AUCTUS ON FRIDAY - 26/09/2025
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ADX Energy (ADX AU)C; Target price of A$0.30 per share: Favourable court ruling allows Welchau testing operations to resume – The Upper Austrian State Administrative Court has rejected objections from environmental activist groups regarding drilling and testing at Welchau. The court confirmed that Environmental Clearances were issued in full compliance with applicable regulations. ADX is now authorized to resume operations at the Welchau-1 site during the winter drilling window, spanning 1 October to 31 March. Fluid sampling of the Reifling formation is scheduled for late 4Q25. This interval was previously perforated prior to the suspension of testing activities. Of the four reservoir intervals intersected by Welchau-1 with oil and gas shows, three remain untested, offering further upside. The well may be deepened to evaluate the Welchau Deep target, which carries an estimated P50 prospective resource of ~65 bcf. Our unrisked NAV for Welchau-1 (Steinalm + Reifling) exceeds A$1.00 per share. We currently assign a 20% chance of success to Reifling and 10% to Steinalm. The decision was made in the Austrian public interest reflecting a strong endorsement for gas exploration in Austria as a priority to gain independence from Russian gas and LNG imports.
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Corcel (CRCL LN)C; Target price of 1.50 p per share: Insiders and large shareholders exercise warrants at a premium to share price – Charlestown Energy Partners, certain of the company's directors, and other private investors have exercised 50 million warrants at an exercise price of 0.50 pence per share, representing a ~40% premium to the share price prior to the announcement. These warrants formed part of a 125 million warrant transfer from SNPC (Shandong New Powder COSMO) to the participating shareholders. SNPC has retained 41.5 million warrants. In exchange, the expiry date of the unexercised 116.5 million warrants has been extended from December 2025 to December 2026. 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 in 2026 a high-impact well on KON-16. Our unrisked NAV for KON-16 is 20 p per share. The first well is expected to target 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.
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PetroTal (PTAL LN/TAL CN)C; Target price of £1.00 per share: Minor production deferral. FY25 production guidance re-iterated – 3Q25 production to 15 September averaged 18,805 bbl/d, comprising 479 bbl/d at Los Angeles and the balance at Bretana. PetroTal has identified tubing leaks in six wells, impairing artificial lift efficiency. Four wells have been temporarily shut-in pending tubing replacement. Consequently, early September production averaged just 16,750 bbl/d, down from a peak of over 21 mbbl/d in mid-July. The service rig is scheduled to mobilize to Bretana at the end of October, following completion of the ongoing campaign at Los Angeles. Bretana production is expected to normalize in November. The Bretana workover campaign is estimated at US$3–5 mm, which is immaterial relative to our assumed FY25 capex of ~US$80 mm. The tubing issues are expected to reduce FY25 output by only ~1 mbbl/d. PetroTal has reaffirmed its FY25 production guidance of 20–21 mbbl/d. We maintain our 3Q25 and FY25 forecasts at 17.6 mbbl/d and 20.1 mbbl/d, respectively. Pending the publication of the company’s FY26 budget in early 2026, we assume PetroTal will drill 3-4 wells at Bretana in 2026. Our FY26 capex forecast remains unchanged at ~US$100 mm. YE26 net cash is expected to remain in line with YE25, even after paying a dividend equal to the 2025 level.
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Pharos Energy (PHAR LN)C; Target price of £0.50 per share: Better terms for Egypt licences – Pharos and IPR have received approval from EGPC's Executive Board for the consolidation of the El Fayum and NBS concession agreements. Pharos retains its 45%. The new consolidated concession carries a term of up to 20 years—comprising an initial 15-year period and a five-year extension—valid through 2045 (previously 2034 for El Fayum and 2043 for NBS). The agreement includes three newly awarded exploration areas. Development leases awarded from these areas will have up to a 30-year term through an initial 20-year period, plus two five-year extensions. Following the concession consolidation, fiscal terms have materially improved: for Brent prices between US$60/bbl and US$80/bbl and gross production
Block Energy plc, formerly Goldcrest Resources plc, is an oil and gas company. The Company's projects include norio onshore oil field, east kavtiskhevi (block VIII), akoko asheba gold project and Mauritania copper. Norio project is 35 kilometres from the centre of Tbilisi, requiring low capex recompletions of existing wells and new horizontal wells, to existing production. East kavtiskhevi (block VIII), which consist 36.9 MMbbl risked resources in Cretaceous, 4,700 kilometers area and multiple prospective horizons. Asheba project is located at the southern end of the Ashanti belt 15km east of Endeavour Mining's Nzema mine and 30 kilometers south of the world class Tarkwa mine. At Asheba, mineralisation is centered on the old Cheriamen and Atinasi mining sites within multiple parallel steep dipping zones associated with intense silicification, disseminated pyrite and a stockwork of quart veinlets. Mauritania project is an exploration concept.
Chevron is engaged in energy and chemicals operations. Upstream operations consist primarily of, among others, exploring for, developing and producing crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas, storage and marketing of natural gas; and a gas-to-liquids plant. Downstream operations consist primarily of, among others, refining crude oil into petroleum products; marketing of crude oil and refined products; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.
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.
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.
Enquest is an oil and gas production and development company. As of Dec 31 2016, Co.'s principal U.K. assets were its interests in the producing operated oil fields Heather/Broom, Thistle/Deveron, the Dons area, the Greater Kittiwake Area, Alma/Galia and Scolty/Crathes. In addition, Co. had interests in the Kraken development and also a non-operated interest in the producing Alba oil field. In Malaysia, Co.'s operated assets comprise the PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk Services Contract. At Dec 31 2016, Co. had proven and probable reserves of 215.0 million barrels of oil equivalent.
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.
Orca Exploration Group is an international company engaged in hydrocarbon exploration, development and supply of gas in Tanzania, the establishment of a coastal gas pipeline network in East Africa, oil appraisal and gas exploration in Italy and the acquisition of exploration opportunities in Europe and Africa.
Soco International is an oil and gas exploration and production company. Co. has exploration, development and production interests in Vietnam, and exploration and appraisal interests in the Republic of Congo and Angola. As of Dec 31 2016, Co.'s commercial reserves were 33.3 million barrels of oil equivalent.
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.
Total is an international integrated oil and gas company also active in solar and biomass energy sources. Co. engages all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, and LNG (Liquefied Natural Gas)) and Downstream operations (refining, petrochemicals, specialty chemicals, marketing and marketing and trading and shipping of crude oil and petroleum products). In addition, Co. is engaged in the coal mining and power generation sectors. Co.'s worldwide operations are conducted through three business segments: Upstream, Refining & Chemicals, and Marketing & Services.
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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