AUCTUS ON FRIDAY - 17.04.2026
AUCTUS PUBLICATIONS________________________________________
Condor Energies (CDR CN)C; Target price of C$5.60 per share: C$26-29.9 mm equity raise to boost growth – Gross production in Uzbekistan has reached ~14 mboe/d, reflecting the strong performance of the K-46 well. Condor is raising C$26–29.9 mm of new equity at C$2.60 per share, providing capital to accelerate production growth. The very high wellhead pressures from new wells are constraining output from older, lower‑pressure wells. Proceeds from the equity raise will fund the installation of field compressors, enabling Condor to maximize production from the legacy wellstock. The offering is expected to close on or around 21 April. With K‑47 coming onstream in May and continuous drilling expected through to year‑end, we have increased our production forecasts from ~19 mboe/d to 23 mboe/d in 2027, and from 23 mboe/d to ~25 mboe/d in 2028. We forecast YE26 production of 20 mboe/d. The share price should benefit from uninterrupted drilling newsflow through YE26. The strengthened balance sheet will enhance Condor’s negotiating position as it seeks project‑level funding for its modular LNG developments in Kazakhstan. Securing a corporate partner would be highly material given the multiple follow‑on LNG projects supported by 40‑year gas assignment contracts. These projects are anticipated to generate long‑duration, infrastructure‑like free cash flow, with a lower cost of capital than upstream operations — potentially supporting higher valuation multiples for Condor. We have changed our target price to C$5.60 per share to reflect the updated production outlook and the impact of the proposed equity financing.
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IN OTHER NEWS
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AMERICAS
Galp Energia (GALP LI): Operating update – 1Q26 production in Brazil was 105 mboe/d.
PetroTal (PTAL LN/TAL CN) C: 1Q26 update in Peru – 1Q26 production was 14,907 bbl/d including 14,490 bbl/d at Bretana. The company held US$128.1 mm in cash (US$139.1 mm at YE25).
EUROPE
Aker BP (AKERBP NO): 1Q26 update in Norway – 1Q26 production was 398.4 mboe/d.
BP (BP LN): 1Q26 update – 1Q26 production is expected to be flat vs 4Q25 (2,344 mboe/d).
Trillion Energy (TCF CN): Resources update in Turkey - Block M47C3,C4 in Southeast Türkiye is estimated to hold 2C contingent resources of 27.6 mmbbl. Prospective resources are estimated at 51.6 mmboe.
Var Energi (VAR NO): 1Q26 update in Norway – 1Q26 production was 406 mboe/d.
FORMER SOVIET UNION
Block Energy (BLOE LN): Farm out transaction in Georgia – Block is farming out 50% WI of Project III to Sanning Chemical in return for a carry on all capital and operating costs, currently estimated at US$13 mm, for the appraisal of the Patardzueli-Samgori field. Sanning may carry an optional work programme for the appraisal of the Rustavi and Teleti fields. If Sanning proceeds, Sanning willl carry Block through appraisal (a) drilling two new deviated appraisal wells targeting the Lower Eocene and/or Upper Cretaceous horizons; and (b) installing associated facilities. Sanning has also the option to participate in and carry Block on drilling and production facilities across Rustavi and Teleti fields, currently estimated at US$50 mm.
SUB-SAHARAN AFRICA
BW Energy (BWE NO): 1Q26 operating update – 1Q26 production was 25.2 mboe/d including 19.2 mboe/d at Dussafu.
Eco (Atlantic) Oil & Gas (ECO LN/EOG CN): Farming out Namibian assets interests to BP – Eco is selling 60% interests in Block PEL97, PEL99 and PEL100 to BP in return for a 100% carry of Eco’s 25% retained interests on a 3D seismic survey of at least 3,000 km2 on PEL 99 and PEL 100. BP will also fund the reprocessing of PE 97 seismic and pay Eco US$2.7 mm in cash. If the partners elect to enter the second renewal period, then Eco will have the option to sell another 10% interest to BP in exchange for a full carry on Eco's remaining 15% interest subject to a cap of US$21 mm net to Eco for each well on each of the licenses (PEL97, PEL99, and PEL100).
Orca Energy (ORC.A/B CN): Divesting Tanzania – Orca is selling its Tanzanian assets to Taifa and Amber for US$10.
TotalEnergies (TTE FP): Discovery in Congo – A discovery has been made at the Moho G structure. Together with the nearby Moho F structure, the Moho G discovery represents ~100 mmbbl recoverable resources.
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.
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.
Eco (Atlantic) Oil & Gas is an oil and gas exploration company focused on petroleum opportunities in Namibia. Through its wholly owned Namibian subsidiary, Eco Namibia, it holds five petroleum licenses issued by the Government of the Republic of Namibia. Eco Namibia holds three offshore license blocks covering more than 25,000 square kilometers (6,177,000 acres), in the Walvis Basin. Eco Namibia also holds two onshore license blocks covering 30,000 square kilometers (7,413,000 acres).
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.
Orca Exploration Group is an international company engaged in hydrocarbon exploration, development and supply of gas in Tanzania, the establishment of a coastal gas pipeline network in East Africa, oil appraisal and gas exploration in Italy and the acquisition of exploration opportunities in Europe and Africa.
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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