AUCTUS ON FRIDAY - 12/12/2025
AUCTUS PUBLICATIONS________________________________________
Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors. Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25. In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16. Together, the estimated cash position and receivable from Sintana represent ~25% of Corcel’s post‑raise market capitalization. The cash balance is significantly greater than the ~US$3 mm remaining commitment for the ongoing 2D seismic campaign, leaving Corcel with the financial flexibility to expand its position in Angola and/or pursue acquisitions. This could include a producing asset, which is core the Corcel’s business development activities. Potential opportunities include increasing its stake in KON‑11 (currently 18% WI) or KON‑12 (currently 22.5% WI). Notably, KON‑12 is particularly attractive, with four pre‑salt prospects identified, each estimated at 50–150 mmbbl of prospective resources. The year ahead is pivotal, as Corcel will seek a farm‑in partner for KON‑16 to drill a high‑impact exploration well by YE26. Our unrisked NAV for this well is ~6p per share, representing ~17x the current share price (assuming 71.5% interest).
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Pharos (PHAR LN)C; Target price of £0.50 per share: Production boost expected by mid 2026 – Year‑to‑date production to 30 November 2025 averaged 5,391 boe/d, comprising 4,074 boe/d in Vietnam and 1,317 boe/d in Egypt. Pharos expects FY25 production to be broadly similar, in line with guidance of 5.2–6.0 mboe/d. The TGT‑H1 infill well was brought onstream on 20 November. Initial performance is above management’s pre‑drill expectations. While no rate has been disclosed, we note that in 2021 Pharos reported an initial gross rate of 2.2 mbbl/d from a prior TGT well. For modelling purposes, we assume an average gross production of 1.6 mboe/d over the first three months for the new TGT wells. This marks the start of a six‑well programme across the TGT and CNV fields, with two rigs operating in parallel. The second TGT infill well (H5 fault block) spudded on 2 December and is expected to take ~28 days to drill and complete. The CNV‑8P infill well commenced on 5 December with the second rig and is expected to take ~90 days. Following TGT‑H5, the rig will drill the TGT‑18X appraisal well (~40 days) targeting the underexplored western area, before moving to the final TGT‑H4 infill well. Our unrisked NAV for the western area and remaining 2C resources at TGT is estimated at £0.21 per share. The CNV‑5X appraisal well, designed to unlock the northern extension of the field, is scheduled to spud in 1Q26 and complete by mid‑2026. Our unrisked NAV for the 2C contingent resources at CNV stands at £0.07 per share.
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Pulsar Helium (PLSR LN/CN)C; Target price of 1.40p per share: Pulsar Helium (PLSR LN/CN)C; Target price of £0.80 per share: Jetstream #5 – 3nd well with high pressure – Jetstream #5 has encountered high pressure gas at ~255 meters and ~ 451 meters depth, with a preliminary bottom-hole pressure reading of ~662 psi, indicating a strongly pressurized system even at this early stage of drilling. Gas was visibly seen bubbling through the drilling fluids at surface. This is consistent with the bottom-hole pressure of ~674 psi encountered at 444 m depth at Jetstream #4. We also note that Jetstream #5 was a much further step out (~3 km away) from the core area.
Serica Energy (EGY US/LN)C; Target price of £3.05 per share: Completing the acquisition of Prax – Serica has completed the acquisition of Prax. The cash balance held by Prax on completion amounts to US$34 mm. This is higher than the previous estimate of US$17 mm. The Lancaster field is currently producing ~5,900 boe/d (in line).
Vaalco Energy (EGY US/LN)C; Target price of US$10 per share: Commencement of drilling in Gabon – Vaalco has commenced the Phase Three Drilling Program offshore Gabon with the spudding of the ET-15 infill well on the Etame platform. The programme will start at the Etame platform with this infill well and the pilot holes. After drilling at the Etame platform, the rig will move to the SEENT and Ebouri platforms where several wells and workovers planned are expected to enhance production, lower costs and potentially add reserves.
IN OTHER NEWS
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AMERICAS
Alvopetro Energy (ALV CN): Operating update – November production in Brazil and Canada was respectively 2,702 boe/d and 149 boe/d.
Gran Tierra Energy (GTE CN/LN/USA): 2026 Budget – FY26 production in Colombia, Ecuador and Canada is expected to be 42-47 mboe/d (including 21-24 mboe/d in Colombia, 6-7 mboe/d in Ecuador and 15-16 mboe/d in Canada) with capex of US$120-160 mm. Current production is 48-49 mboe/d.
Parex Resources (PXT CN): Halting further discussions with regards to the proposed acquisition of GeoPark – Parex has determined that there is no basis to increase its view on the value of GeoPark common shares relative to the proposal to acquire all GeoPark shares for US$9.00 per share in cash. Parex will halt discussions with GeoPark.
Rockhopper Exploration (RKH LN): FID in the Falklands – FID has been taken on the development of Phase 1 of the Sea Lion field.
ASIA PACIFIC
Eni (ENI IM): Large discovery in Indonesia – Eni has made a significant gas discovery in the Konta-1 exploration well, drilled in the Muara Bakau PSC, in the Kutei Basin. Estimates indicate 600 bcf of natural gas initially in place with a potential upside beyond 1 tcf. A well production test in one of the reservoirs has delivered up to 31 mmcf/d of gas and ~700 bbl/d of condensate. A multi-pool gas rate could reach up to 80 mmcf/d of gas and about 1,600 bbl/d of condensate.
Harbour Energy (HBR LN): Selling gas field in Indonesia – Harbour is selling its operated interests in the producing Natuna Sea Block A field and the Tuna development project to Prime Group for a cash consideration of $215 mm.
EUROPE
BlueNord (BNOR NO): Operating update in Denmark – November net production was 43.3 mboe/d. The Tyra hub delivered 20.6 mboe/d increasing to ~26 mboe/d in the beginning of December. The base assets Dan, Gorm, and Halfdan produced 22.7 mooe/d (net).
Harbour Energy (HBR LN): Acquisition in the UK North Sea – Harbour is acquiring Waldorf Energy and Waldorf Production, currently in administration, for US$170 mm. The acquisition is expected to add oil-weighted production of 20 mboe/d and 2P reserves of 35 mmboe.
Repsol (REP SM)/TotalEnergies (TTE FP): Merger in the UK – NEO NEXT Energy and TotalEnergies’ are merging their UK offshore assets. The expected 2026 production of the combined group is expected to be over 250,000 boe/d. The combined business will be jointly owned by HitecVision (28.875%), TotalEnergies (47.5%), and Repsol (23.625%). TotalEnergies UK will also retain up to US$2.3 bn of the decommissioning liabilities related to its legacy assets.
Zenith Energy (ZEN NO/ZENA NO): Raising equity for Uranium in Italy – Zenith is raising ~£3.1 mm of new equity at a price of £0.0333 per share. The proceeds of the Financing will be utilised to progress two applications for exploration permits (Permessi di Ricerca) in respect of Italy's two largest identified uranium deposits.
FORMER SOVIET UNION
Block Energy (BLOE LN): Potential farm-out in Georgia – Block has received a non-binding indicative farm-in offer from a large energy that includes a full carry of the Patardzueli-Samgori appraisal programme. This includes (i) three historical well re-tests (two Lower Eocene and one Upper Cretaceous), (ii) Two highly-inclined sidetracks targeting the Lower Eocene; and (iii) full suite of reservoir data acquisition and well-testing operations. In addition to the appraisal carry, the offer includes an initial development carry covering the construction and hook-up of a 20 mmcf/d early-production facility. Block estimates the total gross cost of the proposed carry to be in the range of US$25-30 mm.
MIDDLE EAST AND NORTH AFRICA
Gulf Keystone Petroleum (GKP LN): Operating update in Kurdistan – FY25 gross production was ~41.4 mbbl/d increasing to ~44 mbbl/d in December. The company held ~US$75 mm in cash as at 9 December.
Kistos Energy (KIST LN): Acquisition in Oman – Kistos is acquiring 20% of Blocks 3 and 4 and 5% of Block 9 from Mitsui E&P for US$148 mm. The transaction is expected to add 25.6 mmboe of 2P reserves net to Kistos and ~9,000-10,000 boe/d production.
SUB-SAHARAN AFRICA
BW Energie (BWE NO): Strategic entry in Angola - BW Energy, in a consortium with Maurel & Prom is acquiring a combined 20% non-operated interest in Block 14 and 10% in Block 14K offshore Angola from Azule Energy. Block 14 is a mature deepwater asset comprising nine producing fields, while Block 14K is a tie-back to the main block. The asset is operated by Chevron with gross production is ~40 mbbl/d, with net to BW Energy at 4 mbbl/d. Current producing reserves are estimated at 9.3 mmbbl net to BW Energy. The transaction carries a base cash consideration of US$97.5 mm net to BW Energy with an effective date of 1 January 2025. In addition, contingent payments of up to US$57.5 mm net to BW Energy may become payable depending on oil price and production and development milestones:
Galp Energia (GALP LS): Farming out interests Namibian block – Galp is selling 40% participating interest in PEL 83 (Mopane discovery) to TotalEnergies (TTE FP) in return for (i) a 10% interest in PEL 56 (Venus discovery) and 9.39% in PEL 91 and (ii) a carry for 50% of Galp’s capital expenditures for the exploration and appraisal of the Mopane discovery and the first development on PEL83.
EVENTS TO WATCH NEXT WEEK
Week of the 16/12/2025 – Sintana Energy (SEI.V CN): Expected first day of trading on AIM
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.
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.
BW Energy Ltd. BW Energy Limited is a Bermuda-based oil and gas company engaged in oil and gas exploration and production activities. The Company is involved in the acquisition, development and production of oil and natural gas fields. It has a diversified portfolio of production and development assets offshore West Africa and Brazil, and holds interests in three hydrocarbon licenses in Gabon, Brazil and Namibia. Its Dussafu Marin Permit and the associated Ruche Exclusive Exploitation Area (EEA) production license are located approximately 50 kilometers (km) off the coast of Gabon. The Ruche EEA covers an area of approximately 850 square kilometers. The Maromba discovery is located approximately 100 kilometers offshore in the southern part of the Campos Basin. The Kudu gas field is some 130 km offshore and covers an area approximately 4,500 square kilometers. The Company's subsidiaries include BW Energy Dussafu B.V., BW Energy Gabon Pte Ltd, BW Energy Gabon SA and BW Energy Holdings Pte Ltd.
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.
Eni is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Co.'s operations are divided into three segments; Exploration and Production (oil and natural gas exploration and field development and production, as well as LNG operations), Gas and Power (supply, trading and marketing of gas and electricity, managing gas infrastructures for transport, distribution, storage, re-gasification, and LNG supply and marketing), and Refining and Marketing (supply of crude oil, refining and marketing of refined products). Co. maintains operations in 73 countries.
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.
Gran Tierra Energy, together with its subsidiaries, is a company focused on oil and gas exploration and production in Colombia. Co. is primarily engaged in the exploration and production of oil and natural gas. Co. has one reportable segment based on geographic organization, Colombia. As of Dec 31 2017, Co. had total estimated proved reserves of 59.3 million barrels of oil and natural gas equivalent, consisting of 58.9 million barrels of oil and 2.1 million cubic feet of natural gas.
Parex Resources is engaged in oil and natural gas exploration, development and production in South America and the Caribbean region. As of Dec 31 2010, Co. had gross proved light and medium oil reserve of 1,066 thousand barrels (net: 980 thousand barrels).
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.
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.
Rockhopper Exploration is an oil and gas exploration and production company with key interests in the North Falkland Basin and the Greater Mediterranean region.
Serica Energy is an independent oil and gas company with production, development and exploration licence interests in the U.K. Continental Shelf and exploration interests in Ireland, Morocco and Namibia. As of Dec 31 2016, Co. had proved plus probable reserves of 3.8 million barrels of oil equivalent, which consisted of 2.1 million barrels of oil and 10.40 billion cubic feet of gas.
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.
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.
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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