AUCTUS ON FRIDAY - 02.04.2026
AUCTUS PUBLICATIONS________________________________________
Arrow Exploration (AXL LN/CN)C; Target price of £0.45 per share: Good flow rate at M-11. Very strong performance at Mateguafa Attic Hz wells – The M‑11 well has been brought online from the C7 formation, which contains 18 ft of net pay, at 784 bbl/d (392 bbl/d net) with a 26% water cut. The well also intersected ~30 ft of net oil pay in the C9, which will be brought into production at a later stage. Net production from the M‑7 and M‑9 horizontal wells has increased materially, rising from 625 bbl/d and 425 bbl/d to 1,008 bbl/d and 693 bbl/d, respectively, following pump‑speed optimisation. This performance is encouraging ahead of the next horizontal well, M‑12. Horizontal wells at Mateguafa Attic are producing from the C9 formation, which is thicker than the C7. The operator plans to open the C9 at M‑10 and M‑11, enabling commingled C7+C9 production, which could further enhance rates. Positive drilling and production results at Mateguafa Attic have derisked two additional drilling locations, for which new cellars will need to be constructed. A new CPR is expected mid‑year, incorporating the recent drilling and performance at Mateguafa Attic. Corporate production is ~5,475 bbl/d, up from 5,325 bbl/d last week.
See website for full report
Helium Evolution (HEVI CN)C; Target price of C$0.50 per share: Hormuz, Qatar LNG and helium – The Strait of Hormuz is currently closed and the North Field/South Pars complex has been bombed. Doha has indicated that restoring full production capacity could take up to five years. North Field/South Pars is the world’s largest gas field, supplying ~20% of global LNG exports and 70–75% of Iran’s domestic gas output. In Qatar, helium is produced as a by‑product of natural gas, and the country accounts for roughly one‑third of global helium supply. The shutdown of North Field/South Pars is therefore expected to have a major impact on helium availability and pricing. We currently assume helium prices of US$400/mcf in 2026 and US$475/mcf in 2027–2028, though these may prove conservative. After applying a US$100/mcf transport and marketing discount, this implies US$300–375/mcf netbacks for HEVI. Media reports suggest helium prices have already risen by ~50%, with some commentary pointing to a potential spike to US$2,000/mcf. Higher helium prices would have a significant impact on HEVI’s valuation. Depending on whether helium is sold in liquid (in the USA) or gaseous form, at US$600/mcf a three‑well development generates US$8–9 mm in annual operating cash flow and has an NPV of US$22–25 mm net to HEVI’s 49% WI. At US$800/mcf, this increases to US$11–13 mm per year and an NPV of US$36–38 mm. This is more than the current market cap and Mankota alone could support ~20 new wells. At US$600/mcf, our ReNAV for HEVI is C$0.67/sh; at US$800/mcf, this rises to C$1.00/sh.
See website for full report
New Zealand Energy (NZ CN)C; Target price of C$1.45 per share: Well recompletion successes opens-up a route to production and reserves growth – The Ngaere‑2 well is delivering a stable, unstimulated oil rate of ~300 bbl/d from 36 metres of perforated Mount Messenger pay. This materially exceeds management expectations. In early March, NZE confirmed that Ngaere‑1 recompletion work—targeting a previously bypassed interval—achieved ~120 bbl/d of oil, consistent with prior guidance. Ngaere-2 marks the third successful recompletion in the Mount Messenger formation. Additional reservoir intervals remain to be perforated and the encountered reservoir is interpreted as being part of new pool located across a fault ~3 km north of Ngaere‑1. Gross field production is currently constrained to ~700–800 bbl/d due to limited surface handling capacity. The company is evaluating debottlenecking options, and the installation of downhole pumps should help sustain plateau rates. Monumental Energy (NZE’s partner) believes gross output of ~1,000 bbl/d is achievable. Six further wells have already been permitted, with several candidates under review for workovers over the next three months. Key near‑term catalysts include the upcoming Tariki‑5 flow test and the anticipated indicative offer from Genesis for the gas‑storage project. Our risked valuation for the gas‑storage asset remains ~US$52 mm net to NZE, equivalent to C$1.26 per share. Incorporating the stronger‑than‑expected Ngaere‑2 performance, we have increased our target price from C$1.35 per share to C$1.45 per share.
See website for full report
IN OTHER NEWS
________________________________________
AMERICAS
Alvopetro Energy (ALV CN): Operational update in Brazil and Canada – Gas sales volumes in Brazil averaged 3,014 boe/d in March. Firm gas sales will increase by 25% from January 2026 to YE27. A lower Gomo interval at the 183-1 well was stimulated but only delivered low reservoir inflow.
LNG Energy (GASX CN): 4Q25 results – 4Q25 production in Colombia averaged 20.9 mmcf/d.
Rockhopper Exploration (RKH LN): Reserves update in the Falklands – WI 2P reserves at Sea Lion are estimated at 109.8 mmbbl. The company is also estimated to hold 211.2 mmbbl of 2C resources. Rockhopper held US$179 mm in cash at YE25.
Touchstone Exploration (TXP LN/CN): Operating update in Trinidad – 4Q26 production averaged 4,877 boe/d. YE25 net debt was US$72.89 mm. Average net sales volumes for January and February were 4,778 boe/d. Gross natural gas throughput from the Central Block (excluding Coho-1 volumes) has increased from ~16 mmcf/d to 19 mmcf/d through optimization, rising further to ~21.5 mmcf/d following the startup of CR-3.
ASIA AND AUSTRALASIA
Jadestone Energy (JSE LN): Storm damage at oil field in Australia – Storm related damage was observed on the Stag platform and at the offloading facilities. The damage is currently being assessed. Jadestone has appropriate insurance in place, for both physical damage and loss of production income. Jadestone does not expect this incident to have a material financial impact on the current year or longer-term cashflow projections. Prior to shutdown, the field was producing approximately 2,000 bbl/d.
EUROPE
Deltic Energy (DELT LN): Offer to acquire the company lapsing – The offer by Viaro to acquire Deltic has lapsed and will not complete as the North Sea Transition Authority has not approved the transaction yet.
OMV (OMV AG): Dry hole in Bulgaria – The Krum-1 exploration well in the Black Sea was dry.
Reabold Resources (RBD LN): raising new equity for the UK – Reabold is raising £1.1 mm of new equity at a price of 0.1 p per share. Participants in the placing will also receive 1.25 warrants per new shares with a exercise price of 0.11 per share. The proceeds of the fundraise will be used to progress the West Newton project, including the funding of both Reabold and Rathlin's shares of the recompletion of the A-2 well.
MIDDLE EAST AND NORTH AFRICA
Capricorn Energy (CNE LN): New Egyptian terms ratified – Egypt has ratified the consolidated and amended concession agreement covering eight of the company's Egyptian Western Desert concession agreements in which it has a 50% participating interest. The ratification extends (by up to 20 years) and improves the terms of the Western Desert asset base.
EVENTS TO WATCH NEXT WEEK
Alvopetro Energy is a resource company and is engaged in the exploration for, and the acquisition, development and production of, hydrocarbons in the Reconcavo, Tucano, Camamu-Almada and Sergipe-Alagoas basins in onshore Brazil. Co. develops producing hydrocarbons by appraising and developing existing discoveries and exploring in areas considered by management to be prospective for hydrocarbon resources. Co.'s assets consist of interests in three producing fields and 16 exploration blocks comprising 148,500 gross acres onshore Brazil.
Front Range Resources is engaged in oil and natural gas exploration and production focusing on horizontal multi-stage frac development in Montney, Bluesky, Wilrich and Falher formations in the Deep Basin area of west central Alberta.
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.
Cluff Natural Resources invests in global resources opportunities with a primary focus on U.K. based upstream energy projects. Co.'s principal activity is the exploration, evaluation and development of mineral exploration targets. As of Dec 31 2016, Co. held a 100% interest in two gas licenses in the Southern North Sea.
Jadestone Energy is engaged in the evaluation, acquisition, exploration and development of oil and gas properties.
OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).
Reabold Resources is engaged in investing company in the natural resources sector.
Rockhopper Exploration is an oil and gas exploration and production company with key interests in the North Falkland Basin and the Greater Mediterranean region.
Sintana Energy is a development stage company engaged in oil and gas exploration and development activities in the United States.
Touchstone Exploration Inc., formerly Petrobank Energy and Resources Ltd., is an oil and gas exploration and production company. The Company's segments include Trinidad and Canada. The Company's core producing properties are located onshore within Trinidad. The Company's producing properties in Trinidad include Coora 1, Coora 2, New Dome, South Palo Seco, Barrackpore, Fyzabad, Icacos, Palo Seco and San Francique. The Company's exploratory properties in Trinidad include Bovallius, Moruga, New Grant, Ortoire, Otaheite, Piparo, Rousillac, Siparia and St. John. Its exploratory properties in Canada include Beadle, Druid, Luseland and Winter. The gross acres of the properties include approximately 106,604. The Company operates a total of approximately 370 wellbores on the Coora blocks. The New Dome block is located onshore in the southwest portion of Trinidad in the Ward of Siparia. The Barrackpore Block is located approximately 11 kilometers southeast of the city of San Fernando.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.