AUCTUS ON FRIDAY - 31/10/2025
AUCTUS PUBLICATIONS________________________________________
ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January. The shallow gas drilling programme will start February 2026 while oil appraisal drilling is scheduled for 3Q26.
Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: High pressure at Jetstream #3 – Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters depth, with bottom-hole pressure estimated at ~960 psi at 661 meters. For comparison, Jetstream #1 and #2 recorded bottom-hole pressures of just 185–205 psi. Gas bubbling was observed in the drilling mud returns at surface during pipe connections, indicating active gas influx from the formation during drilling. The elevated pressure encountered at Jetstream #3 is highly encouraging, as it suggests the potential for significantly higher flow rates and improved recovery compared to Jetstream #1 and #2. Based on these results, the well may be considered for testing. Jetstream #3 is located ~950 meters northeast of Jetstream #1. The presence of gas at similar depths across all three wells supports the interpretation of consistent geology throughout the targeted area. Upcoming logging—potentially as early as next week—and seismic acquisition will further refine geological understanding. The well is targeting a planned total depth of ~1,067 meters. Separately, Pulsar has signed a non-binding term sheet to acquire 100% of Hybrid Hydrogen in exchange for US$80,000 in shares. Hybrid Hydrogen’s key asset is a lease covering ~6,742 acres of mineral rights in Michigan’s Upper Peninsula, focused on non-hydrocarbon gases. The geological setting shows strong parallels with Pulsar’s Topaz project in Minnesota, where historical iron and copper mining encountered non-hydrocarbon gases—suggesting potential for helium and other inert gases.
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IN OTHER NEWS
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AMERICAS
GeoPark (GPRK US)C: Rejecting take-over offer from Parex Resources (PXT CN) – Parex has made a cash offer to acquire GeoPark for US$9 per share. This offer has been rejected by GeoPark. Parex has also acquired an 11.8% ownership position in GeoPark. This allows Parex to call a special shareholder meeting of GeoPark shareholders.
Galp Energia (GALP LS): 3Q25 results – Net debt at the end of June was EUR1.2 bn, down from EUR1.4 bn at the end of June. Production in Brazil had been previously reported. Galp expects to have signed a farm-in transaction for Mopane by YE25.
Gran Tierra Energy (GTE CN/US/LN): 3Q25 results – 3Q25 production in Colombia, Canada and Ecuador was 42,685 boe/d. This is 10% lower than 2Q25 production as a result of a landslide in Ecuador that required the shut in of all Ecuador production for several weeks and trunk line repairs at the Moqueta field which resulted in the field being shut in. Current production is ~45.2 mboe/d. Net debt at the end of September was US$755 mm. In Ecuador a new oil discovery was made in the legacy Chanangue-1 well drilled in 1990 and suspended in 1992 on the Chanangue Block. The well was re-entered to test the previously bypassed Basal Tena formation. The well is currently producing ~600 bbl/d (oil) on jet pump.
EUROPE
80 Mile (80M LN): Prospective resources estimates in Greenland – The Jameson Land basin is estimated to hold 4.2 bnboe 2U unrisked prospective resources over 58 prospects.
BlueNord (BNOR NO): 3Q25 results – 3Q25 production in Denmark was 39.1 mboe/d. A dividend of US$89 mm has been proposed for 3Q25. This represents the top end of the distribution policy range of 50 - 70% of operating cashflow. Net production at Tyra averaged 22 mboe/d in September.
Equinor (EQNR NO): 3Q25 results – Adjusted net earnings over the period were US$0.93 bn with 2,130 mboe/d production.
OKEA (OKEA NO): 3Q25 operating update in Norway – 3Q25 production was 31.7 mboe/d. The company held US$123 mm in net cash at the end of September.
OMV (OMV AG): 3Q25 results – Adjusted net earnings over the period were EUR594 mm. FY25 production is expected to be slightly above 300 mboe/d.
Repsol (REP SM): 3Q25 results – Adjusted net income for the period was EUR820 mm with 551 mboe/d production.
Shell (SHEL LN): 3Q25 results – Adjusted net earnings for the period were US$5.4 bn with 2,821 mboe/d production.
TotalEnergies (TTE FP): 3Q25 results – Adjusted net income for the period was US$4.0 bn with 2,508 mboe/d production.
FORMER SOVIET UNION
Lukoil: Selling international assets – Lukoil is selling its non-Russian assets to Gunvor in light of US sanctions. Lukoil's international oil and gas upstream and downstream portfolio includes assets in Iraq, Kazakhstan, Uzbekistan, and Europe. The company held 1.3 bnboe proven reserves outside of Russia at YE24.
Nostrum Oil & Gas (NOG LN): Operating update in Kazakhstan – Sales from January to September avegared 16.3 mboe/d.
MIDDLE EAST AND NORTH AFRICA
Energean (ENOG LN): Operating update – 3Q25 production was 176 mboe/d.
SUB-SAHARAN AFRICA
BW Energy (BWE NO): 3Q25 results – 3Q25 production in Gabon and Brazil had been previously reported. The company has re-iterated its FY25 production guidance of 30-32 mboe/d. The FY25 capex will be materially lower than expected due to capex phasing. Net debt at the end of September was US$485 mm.
Chariot (CHAR LN): MOU with ACWA Power – Chariot has signed a MOU with ACWA to explore the creation on a southern African sustainable energy business. The scope of the business include battery storage, gas to power and battery storage. The initial target countries include South Africa, Botswana, Namibia, Mozambique, Zambia and Tanzania.
Seplat Energy (SEPL LN): 3Q25 results – 3Q25 production in Nigeria was 137,888 boe/d. The ANOH gas plant is on track to deliver first gas in 4Q25. Seplat expects to produce 130-140 mboe/d in 2025 (120-140 mboe/d previously) with US$270-290 mm capex (US$260-320 mm previously). Net debt at the end of September was US$386 mm.
EVENTS TO WATCH NEXT WEEK
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03/11/2025 – Kosmos Energy (KOS US): 3Q25 results
04/11/2025 – bp (BP LN): 3Q25 results
04/11/2025 – Diversified Energy (DEC LN): 3Q25 results
04/11/2025 – OKEA (OKEA NO): 3Q25 results
04/11/2025 – Parex Resources (PXT CN): 3Q25 results
06/11/2025 – Alvopetro Energy (ALV CN): 3Q25 results
06/11/2025 – DNO (DNO NO): 3Q25 results
Bluejay Mining is engaged in the exploration and development of precious and base metals. Co. makes investments and/or acquires projects in the natural resources and mineral sectors as a whole. The principle activity of Co. is to implement its mineral exploration strategy to advance projects towards defining a sufficient in-situ mineral resource to support a feasibility study towards mine development and production.
Chariot Oil & Gas is an independent oil and gas exploration company focused offshore in West Africa with a portfolio of assets located in the under-explored regions of Namibia, Mauritania and Morocco.
Energean Oil & Gas PLC is an exploration and production (E&P) company that is focused on the Eastern Mediterranean region, where it operates in offshore Israel, Greece, the Adriatic and Egypt. The Company has 13 E&P licenses, and 16 wells. The Company has proven plus probable (2P) reserves of 50 million barrels (MMbbls) of oil and 6 billion cubic feet (Bcf) of gas and 2C resources of 22.9 MMbbls of oil and 11.5 Bcf of gas at its Prinos Basin and Katakolo fields, and its associate, Energean Israel, has 2C resources of 32.8 MMbbls of liquids and 2.4 trillion cubic feet (Tcf) of gas. The Company also has exploration potential in the other licences held in offshore Israel, Western Greece, and Montenegro.
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.
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.
PJSC Lukoil is a vertically-integrated oil company engaged in the exploration and production of crude oil and natural gas. Co. is engaged in all main sectors of the modern oil business including supplies, refining, marketing, transportation, petrochemicals and oil-related activities. Co.'s operations are divided into five business segments: Exploration and Production; Refining, Marketing and Distribution; Chemicals; Power Generation and Other Business Segments. Co. owns and operates refineries in Bulgaria (LUKOIL Neftochim Bourgas AD) and Romania (Petrotel-LUKOIL).
Okea ASA is a Norway-based oil company engaged in the oil and gas exploration and production industry. The Company contributes to the value creation on the Norwegian continental shelf with development and operation systems through the utilization of the result of previous and ongoing exploration activities in order to bring undeveloped oil on stream in strategic cooperation with service companies. Its services do not involve the exploration for petroleum. The Company operates an office in Trondheim, Norway.
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).
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.
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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