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

<ul>
<li>1Q25 net production was 246 boe/d. This is in line with our expectations. ADX held A$6.7 mm in cash at the end of March.</li>
<li>ADX is prioritizing production growth in Austria, with plans to advance up to 12 shallow gas prospects across ADX-AT-I and ADX-AT-II where it has varied its exploration acreage to maximise exposure to the proven gas play.</li>
<li>The company aims to secure a partner for the first cluster of three prospects in 3Q25, with two of these wells potentially being drilled in 4Q25. </li>
</ul>


1Q25 net production was 246 boe/d. This is in line with our expectations. ADX held A$6.7 mm in cash at the end of March.
ADX is prioritizing production growth in Austria, with plans to advance up to 12 shallow gas prospects across ADX-AT-I and ADX-AT-II where it has varied its exploration acreage to maximise exposure to the proven gas play.
The company aims to secure a partner for the first cluster of three prospects in 3Q25, with two of these wells potentially being drilled in 4Q25. 


ADX Energy (ASX: ADX): Readying-up the portfolio to return to drilling in 4Q, 2025

<ul>
<li>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.</li>
<li>One focus of the 2025 program is to drill shallow, low-risk, high initial production gas prospects that can be rapidly put into production.</li>
<li>ADX has more than tripled the number of these prospects within its revised acreage positions at ADX-AT-I and ADX-AT-II, holding 100% WI in the new prospects.</li>
</ul>


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.
ADX has more than tripled the number of these prospects within its revised acreage positions at ADX-AT-I and ADX-AT-II, holding 100% WI in the new prospects.


ADX Energy (ASX: ADX): New acreage in Austria increases prospect inventory with a focus on low risk

<ul>
<li>ADX has been offered and accepted the “d 363 C.R-.AX” permit in the Sicily Channel, offshore Italy, covering a maximum area of 346 km2.</li>
<li>ADX applied for the permit in 2018, but the moratorium on awarding new exploration blocks in Italy was only lifted last year.</li>
<li>ADX will become a licensed operator in Italy as well as Austria and Romania.</li>
</ul>


ADX has been offered and accepted the “d 363 C.R-.AX” permit in the Sicily Channel, offshore Italy, covering a maximum area of 346 km2.
ADX applied for the permit in 2018, but the moratorium on awarding new exploration blocks in Italy was only lifted last year.
ADX will become a licensed operator in Italy as well as Austria and Romania.


ADX Energy (ASX: ADX): Permit award in Italy opens a new growth area

Thematic (Sector/Industry)

<ul>
<li>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).</li>
<li>The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit.</li>
<li>Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects each estimated at 60–68 bcf (P50).</li>
</ul>


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 each estimated at 60–68 bcf (P50).


<ul>
<li>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.</li>
<li>Investors in the placement will also receive one option for every two new shares subscribed, exercisable at A$0.039 per share.</li>
<li>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.</li>
</ul>


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 overhang that had weighed on the stock.


Australia

ADX Energy Ltd. explores for oil and natural gas.  The Company operates onshore and offshore in Tunisia, offshore in Italy, and onshore in Australia.

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ADX Energy Ltd (ADX AU)

ADX Energy (ASX: ADX): Readying-up the portfolio to return to drilling in 4Q, 2025

1Q25 net production was 246 boe/d. This is in line with our expectations. ADX held A$6.7 mm in cash at the end of March.

Auctus Advisors

ADX Energy (ASX: ADX): New acreage in Austria increases prospect inventory with a focus on low risk

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.

Auctus Advisors

ADX Energy (ASX: ADX): Permit award in Italy opens a new growth area

ADX has been offered and accepted the “d 363 C.R-.AX” permit in the Sicily Channel, offshore Italy, covering a maximum area of 346 km2.

Auctus Advisors

AUCTUS ON FRIDAY - 05/12/2025

Resource estimates boost in Sicily – ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from...

Auctus Advisors

AUCTUS ON FRIDAY - 14/11/2025

The capital raise strengthens ADX’s balance sheet ahead of its 2026 work programme and effectively removes the funding overhang that had weighed on...

Auctus Advisors

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