AUCTUS ON FRIDAY - 20.02.2026

AUCTUS PUBLICATIONS
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ADX Energy (ADX AU)C; Target price of C$0.20 per share: Gas to surface at Welchau – Hydrocarbon gas (Methane - CH4) was observed at surface from the Reifling Formation for the first time within the shallowest part of the Welchau anticline following acidization.
See website for full report

Condor Energies (CDR CN)C; Target price of C$5.60 per share: Strong well test results point to meaningful reserves upgrade – The K‑45 vertical well encountered 19.9 metres of net carbonate reservoir across four distinct intervals. Reservoir quality in the primary pay zone exceeded pre‑drill expectations, delivering an average porosity of 16%, with localized streaks surpassing 20%. Three horizons were perforated and tested, yielding a flow rate of 5.3 mmcf/d and a condensate ratio of 5.6 bbl/mmcf. Initial reservoir pressure is estimated at 2,896 psi, indicating conditions close to virgin pressure. K‑45 is situated on the western side of the Kumli Northwest field, an under‑developed structure with only one downdip well currently on production. Condor previously perforated an 8‑metre carbonate interval in that producing well, which has averaged 5.5 mmcf/d over the past ten months. The near‑virgin pressure encountered at K‑45 suggests significantly greater remaining potential in the structure, with the resource upside now likely larger than previously anticipated. Although no official resource estimate has yet been disclosed for Kumli Northwest, these results highlight the material upside potential within Condor’s portfolio. We currently assume a ~250 bcf potential reserves upside across the company’s assets. K‑45 is expected to be brought online later this month. Four additional horizontal wells are planned from the same pad: the first two will target the primary reservoir intersected by K‑45, while the remaining two will target a deeper interval. Horizontal wells typically produce 2–4 times the rate of a vertical well, implying 10–20 mmcf/d per well.
See website for full report

Pulsar Helium (PLSR LN/CN)C; Target price of £0.90 per share: Additional high pressure gas at Jetstream # 6. Raising new equity – Jetstream #6 encountered three additional gas influxes: the first at approximately 2,120 feet with an estimated bottom‑hole pressure of 981 psi; the second at 2,187 feet with an estimated pressure of 1,012 psi; and the third at 2,377 feet with an estimated pressure of 1,100 psi. Pulsar has also raised SU$10 mm of new equity priced at £0.80 per share. The net proceeds of the placing will be used to advance the Topaz helium project More specifically, the company intends to undertake extended well testing and reservoir evaluation; conduct an additional seismic survey to enhance structural interpretation and reservoir modelling; consolidate and expand its mineral and leasehold interests; update the independent resource estimate; and complete a pre-feasibility study for integrated helium and CO₂ production. The company also intends to place deposits on long-lead processing equipment for the contemplated helium recovery and CO₂ capture facility.

IN OTHER NEWS
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AMERICAS

80 Miles (80M LN): Sivesting assets in Greenland – 80 Miles is selling a 70% WI in Jameson to Pelican Acquisition Corporation. In return Pelican will fund 100% of the costs associated with up to two exploration wells,

88 Energy (88E AU/LN): Resources update in Alaska – South Prudhoe Bay is estimated to hold 507 mmbbl (422 mmboe net) prospective resources (best case). All prospects are covered by modern 3D seismic data.

Gran Tierra Energy (GTE CN/US/LN): Selling assets in Canada/Buying assets in Azerbaijan – Gran Tierra is selling its remaining working interest in the Simonette asset for total cash consideration of C$62.5 mm. exploration, Gran Tierra has also signed a development and production sharing agreement for the onshore Guba- Khazaryani region in Azerbaijan. The area (0.4 million gross acres) surrounds an ~65-kilometer-long structure that has produced more than 100 mmbbl of oil and more than 200 bcf of natural gas. Grean Tierra will hold 65% WI.

ASIA AND AUSTRALASIA

Falcon Oil & Gas (FOG LN): Delisting from AIM – Falcon is cancelling the listing of its shares on AIM in the UK.

Upland Resources (UPL LN): Raising new equity for Indonesia – Upland is raising £2 mm of new equity priced at 3.5 p per share to secure interests in new blocks in Kalimantan and Sumatra.

EUROPE

Angus Energy (ANGS LN): Operating update in the UK – Production at Saltfleetby has averaged ~6.3 mmcf/d over the last week following a coil tubing operation. If a suitable agreement with the company’s creditors is not reached, it would create a material uncertainty around the company’s ability to continue to operate as a going concern.

Equinor (EQNR NO): Dry hole in Norway - Wildcat well 33/12-N-3 GH was dry.

Reabold Resources (RBD LN)/Union Jack Oil (UJO LN): Permit received for UK onshore well – England’s Environment Agency has issued the variation to the permit for the West Newton 'A' Well Site allowing for the recompletion works to be carried out at the West Newton A-2 well.

Repsol (REP SM): 4Q25 results and 2026 outlook – 4Q25 adjusted net income was EUR0.66 mm with 544 mboe/d production. Repsol expects to produce 560-570 mboe/d in 2026. Shareholder distributions are expected to increase by 7.8% in 2026.

SUB-SAHARAN AFRICA

Chariot (CHAR LN): Acquisition in Angola and equity raise – Chariot is providing funding to Etu Energias in connection with Etu Energias’ acquisition of a working interest in Blocks 14 and 14K offshore Angola with production of circa 8,000 bbl/d. Chariot will be entitled to the economics associated with production from the working interest to be acquired equivalent to up to 4,000 bbl/d. In addition to the funding provided by Chariot, Shell is providing an acquisition financing package of up to US$170 mm in return for future offtake barrels. In order to fund the investment, Chariot has raised net proceeds of US$20 mm of new equity priced at 1.4 p per share. The company is also raising up to US$4 mm via an open offer. investors in the fundraising will receive one warrant for every new share with an exercise price of 2.4 p per share.

Eni (ENI IM): Discoveries in Angola and Ivory Coast – The Algaita-01 exploration well in Block 15/06 in Angola has encountered ~400 mmbbl of oil in place. Murene South-1X, the first exploration well in Block CI-501 in Ivory Coast has encountered up to 5 tcf of natural gas and ~450 mmbbl of condensate at the Calao South prospect.

Kosmos Energy (KOS US/LN): Operating update –Gross daily production from the J74 well at Jubilee in Ghana is ~13,000 bbl/d, increasing average gross Jubilee oil production to over 70,000 bbl/d in February month-to-date, in line with Kosmos expectations. In Mauritania and Senegal, production from the Phase 1 of the Greater Tortue Ahmeyim LNG project has averaged ~2.9 mmt/y equivalent (vs. 2.7 mmt/y nameplate capacity) year-to-date.

PetroNor (PNOR NO): Operating update in Congo – YE25 WI production was to 5,400 bbl/d.

Tullow Oil (TLW LN): Operating update – FY25 WI production in West Africa was ~40.4 mboe/d including 23.7 mboe/d at Jubilee and 8.8 mboe/d at TEN. At YE25, the government of Ghana receivables were US$225 mm net to Tullow. This had a negative impact on free cash flow. YE25 net debt was US$1.35 bn. The company held ~100 mmboe of 2P reserves at YE25. This included a downward revision on Jubilee reflecting production performance (11.8 mmboe). Tullow is aware of a tax assessment for ~US$170 mm from the Kenya Revenue Authority relating to alleged underpaid VAT and Capital Gains Tax on the disposal of its Kenya business to the Gulf Energy for a minimum consideration of US$120 mm. Tullow believes the assessment is without merit. The partners on TEN are acquiring the TEN FPSO for US$205 mm. The company expects to produce 34-42 mboe/d, including ~6 mboe/d of gas in 2026. FY26 capex is estimated at US$225 mm.

EVENTS TO WATCH NEXT WEEK
24/02/2026: BlueNord (BNOR NO) – 4Q25 results
24/02/2026: Meren Energy (MER SS/CN) – 4Q25 results
25/02/2026: GeoPark (GPRK US) – 4Q25 results
25/02/2026: Panoro Energy (PEN NO) – 4Q25 results
25/02/2026: Vista Energy (VIST US) – 4Q25 results
26/02/2026: Seplat Petroleum (SEPL LN) – 4Q25 results
26/02/2026: Diversified Energy (DEC LN/US) – 4Q25 results
26/02/2026: ENI (ENI IM) – 4Q25 results
27/02/2026: Jadestone Energy (JSE LN) – 4Q25 results