AUCTUS ON FRIDAY - 21/11/2025

AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.90 per share: Imminent flow rate results for first horizontal well. LNG facility construction 90% complete. – 3Q25 production averaged 9,978 mboe/d, broadly in line with expectations. In Uzbekistan, drilling of a 1,000‑meter lateral section at the first horizontal well is underway, with numerous mud gas shows recorded. The lateral may be extended, and the well is expected to be brought ons...

Criterium Energy Ltd (TSX-V: CEQ): Gas development on track. Capex to ...

• Pipeline construction for the SE-MGH 5–7 mmcf/d development is scheduled to begin in early 2026, with first gas expected in 1H26. Capex has been reduced further to US$2–3 mm (from US$2.5–4 mm), of which US$1.7 mm has already been spent. The subsequent North MGH development (incremental capex of ~US$1 mm) would lift total production to 7–10 mmcf/d. • The company now expects gas prices of US$6-7/mc, in line with recent South Sumatra sales, versus the prior assumption of US$5–7/mcf. • Criterium h...

AUCTUS ON FRIDAY - 29/08/2025

Arrow Exploration (AXL LN/CN)C; Target price of £0.50 per share: High impact exploration drilling in 2H25 – 2Q25 production averaged 3,768 boe/d, impacted by water handling constraints and steeper-than-anticipated early declines at newly drilled wells. Current WI production stands at ~4,200 boe/d, down from the July peak of 4,600–4,800 boe/d, which reflected initial flush output from AB-HZ5 and AB-HZ4. While first-month decline rates are steep, Arrow has observed that post-month-one declines are...

Criterium Energy Ltd (TSX-V: CEQ): Flow rate of up to 8 mmcf/d at Sout...

• The SEM-01 well at South East MGH flowed 7–8 mmcf/d on test on 40/54” and 48/64” choke sizes. Further choke expansion was constrained by surface facility limitations. This follows the MGH-20 well at North MGH, which flowed at 2.8 mmcf/d on test. • The successful re-entry of SEM-01 de-risks the entire project and confirms the phased development across both fields, with initial production of 5–7 mmcf/d expected in 1Q26, rising to 7–10 mmcf/d in 2Q26. Criterium is projected to generate positive f...

AUCTUS ON FRIDAY - 01/08/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Operating update – Net production in Austria was 303 boe/d. The company held A$4.8 mm in cash at the end of June. Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: Successful flow test at North-MGH boosts expected 2H26 gas production to 7-10 mmcf/d – The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil. This is a positive surprise a...

Criterium Energy Ltd (TSX-V: CEQ): Successful flow test at North-MGH b...

• The MGH-20 well in the North Mengoepeh (MGH) field tested 2.8 mmcf/d with associated oil. This is a positive surprise as there are currently no estimated resources at the field that was shut in in 2014. • Following the extended well test at SE-MGH, Criterium plans to initiate extended testing on MGH-20 and three additional shut-in wells on the North MGH well pad. • Assuming two wells are brought online, North MGH could add 2–3 mmcf/d to SE-MGH output, lifting combined volumes to 7–10 mmcf/d ...

AUCTUS ON FRIDAY - 06/06/2025

Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: On track for first gas in 1Q26 – 1Q25 production of 988 boe/d had been previously reported. Criterium held ~C$1.6 mm in cash at the end of 1Q25. The company has reduced its accounts payable by ~C$3.5 mm while inventory + amounts receivable were flat vs. YE24. Operations are expected to commence at North MGH in June. Four wells were shut-in in 2014 due to high GOR. Criterium is looking to re-open some of the wells in the area. No resou...

Criterium Energy Ltd (TSX-V: CEQ): On track for first gas in 1Q26

AUCTUS ON FRIDAY - 16/05/2025

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C: Recovering 75% WI of licences in Morocco – Energean has returned its Moroccan offshore interests to Chariot. As a result, Chariot now holds 75% in the Lixus Offshore and Rissana Offshore licences. Condor Energies (CDR CN)C; Target price of C$5.90 per share: Acquiring a LNG facility for Kazakhstan to deliver first LNG sale in 2Q26 – 1Q25 production in Uzbekistan was 11,179 boe/d (+6% vs. production in 4Q24). Condor ...

Criterium Energy Ltd (TSX-V: CEQ): Stepping on the gas

• The staged development of gas discoveries at Tungkal is the primary driver of near-term growth. Assuming flat oil production, bringing just two gas discoveries online could enable Criterium to triple output to ~3 mboe/d and triple 2P reserves by early 2027 • The first discovery to be developed, SE MGH (15 bcf 2C resources), is expected to see resource conversion to reserves in 2025. In early 3Q25, the existing well—previously tested at 8 mmcf/d—will be re-tested, with initial production of 5-...

AUCTUS ON FRIDAY - 21/03/2025

AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price of £0.10 per share: Significant power transaction highlights the value of the S. Africa electricity trading business – Etana Energy, the South African electricity trading business (49% held by Chariot) has arranged a US$55 mm guarantee finance facility through Standard Bank and secured an equity investment of up to US$20 mm from Norfund for working capital. In exchange, Standard Bank and Norfund will ho...

Criterium Energy Ltd (TSX-V: CEQ): Replacing 160% of FY24 oil producti...

• At YE24, Criterium was estimated to hold 4.6 mmbbl 2P oil reserves, a slight increase from estimated YE23, as the reserves additions from the work-over program (especially the new GH sand) more tan offsets FY24 production of approximately 0.3 mmboe. • The after-tax NPV10 of the 2P reserves is US$60 mm. • The 2C contingent gas resources at Tungkal are estimated at 27.5 bcf, higher than the previous estimate of 20 bcf. The auditor has attributed a 90% chance of development to Southeast Mengoepeh...

AUCTUS ON FRIDAY - 14/02/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: New acreage in Austria increases prospect inventory with a focus on low risk, shallow gas - ADX’s acreage in Austria has been modified to include additional near-term, low-risk gas prospects, as well as high-impact, higher-risk opportunities. One focus of the 2025 program is to drill shallow, low-risk, high initial production gas prospects that can be rapidly put into production. ...

Criterium Energy Ltd (TSX-V: CEQ): Gas development capex only US$3-5 m...

• FY25 oil production is expected to be 1,000-1,200 bbl/d with 8-12 work-overs costing US$0.04-0.07 mm per well (total of US$0.32-US$0.84 mm). This in line with our expectations (1,150 bbl/d production and ~US$1 mm capex). • The capex requirement to reach first gas in 1Q26 at SE MGH based on modular LNG is now estimated at US$3-5 mm (we assumed US$5 mm). This is significantly lower than the initial estimate of US$14 mm, which included the construction of a short pipeline to the main trunk. Resta...

AUCTUS ON FRIDAY - 24/01/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Historic permit award in Italy opens a new growth area - ADX has been offered and accepted the “d 363 C.R-.AX” permit in the Sicily Channel, offshore Italy, covering a maximum area of 346 km2. ADX applied for the permit in 2018, but the moratorium on awarding new exploration blocks in Italy was only lifted last year. ADX will become a licensed operator in Italy as well as Austria ...

Criterium Energy Ltd (TSX-V: CEQ): Onshore gas development takes centr...

• 4Q24 production was 957 bbld (880 bbl/d in 3Q24). January's production so far is 1,020 bbl/d. This excludes the impact of the last four workovers of the 2024 programme. These workovers could boost production to 1,100-1,150 bbl/d. This level of production could be sustained throughout 2025 with a 10-13 workover programme costing less than US$1 mm. • 4Q24 G&A plus opex is estimated at US$2.97 mm, down from ~US$3.3 mm in 3Q24. • The MGH-43 well has not yet been brought into production. Potential ...

AUCTUS ON FRIDAY - 29/11/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of NOK51 per share: Water inflow from a small interval in Welchau deeper formation. Continuing well test up hole – Two intervals in the Steinalm formation (1452.5 m-1463.5 m and 1474.5 m-1480 m MD) were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces. Gas was initially observed at surface. While the achieved flow rate hig...

AUCTUS ON FRIDAY - 18/10/2024

We have launched our new website with a revamped research portal – Home | Auctus Advisors. We’d be very interested to receive any feedback you may have. AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price C$0.35 per share: Encouraging drilling results. Decreasing opex – Production to date in October is 950 bbl/d, the same level as reported on 24 September. The MGH-43 well has encountered 41 m of prospective gross sand intervals with good to exc...

AUCTUS ON FRIDAY - 27/09/2024

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price £0.70 per share: Another horizontal well with high flow rate – The fourth horizontal well at Carrizales Notre (CNB HZ-5) has been put on production at a gross oil rate of 2.7 mbbl/d (1.35 mbbl/d net to Arrow) with a water cut of 11%. This flow rate compares favourably with CNB HZ-4 that was put on production at a gross oil rate of >2.5 mbbl/d (8% water cut). Overall gross oil production fro...

Criterium Energy Ltd (TSX-V: CEQ): High production in September. The d...

• Current production has reached 950 bbl/d, representing an increase of 90 bbl/d since August. This reflects the very good performance of the work-over programme with 98 bbl/d incremental production from three new workovers in Tranche 3 from early August. • Overall, the programme (three tranches with a total of 11 work-overs so far) has delivered 227 bbl/d of incremental production. • In addition, the work-over of MGH-48 has encountered gas, which will be used as feed gas to reduce the consumpti...