AUCTUS ON FRIDAY - 24/10/2025
AUCTUS PUBLICATIONS________________________________________
Condor Energies (CDR CN)C; Target price of C$5.80 per share: Well results derisk the deeper clastic play. The horizontal leg could add 13-20 mmcf/d – Condor’s inaugural well in Uzbekistan has intersected 28.5 meters of net gas pay within the productive carbonate reservoir; which in line with expectations. The company now plans to drill a 1,000-meter horizontal section through this interval, with results anticipated in November. IP rates are estimated between 13–20 mmcf/d, representing a potentially significant uplift in output. Current reserve estimates are based solely on vertical wells; transitioning to horizontal drilling is expected to positively impact the production plateau, reserve volumes, and NPV. Additionally, the well encountered 9.1 meters of net gas pay in a deeper clastic reservoir, which currently carries no booked reserves. This discovery begins to unlock the potential of this previously untested zone. In the southern portion of Condor’s license, perforation of an 8-meter carbonate interval has increased output from a well in a small carbonate structure from 1.1 mmcf/d to an average of 6.2 mmcf/d over the past five months. This performance has effectively derisked a larger, up-dip underdeveloped structure—one of 18 new prospects identified through recently reprocessed 3D seismic data. Condor plans to mobilize a 2nd rig to drill a vertical confirmation well at the top of the structure, followed by multiple horizontal wells. A successful outcome would add reserves and enable a rapid scale-up in production. We maintain our forecast of production exceeding 17 mboe/d by 2026.
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Pharos Energy (PHAR LN)C; Target price of £0.50 per share: Kicking off high impact drilling programme – Drilling operations have commenced at the TGT-H1 infill well in Vietnam, with results expected within 28 days. This well is anticipated to enhance production ahead of year-end 2025. This marks the beginning of a six-well drilling campaign across the TGT and CNV fields, utilizing two rigs operating in parallel. Four wells are planned at TGT. Following TGT-H1, Pharos will proceed with the H5 infill well. Subject to favorable weather conditions, drilling of the TGT-18X appraisal well—targeting the block’s underexplored western area—could begin in early December. This operation is expected to take approximately 40 days, after which the rig will move 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. At CNV, drilling of the CNV-8P infill well is scheduled to begin in mid-November, with a projected duration of 90 days. The second and final CNV well, the CNV-5X appraisal well—designed to unlock the northern extension of the field—is expected to spud in mid-February and take approximately 108 days to complete. Our unrisked NAV for the 2C contingent resources at CNV stands at £0.07 per share. Vietnamese production is forecast to increase by approximately 20% in 2026, driven by the success of this multi-well campaign.
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Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: About to start drilling again – Drilling equipment is arrived at the Topaz Project on Wednesday. Drilling of Jetstream is also starting this week. Up to ten additional wells are to be drilled, with the campaign designed to further define the geometry, extent, and productivity of the helium-bearing reservoir identified in previous drilling and flow-testing campaigns. Our unrisked NAV for Pulsar based on Topaz alone is £2.08 per share.
Serica Energy (SQZ LN)C; Target price of £3.05 per share: 25 mboe/d net production at Triton – Triton production has ramped to over 25,000 boed net to Serica. This elevated level of output could be sustained until the commencement of the Bittern pipework in November. The pace of ramp-up has exceeded forecasts. For 4Q25, we currently model average production at Triton of approximately 7 mboe/d net to Serica. Our FY25 corporate production estimate stands at ~27.5 mboe/d. Serica remains well-positioned for inorganic growth, supported by a robust balance sheet and substantial tax loss carryforwards. The recent decline in oil prices may unlock further acquisition opportunities. A confirmed acquisition of bp’s interests in Culzean—assuming TotalEnergies and NEO NEXT do not exercise their pre-emption rights by 12 November 2025—would be transformational for Serica. Notably, our valuation does not yet reflect any contribution from this potential transaction. We maintain our target price of £3.05 per share. Based on the current share price, we project a FY25 dividend yield of approximately 9%.
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Sintana Energy (SEI.V CN)C: Pancontinental (PCL AU) updates resources estimates in Namibia – Pancontinental has added two new prospects to the Saturn complex on PEL 87. The Phoebe West and the Northern Channel prospects are estimated to hold 534 mmbbl and 802 mmbbl prospective resources (2U) respectively. Overall, the Saturn Complex is estimated to hold 3.6 bnboe prospective resources. Sintana holds a 7.5% interest in PEL 87.
IN OTHER NEWS
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AMERICAS
GeoPark (GPRK US)C: 3Q25 update. Suspending dividend. Strategic outlook – 3Q25 production in Colombia and Brazil was 28,136 boe/d including 7,075 bbl/d at CPO-5. The Toritos Sur-3 tested 1,070 bbl/d (1% BSW) from the Mirador formation (exploration target) and 630 bbl/d (
Aker BP ASA engages in the exploration, development, and production of petroleum resources on the Norwegian Shelf. In addition, Co. has a separate Johan Sverdrup business unit to manage its interest.
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.
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.
Mosman Oil and Gas is a New Zealand and Australia oil exploration and development company. Co. is engaged in examining resource opportunities in overlooked and emerging resource areas. Co. objective is to discover economic oil and gas reserves and realize value through the development, joint venture or sale of its oil and gas interests.
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.
Savannah Petroleum is an oil and gas company. Co.'s principal activity is the management of its investment in Savannah Petroleum 1 Limited (SP1). SP1's principal activity is the management of its investment in Savannah Petroleum 2 Limited (SP2), and the provision of services to other companies within Co. SP2 has a 95% interest in Savannah Petroleum Niger R1/R2 S.A. whose principal activity is the exploration of hydrocarbons in the Republic of Niger.
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.
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.
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