reports
- Stephane Foucaud
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...
FP TOTAL SE
EOG EUROPA OIL & GAS (HOLDINGS) PLC
SEI. SINTANA ENERGY
CASP CASPIAN SUNRISE
VLE VALEURA ENERGY INC.
BP. BP P.L.C.
VISTAA VISTA OIL & GAS SA DE CV
KIST KISTOS PLC
SOUC SOUTHERN ENERGY CORP
CEQ CRITERIUM ENERGY LTD.
J4V VAR ENERGI ASA
HEVI HELIUM EVOLUTION
PLSR INC. (HEVI)
PULSAR HELIUM INC.
- Stephane Foucaud
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...
- Stephane Foucaud
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...
UPL UPLAND RESOURCES
MUR MURPHY OIL CORPORATION
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
EOG. ECO ATLANTIC OIL & GAS
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
SQZ SERICA ENERGY
DNO DNO ASA CLASS A
PHAR PHAROS ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
BLOE BLOCK ENERGY
HE1 HELIUM ONE GLOBAL
TAL PETROTAL (TAL)
HBR HARBOUR ENERGY PLC
PRD PREDATOR OIL & GAS HOLDINGS PLC
HEVI HELIUM EVOLUTION
SHELL INC. (HEVI)
PLSR ROYAL DUTCH SHELL
PULSAR HELIUM INC.
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/10/2025
Please click here to access the financial metrics for Auctus' coverage universe AUCTUS PUBLICATIONS ________________________________________ Serica Energy (SQZ LN)C; Target price of £3.05 per share: Another operational setback at Triton; value and distribution profile intact – Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production. Production is likely to restart shortly at very low rates until the root cause is identified and resolved...
FP TOTAL SE
OMV OMV AG
REP REPSOL SA
ALVOF ALVOPETRO ENERGY LTD
ENW ENWELL ENERGY
AEX AMINEX
RBD REABOLD RESOURCES
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
ZPHR ZEPHYR ENERGY
PNOR PETRONOR E&P LTD
J4V VAR ENERGI ASA
BCE BEACON ENERGY PLC
HEVI HELIUM EVOLUTION
UKOG INC. (HEVI)
SHELL UK OIL & GAS PLC
ROYAL DUTCH SHELL
- Stephane Foucaud
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...
ALVOF ALVOPETRO ENERGY LTD
KAR KAROON GAS AUSTRALIA LTD.
SAVE SAVANNAH ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
ZPHR ZEPHYR ENERGY
AXL. ARROW EXPLORATION LTD
PXEN PROSPEX ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
NOG NOSTRUM OIL & GAS PLC
IVZ INVICTUS ENERGY
HEVI HELIUM EVOLUTION
INC. (HEVI)
- Stephane Foucaud
AUCTUS ON FRIDAY - 11/04/2025
AUCTUS PUBLICATIONS Arrow Exploration (AXL LN/ CN)C; Target price of £0.70 per share: Stable production, 10% cash increase – Net production is currently exceeding 4.5 mboe/d, consistent with January levels. The CN HZ10 well, located in the northern area of the CN field, commenced production on 31 March, delivering 1,183 bbl/d of oil (591 bbl/d net to Arrow) with a 21% water cut from the Ubaque reservoir. The well is in the process of cleaning up, with the water cut gradually decreasing. The CN ...
OMV OMV AG
REP REPSOL SA
ENW ENWELL ENERGY
SEI. SINTANA ENERGY
VLE VALEURA ENERGY INC.
BP. BP P.L.C.
ZPHR ZEPHYR ENERGY
TAO TAG OIL LTD
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
KIST KISTOS PLC
SOUC SOUTHERN ENERGY CORP
PNOR PETRONOR E&P LTD
J4V VAR ENERGI ASA
HEVI HELIUM EVOLUTION
SHELL INC. (HEVI)
CORO ROYAL DUTCH SHELL
CORO ENERGY PLC
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/03/2025
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively. This represents an increase of 15% and 25%, respectively vs. YE23. Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 28/02/2025
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.60 per share: 2nd success at bypassed carbonate formation intervals boosts production to >12 mboe/d - Condor has successfully perforated and brought online bypassed carbonate formations at a second well. As a result, production has increased from 11,455 boe/d reported last week to an average of 12,004 boe/d over the last six days. Using a combination of legacy data and reprocessed 3-D seis...
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
CVX CHEVRON CORPORATION
ENI ENI S.P.A.
ALVOF ALVOPETRO ENERGY LTD
SEI. SINTANA ENERGY
CASP CASPIAN SUNRISE
PEN PANORO ENERGY ASA
SQZ SERICA ENERGY
AOI AFRICA OIL CORP
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
JSE JADESTONE ENERGY
CRCL CORCEL
PXEN PROSPEX ENERGY PLC
ATOM ATOME ENERGY PLC
IGAS IGAS ENERGY PLC
J4V VAR ENERGI ASA
BP. BP PLC
HEVI HELIUM EVOLUTION
CDR INC. (HEVI)
CNECN CONDOR ENERGIES INC
CANACOL
- Stephane Foucaud
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. ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 05/04/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Sample analysis at Welchau – Compositional analysis of a gas sample at Welchau shows 92 mole % methane, 4 mole % ethane with low CO2 and no H2S. Criterium Energy (CEQ CN)C; target price of C$0.30 per share: Growth within cashflow – The FY24 guidance reflects a self-funded development and debt repayment programme. While a reduced capital programme, we believe this is a prudent str...
- Stephane Foucaud
AUCTUS ON FRIDAY - 01/03/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of £A$0.65 per share: High impact well spud in Austria - The Welchau-1 gas exploration well was spudded on 24 February. Calima Energy (CE1 AU)C; target price of A$0.13 per share: Completing divestment of Blackspur – Blackspur has been sold for A$81.6 mm, after tax provisions and net debt adjustments. Calima will distribute A$80 mm (~A$12.6 per share) as dividends. The distribution is well above the m...
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
PXT PAREX RESOURCES INC.
AOI. AFRICA OIL
ALVOF ALVOPETRO ENERGY LTD
AEX AMINEX
PEN PANORO ENERGY ASA
RBD REABOLD RESOURCES
MAHA A MAHA ENERGY
UOG UNITED OIL & GAS
GKP GULF KEYSTONE PETROLEUM LTD.
CE1 CALIMA ENERGY
KOS KOSMOS ENERGY LTD.
BWE BW ENERGY
I3E I3 ENERGY
SEPLAT SEPLAT ENERGY PLC
WDS WOODSIDE PETROLEUM LTD
HUI HYDROGEN UTOPIA INTERNATIONAL PLC
MEN MOLECULAR ENERGIES PLC
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
PLSR CN PULSAR HELIUM INC.
ADX ADX ENERGY LTD
BCE BEACON ENERGY PLC
HEVI HELIUM EVOLUTION
MCFNF INC. (HEVI)
MCF ENERGY LTD
- Stephane Foucaud
Auctus on Friday - 24/11/2023
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Equity raise to fund increased WI in Anshof – ADX is raising A$4.2 mm of new equity plus up to A$1 mm through an offer to shareholders at a price of A$0.10 per share. Subscribers will also receive half a warrant with an exercise price of A$0.16 per share. The capital injection will provide funding for ADX’s increased interest in Anshof (from 50-60%) following the decision of Xstat...
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