AUCTUS ON FRIDAY - 12/12/2025

AUCTUS PUBLICATIONS ________________________________________ Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors. Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25. In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16. ...

AUCTUS ON FRIDAY - 05/12/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.20 per share: Resource estimates boost in Sicily – ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases). The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit. Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects e...

ADX Energy (ASX: ADX): Resource estimates boost in Sicily

• ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases). The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit. • Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects each estimated at 60–68 bcf (P50). • The updated volumes reflect representative reservoir parameters from the nearby Lippone-Mazara onshore producing g...

Panoro Energy ASA: 1 director

A director at Panoro Energy ASA maiden bought 70,000 shares at 19.014NOK and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...

Soft quarter, but limited changes to LT story

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...

Panoro Energy ASA (OSE: PEN): More than meets the eyes at EG-23

• 3Q26 production and net debt (end-September) have already been reported. The company has reiterated FY25 capex guidance of ~US$40 mm. • Gross production in Gabon remains on track to return to ~40 mbbl/d in 2026. • 3D seismic campaign across the Niosi, Guduma, and Dussafu licenses has commenced and is expected to run for ~two months. The program could also yield additional insights into undeveloped discoveries at Dussafu. • On EG-23, seismic data is being reprocessed to remap seven existing dis...

Energy Morning - 20 November 2025

Q3: EBITDA USD 19m vs. cons USD 32m

Energy Morning - 19 November 2025

Energy Morning - 17 November 2025

AUCTUS ON FRIDAY - 14/11/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.20 per share: A$3.5 mm funding boost ahead of busy activity programme – ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share. Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share. The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding ov...

ADX Energy (ASX: ADX): A$3.5 mm funding boost ahead of busy activity p...

• ADX has raised A$3.5 mm through a new equity placement at A$0.026 per share. Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share. • The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on the stock. ADX Company is also preparing for a potential dual listing on Oslo Børs’ Euronext Growth market. • Key near-term activity includes th...

AUCTUS ON FRIDAY - 07/11/2025

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...

Panoro Energy ASA (OSE: PEN): Returning to growth during 2026

• Panoro reported average production of 8,811 bbl/d in 3Q25, in line with prior disclosures from BW Energy (Gabon) and Kosmos Energy (Equatorial Guinea). Gabon volumes were impacted by a three-week planned maintenance, while EG production was constrained by mechanical failures on subsea pumps at Ceiba. • The first pump was restored in early 4Q25, with the second expected online later this quarter and the third in 1Q26. EG production is anticipated to normalize by 1Q26. • Reflecting recent downti...

Energy Morning - 6 November 2025

ADX Energy (ASX: ADX): 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 shallowest reservoir. The well is expected to be acid-stimulated to mitigate formation damage and enhance productivity, with estima...

AUCTUS ON FRIDAY - 31/10/2025

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Calendar of upcoming activities – Well testing at Welchau is now expected to start in January. The shallow gas drilling programme will start February 2026 while oil appraisal drilling is scheduled for 3Q26. Pulsar Helium (PLSR LN)C; Target price of £0.80 per share: High pressure at Jetstream #3 – Jetstream #3 has intersected two gas-bearing intervals at ~523 meters and 621 meters...

Q3: EBITDA 7% below cons, no news on Kharas