AUCTUS ON FRIDAY - 05/09/2025

AUCTUS PUBLICATIONS
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Pulsar Helium (PLSR LN/CN)C; Target price of £0.95 per share: Very high flow rate at Jetstream #1. £3.7 mm equity raise to drill up to 10 wells – Jetstream #1 recorded a peak flow rate exceeding 1.3 mmcf/d of raw gas during a compression-assisted test, with no formation water encountered. This represents a ~2.5-fold increase over the flow rate achieved without compression, and is approximately 60–65% higher than the rate recorded during the April 2024 test under comparable conditions. Jetstream #1 delivered a net helium peak flow rate of ~0.19 mmcf/d—among the highest reported by junior helium E&Ps in North America. This materially enhances the commercial value of the Topaz project. Even assuming a conservative raw gas rate of 0.5 mmcf/d per well, annualized helium revenues could exceed US$13 mm per well (based on US$500/mcf pricing and 14.5% helium concentration). Jetstream #2 exhibits higher wellhead pressure than Jetstream #1, though flow remains constrained by wellbore blockages currently under investigation. Pulsar has raised £3.7 mm of new equity priced at £0.23/sh to fund an extensive appraisal core drilling programme at the Topaz project, targeting FID. This is addition to the project financing facility of up to US$12.5 mm that has been offered by one of Pulsar’s largest shareholders. Additionally, US$1.5 mm remains undrawn under the company’s existing US$4 mm credit facility. With funding secured, we have moved the starting date of our DCF by one year to YE25. This offsets the dilution from the equity raise. Our unrisked NAV stands at £1.88/sh for helium.
See website for full report

Pulsar Helium (PLSR LN/CN)C; Target price of £0.95 per share: Potential acquisition of further licences in USA – Pulsar has signed a non-binding agreement to acquire Quantum Hydrogen. The term sheet includes a 120-day exclusivity period for the parties to execute a definitive agreement and Pulsar to complete its due diligence exercise. Pulsar would initially acquire 80% of Quantum in five equal tranches of US$0.08 mm over a five month-period payable in Pulsar shares. Pulsar retains the right to acquire the remaining 20% of Quantum within 18 months for
an additional US$0.4 mm in Pulsar shares. Quantum holds exclusive mineral rights for non-hydrocarbon gases in Minnesota (59,100 gross acres) that are located in St Louis and Itasca Counties, 36 km to the west of Pulsar’s Topaz project. The transaction would increase Pulsar’s gross acreage by 1,000%. The new acreage is proximal and prospective for helium and hydrogen, with geological traits analogous to the Topaz project. The new mineral rights are situated within a non-hydrocarbon-bearing sedimentary basin that overlies Archaean crystalline basement, the same helium source rock type as at the Topaz project. While Topaz represents a helium discovery within fractured basement, the newly acquired acreage provides an opportunity to apply Pulsar’s extensive subsurface knowledge in a conventional gas reservoir: helium generated in basement granites migrating into overlying sedimentary reservoirs sealed by mudstone and siltstone units.

IN OTHER NEWS
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AMERICAS

Alvopetro Energy (ALV CN): Production update in Brazil and Canada – August sales volumes in Brazil and Canada was respectively 2,257 boe/d and 118 bbl/d.

Avanti Helium(AVN CN): Funding partner for US helium project – Avanti has signed a non-binding term sheet sith a publicly traded US-based company for the funding, construction, ownership, and operation of its Sweetgrass Helium Recovery Plant in Montana (10-15 mmcf/d raw gas processing capacity). Upon completion of the facility, Avanti will pay the partner a monthly fee based on a mutually agreed return on deployed capital. The partner will also have the option to purchase all currently uncontracted helium volumes from the Sweetgrass facility under a five-year offtake agreement.

ASIA AND AUSTRALASIA

Tag Oil (TAO CN): Operating update in Egypt – 2Q25 production in Egypt was 110 bbl/d. The company held C$5.3 mm in net cash at the end of June.

EUROPE

BlueNord (BNOR NO): Production update and guidance downgrade – August production at the base assets was 21.9 mboe/d. The Tyra hub produced 15.3 mboe/d net to the company which is lower than expected. Tyra net production reached 25.1 mboe/d at the end of August. 3Q25 net production at Tyra is now expected to be 17-19 mboe/d (22.0 – 26.0 mboe/d previously). The 4Q25 production guidance for Tyra has also been revised from 26.0 – 30.0 mboe/d to 21.0 – 27.0 mboe/d, net to the company.

Equinor (EQNR NO): Exploration success and failure – The Demos prospect was dry. 6-19 mmboe were encountered at the Smorbukk Midt prospect.

Hartshead Resources (HHR AU): Farm-out in the UK– Hartshead has agreed to sell 5% in P2607 to RockRose Energy in return for a 100% carry of Hartsheads’ share of all Phase C Well Work Costs. The development carry would be reduced from US$96.8 mm to US$79.1 mm.

FORMER SOVIET UNION

Block Energy (BOE LN): Farming out asset in Georgia – The owners of the XIQ licence (Block WI: 68%) are selling up to 75% WI to a leading international E&P. The buyer would also have an option to increase their interest to 92.5% in certain for cash and royalty payments. In return the farm-in partner will fund a staged work programme of 3D seismic and up to three deep high-impact wells on the Martkopi Terrace prospect.

SUB-SAHARAN AFRICA

Stamper Oil & Gas (STMP CN): Raising equity for Namibia – Stamper has raised C$11.5 mm at a price of C$0.20 per share for Namibia exploration. Participants to the transaction will also receive half a warrant for each new share with a strike price of C$0.35 per share.

EVENTS TO WATCH NEXT WEEK
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11/09/2025: Energean (ENOG LN): 1H25 results
11/09/2025: ADX Energy (ADX LN): Webinar on Sicily