AUCTUS ON FRIDAY - 05/09/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Firming-up the exploration portfolio in Austria – ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations. Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has del...

ADX Energy (ASX: ADX): Firming-up the exploration portfolio in Austria

• ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations. • Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has delineated 24 drillable prospects across five distinct plays, with P50 prospective resources of ~247 bcf and 31 mmbbl (~72 mmboe). The proportion of gas in the explor...

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 - 15/08/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Formal permit award in Italy adds gas exploration upside – ADX has been formally awarded the C.R150.AU offshore exploration permit in Sicily. The permit has an initial term of 6 years, with the option for 2 additional 3-year renewal periods. In the event of a commercial discovery, an exploitation concession may be granted for 20 years, extendable by a further 10 years. ADX is now ...

Energy Morning - 21 August 2025

Big oil discovery - value NOK 3.5-4.0 (CORRECTION)

Big oil discovery - value NOK 8-10/s

NCS: strong oil and gas production in July

New Zealand Energy Corp. (TSX-V: NZ): Higher than expected production ...

• Monumental Energy reports that Copper Moki-1 and Copper Moki-2 are currently producing a combined 125 bbl/d, with rates trending upwards as pump speeds are gradually increased. Reflecting this momentum, we are revising our gross production estimate for Copper Moki from 125 boe/d to 180 boe/d (~175 bbl/d) for Q4 2025. • The Ngaere-1 pipeline was recommissioned in July with initial production from the well exceeding 400 bbl/d (200 bbl/d net to New Zealand Energy’s 50% working interest). Producti...

ADX Energy (ASX: ADX): Formal permit award in Italy adds gas explorati...

• ADX has been formally awarded the C.R150.AU offshore exploration permit in Sicily. The permit has an initial term of 6 years, with the option for 2 additional 3-year renewal periods. In the event of a commercial discovery, an exploitation concession may be granted for 20 years, extendable by a further 10 years. ADX is now recognized as a qualified operator in Italy. • ADX has high-graded 5 gas prospects within the permit area, with best-case prospective resources estimated at 369 bcf. As addit...

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Frontera Energy, Azul, SierraCol, Falabella, InRetail RE, JBS, Millicom, Votorantim, BRF, Marfrig, Tupy, Ambipar, Cosan SA, Braskem

AUCTUS ON FRIDAY - 15/08/2025

AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.90 per share: 4Q25 drilling in Uzbekistan could add 26-40 mmcf/d. First LNG in Kazakhstan in 2Q26 – 2Q25 gross production averaged 10,258 boe/d, consistent with prior indications. Drilling of the first vertical well in Uzbekistan will begin in early September. The well will target the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals. A su...

Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of Aker BP ASA and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 8 August 2025 in which we reassessed the appropriateness of the ratings in the context of the r...

AUCTUS ON FRIDAY - 08/08/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: High production at Z&G. Low risk exploration drilling in Austria to start in 4Q25/1Q26 – 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin. The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perfor...

Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

• 2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed. • Valeura’s average production over the first five days of August has increased to 23,150 bbl/d. The company has re-iterated its FY25 guidance including 23-25.5 mbbl/d for production. • With no further corporate tax payable in Thailand for the remainder of 2025, we forecast YE25 net cash to rise to US$310 mm—equivalent to ~45% of the current market cap. The shares continue to offer dee...

ADX Energy (ASX: ADX): High production at Z&G. Low risk exploration dr...

• 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin. The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perforation of a new oil production zone in a well. • Despite a drop in oil price revenue during June, adjusted 2Q25 sales were A$3.5 mm. This represents an increase of 26%. • A farm-in partner for the GOLD cl...

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 ...

Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

• Valeura is acquiring from PTTEP 40% WI in Blocks G1/65 and G3/65 with a combined area of 20,134 km2 and bordering some of the largest gas fields in Thailand (Erawan and Bongkot). The blocks have multiple gas discoveries that could be developed shortly as tie backs to existing infrastructure—positioning Valeura to potentially book its first gas reserves in the near term. Both licences offer oil potential adjacent to Valeura’s current production. • Located immediately south of the Rossukon oil ...