Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

Condor Energies Inc. is an international oil and gas company. The Company engages in exploration, development, and production of oil, natural gas, and NGLs in Kazakhstan and Canada.

<ul>
<li>Production in Uzbekistan in December to date has averaged 11,354 boe/d.</li>
<li>Adjusting for one day of shutdown implies a production capacity of almost 12 mboe/d.</li>
<li>The average production in December to date (11,354 boe/d) represents an increase of over 600 boe/d compared to the latest announcement (10,706 boe/d from 5 November to 11 November) and 1,344 boe/d compared to the 3Q24 average production.</li>
</ul>


Production in Uzbekistan in December to date has averaged 11,354 boe/d.
Adjusting for one day of shutdown implies a production capacity of almost 12 mboe/d.
The average production in December to date (11,354 boe/d) represents an increase of over 600 boe/d compared to the latest announcement (10,706 boe/d from 5 November to 11 November) and 1,344 boe/d compared to the 3Q24 average production.


Condor Energies Inc. (TSX: CDR): Further Production Increase in Uzbekistan

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Kazatomprom (KAP LN, NR) announced on 17 Dec that its Russian partner, Uranium One Group (part of Rosatom), will sell the stakes in two JVs in Kazakhstan to China State Nuclear Uranium Resources Development and China Uranium Development Company.</li><li>This suggests that Chinese SOEs further increase the interest in Kazakhstan’s uranium resources to support the fast-growing nuclear power installation in China.</li><li>We expect more spending on exploration to boost reserves following the investment from China. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Kazatomprom (KAP LN, NR) announced on 17 Dec that its Russian partner, Uranium One Group (part of Rosatom), will sell the stakes in two JVs in Kazakhstan to China State Nuclear Uranium Resources Development and China Uranium Development Company.This suggests that Chinese SOEs further increase the interest in Kazakhstan’s uranium resources to support the fast-growing nuclear power installation in China.We expect more spending on exploration to boost reserves following the investment from China. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Materials - China to Secure More Uranium Resources in Kazakhstan

<ul>
<li>Condor has completed a C$19.4 mm equity financing priced at C$1.90 per share.</li>
<li>This represents a C$2 mm increase compared the latest announcement.</li>
<li>The proceeds of the raise will allow the company to bring to Uzbekistan a third service rig in 1Q25 and a drilling rig in 2Q25 (4Q25 previously).</li>
</ul>


Condor has completed a C$19.4 mm equity financing priced at C$1.90 per share.
This represents a C$2 mm increase compared the latest announcement.
The proceeds of the raise will allow the company to bring to Uzbekistan a third service rig in 1Q25 and a drilling rig in 2Q25 (4Q25 previously).


Condor Energies Inc.: Equity Financing to Accelerate Production Growth and Bolster the Balance Sheet

<ul>
<li>3Q24 production was 10,010 boe/d; which is line with our expectations.</li>
<li>Production has increased to 10,706 bo/ed in the last seven days following low cost work-over activities.</li>
<li>With the expansion of the workover programme upon the arrival of the second work-over rig and the installation of additional in-field flowline water separation systems, we expect that this trend will continue.</li>
</ul>


3Q24 production was 10,010 boe/d; which is line with our expectations.
Production has increased to 10,706 bo/ed in the last seven days following low cost work-over activities.
With the expansion of the workover programme upon the arrival of the second work-over rig and the installation of additional in-field flowline water separation systems, we expect that this trend will continue.


Condor Energies Inc. (TSX: CDR): Good Quarter. Positive Signals at High Value LNG Project for the Mobility Sector

<ul>
<li>The work-overs of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.</li>
<li>The first well is producing 410 boe/d. It was previously shut-in.</li>
<li>The second well is producing an extra 31 boe/d (+65%) and continues to clean-up. </li>
</ul>


The work-overs of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.
The first well is producing 410 boe/d. It was previously shut-in.
The second well is producing an extra 31 boe/d (+65%) and continues to clean-up. 


Condor Energies Inc. (TSX: CDR): Another positive operating update

Kazakhstan
Insights on Kazakhstan

Condor Energies Inc. (TSX: CDR): Further Production Increase in Uzbekistan

Production in Uzbekistan in December to date has averaged 11,354 boe/d. Adjusting for one day of shutdown implies a production capacity of almost...

Auctus Advisors

Materials - China to Secure More Uranium Resources in Kazakhstan

This suggests that Chinese SOEs further increase the interest in Kazakhstan’s uranium resources to support the fast-growing nuclear power...

CMB International

Condor Energies Inc.: Equity Financing to Accelerate Production Growth and Bolster the Balance Sheet

Condor has completed a C$19.4 mm equity financing priced at C$1.90 per share. This represents a C$2 mm increase compared the latest announcement.

Auctus Advisors

Condor Energies Inc. (TSX: CDR): Good Quarter. Positive Signals at High Value LNG Project for the Mobility Sector

3Q24 production was 10,010 boe/d; which is line with our expectations.Production has increased to 10,706 bo/ed in the last seven days following low...

Auctus Advisors

Condor Energies Inc. (TSX: CDR): Another positive operating update

The work-overs of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed.

Auctus Advisors