AUCTUS ON FRIDAY - 30.01.2026
AUCTUS PUBLICATIONS________________________________________
Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: High production on low decline at Mateguafa – The M-8 well has been brought onstream in the C9 formation (30 ft of oil pay) at 230 bbl/d gross (115 bbl/d net) on a 28/128 choke with 78% water cut. The three C7 intervals did not flow commercial hydrocarbons. The well also encountered 12 ft of net pay in the Gacheta. Although M‑8 is the smallest contributor to field output, it was drilled as a step out the north where it has extended the field with additional drilling opportunities. Mateguafa production remains robust, with lower‑than‑expected declines and water cut. The M-HZ7 well that was flowing 1,694 bbl/d in mid-December is still flowing 1,300 bbl/d. The M-6 well is currently flowing 465 bbl/d (772 bbl/d in mid December) and the M-5 well produces 780 bbl/d of oil (800 bbl/d in December). Arrow’s total production is 4,625 boe/d, above the 4,510 boe/d reported on 18 December and ahead of our 1Q26 forecast of 4,395 boe/d. Given past share‑price sensitivity to production misses, this strong update should be well received. With water production at Mateguafa lower than expected, the company has opted to drill M‑9 as a horizontal producer rather than a disposal well. The well has spudded, and success should lift output. Two additional development wells will follow. The company held US$11.5 mm in cash at the end of January, ~ US$5 mm above our expectations.
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Condor Energies (CDR CN)C; Target price of C$5.60 per share: Swift drilling. Smooth operations. Promising early results – The second horizontal well (A‑21) in Uzbekistan has now been drilled, delivering a 1,279 m open‑hole lateral, including 960 m within the carbonate reservoir exhibiting porosity above 6%. Reservoir quality exceeded pre‑drill expectations: cuttings from 223 mm of the lateral showed visible porosity of up to 12%, accompanied by strong gas shows. The well will now undergo acid stimulation (as planned)—using small‑diameter tubulars —before being tested. First production is expected in the second half of February. An acid stimulation is also scheduled for the lateral section of the first horizontal well (A‑23), again using small‑diameter tubulars within the same timeframe. This is a constructive development, as Condor had previously anticipated that a larger‑diameter coiled‑tubing unit—still not mobilised to site—would be required. The K‑45 vertical well is approaching total depth, with testing expected to commence in February. We reiterate our target price of C$5.60 per share. With three wells potentially contributing by the end of February, production could increase meaningfully from the 11,462 boe/d reported in December. Notably, the company will have drilled and tested two new wells within a two‑month window—an appreciable improvement relative to the A‑23 timeline. This acceleration supports the feasibility of the 2026 plan to drill 12 new wells.
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Pulsar Helium (PLSR LN/CN)C; Target price of £0.90 per share: US federal laboratories confirm concentration of helium-3 and helium-4 at Topaz – The Jetstream#5 well encountered further gas at 871 m depth with a pressure of 1,292 psi. This is the highest pressure recorded at Topaz; which is very encouraging. While removing the drill string from the well at total depth, difficulties were encountered, and 1239 ft ofdrill string was left in the well. Pulsar is evaluating all options and plans to return to Jetstream #5 in April to retrieve or bypass the segment of stuck drill string and allow the full logging and ow testing of the entire 3,839 ft of formation. Jetstream #6 has been spudded. A testing programme on the Jetstream #3 and #4 anticipated to commence in late February. The program is expected to consist of a period of ow testing, followed by a period of pressure build-up. The test is planned to run for approximately six weeks per well.
IN OTHER NEWS
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AMERICAS
GeoPark (GPRK US): Acquiring assets in Colombia from Frontera Energy (FEC CN) – GeoPark is acquiring Frontera’s E&P assets in Colombia, for a cash purchase price of US$375 mm, and an additional payment of US$25 mm contingent on the achievement of certain development milestones. GeoPark will also assume Frontera’s US$310 mm unsecured notes and US$79 mm net outstanding under a prepayment facility. Including Frontera’s cash, the transaction implies an enterprise value of approximately US$600 mm for the acquired assets. The acquired portfolio comprises 17 upstream blocks in Colombia in the Llanos and Lower Magdalena basins. The transaction adds 147 mmboe of 2P Reserves. Pro forma production is expected to exceed 90,000 boe/d by 2028.
Gran Tierra Energy (GTE LN/US/CN): Reserves and operating update in Colombia, Ecuador and Canada – YE25 2P reserves are estimated at 258 mmboe. This represents a reduction of 35 mmboe vs. YE24 as 32 mmboe 2P reserves in Canada have been reclassified as 2C contingent resources. December production averaged 48.2 mboe/d. During 4Q25, Gran Tierra achieved 10,000 bbl/d oil production in Ecuador. Current production rates are ~8.8 mbbl/d. YE25 net debt is expected to be ~US$657 mm.
ASIA AND AUSTRALASIA
Conrad Asia Energy (CRD AU): Operating update in Indonesia – The ownership of the Duyung PSC has been restructured. Empyrean Energy has swapped its 8.5% in the PSC in return for a 8.5% interest in a SPV that will own 25% interest in the asset following the farm-out of 75% to Nation Petroleum Natuna Barat. Empyrean will also pay ~US$0.4 mm to Conrad on completion. Conrad held ~US$1.4 mm at YE25.
Georgina Energy (GEX LN): Funding for helium drilling in Australia – Harlequin Energy has formally confirmed its intention to proceed with funding for the Hussar EP513 prospect. A US$25 mm structured offtake finance will fund the programme.
Seascape Energy (SEA LN): Prospect update in Malaysia – The Keladi prospect is now expected to hold 423 bcf prospective resources (+125%) with a chance of success of 45%. A new prospect (Tembakau) has also been identified with 29 bcf prospective resources and a 58% chance of success.
EUROPE
CanCambria Energy (CCEC CN): Upsizing equity financing for Hungary – The previously announced equity financing has been upsized from C$3 mm to C$3.3 mm. The terms are unchanged.
OKEA (OKEA NO): Trading update in Norway – 4Q25 sales volumes were 20.4 mboe/d. YE25 net cash was US$13 mm. OKEA expects to produce 32-33 mboe/d in 2026 with US$350-380 mm capex. 3-9 mmboe have been encountered at the Knockando Fensfjor' prospect.
Var Energy (VAR NO): Trading update in Norway – 4Q25 production was 397 mboe/d. The company held 1.3 bn 2P reserves at YE25 (RRR of 185%). 2C resources are estimated at 865 mmboe.
FORMER SOVIET UNION
Lukoil: Agreeing deal to deal most foreign assets in Carlyle – Lukoil has agreed a deal to divest mots of its non Russian assets to Lukoil. This excludes assets in Kazakhstan.
Nostrum Oil & Gas (NOG LN): Operating update in Kazakhstan – FY25 sales volumes were 16.9 mboe/d. FY26 production for the Chinarevskoye field is forecast at 5,000 - 6,000 boe/d.
MIDDLE EAST AND NORTH AFRICA
Energean (ENOG LN): Operating update – FY25 production was 154 mboe/d. The company received a final payment of US$80 mm in Egypt in January. YE25 net debt was US$3.3 bn. Following under performance at Cassiopea in Italy, the field net 2P reserves are being reduced from 31 mmboe at YE24 to 3-4 mmboe at YE25. Proceedings have commenced against Eni, the operator of Cassiopea, to seek EUR265 mm relating to disputed costs and damages. Eni is seeking EUR154 mm for unpaid disputed invoices. FY26 production is expected to be 140-150 mboe/d including 108-114 mboe/d in Israel. Cassiopea is expected to produce 2 mboe/d net to Energean. The FY25 capex budget has been set at US$805-880 mm. YE26 net debt is estimated at 3.2-3.3 bn.
Genel Energy (GENL LN): Trading update in Kurdistan – 4Q25 production was 19.3 mboe/d. YE25 net cash was US$134 mm. US$88 mm remains overdue from the KRG.
SUB-SAHARAN AFRICA
Invictus Energy (IVZ AU): Partnership and funding transaction with Al Mansour terminated – The strategic partnership transaction with Al Mansour has been terminated. Al Mansour was due to provide a A$37.8 mm equity investment to Invictus while becoming a 19.9% shareholder. Al Mansour was also due to provide Invictus with up to US$500 mm of conditional funding to bring the Cabora Bassa project in Zimbabwe to production.
Orca Energy (ORC.A/B CN): Reserves update in Tanzania – YE25 2P reserves have been estimated at 19 bcf. This represents a reduction of 54% vs. YE24.
EVENTS TO WATCH NEXT WEEK
02/02/2026: Galp Energia (GALP LS) – 4Q25 update
02/02/2026: OMV (OMV AG) – 4Q25 results
03/02/2026: Jadestone Energy (JSE LN) – 4Q25 update
03/02/2026: OKEA (OKEA NO) – 4Q25 results
05/02/2026: Parex Resources (PXT CN) – 4Q25 results
05/02/2026: BW Energy (BWE NO) – 4Q25 results
05/02/2026: Shell (SHEL LN) – 4Q25 results
Front Range Resources is engaged in oil and natural gas exploration and production focusing on horizontal multi-stage frac development in Montney, Bluesky, Wilrich and Falher formations in the Deep Basin area of west central Alberta.
Empyrean Energy is engaged in the business of financing the exploration, development and production of energy resource projects in regions with energy hungry markets close to existing infrastructure. Co. is focused on non-operating working interest positions in projects that have drill ready targets that substantially short cut the life-cycle of hydrocarbon projects by entering the project after exploration concept, initial exploration and drill target identification work has been completed.
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.
Frontera Energy is a publicly traded oil and gas company engaged in the exploration, development and production of heavy crude oil and natural gas in Colombia, Peru, Brazil, and Guatemala.
Genel Energy is a holding company. Co. is principally engaged in the business of oil and gas exploration and production. Co. has three segments: Oil, which is comprised of the producing assets, Taq Taq and Tawke, which are located in the Kurdistan Region of Iraq (KRI) and makes predominantly all sales to the Kurdistan Regional Government; Gas, which is comprised of the upstream and midstream activity on Miran and Bina Bawi also in the KRI; and Exploration, which is comprised of its exploration activity, principally located in the KRI, Somaliland and Morocco. As of Dec 31 2016, Co. had proved plus probable working interest reserves of 161.0 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.
Invictus Energy is engaged in the evaluation and exploration of coal bed methane (CBM) and unconventional gas in southern Africa.
Longboat Energy PLC, formerly Longboat Energy Ltd, is a United Kingdom-based investment company. The Company's investment objectives is to create a full-cycle North Sea exploration and production (E&P) company in order to deliver value to investors.
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.
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.
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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