Auctus Advisors

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. 

Stephane Foucaud
  • Stephane Foucaud

AUCTUS ON FRIDAY - 27.02.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.21 per share: Well test results at Welchau support interpretation of an updip light oil accumulation – Following a small acidisation treatment (6 m³ across 45 m of perforations) in the Reifling interval at the Welchau‑1 well, gas and light oil were recovered at surface during swabbing operations. Although stable inflow was not achieved—indicating that the limited acid volume did not access the ...

Stephane Foucaud
  • Stephane Foucaud

Panoro Energy ASA (OSE: PEN): Transformational acquisition in EG

• Panoro is acquiring 40.375% WI in Block G, Equatorial Guinea from Kosmos Energy for US$180 mm, effective 1 January 2025. Closing is expected in August, with an estimated ~US$140-150 mm payable at completion and up to US$39.5 mm in deferred contingent consideration tied to oil prices and production over 2026–2028. • The acquisition is highly material, increasing Panoro’s WI in Block G by ~3.9× and adding 46 mmbbl of 2P reserves (+110% versus the company’s current 2P base) and 29 mmbbl of 2C res...

Stephane Foucaud
  • Stephane Foucaud

PetroTal Corp (AIM: PTAL): 76% 2P Reserves Replacement Ratio despite B...

• YE25 reserves stand at 66.4 mmbbl (1P), 110.2 mmbbl (2P) and 185.5 mmbbl (3P). After adjusting for 7.1 mmbbl of 2025 production, PetroTal added 6.4 mmbbl of 1P and 3.6 mmbbl of 2P reserves during the year, while 3P reserves fell by 20.7 mmbbl. • The reduction in 3P volumes reflects volumes now considered unlikely to be produced within the remaining 15‑year licence life under current oil price assumptions. • After 6.9 mmbbl of 2025 production, YE25 1P and 2P reserves at Bretana are essentially...

Stephane Foucaud
  • Stephane Foucaud

Vaalco Energy (NYSE: EGY): Kossipo shines - resources and WI increased...

• New seismic over Kossipo in Côte d’Ivoire has further de‑risked the structure, increasing gross 2C resources from ~90 mmboe to ~102 mmboe. • With Canadian Natural Resources choosing not to participate in the development as it refocuses on Canada, VAALCO’s working interest rises from 27.39% to 60%, with PetroCI holding the balance as a paying partner. • This shift is highly material: VAALCO gains ~37 mmboe of additional WI 2C resources, becomes operator, and will control the development timelin...

Stephane Foucaud
  • Stephane Foucaud

ADX Energy (ASX: ADX): Well test results at Welchau support interpreta...

• Following a small acidisation treatment (6 m³ across 45 m of perforations) in the Reifling interval at the Welchau‑1 well, gas and light oil were recovered at surface during swabbing operations. Although stable inflow was not achieved—indicating that the limited acid volume did not access the open fracture network—the response is encouraging given that the formation had previously been unresponsive. • The light oil recovered from the Reifling Formation is non‑biodegraded and matches the densit...

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