AUCTUS ON FRIDAY - 09.01.2026
AUCTUS PUBLICATIONS________________________________________
Condor Energies (CDR CN)C; Target price of C$5.60 per share: Accelerating drilling following C$13.65 mm financing – Following the closing of the C$13.65 mm convertible financing, Condor plans to accelerate its Uzbekistan drilling programme by deploying a second rig, enabling the drilling of 12 new wells in 2026. This programme has the potential to lift gross production to 18–20 mboe/d by YE26 and materially increase reserves. The C$13.65 mm convertible debentures carry a 12.0% annual coupon and a conversion price of C$2.00 per share, with maturity in December 2028. We expect imminent flow‑test results from the A‑23 horizontal well at the Andakli field. We are also expecting an update on the offtake agreement and financing for its modular LNG project in Kazakhstan. Our target price of C$5.60 per share incorporates the impact of the C$13.65 mm financing.
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Pulsar Helium (PLSR LN/CN)C; Target price of £0.80 per share: Completing acquisition in Michigan – Pulsar has acquired Hybrid Hydrogen for US$80,000, with the consideration settled in shares rather than cash as originally planned, resulting in lower dilution for existing shareholders. The deal secures an exclusive option to lease approximately 5,742 gross acres in Michigan’s Upper Peninsula, focused on non-hydrocarbon gases—primarily helium. The option runs until May 2028 and carries only minimal obligations for geological and surface data collection. The geological setting shows strong parallels with Pulsar’s Topaz project in Minnesota, where historic iron and copper mining encountered non-hydrocarbon gas shows. This analogue suggests potential for helium and other inert gases within the newly optioned ground. Pulsar’s next phase of work will involve acquiring geophysical and geochemical datasets to refine drill targets, with activity expected to begin in Spring–Summer 2026. The acquisition expands Pulsar’s strategic footprint in the U.S. and provides additional exploration upside. It follows the recent addition of 59,100 gross acres in St. Louis and Itasca Counties, immediately west of the Topaz project.
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Pulsar Helium (PLSR LN/CN)C; Target price of £0.80 per share: High pressure encountered at Jetstream #5 – The Jetstream #5 appraisal has encountered an additional pressurized gas influx at ~871 m depth with bottom hole pressure of ~1,292 psi, the highest recorded to date at Topaz. This follows previously reported pressurized gas zones intersected at ~255 m and 451 m. Drilling will continue toward a planned total depth of up to ~1,524 m. Upon finishing Jetstream #5, the rig will move to drill Jetstream #6, located ~2.2 km southwest of the Topaz discovery well (Jetstream #1). A combined flow testing and pressure build-up program is anticipated to begin in early February, over approximately six weeks per well. The campaign will cover Jetstream wells #3, #4, and #5.
Zephyr Energy (ZPHR LN)C; Target price of £0.16 per share: Reaching key agreement with Enbridge – Zephyr has entered into a framework agreement with Enbridge to allow for interconnect services from Zephyr’s Powerline Road Gas Plant into Enbridge’s 16” pipeline, with ultimate access to the Williams Northwest Pipeline and enabling sales into the broader Western U.S. gas market. This represents a major de‑risking milestone, as securing a tie‑in agreement was the key uncertainty affecting the timeline for first gas from the Paradox project. We maintain our expectation of first gas in 2026. Enbridge will construct, own, operate, and maintain the interconnect facilities. The Paradox project is strategically positioned to supply the premium‑priced West Coast gas market. Zephyr has received multiple offtake proposals—including options that provide funding for additional drilling—and could announce a term sheet in 1Q26. Discussions with potential farm‑in partners are also ongoing. Zephyr received an unsolicited offer for a minority portion of its recently acquired acreage in the Powder River Basin. As no production or development/appraisal activity was planned on this acreage, the company elected to divest it for US$1.14 mm. Taken together, the two non‑core divestments completed since the August acquisition have already recovered roughly US$2 mm of the US$7.3 mm purchase price. Williston Basin production averaged 925 boe/d in 3Q25, excluding NGL volumes of approximately 80–100 boe/d. This marks a significant increase from 632 boe/d in 2Q25. The restart of the Slawson-operated wells in October has added a further ~130 boe/d, providing additional momentum into 4Q25.
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IN OTHER NEWS
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AMERICAS
Alvopetro Energy (ALV CN): Production update in Brazil and Canada – Sales volumes averaged 2,826 boe/d in December including 2,687 boe/d in Brazil.
Predator Oil & Gas (PRD LN): Production update in Trinidad – Production was 367 bbl/d on 4 January.
Touchstone Exploration (TXP LN/CN): Drilling results in Trinidad – The Carapal Ridge-3 development well encountered a thick pay zone across multiple Herrera horizons. The well results support the potential for up to three additional Herrera development wells on the Central block. CR-3 also established a second, uphole, gas-charged play in the Karamat formation, which is being evaluated as a stand-alone prospect for potential drilling.
ASIA PACIFIC
Murphy Oil (MUR LN): Large discovery in Vietnam – The HSV-2X appraisal well encountered 429 feet of net oil pay across the same two reservoirs where the Hai Su Vang-1X discovery encountered about 370 feet of net oil pay. Within the primary reservoir, the HSV-2X appraisal well deepened the proven oil-down-to by 413 feet without encountering water, extending the total hydrocarbon column to approximately 1,600 feet. The primary reservoir achieved a production rate of 6,000 bbl/d during flow testing of the appraisal well. The updated midpoint of recoverable resources for the primary reservoir is towards the high end of previous expectations of 170-430 mmboe and the high end of the new range now exceeds 430 mmboe.
EUROPE
BlueNord (BNOR NO): Production update in Denmark – Production in December was 47.4 mboe/d including 25.1 mboe/d at Tyra.
CanCambria Energy (CCEC CN): Raising new equity for Hungary – Cancambria is raising up to C$2 mm of new equity priced at C$0.40 per share. Participants will also receive one option with a strike price of C$0.50 per share for each new share subscribed.
Kistos Energy (KIST LN): Operating update – FY25 proforma WI production in the Netherlands, Norway and Oman was 22.7 mboe/d. YE25 2P reserves were 49 mmboe. Kistos held ~US$81 mm net debt at YE25. The company expects to produce 19-21 mboe/d in 2026.
Shell (SHEL LN): Operating update – 4Q25 production is expected to average 930-970 mboe/d 2,770-2,910 mboe/d.
MIDDLE EAST AND NORTH AFRICA
Capricorn Energy (CNE LN): Operating update in Egypt – WI production averaged 20,175 boe/d (41% liquids) in 2025, above the production guidance midpoint of 19,000 boe/d. The 2025 exit rate was 21,003 boe/d with recent strong production performance driven by new development wells drilled since July and a waterflood programme in the Badr El Din field area. The Company received US$43 mm from EGPC in late December. This brings the total amount received by Capricorn since June to US$156 mm, reducing its accounts receivable to ~ US$84 mm. At YE25, Capricorn's net cash position stood at ~US$103 mm.
SUB-SAHARAN AFRICA
Kosmos Energy (KOS US/LN): Operating update – Production from the J-74 well in Ghana is expected to be over 10,000 bbld/, enabling Jubilee to start 2026 at a rate of nearly 70,000 bbl/d gross with J-74 online. During 4Q25, gross Jubilee production averaged ~59,000 bbl/d. Ghana has approved the license extensions for the West Cape Three Points and Deep Water Tano Petroleum Agreements, which cover the Jubilee and TEN fields to 2040. From July 2036, Ghana National Petroleum Corporation's share in the fields will increase by a further 10% interest. The Jubilee plan of development has been amended to include up to 20 additional wells in the field. As a result of the extension Kosmos expects to realize an increase in 2P reserves. In Mauritania and Senegal, production of the GTA LNG project has reached a peak production rate of ~3.0 mm tonnes per annum.
Reconnaissance Energy Africa (RECO CN): Raising new equity for Namibia – Recon Africa is raising C$32 mm of new equity a price of C$0.95 per share. Participants in the transaction will also receive one-half warrant per new share with an exercise price of C$1.20 per share. The proceeds of the raise will allow the company to fund production testing at the Kavango West 1X exploration well, accelerate follow-on appraisal drilling on the Kavango Discovery and advance activities at the Ngulu Block in Gabon.
Shell (SHEL LN): Acquiring assets in Angola – Shell is acquiring 35% WI in the deepwater exploration Blocks 49 and 50 from Chevron.
EVENTS TO WATCH NEXT WEEK
Week commencing 12/01/2026 - Repsol (REP SM): Operating update
Week commencing 12/01/2026 - PetroTal (PTAL LN/TAL CN): Operating update
Week commencing 12/01/2026 – Valeura Energy (VLE CN): Operating update
15/01/2026 – OMV (OMV AG): Operating update
Alvopetro Energy is a resource company and is engaged in the exploration for, and the acquisition, development and production of, hydrocarbons in the Reconcavo, Tucano, Camamu-Almada and Sergipe-Alagoas basins in onshore Brazil. Co. develops producing hydrocarbons by appraising and developing existing discoveries and exploring in areas considered by management to be prospective for hydrocarbon resources. Co.'s assets consist of interests in three producing fields and 16 exploration blocks comprising 148,500 gross acres onshore Brazil.
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.
Kosmos Energy is a holding company. Through its subsidiaries, the company operates as a deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. The company's assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as gas development offshore Mauritania and Senegal. The company also maintains a sustainable exploration program balanced between proven basin infrastructure-led exploration (Equatorial Guinea and U.S. Gulf of Mexico), emerging basins (Mauritania, Senegal and Suriname) and frontier basins (Cote d'Ivoire, Namibia and Sao Tome and Principe).
Murphy Oil is a holding company. Through its subsidiaries, the company is an oil and natural gas exploration and production company. The company explores for and produces crude oil, natural gas and natural gas liquids worldwide. The company's principal exploration and production activities are conducted in United States by wholly owned Murphy Exploration & Production Company - USA and its subsidiaries, in Canada by wholly-owned Murphy Oil Company Ltd. and its subsidiaries, and in Australia, Brazil, Brunei, Mexico and Vietnam by wholly-owned Murphy Exploration & Production Company - International and its subsidiaries. The company's hydrocarbon production is in United States, Canada and Brunei.
Predator Oil & Gas Holdings PLC seeks to consolidate the acquisition of a specific non-operated oil and gas business opportunity in the Republic of Trinidad and Tobago, to generate income for Co., and exploration and appraisal assets in the Licensing Options offshore Ireland that form an existing operating business operated by POGV. Both businesses are consistent with Co.'s focus on responsible, environmentally aware, investment in the fossil fuel industry.
Lund Enterprises is engaged in the business of exploring its mineral properties and has not yet determined whether these properties contain reserves that are economically recoverable. Co. is focusing on its Noront and Black Fox projects in Northern Ontario. Co. is in the exploration stage.
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.
Rose Petroleum is an oil and gas (O&G) and mining company with exploration assets and an operational crushing and flotation mill. Co.'s principal activities are the exploration and development of O&G resources together with the evaluation and acquisition of other mineral exploration targets, principally gold, silver, uranium and copper, and the development and operation of mines in Mexico. In Co.'s O&G division, the area of focus is on two unconventional oil and gas basins in the U.S.: the Uinta Basin and the Paradox Basin. In its mining division, Co. continues its milling operations through its subsidiary, Minerales VANE S.A. de C.V., which owns the SDA Mill in Mexico.
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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