AUCTUS ON FRIDAY - 10.04.2026
AUCTUS PUBLICATIONS________________________________________
Condor Energies (CDR CN)C; Target price of C$5.80 per share: Very high flow rate at latest hz well boosts reserves, production and exploration upside – The K‑46 horizontal well has delivered an excellent result, flowing at rates of up to 18.3 mmcf/d. It has been choked back to a stable 15.5 mmcf/d to mitigate the risk of gas‑hydrate formation. The flowing pressure of 1,235 psi is very high. With an initial reservoir pressure of 2,695 psi—only 9% below virgin conditions—the data confirms that the pool remains largely undrained. The well’s absolute open‑flow potential is estimated at 67 mmcf/d. The well is expected to be brought onstream next week. With at least three additional horizontal wells planned from the same pad in the same reservoir (drilling at K‑47 begins next week), achieving 20 mboe/d of production by YE26 is well within reach. Notably, K‑46 was drilled in 35 days, down from 55 days for the previous horizontal well, and further efficiency gains are likely. This strong test result should support a material increase in 2P reserves at YE26, as horizontal wells were not incorporated into the auditor’s prior reserves estimates. The result also underscores the quality and scale of Condor’s Uzbekistan assets, and highlights the effectiveness of the company’s strategy of applying Canadian drilling technologies and operating practices to unlock production and reserves in Uzbekistan. We have increased our target price from C$5.60 to C$5.80 per share in line with our updated ReNAV.
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Panoro Energy (PEN NO)C; Target price of NOK55 per share: Extending the Dussafu licence by up to 15 year unlocks reserves, resources and growth – The Dussafu PSC term has been extended from 2038 to 2053. The fiscal terms for the extension remain unchanged from the current regime, and no additional work commitments have been imposed. This longer licence life has several positive implications for Panoro. First, the extension allows existing production to run for several additional years. This increases the likelihood that a portion of the company’s 2C contingent resources can be reclassified into 2P reserves by YE26. It also prolongs access to the Dussafu processing facilities, simplifying monetisation of nearby discoveries and enhancing their value. Second, the additional time opens the door for further development phases. Panoro can now plan projects to commercialise its 8 mmbbl WI 2C contingent resources on the block. Third, the extended duration provides a longer runway for exploration. Panoro can continue to appraise and explore the Dussafu licence, maximising the value of the block’s remaining upside. Any exploration capex is added to the cost oil pool that gets recovered from existing production. This results in very low exploration costs. Finally, the extension increases the strategic value of adjacent acreage. Potential discoveries on the Niosi and Guduma exploration blocks (Panoro WI: 25%) could be developed through Dussafu’s existing infrastructure, improving their economic attractiveness.
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Valeura Energy (VLE CN)C; Target price of C$17.00 per share: Expect very material cashflow in 2Q26 – 1Q26 production averaged 22.3 mbbl/d, broadly in line with our 23 mbbl/d forecast. Liftings occurred only in January and March, resulting in inventories rising from ~0.62 mmbbl at YE25 to ~1.23 mmbbl as of 31 March 2026. This timing effect limited reported revenue to US$93.3 mm in 1Q26, but we expect a significant revenue uplift in 2Q26 as inventories unwind. Notably, 0.68 mmbbl were lifted in April at very strong prices. From mid March until the declaration of cease fire in Iran, crude sold into Asia currently realises a premium of ~US$30–40/bbl to Brent. Assuming US$120/bbl realised price on the April lifting would imply a revenue contribution of more than US$80 mm in 2Q26. In response to the high oil price environment, Valeura is evaluating increased capex to accelerate reserves monetisation. Key near‑term catalysts include FID on the initial Bussabong development (Valeura WI: 40%). The project comprises two platforms, each developing ~50 bcf (100 bcf total) and producing ~30 mmcf/d per platform (60 mmcf/d combined), with net capex of ~US$50 mm. The area offers substantial running room with multiple additional platform locations. We value each platform at C$0.25 per share. Two exploration wells are also planned for 2026, targeting prospects across Manora DEF, Jasmine North, and the southern Wassana area. At US$80/bbl and US$90/bbl, our ReNAV would increase to C$20 per share and above C$23 per share, respectively.
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IN OTHER NEWS
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AMERICAS
Parex Resources (PXT CN): Operating update in Colombia – 1Q26 production was 44,735 boe/d (42,050 boe/d in March). The company has re-iterated its FY26 production guidance of 45-49 mboe/d.
Eni (ENI IM): Investment in graphite – Eni has invested US$70 mm in an equity deal for Nouveau Monde Graphite (MMG CN). Nouveau Monde has raised US$297 mm of new equity. On completion Eni will hold 11.5% interest in the company. The capital increase is aimed at supporting the development of the Matawinie Mine of high-quality natural graphite.
ASIA AND AUSTRALASIA
Sunda Energy (SNDA LN): Acquiring assets in New Zealand – Sunda is acquiring onshore assets in New Zealand from Matahio Ventures. The assets produced ~1,000 boe/d (~80% oil and 20% gas) in 2025 with 2.6 mmboe of 2P reserves and 5.8 mmboe of 2U prospective resources. There is a gas storage opportunity at the Sidewinder field. The firm consideration for the acquisition is US$8-14 mm, with the actual payment anticipated to be at the high end of the range in the current oil price environment. Sunda will also pay a contingent consideration expected to be between US$1.0 mm and US$13.0 mm, mostly related to a successful outcome of planned exploration drilling. The company is raising up to £6.7 mm through a combination of convertible loan (£4.25 mm) and new equity at a price of 0.02975 pence per share.
EUROPE
BlueNord (BNOR NO): Operating update in Denmark – Net production in March was 42.5 mboe/d resulting in 1Q26 net production of 43 mboe/d.
EnQuest (ENQ LN): Fine in the UK – EnQuest has received a sanction fine of £16.5 mm from the regulator for non-compliance in relation to the timing of plugging and abandonment of 33 inactive wells.
OMV (OMV AG): Operating update – 1Q26 production was 288 mboe/d.
Repsol (REP SM): 1Q26 update – 1Q26 production was 539 mboe/d.
Shell (SHEL LN): 1Q26 update – 1Q26 production is expected to stand at 2,640-2,780 mboe/d.
MIDDLE EAST AND NORTH AFRICA
Eni (ENI IM): Discovery offshore Egypt – The Denise W 1 exploration well in the Temsah Concession has encountered ~2 tcf of gas initially in place and 130 mmbbl of associated condensates.
SUB-SAHARAN AFRICA
Rift Helium (RIFT LN): IPO on AIM – Rift Helium plans to raise £8 mm of new equity through an IPO on AIM. The company holds helium exploration assets in Tanzania.
PetroNor E&P (PNOR NO): 1Q26 update in Congo – 1Q26 production was 4,721 bbl/d increasing to 5,200 bbl/d at the end of the period.
Baron Oil is an independent oil and natural gas exploration company. Co. owns exploration acreage in the U.K. and Peru. The principal activity of Co. is that of oil and gas exploration and production.
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.
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.
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).
Panoro Energy is an international independent oil and gas company engaged in the exploration and production of oil and gas resources in Brazil and West Africa. In Brazil, Co. participates in a number of oil and gas licenses located in the Santos basin outside the south-east coast of Brazil and in the Camamu-Almada basin in the state of Bahia. In West Africa, Co. participates in a number of licences in Nigeria and Gabon. As of Dec 31 2013, Co.'s commercial production is from the Manati field in Brazil.
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).
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.
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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