AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Busy 1H26 – 3Q25 WI sales averaged 251 boe/d, in line with expectations. The company held ~A$4 mm in cash at the end of September, also in line with forecasts. A busy operational period is anticipated in 1H26. Flow testing at Welchau is scheduled to recommence in January, starting with fluid sampling and pressure measurements in the already perforated Reifling formation—the shallo...
Gran Tierra Energy (GTE) has posted weak Q3/25 results, with a sequential decrease in production and persistently soft prices. The flattish top line and higher expenses had a strong impact on the margins. Moreover, liquidity continued to deteriorate and leverage trended up. Positively, the company announced last week that it entered into a crude-oil sale-and-purchase agreement as well as a related pre-payment addendum. Overall, we believe that the impact on production, combined with the per...
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