AUCTUS ON FRIDAY - 20.02.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of C$0.20 per share: Gas to surface at Welchau – Hydrocarbon gas (Methane - CH4) was observed at surface from the Reifling Formation for the first time within the shallowest part of the Welchau anticline following acidization. See website for full report Condor Energies (CDR CN)C; Target price of C$5.60 per share: Strong well test results point to meaningful reserves upgrade – The K‑45 vertical well ...

AUCTUS ON FRIDAY - 13.02.2026

AUCTUS PUBLICATIONS ________________________________________ Criterium Energy (CEQ CN)C; Target price of C$0.35 per share: First Gas in 2Q26 with a Likely Upgrade to Discovered Gas Resources – The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January. Site preparation is already underway, with first gas expected in 2Q26. Project capex is now estimated at US$2 mm (vs. prior guidance of US$2–3 mm), of which US...

Criterium Energy Ltd (TSX-V: CEQ): First Gas in 2Q26 with a Likely Upg...

• The contract for the construction of a new 21 km gas pipeline (previously 14 km) for the SE‑MGH 5–7 mmcf/d development was signed in early January. Site preparation is already underway, with first gas expected in 2Q26. • Project capex is now estimated at US$2 mm (vs. prior guidance of US$2–3 mm), of which US$1.9 mm has already been incurred. The subsequent North MGH phase—requiring ~US$1 mm of incremental capex—would lift total production to 7–10 mmcf/d. • The company has agreed key commercial...

Helium Evolution Inc. (HEVI CN): Initiating Coverage

Helium Evolution (HEVI) is a ~US$16 mm TSX‑listed company focused on Saskatchewan’s helium fairway, where the regulatory environment is prioritizing helium development. HEVI has already commissioned a helium processing plant and the focus is now on scaling-up. HEVI’s core assets are operated by North American Helium (NAH), Canada’s leading private helium producer with 10 helium plants in operation and over100 helium wells drilled to date. HEVI’s largest shareholder is ENEOS, one of the world’s l...

AUCTUS ON FRIDAY - 02.06.2026

AUCTUS PUBLICATIONS ________________________________________ ADX Energy Exploration (ADX AU)C; Target price of A$0.20 per share: Momentum accelerating. Potential resources increase in Austria – The Welchau‑1 well is scheduled for re‑entry in February to test the Reifling reservoir. An acid stimulation will be performed on the perforated interval to address wellbore damage and improve productivity in the carbonate section. The operation should also yield additional insight into the deeper Welchau...

Disappointing 2026 gudiance

ADX Energy (ASX: ADX): Adding materiality to Welchau

• The continuous hydrocarbon shows and light oil recovered at Welchau‑1 indicate the presence of a light‑oil system within the broader Welchau anticline as well as a deeper gas condensate system in pressure communication with the historic Molln-1 gas discovery. • The latest mapping indicates the crest of Welchau structure is 500 m updip of Welchau-1 which ADX estimates to contain 11.7 mmbbl of P50 prospective resources (Pmean of 17.7 mmbbl). • The latest mapping also indicates the Welchau gas‑c...

ADX Energy (ASX: ADX): Momentum accelerating. Potential resources incr...

• The Welchau‑1 well is scheduled for re‑entry in February to test the Reifling reservoir. An acid stimulation will be performed on the perforated interval to address wellbore damage and improve productivity in the carbonate section. The operation should also yield additional insight into the deeper Welchau Deep gas prospect and a potential up‑dip oil accumulation. Further drilling could occur during the 2026/27 winter season. • Drilling at the HOCH‑1 shallow prospect is expected to begin in Mar...

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,...

AUCTUS ON FRIDAY - 22.01.2026

AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C; Target price of C$1.70 per share: Raising new equity – New Zealand is raising up to C$3.5 mm of new equity at a price of C$0.20 per share to progress its gas storage project. Panoro Energy (PEN NO)C; Target price of NOK46 per share: 2026: Drilling Resumes in Gabon, EG Normalises, and Visibility Improves on EG‑23 – 4Q25 production averaged 9,928 boe/d, comprising 5,343 boe/d from Gabon (as previously report...

2026: Drilling Resumes in Gabon, EG Normalises, and Visibility Improve...

• 4Q25 production averaged 9,928 boe/d, comprising 5,343 boe/d from Gabon (as previously reported by BW Energy), 1,511 boe/d from Tunisia, and 2,374 boe/d from Equatorial Guinea. • EG production remains constrained by unplanned facilities‑related downtime at Ceiba. The operator continues to expect a return to normal operating levels in 1Q26. • A new EG infill drilling programme could be sanctioned around YE26, with drilling expected to begin in 2027 or early 2028 and deliver growth thereafter. ...

Energy Morning - 21 January 2026

AUCTUS ON FRIDAY - 09.01.2026

AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: Accelerating drilling following C$13.65 mm financing – Following the closing of the C$13.65 mm convertible financing, Condor plans to accelerate its Uzbekistan drilling programme by deploying a second rig, enabling the drilling of 12 new wells in 2026. This programme has the potential to lift gross production to 18–20 mboe/d by YE26 and materially increase reserves. The C$13....

Crude Quarterly Q4'25: tough H1, hope for higher prices in H2

Estimate changes from Crude Quarterly

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