowed at a rate of up to 23 mmcf/d on test. The company expects to spend C$250-275 mm in capex in 2026. YE25 2P reserves were estimated at 91.7 mmboe. 2C resources are estimated at 38 mmboe The company also holds 329 mmboe prospective resources (Pmean).
MIDDLE EAST AND NORTH AFRICA
Capricorn Energy (CNE LN): Potential offer for the company – Capricorn has received multiple unsolicited non-binding proposals from Alamadiyaf al-Masiyyah regarding a possible all cash offer to acquire the company.
SUB-SAHARAN AFRICA
Energean (ENOG LN): Entering Angola – Energean is acquiring Chevron's 31% operated interest in Block 14 and 15.5% non-operated interest in Block 14K for US$260 mm plus contingent payments of US$25 mm per year until 2038 in relation to the potential future PKBB development depending on oil price and production levels. Net production from the block is 13 mboe/d with 28 mmbbl of 2P reserves.
Kosmos Energy (KOS US/LN): Raising new equity – Kosmos has raised US$185 mm of new equity priced at US$1.90 per share.
EVENTS TO WATCH NEXT WEEK
18/03/2026: Valeura Energy (VLE CN) – 4Q25 results
18/03/2026: Ithaca Energy (ITH LN): 4Q25 results
19/03/2026: Eni (ENI IM) – Capital Market Day
19/03/2026: Energean (ENOG LN)
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.
DNO is a Norwegian exploration and production company focused on the Middle East and North Africa. Co. holds stakes in oil and gas blocks in various stages of exploration, development and production, both onshore and offshore, in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland.
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).
Energean Oil & Gas PLC is an exploration and production (E&P) company that is focused on the Eastern Mediterranean region, where it operates in offshore Israel, Greece, the Adriatic and Egypt. The Company has 13 E&P licenses, and 16 wells. The Company has proven plus probable (2P) reserves of 50 million barrels (MMbbls) of oil and 6 billion cubic feet (Bcf) of gas and 2C resources of 22.9 MMbbls of oil and 11.5 Bcf of gas at its Prinos Basin and Katakolo fields, and its associate, Energean Israel, has 2C resources of 32.8 MMbbls of liquids and 2.4 trillion cubic feet (Tcf) of gas. The Company also has exploration potential in the other licences held in offshore Israel, Western Greece, and Montenegro.
Equinor is engaged in oil and gas exploration and production activities. Co. is primarily focused on exploration, development and production of oil and gas on the Norwegian continental shelf (NCS). Co.'s operations are organized into four segments. The Development and Production Norway and Development and Production International segments explore, develop, produce and extract crude oil, natural gas and natural gas liquids. The Marketing, Processing and Renewable Energy segment markets, trades, transports and processes oil and natural gas and renewable energy. The Other segment consists of global well and project delivery, research and develpoment, and business development.
Kosmos Energy is a holding company. Through its subsidiaries, the company operates as a deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. The company's assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as gas development offshore Mauritania and Senegal. The company also maintains a sustainable exploration program balanced between proven basin infrastructure-led exploration (Equatorial Guinea and U.S. Gulf of Mexico), emerging basins (Mauritania, Senegal and Suriname) and frontier basins (Cote d'Ivoire, Namibia and Sao Tome and Principe).
Reabold Resources is engaged in investing company in the natural resources sector.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
Sintana Energy is a development stage company engaged in oil and gas exploration and development activities in the United States.
VAALCO Energy is an independent energy company engaged in the acquisition, exploration, development and production of crude oil. The company is primarily engaged in its Etame Production Sharing Contract related to the Etame Marin block located offshore the Republic of Gabon in West Africa. The company also owns interests in an undeveloped block offshore Equatorial Guinea, West Africa.
Valeura Energy is engaged in the exploration, development and production of petroleum and natural gas in Turkey and Western Canada. As of Dec 31 2010, proven gross reserves for light and medium oil was 116 thousand barrels (net reserves of 104 thousand barrels); proven gross reserves for heavy oil was 10 thousand barrels (net reserves of 9 thousand barrels); proven gross reserves for natural gas was 1,047 million cubic feet (net reserves of 938 million cubic feet); and proven gross reserves for natural gas liquids was 26 thousand barrels (net reserves of 19 thousand barrels).
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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