NewzIntel.com

Category: Asia Pacific

  • MIL-OSI New Zealand: Arrest after Palmerston North firearms incident

    Source: New Zealand Police (National News)

    Attribute to Manawatu Area Commander Inspector Ross Grantham:

    Police have taken a suspect into custody after a firearm was presented at a member of the public and a Police officer in Palmerston North on Tuesday night.

    The suspect, a youth, was located at a Dublin Street address in Whanganui about 8.10pm today. Specialist Police teams deployed immediately, and the suspect was taken into custody without issue about 8.20pm.

    We understand the real concern Tuesday night’s incident created in the community, and getting the alleged offender off the street has been a priority for staff in the Central Police District.

    Police staff, both frontline and behind the scenes, have done outstanding work to get this arrest and I hope the community can sleep a little easier tonight. 

    Due to the suspect’s age, we are limited in what details we can provide, but charges are being considered.

    ENDS

    Issued by the Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI Africa: Bluewater to Sell Apex International Energy, Highlighting Full-Cycle Private Equity (PE) Investment Model in Africa’s Oil and Gas Sector

    Source: Africa Press Organisation – English (2) – Report:

    PARIS, France, February 13, 2025/APO Group/ —

    Private equity is playing an increasingly pivotal role in Africa’s energy sector, driving growth and innovation in the continent’s oil and gas markets. This week, specialist energy private equity firm Bluewater announced the sale of Apex International Energy – transformed under its stewardship into a leading player in Egypt’s energy market – to a subsidiary of Hong Kong-listed United Energy Group. The transaction underscores the full-cycle nature of private equity investing and its potential to unlock value in Africa’s resource-rich markets. 

    Bluewater, which invested in Apex in 2018 as part of its second fund, saw the opportunity to develop the Houston-based company into a significant contributor to Egypt’s oil and gas industry. Under Bluewater’s stewardship, Apex grew from a small, independent exploration and production company into a top-ten producer in Egypt. Over the course of six years, Apex expanded its portfolio to include interests in eight concessions, with production averaging over 11,000 barrels of oil equivalent per day in 2024. 

    This transformation was driven by strategic acquisitions, new discoveries and a laser focus on operational excellence. Key milestones included the 2021 oil discovery in the Southeast Meleiha concession, which saw first production later that year. In 2023, Apex expanded its footprint with the acquisition of six concessions in Egypt’s Western Desert from Italian energy giant Eni, as well as began first gas production. These strategic moves not only boosted Apex’s production levels, but also reinforced its position as a key contributor to Egypt’s energy security. 

    For Bluewater, this growth was a result of carefully managed investments that allowed Apex to capitalize on Egypt’s favorable energy market while navigating the complexities of local regulations and political landscapes. By taking a hands-on approach to governance and working closely with Apex’s leadership team, Bluewater was able to foster a culture of growth and innovation that delivered tangible results. 

    The sale exemplifies how private equity firms complete the full investment cycle – starting with identifying a promising asset, nurturing its growth and ultimately realizing value through a sale or exit strategy. In this case, the sale to United Energy Group positions Apex for continued growth and expansion under new ownership, while providing Bluewater with a profitable return on its investment. This model of buying, growing and exiting is at the heart of private equity’s role in driving value creation and economic development in emerging markets like Africa. 

    The transaction also underscores the increasing confidence that private equity investors are placing in Africa’s energy sector. Despite challenges like fluctuating commodity prices and complex regulatory environments, the energy sector in countries like Egypt offers substantial growth opportunities. For private equity firms, the continent’s untapped reserves, coupled with a growing demand for energy, make it an attractive destination for long-term investments. 

    Looking to the future, the role of private equity in African oil and gas is expected to grow further. The upcoming Invest in African Energy Forum in Paris will serve as a key platform for private equity firms to explore investment opportunities in Africa’s growing energy sector, where strategic partnerships and capital infusion are driving innovation and growth. In particular, firms that focus on full-cycle investment strategies – such as Bluewater’s approach with Apex – are well-positioned to thrive in this evolving landscape. They can bring capital, technical expertise and a deep understanding of local markets, enabling them to navigate challenges and capitalize on emerging opportunities in Africa’s energy sector. 

    IAE 2025 (https://apo-opa.co/3CMcOXk) is an exclusive forum designed to facilitate investment between African energy markets and global investors.Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    MIL OSI Africa –

  • MIL-OSI Canada: Empowering Albertans with disabilities | Autonomiser les Albertains en situation de handicap

    [embedded content]

    People with disabilities shouldn’t have to choose between getting the support they need and having the opportunity to pursue a meaningful career. Albertans with disabilities and the organizations that support them have said loud and clear they want supports that meet their unique needs and abilities, rather than the current one-size-fits-all solution.

    In response to that request, Alberta’s government is creating a new Alberta Disability Assistance Program (ADAP), which will launch in July 2026. This new benefit program for people with disabilities will empower Albertans with disabilities to pursue fulfilling job opportunities while continuing to receive the benefits they need.

    “People with disabilities should not be punished for getting a job. Every dollar they earn on a paycheque should be helping make them better off, not threatening their access to the medication they need. That’s why I am excited to announce the new Alberta Disability Assistance Program, and I look forward to seeing the positive impact that it will have on Albertans with disabilities.”

    Jason Nixon, Minister of Seniors, Community and Social Services

    ADAP was thoughtfully designed based on input from Albertans with disabilities, who stressed the importance of providing pathways to employment for individuals who are able to work but still need supports. Albertans on ADAP will be able to earn more from working while continuing to receive their financial benefits, with higher earning exemptions than any other program. Those on ADAP will also be able to receive the health benefits they need, regardless of their employment income. This new program will ensure more Albertans with disabilities can enjoy the benefits of working like earning a paycheque, developing skills and building relationships, while still receiving supports that meet their unique needs and abilities.

    “I strongly believe in empowering persons with disabilities to reach their full potential, and I also strongly believe that all people deserve to pursue their goals and aspirations without barriers. By creating this program, the province is making it easier for Albertans to find success. ADAP will truly help to improve the quality of life of persons with disabilities, and I look forward to seeing the positive impact of this new program.”

    Greg McMeekin, Alberta’s advocate for persons with disabilities

    Through ADAP, Albertans with disabilities will not only receive the financial and health benefits they rely on, but they will also have access to the resources and tools they need to gain new skills and work to their full potential. To support this, Alberta’s government will be investing more to expand employment supports and encourage private sector employers to break down barriers to employment for people with disabilities. By providing pathways to employment for individuals who are able to work but still need supports, Alberta’s government is empowering people with disabilities to pursue their passions, leading to a greater sense of purpose and improved quality of life.

    “At Prospect Human Services, we’ve been helping individuals with disabilities build sustainable, well-paying careers for more than 60 years – and we know it’s possible. With ADAP, Alberta is breaking down the barriers that have long separated support from opportunity, creating a pathway for people to realize their full potential while maintaining essential benefits. We applaud the Alberta government for designing a flexible initiative that offers stability and empowers Albertans with disabilities to embrace the transformative power of employment.”

    Kevin McNichol, CEO of Prospect Human Services

    Alberta provides some of the most comprehensive supports in the country for people with disabilities, and the long-standing Assured Income for the Severely Handicapped (AISH) program will still be there for those with permanent and severe disabilities who are unable to work. Those currently on AISH will continue to receive their benefits, and applications will continue to be processed to ensure eligible applicants receive benefits as soon as possible. Alberta’s government is committed to ensuring that the province continues to have the best disability programs in Canada.

    “Today is a tremendous day that has been a long time coming. ADAP means faster access to more appropriate support and will be a significant step toward making Alberta the most accessible province in Canada. This will encourage participation and connection in our communities, while maintaining predictable, vital supports for every Albertan who needs them. We look forward to helping shape this groundbreaking program.”

    Jacob McGregor, chair of Premier’s Council for the Status of Persons with Disabilities

    Starting in July 2026, disability income assistance applicants will be assessed for both the new program and AISH, ensuring eligible applicants are placed in the program best suited to their unique situation. To make the medical assessment process quicker and more accessible, applicants will be connected with a roster of pre-qualified medical professionals who are able to complete their comprehensive medical assessment. Additionally, application approvals will be streamlined by establishing a new review panel made up of medical professionals with the expertise required to better understand the needs of applicants. These improvements will ensure Albertans with disabilities are able to get the supports they need sooner.

    “For many people with disabilities, employment isn’t just about earning a paycheck – it’s about purpose, independence and inclusion. This program can allow for new opportunities for individuals to contribute to their communities in ways that work for them.”

    Katherine Such, CEO of Easter Seals Alberta Society

    Quick facts

    • In 2024, the province invested more than $3.5 billion to support Albertans with disabilities, the highest amount ever.
    • The new Alberta Disability Assistance Program will become operational in July 2026.
    • Those currently on AISH will continue to receive their benefits.
      • All existing AISH clients will receive more information about the new program in March.
      • Clients can also contact their worker or Alberta Supports if they have questions or want additional information. 

    Related information

    • Alberta Disability Assistance Program
    • Fact sheet

    Multimedia

    • Watch the news conference
    • Listen to the news conference

    Le gouvernement de l’Alberta lancera un nouveau programme destiné aux Albertains en situation de handicap afin qu’ils puissent recevoir le soutien dont ils ont besoin tout en poursuivant une carrière valorisante.

    Les personnes en situation de handicap ne devraient pas avoir à choisir entre obtenir un soutien nécessaire et avoir la possibilité de mener une carrière enrichissante. Les Albertains en situation de handicap et les organisations qui les soutiennent ont clairement exprimé leur souhait d’un accompagnement mieux adapté aux besoins individuels, plutôt qu’une approche unique et standardisée.

    En réponse à cette demande, le gouvernement de l’Alberta met en place un nouveau programme d’aide aux personnes en situation de handicap, le Programme d’Aide aux Personnes en Situation de Handicap de l’Alberta (ADAP), qui sera lancé en juillet 2026. Ce nouveau programme d’aide offrira aux Albertains en situation de handicap la possibilité d’accéder à des emplois épanouissants tout en leur permettant de recevoir les prestations dont ils ont besoin.

    “Les personnes en situation de handicap ne devraient pas être pénalisées parce qu’elles ont un travail. Chaque dollar qu’elles gagnent grâce à leur emploi devrait les aider à mieux vivre, et non rendre problématique l’accès à des médicaments essentiels. C’est pourquoi je suis ravi d’annoncer le lancement du Programme d’Aide aux Personnes en Situation de Handicap de l’Alberta, et je me réjouis des retombées positives qu’il aura sur les Albertains concernés.”

    Jason Nixon, ministre des Aînés, des Communautés et des Services sociaux

    L’ADAP a été conçu avec soin en tenant compte de l’avis des Albertains en situation de handicap. Ces derniers ont, en effet, souligné l’importance d’offrir des voies d’accès à l’emploi aux personnes handicapées capables de travailler même si elles ont toujours besoin de soins ou de soutien. Grâce à l’ADAP, les Albertains admissibles pourront augmenter leur revenu d’emploi tout en conservant leurs prestations financières, bénéficiant ainsi des exemptions de revenu les plus avantageuses de tous les programmes existants. Les bénéficiaires de l’ADAP pourront également continuer de recevoir les prestations de santé dont ils ont besoin, quel que soit leur revenu d’emploi. Grâce à ce nouveau programme, plus d’Albertains en situation de handicap pourront travailler et profiter des bienfaits d’un emploi, comme recevoir une paie, apprendre de nouvelles compétences et tisser des liens, tout en conservant un soutien adapté à leurs besoins spécifiques.

    “Je crois fermement qu’il est essentiel de donner aux personnes en situation de handicap les moyens d’atteindre leur plein potentiel. Et je suis tout aussi convaincu que chacun mérite de poursuivre ses objectifs et ses aspirations sans obstacle. Grâce à ce programme, la province aide les Albertains à atteindre leurs objectifs et à réussir. L’ADAP contribuera à améliorer réellement la qualité de vie des personnes en situation de handicap, et je me réjouis des effets positifs que ce programme apportera.”

    Greg McMeekin, défenseur des droits des personnes en situation de handicap de l’Alberta

    Grâce à l’ADAP, les Albertains en situation de handicap recevront non seulement les prestations financières et de santé sur lesquelles ils comptent, mais ils auront aussi accès aux ressources et aux outils nécessaires pour acquérir de nouvelles compétences et exploiter pleinement leur potentiel professionnel. Pour soutenir cette initiative, le gouvernement de l’Alberta investira davantage afin d’élargir les mesures de soutien à l’emploi et inciter les employeurs du secteur privé à éliminer les obstacles à l’embauche des personnes en situation de handicap. Le gouvernement de l’Alberta met en place des voies d’accès à l’emploi pour les personnes capables de travailler mais qui ont toujours besoin de soutien. Cette initiative donne à chacun les moyens de poursuivre ses passions et contribue à un plus grand épanouissement ainsi qu’à une meilleure qualité de vie.

    “Chez Prospect Human Services, nous aidons les personnes en situation de handicap à bâtir des carrières durables et bien rémunérées depuis plus de 60 ans – et nous savons que c’est possible. Avec l’ADAP, l’Alberta supprime les obstacles qui, depuis trop longtemps, ont séparé le besoin de soutien et l’accès aux opportunités, permettant aux personnes de développer pleinement leur potentiel tout en maintenant les prestations dont elles ont besoin. Nous remercions le gouvernement de l’Alberta d’avoir conçu une initiative souple qui garantit la stabilité et donne aux Albertains en situation de handicap les moyens de profiter pleinement des bienfaits de l’emploi.”

    Kevin McNichol, président-directeur général de Prospect Human Services

    L’Alberta met à disposition certains des programmes de soutien les plus complets du pays pour les personnes en situation de handicap. Le programme de revenu pour les personnes gravement handicapées (AISH), qui existe depuis longtemps, restera en place pour les personnes qui ont un handicap permanent et sévère les empêchant de travailler. Les bénéficiaires actuels de l’AISH continueront de recevoir leurs prestations, et les demandes continueront d’être traitées afin que les personnes admissibles reçoivent leur aide dans les meilleurs délais. Le gouvernement de l’Alberta s’engage à faire en sorte que la province continue d’offrir les meilleurs programmes de soutien aux personnes en situation de handicap au Canada.

    “C’est un jour marquant qui a été espéré et attendu pendant longtemps. L’ADAP offrira un accès plus efficace à des soutiens mieux adaptés, ce qui fait de l’Alberta un modèle en matière d’accessibilité au Canada. Cette mesure incitera à une plus grande inclusion sociale et communautaire, garantissant aux Albertains en situation de handicap des soutiens fiables et essentiels. Nous nous réjouissons à l’idée de pouvoir apporter notre contribution à ce programme innovant.”

    Jacob McGregor, président du Conseil du premier ministre sur la condition des personnes en situation de handicap

    À compter de juillet 2026, les demandeurs d’aide au revenu pour les personnes en situation de handicap seront évalués à la fois pour le nouveau programme et pour l’AISH, afin de s’assurer que les personnes admissibles soient orientées vers le programme le mieux adapté à leur situation. Pour accélérer et faciliter le processus d’évaluation médicale, les demandeurs seront mis en relation avec un réseau de professionnels de la santé préqualifiés, en mesure de réaliser leur évaluation médicale complète. De plus, l’approbation des demandes sera simplifiée grâce à la mise en place d’un nouveau comité d’examen composé de professionnels de la santé possédant l’expertise nécessaire pour mieux comprendre les besoins des demandeurs. Ces améliorations permettront aux Albertains en situation de handicap d’obtenir plus rapidement le soutien dont ils ont besoin.

    “Pour de nombreuses personnes en situation de handicap, l’emploi ne se résume pas à un salaire – c’est aussi une source d’épanouissement, d’autonomie et d’inclusion. Ce programme offrira de nouvelles occasions aux personnes de contribuer à leur communauté d’une manière qui correspond à leurs capacités et à leurs besoins.”

    Katherine Such, présidente-directrice générale de la Easter Seals Alberta Society

    Faits en bref

    • En 2024, la province a investi plus de 3,5 milliards de dollars pour soutenir les Albertains en situation de handicap, un montant sans précédent.
    • Le Programme d’aide aux personnes en situation de handicap de l’Alberta (ADAP) entrera en vigueur en juillet 2026.
    • Les bénéficiaires actuels de l’AISH continueront de recevoir leurs prestations.
      • Tous les bénéficiaires de l’AISH recevront plus d’informations sur le nouveau programme en mars.
      • Ils peuvent également contacter leur travailleur social ou Alberta Supports pour toute question ou information complémentaire. 

    Informations connexes

    • Programme d’aide aux personnes en situation de handicap de l’Alberta
    • Fiche d’information

    Multimédia

    • Voir la conférence de presse

    Translations

    • Arabic
    • Simplified Chinese
    • Traditional Chinese
    • Hindi
    • Korean
    • Persian
    • Punjabi
    • Somali
    • Spanish
    • Tagalog
    • Ukrainian
    • Urdu
    • Vietnamese

    MIL OSI Canada News –

  • MIL-OSI Economics: Media release: Locking gas out of Capacity Investment Scheme risks higher power prices and blackouts – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Media release: Locking gas out of Capacity Investment Scheme risks higher power prices and blackouts – Australian Energy Producers

    Australians face paying more for their electricity and increased risk of blackouts under the Federal Government’s deal with the Greens to keep gas out of the Capacity Investment Scheme (CIS).

    Australian Energy Producers Chief Executive Samantha McCulloch said locking gas out of the CIS was at odds with the Government’s own advice on the critical role of gas in backing up renewables in the National Electricity Market (NEM) and for delivering reliable and affordable electricity.

    “Australia needs significant investment in new gas power generation to keep the lights on and power bills down,” Ms McCulloch said.

    “Instead of encouraging this investment, the Federal Government has again capitulated to the Greens’ anti-gas agenda and ignored the repeated warnings from experts about the critical role of gas in our power mix.”

    The Australian Energy Market Operator (AEMO) has found the NEM needs 13 gigawatts of new gas-powered generation capacity to be built between now and 2050, and that renewables “backed up by gas-powered generation is the lowest-cost way to supply electricity to homes and businesses”.

    “AEMO has made clear that gas is ‘the ultimate backstop for our grid’ and estimates that demand for gas power in the NEM will be almost double today’s levels in the early 2040s.

    “The Labor-Greens deal today to effectively legislate gas out of the CIS comes just weeks after the ACCC urged governments to fast-track new gas supply and investment by explicitly recognising the critical long-term role of gas in Australia’s energy transition.

    “Australia urgently needs investment in new gas supply and infrastructure to avoid structural shortfalls on the east coast from 2027 but mixed signals on the importance of gas only serve to undermine investor confidence.

    “State and Federal Governments continue to ignore the warnings, and as a result it is almost inevitable that Victoria and NSW will soon be relying on more expensive imported gas. Ultimately, it’s Australian households and businesses that will pay the price for this policy failure,” Ms McCulloch said.

    MIL OSI Economics –

  • MIL-OSI Canada: Introducing $15 a day child care for families | Lancement d’un service de garde d’enfants à 15 $ par jour pour les familles

    As part of the $3.8-billion Canada-Alberta Canada-Wide Early Learning and Child Care Agreement, Alberta is supporting families to access affordable child care across the province with their choice in provider.

    Starting Apr. 1, parents with children zero to kindergarten age attending full-time licensed daycare facilities and family day home programs across the province will be eligible for a flat parent fee of $326.25 per month, or roughly $15 a day. Parents requiring part-time care will pay $230 per month.

    To support these changes and high-quality child care, about 85 per cent of licensed daycare providers will receive a funding increase once the new fee structure is in place on Apr. 1.

    Every day, parents and families across Alberta rely on licensed child-care providers to support their children’s growth and development while going to work or school. Licensed child-care providers and early childhood educators play a crucial role in helping children build the skills they need to support their growth and overall health. As Alberta’s population grows, the need for high-quality, affordable and accessible licensed and regulated child care is increasing.

    While Alberta already reduced parent fees to an average of $15 a day in January 2024, many families are still paying much more depending on where they live, the age of their child and the child-care provider they choose, which has led to inconsistency and confusion. Many families find it difficult to estimate their child-care fees if they move or switch providers, and providers have expressed concerns about the fairness and complexity of the current funding framework.

    A flat monthly fee will provide transparency and predictability for families in every part of the province while also improving fairness to providers and increasing overall system efficiency. On behalf of families, Alberta’s government will cover about 80 per cent of child-care fees through grants to daycare facilities and family day homes.

    This means a family using full-time daycare could save, on average, $11,000 per child per year. A flat monthly parent fee will ensure child care is affordable for everyone and that providers are compensated for the important services they offer.

    As opposed to a flat monthly parent fee, Alberta’s government will reimburse preschools up to $100 per month per child on parents’ behalf, up from $75.

    “Albertans deserve affordable child-care options, no matter where they are or which type of care works best for them. We are bringing in flat parent fees for families so they can all access high-quality child care for the same affordable, predictable fee.”

    Matt Jones, Minister of Jobs, Economy and Trade

    “Reducing child care fees makes life more affordable for families and gives them the freedom to make choices that work for them—whether that’s working, studying or growing their family. We’ll keep working to bring costs down, create more spots, and reduce waitlists for families in Alberta and across the country, while ensuring every child gets the best start in life.”

    Jenna Sudds, federal minister of Families, Children, and Social Development

    To make Alberta’s child-care system affordable for all families, the flat monthly parent fee is replacing the Child Care Subsidy Program for children zero to kindergarten age attending child care during regular school hours. The subsidy for children attending out-of-school care is not changing.

    As the province transitions to the new flat parent fee, child-care providers will have flexibility to offer optional services for an additional supplemental parent fee. These optional services must be over and above the services that are provided to all children in individual child-care programs. Clear requirements will be in place for providers to prevent preferential child-care access for families choosing to pay for optional services.

    Cutting red tape and supporting child-care providers

    By moving to a flat monthly parent fee, Alberta’s government is continuing the transition to a primarily publicly funded child care system. To support high-quality child care, approximately 85 per cent of licensed daycare providers will receive a funding increase once the new structure is in place on Apr. 1.

    The province is enhancing the system to streamline the child-care claims process used to reimburse licensed child-care providers on behalf of Alberta parents. Alberta’s government is also putting technological solutions in place to reduce administrative burden and red tape.

    Looking ahead

    Over the final year of the federal agreement, Alberta’s government is working to support the child-care system while preparing to negotiate the next term of the agreement, reflective of the needs of Albertans and providers. Alberta joins its provincial and territorial partners across the country in calling for a sustainable, adequately funded system that works for parents and providers long term.

    Quick facts

    • In line with requirements under the Canada-Alberta Canada-Wide Early Learning and Child Care Agreement, the flat monthly parent fee only applies to children zero to kindergarten age requiring care during regular school hours.
    • Children attending 100 or more hours in a month are considered full-time and parents will pay $326.25 a month. Children attending between 50 and 99 hours are considered part-time and parents will pay $230 a month.
    • Families with children attending preschool for up to four hours a day are eligible for up to $100 per month.
    • There are no changes to the out-of-school care Child Care Subsidy Program for children requiring care outside of school hours in grades 1 to 6 and attending full-time kindergarten.
    • Programs may choose to provide optional services for a supplemental fee. Examples may include transportation, field trips and food. Child-care programs are not required to charge parents additional supplemental fees.

    Related information

    • Federal-provincial child care agreement

    Related news

    • Alberta strengthens child care safety (Oct. 30, 2024)

    L’Alberta instaure des frais mensuels fixes de 326,25 $ pour les services de garde d’enfants agréés à temps plein, soit environ 15 $ par jour.

    Dans le cadre de l’Accord entre le Canada et l’Alberta sur l’apprentissage et la garde des jeunes enfants à l’échelle du Canada d’une valeur de 3,8 milliards de dollars, l’Alberta aide les familles à avoir accès à des services de garde d’enfants abordables partout dans la province auprès du service de garde de leur choix.

    À compter du 1er avril, les parents ayant des enfants de la naissance à la maternelle qui fréquentent une garderie agréée à temps plein ou un service de garde en milieu familial partout dans la province seront admissibles à des frais fixes de 326,25 $ par mois, soit environ 15 $ par jour. Les parents qui ont besoin de services de garde à temps partiel paieront 230 $ par mois.

    Pour appuyer ces changements et des services de garde d’enfants de grande qualité, environ 85 % des fournisseurs de services de garde agréés recevront une augmentation du financement lorsque la nouvelle structure tarifaire sera en place le 1er avril.

    Chaque jour, les parents et les familles de l’Alberta comptent sur des fournisseurs de services de garde d’enfants agréés pour appuyer la croissance et le développement de leurs enfants pendant qu’ils vont au travail ou à l’école. Les fournisseurs de services de garde d’enfants agréés et les éducateurs de la petite enfance jouent un rôle crucial en aidant les enfants à acquérir les compétences dont ils ont besoin pour soutenir leur croissance et leur santé globale. À mesure que la population de l’Alberta augmente, le besoin de services de garde d’enfants agréés et réglementés de grande qualité, abordables et accessibles s’accroît.

    Bien que l’Alberta ait déjà réduit les frais pour les parents à une moyenne de 15 $ par jour en janvier 2024, de nombreuses familles paient encore beaucoup plus selon l’endroit où elles vivent, l’âge de leur enfant et le fournisseur de services de garde d’enfants qu’elles choisissent, ce qui a entraîné des incohérences et de la confusion. De nombreuses familles ont de la difficulté à estimer leurs frais de garde d’enfants si elles changent de fournisseur, et les fournisseurs ont exprimé des préoccupations au sujet de l’équité et de la complexité du cadre de financement actuel.

    Des frais mensuels fixes assureront la transparence et la prévisibilité pour les familles de toutes les régions de la province, tout en améliorant l’équité envers les fournisseurs et en augmentant l’efficacité globale du système. Au nom des familles, le gouvernement de l’Alberta couvrira environ 80 % des frais de garde d’enfants grâce à des subventions accordées aux garderies et aux services de garde en milieu familial.

    Cela veut dire qu’une famille dont un enfant fréquente une garderie à temps plein pourrait économiser 11 000 $ par enfant par année en moyenne. Des frais mensuels fixes pour les parents garantiront que les services de garde d’enfants sont abordables pour tous et que les fournisseurs sont rémunérés pour les services importants qu’ils offrent.

    Contrairement aux frais mensuels fixes pour les parents, le gouvernement de l’Alberta remboursera jusqu’à 100 $ par mois aux parents pour les enfants d’âge préscolaire, comparativement à 75 $.

    « Les Albertaines et les Albertains méritent des options abordables en matière de garde d’enfants, peu importe où ils se trouvent ou quel type de services leur convient le mieux. Nous instaurons des frais fixes pour les parents afin qu’ils puissent tous avoir accès à des services de garde d’enfants de grande qualité, à un coût abordable et prévisible. »

    Matt Jones, ministre de l’Emploi, de l’Économie et du Commerce

    « La réduction des frais de garde d’enfants rend la vie plus abordable pour les familles et leur donne la liberté de faire des choix qui leur conviennent, qu’il s’agisse de travailler, d’étudier ou d’agrandir leur famille. Nous continuerons de travailler pour réduire les coûts, créer plus de places et réduire les listes d’attente pour les familles en Alberta et partout au pays, tout en veillant à ce que chaque enfant ait le meilleur départ possible dans la vie. »

    Jenna Sudds, ministre fédérale de la Famille, des Enfants et du Développement social

    Afin de rendre le système de garde d’enfants de l’Alberta abordable pour toutes les familles, les frais mensuels fixes pour les parents remplacent le programme de subventions pour la garde d’enfants destiné aux enfants de la naissance à la maternelle qui fréquentent un service de garde pendant les heures scolaires normales. La subvention pour les enfants pris en charge à l’extérieur de l’école ne change pas.

    À mesure que la province adoptera les nouveaux frais fixes pour les parents, les fournisseurs de services de garde d’enfants auront la possibilité d’offrir des services facultatifs moyennant des frais supplémentaires pour les parents. Ces services facultatifs doivent s’ajouter aux services offerts à tous les enfants dans le cadre de programmes individuels de garde d’enfants. Des exigences claires seront mises en place pour les fournisseurs afin d’empêcher l’accès préférentiel aux services de garde pour les familles qui choisissent de payer pour des services facultatifs.

    Réduire les formalités administratives et soutenir les fournisseurs de services de garde d’enfants

    En passant à des frais mensuels fixes pour les parents, le gouvernement de l’Alberta poursuit la transition vers un système de garde d’enfants financé principalement par l’État. Pour appuyer des services de garde d’enfants de grande qualité, environ 85 % des fournisseurs de services de garde agréés recevront une augmentation du financement lorsque la nouvelle structure sera en place le 1er avril.

    La province améliore le système afin de simplifier le processus de demande de remboursement des frais de garde d’enfants utilisé pour rembourser les fournisseurs de services de garde d’enfants agréés au nom des parents albertains. Le gouvernement de l’Alberta met également en place des solutions technologiques pour réduire le fardeau administratif et les formalités administratives.

    Regard vers l’avenir

    Au cours de la dernière année de l’accord fédéral, le gouvernement de l’Alberta s’efforce d’appuyer le système de garde d’enfants tout en se préparant à négocier la prochaine durée de l’accord, en tenant compte des besoins de sa population et des fournisseurs. L’Alberta se joint à ses partenaires provinciaux et territoriaux partout au pays pour réclamer un système durable et financé adéquatement qui fonctionne pour les parents et les fournisseurs à long terme.

    Faits en bref

    • Conformément aux exigences de l’Accord entre le Canada et l’Alberta sur l’apprentissage et la garde des jeunes enfants à l’échelle du Canada, les frais mensuels fixes pour les parents ne s’appliquent qu’aux enfants de la naissance à la maternelle qui ont besoin de services de garde pendant les heures scolaires normales.
    • Les enfants qui fréquentent une garderie pendant 100 heures ou plus par mois sont considérés comme des enfants qui fréquentent à temps plein et les parents paieront 326,25 $ par mois. Les enfants qui fréquentent une garderie entre 50 et 99 heures sont considérés comme des enfants qui fréquentent à temps partiel et les parents paieront 230 $ par mois.
    • Les familles qui ont des enfants qui fréquentent un programme préscolaire pendant jusqu’à quatre heures par jour sont admissibles à un montant maximum de 100 $ par mois.
    • Aucun changement n’est apporté au Programme de subventions pour les services de garde d’enfants à l’extérieur de l’école pour les enfants qui doivent être pris en charge en dehors des heures d’école de la 1re à la 6e année et qui fréquentent la maternelle à temps plein.
    • Les programmes peuvent choisir de fournir des services facultatifs moyennant des frais supplémentaires. Les exemples peuvent inclure le transport, les sorties scolaires et la nourriture. Les programmes de garde d’enfants ne sont pas tenus de facturer des frais supplémentaires aux parents.

    Renseignements connexes

    • Entente fédérale-provinciale sur les services de garde d’enfants (en anglais seulement)

    Nouvelles connexes

    • Alberta strengthens child care safety (30 octobre 2024)

    Translations

    • Arabic
    • Simplified Chinese
    • Traditional Chinese
    • Hindi
    • Korean
    • Persian
    • Punjabi
    • Somali
    • Spanish
    • Tagalog
    • Ukrainian
    • Urdu
    • Vietnamese

    MIL OSI Canada News –

  • MIL-OSI: Valeura Energy Inc.: Record Reserves and Resources at Year-End 2024: 2P Reserves Replacement Ratio of 245%

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 13, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) is pleased to announce the results of its third-party independent reserves and resources assessment as at year-end 2024.

    Highlights

    • Record high year-end reserves: 32 MMbbl proved (1P), 50 MMbbl proved plus probable (2P) and 60 MMbbl proved plus probable plus possible (3P) reserves;
    • 2P reserves replacement ratio of 245% even after annual production increase of 12%;
    • 2P reserves and end of field life (“EOFL”) increased at every field;
    • 2P reserves net present value before tax of US$934 million and US$752 million after tax(1);
    • Considering year-end 2024 cash position of US$259 million, Company net asset value (“NAV”) is US$1,012 million, equating C$13.6 per common share(2);
    • Contingent resources(3) of 48 MMbbl, more than double the total at end 2023; and
    • Decommissioning costs significantly reduced through engineering studies and increased EOFL to beyond 2030.
    (1) Discounted at 10% (NPV10)
    (2) Proved plus probable (2P) NPV10after tax plus cash of US$259.4 million (no debt), using US$/C$ exchange rate of 1.435, and 106.65 million common shares outstanding, as at December 31, 2024
    (3) Unrisked 2C (best estimate) contingent resources

    Dr. Sean Guest, President and CEO commented:

    “I am pleased to announce the results of our end 2024 reserves and resources evaluation, which shows again that our aggressive work programme can increase the ultimate potential of our fields and add value to our Company. In our second full year of operations we have again added more than double the reserves we produced, achieving a 2P reserves replacement ratio of 245%. This is a significant feat, considering we also increased production by 12% relative to 2023.

    We also added to the ultimate potential of our portfolio, with all Thailand fields now having an economic field life lasting beyond 2030. Since taking over these assets, we have added at least four additional years of production life to each field. This means more years of future cash flow and is therefore a prime example of one key element of our strategy in action – driving further organic growth.

    The net asset value of our business is now over US$1 billion – a record high, equating to more than C$13.6 per common share. This is based on our 2P after tax NPV10increasing by 76% year-on-year, coupled with a new record year-end cash position.

    In addition to discovering volumes through the drill bit and aggressively working to build our understanding of the intricate subsurface environment, various other financial and engineering studies have also added value. Our field abandonment costs have been reduced further through updated engineering studies which are benchmarked to actual abandonment operations in the Gulf of Thailand. The effect of this, combined with extended field life across the portfolio, is expected to reduce our Asset Retirement Obligation (“ARO”) on our balance sheet by more than 50% since we first assumed operatorship of these assets.

    We are relentless in our pursuit of value and we remain focussed on allocating capital efficiently. Moreover, we see exciting reserves-adding opportunities ahead through the potential Wassana field redevelopment, as well as through ongoing infill development and appraisal drilling across the portfolio, and the selective exploration targets we will pursue this year.

    At the same time, inorganic growth remains a key part of our strategy, and we are actively evaluating several opportunities to assess fit with our strict screening criteria.”

    Valeura commissioned Netherland, Sewell & Associates, Inc. (“NSAI”) to assess reserves and resources for all of its Thailand assets as of December 31, 2024. NSAI’s evaluation is presented in a report dated February 13, 2025 (the “NSAI 2024 Report”). This follows previous evaluations conducted by the same firm for December 31, 2023 (the “NSAI 2023 Report”) and December 31, 2022 (the “NSAI 2022 Report”).

    Oil and Gas Reserves by Field Based on Forecast Prices and Costs

        Gross (Before Royalties) Reserves, Working Interest Share (Mbbl)
    Reserves by Field Jasmine
    (Light/Medium)    		 Manora
    (Light/Medium)    		 Nong Yao
    (Light/Medium)    		 Wassana
    (Heavy)    		 Total
    Proved Producing Developed 5,268 1,370 6,541 2,894 16,073
    Non-Producing Developed 703 433 153 242 1,531
    Undeveloped 4,713 705 3,742 5,490 14,650
    Total Proved (1P) 10,684 2,509 10,436 8,626 32,255
    Total Probable (P2) 6,108 848 6,500 4,297 17,753
    Total Proved + Probable (2P) 16,792 3,357 16,936 12,923 50,008
    Total Possible (P3) 3,647 718 4,297 1,027 9,689
    Total Proved + Probable + Possible (3P) 20,440 4,075 21,233 13,950 59,697

     
    Summary of Reserves Replacement, Value, and Field Life

    As compared to the NSAI 2023 Report, the NSAI 2024 Report indicates an addition of 2.4 MMbbl of proved (1P) reserves and 12.1 MMbbl of proved plus probable (2P) reserves, after having produced 8.4 MMbbl of oil in 2024. This reflects a 1P reserves replacement ratio of 128% and a 2P reserves replacement ratio of 245%.

    Based on the mid-point of the Company’s 2025 production guidance of 23.0 – 25.5 Mbbl/d (24.25 Mbbl/d), on a 2P reserves basis as of December 31, 2024, the Company estimates its reserves life index (“RLI”) to be approximately 5.6 years. Using the same 2025 production estimate and 2P reserves as of December 31, 2023 and December 31, 2022, the RLI was approximately 4.3, and 3.3 years, respectively.

    The net present value of estimated future revenue after income taxes, based on a 10% discount rate has increased between the NSAI 2023 Report and the NSAI 2024 Report from US$193.9 million to US$358.6 million on a 1P basis, an increase of 85%. On a 2P basis, the net present value of estimated future revenue after income taxes, based on a 10% discount rate has increased from US$428.5 million to US$752.2 million, an increase of 76%.

    The Company estimates that, based on the 2P net present value of estimated future revenue after income taxes in the NSAI 2024 Report, based on a 10% discount rate, plus the Company’s 2024 year-end cash position of US$259.4 million, as disclosed on January 8, 2025, the Company has a 2P net asset value (“NAV”) of US$1,011.6 million. Using the year-end count of common shares outstanding (being 106.65 million) and foreign exchange rates, Valeura’s NAV equates to approximately C$13.6/share.

      1P NPV10 2P NPV10 3P NPV10
      Before Tax After Tax Before Tax After Tax Before Tax After Tax
    NPV10(US$ million) 360.7 358.6 933.9 752.2 1,339.1 990.2
    Cash at December 31, 2024 (US$ million)(1) 259.4 259.4 259.4 259.4 259.4 259.4
    Net Asset Value (US$ million) 620.1 618.0 1,193.3 1,011.6 1,598.5 1,249.6
    Common shares (million)(2) 106.65 106.65 106.65 106.65 106.65 106.65
    Estimated NAV per basic share (C$ per share)(3) 8.3 8.3 16.1 13.6 21.5 16.8
    (1) Cash at December 31, 2024 of US$259.4 million, debt nil
    (2) Issued and outstanding common shares as of December 31, 2024
    (3) US$/C$ exchange rate of 1.435 as at December 31, 2024

    The NSAI 2024 Report indicates a further extension in the anticipated end of field life for all assets in Valeura’s Thailand portfolio, as compared to the NSAI 2023 Report.

      Gross (Before Royalties) 2P Reserves, Working Interest Share End of Field Life 2P NPV10After Tax (US$ million)
    Fields December 31, 2023
    (MMbbl)    		 2024 Production
    (MMbbl)    		 Additions
    (MMbbl)    		 December 31, 2024
    (MMbbl)    		 Reserves Replacement Ratio (%) NSAI 2023 Report NSAI 2024 Report December 31, 2023 December 31, 2024
    Jasmine 10.4 (2.9 ) 9.2 16.8 324 % Dec 2028 Aug 2031 81.8 163.9
    Manora 2.2 (0.9 ) 2.1 3.4 223 % Jul 2027 Apr 2030 21.2 45.7
    Nong Yao 12.4 (3.1 ) 7.7 16.9 245 % Dec 2028 Dec 2033 185.6 416.1
    Wassana 12.9 (1.4 ) 1.5 12.9 102 % Jun 2032 Dec 2035 139.9 126.6
    Total 37.9 (8.4 ) 20.5 50.0 245 %     428.5 752.2

     
    Valeura has demonstrated two consecutive years of growth in both aggregate 2P reserves and the associated after-tax 2P NPV10 value.

      Gross (Before Royalties) 2P Reserves,
    Working Interest Share (MMbbl)    		 2P NPV10After Tax
    (US$ million)
    Fields December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2022 December 31, 2023 December 31, 2024
    Jasmine 10.0 10.4 16.8 37.1 81.8 163.9
    Manora 1.8 2.2 3.4 12.1 21.2 45.7
    Nong Yao 11.2 12.4 16.9 145.5 185.6 416.1
    Wassana 6.1 12.9 12.9 66.3 139.9 126.6
    Total 29.1 37.9 50.0 261.0 428.5 752.2

     
    The NSAI 2024 Report does not assume a new redevelopment concept for the Wassana field and therefore does not include potential upside volumes associated with the Company’s contemplated redevelopment. Valeura is targeting readiness for a final investment decision (“FID”) in early Q2 2025. Should the Company opt to proceed with the redevelopment, management anticipates a higher production profile, with longer field life than is currently reflected in the NSAI 2024 Report.

    Net Present Values of Future Net Revenue Based on Forecast Prices and Costs

    Net present values of future net revenue from oil reserves are based on cost estimates as of the date of the NSAI 2024 Report, and forecast Brent crude oil reference prices of US$75.58, US$78.51, US$79.89, US$81.82, and US$83.46 per bbl for the years ending December 31, 2025, 2026, 2027, 2028, and 2029, respectively, with 2% escalation thereafter. NSAI assumes cost inflation of 2% per annum. Price realisation forecasts for each field are based on the Brent crude oil reference prices above, and adjusted for oil quality, and market differentials.

    Based on Valeura’s revised corporate structure, as modified by the reorganisation completed in November 2024, values estimated by NSAI assume a combined, single tax filing for all of the Company’s Thai III fiscal concessions, covering the Wassana, Nong Yao, and Manora fields. The Jasmine field, being a Thai I fiscal concession, is outside this scope.

    All estimated costs associated with the eventual decommissioning of the Company’s fields are included as part of the calculation of future net revenue, specifically within the Proved Producing Developed category.

        Before Tax NPV10(US$ million)
    Future Net Revenue by Field Jasmine Manora Nong Yao Wassana Total
    Proved Producing Developed (124.7)   (27.6)   146.2 (160.7)   (166.8)  
    Non-Producing Developed 35.3   27.9   7.0 16.2   86.4  
    Undeveloped 93.6   7.9   108.1 231.5   441.0  
    Total Proved (1P) 4.2   8.2   261.3 87.0   360.7  
    Total Probable (P2) 217.4   39.1   204.5 112.3   573.3  
    Total Proved + Probable (2P) 221.5   47.3   465.8 199.3   933.9  
    Total Possible (P3) 168.8   29.6   150.7 56.1   405.1  
    Total Proved + Probable + Possible (3P) 390.3   76.9   616.5 255.4   1,339.1  
        After Tax NPV10(US$ million)
    Future Net Revenue by Field Jasmine Manora Nong Yao Wassana Total
    Proved Producing Developed (131.4)   (27.6)   146.2 (160.7)   (173.4)  
    Non-Producing Developed 33.9   27.9   7.0 16.2   85.1  
    Undeveloped 99.6   7.9   108.1 231.5   447.0  
    Total Proved (1P) 2.1   8.2   261.3 87.0   358.6  
    Total Probable (P2) 161.8   37.4   154.8 39.6   393.6  
    Total Proved + Probable (2P) 163.9   45.7   416.1 126.6   752.2  
    Total Possible (P3) 96.7   20.4   93.3 27.6   238.0  
    Total Proved + Probable + Possible (3P) 260.6   66.1   509.3 154.2   990.2  

     
    Asset Retirement Obligations

    During 2024, the Company conducted extensive engineering studies into the eventual decommissioning of its fields. These studies utilised costs benchmarked to current decommissioning activities underway elsewhere within the Gulf of Thailand. Valeura’s work since acquiring the assets in early 2023 has resulted in a reduction of 32% in the anticipated cost to decommission the assets (US$ real basis).  

    In addition, the significant extensions to the economic life of all of the Company’s fields means the timing for decommissioning expenditure has shifted further into the future. The combined effect is estimated to be a material reduction in the ARO liability to be shown on the Company’s balance sheet. While the final ARO is still to be reviewed by the Company’s auditor, management estimates that the ARO as at December 31, 2024 will have been reduced by approximately 35% from year-end 2023 and more than 50% relative to the Company’s first estimate upon assuming operatorship of the Thai portfolio in Q1 2023.

    Resources

    NSAI assessed the Company’s contingent resources of its Thailand assets for additional reservoir accumulations and reported estimates in the NSAI 2024 Report, the NSAI 2023 Report, and the NSAI 2022 Report. Contingent resources are heavy crude oil and light/medium crude oil, and are further divided into two subcategories, being Development Unclarified and Development Not Viable (see oil and gas advisories). Each subcategory is assigned a percentage risk, reflecting the estimated chance of development. Aggregate totals are provided below.

    Contingent Resources NSAI 2022 Report
    Gross (Before Royalties) Working Interest Share    		 NSAI 2023 Report
    Gross (Before Royalties) Working Interest Share    		 NSAI 2024 Report
    Gross (Before Royalties) Working Interest Share
    Unrisked (MMbbl) Risked (MMbbl) Unrisked (MMbbl) Risked (MMbbl) Unrisked (MMbbl) Risked (MMbbl)
    Low Estimate (1C) 10.4 1.8 15.2 6.5 29.4 9.2
    Best Estimate (2C) 14.1 2.5 19.9 8.9 48.4 13.5
    High Estimate (3C) 22.1 3.9 27.9 11.6 72.1 18.0

     
    Comparing the NSAI 2023 Report to the NSAI 2024 Report, the Company has recorded an increase in the best estimate (2C) unrisked contingent resources of 143%.

    The Company last completed an independent assessment of its prospective resources in Türkiye, effective December 31, 2018, which is available under Valeura’s issuer profile on SEDAR+ at www.sedarplus.com. Valeura has no reserves or contingent resources associated with its properties in Türkiye.

    Further Disclosure and Webcast
    Valeura intends to disclose a summary of the NSAI 2024 Report to Thailand’s upstream regulator later in February 2025. Thereafter, the Company will publish its estimates of reserves and resources in accordance with the requirements of National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities along with its annual information form for the year ended December 31, 2025, on approximately March 26, 2025.

    Valeura’s management team will host an investor and analyst webcast at 08:00 Calgary / 15:00 London / 22:00 Bangkok / 23:00 Singapore on Thursday, February 13, 2025 to discuss its reserves and contingent resources. Please register in advance via the link below.

    Registration link: https://events.teams.microsoft.com/event/a527dbad-61ff-47b1-8330-a10c28cfd2ee@a196a1a0-4579-4a0c-b3a3-855f4db8f64b

    As an alternative, an audio only feed of the event is available by phone using the Conference ID and dial-in numbers below.

    Thailand: +66 2 026 9035,,817613646#
    Singapore: +65 6450 6302,,817613646#
    Canada: (833) 845-9589,,817613646#
    Türkiye: 0800 142 034779,,817613646#
    United States: (833) 846-5630,,817613646#
    United Kingdom: 0800 640 3933,,817613646#

    Phone conference ID: 817 613 646#

    For further information, please contact:

    Valeura Energy Inc. (General Corporate Enquiries)                +65 6373 6940
    Sean Guest, President and CEO
    Yacine Ben-Meriem, CFO
    Contact@valeuraenergy.com

    Valeura Energy Inc. (Investor and Media Enquiries)                +1 403 975 6752 / +44 7392 940495
    Robin James Martin, Vice President, Communications and Investor Relations
    IR@valeuraenergy.com

    Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.

    About the Company

    Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.

    Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

    Oil and Gas Advisories

    Reserves and contingent resources disclosed in this news release are based on an independent evaluation conducted by the incumbent independent petroleum engineering firm, NSAI with an effective date of December 31, 2024. The NSAI estimates of reserves and resources were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The reserves and contingent resources estimates disclosed in this news release are estimates only and there is no guarantee that the estimated reserves and contingent resources will be recovered.

    This news release contains a number of oil and gas metrics, including “NAV”, “reserves replacement ratio”, “RLI”, and “end of field life” which do not have standardised meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics are commonly used in the oil and gas industry and have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

    “NAV” is calculated by adding the estimated future net revenues based on a 10% discount rate to net cash, (which is comprised of cash less debt) as of December 31, 2024. NAV is expressed on a per share basis by dividing the total by basic common shares outstanding. NAV per share is not predictive and may not be reflective of current or future market prices for Valeura.

    “Reserves replacement ratio” for 2024 is calculated by dividing the difference in reserves between the NSAI 2024 Report and the NSAI 2023 Report, plus actual 2024 production, by the assets’ total production before royalties for the calendar year 2024.

    “RLI” is calculated by dividing reserves by management’s estimated total production before royalties for 2025.

    “End of field life” is calculated by NSAI as the date at which the monthly net revenue generated by the field is equal to or less than the asset’s operating cost.

    Reserves

    Reserves are estimated remaining quantities of commercially recoverable oil, natural gas, and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Reserves are further categorised according to the level of certainty associated with the estimates and may be sub-classified based on development and production status.

    Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

    Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g., when compared to the cost of drilling a well) to put the reserves on production.

    Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

    Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown.

    Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned.

    Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

    Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves.

    The estimated future net revenues disclosed in this news release do not necessarily represent the fair market value of the reserves associated therewith.

    The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

    Contingent Resources

    Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies are conditions that must be satisfied for a portion of contingent resources to be classified as reserves that are: (a) specific to the project being evaluated; and (b) expected to be resolved within a reasonable timeframe.

    Contingent resources are further categorised according to the level of certainty associated with the estimates and may be sub‐classified based on a project maturity and/or characterised by their economic status. There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook as the best estimate of the quantity that will be actually recovered; it is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate.

    The project maturity subclasses include development pending, development on hold, development unclarified and development not viable. The contingent resources disclosed in this news release are classified as either development unclarified or development not viable.

    Development unclarified is defined as a contingent resource that requires further appraisal to clarify the potential for development and has been assigned a lower chance of development until commercial considerations can be clearly defined. Chance of development is the likelihood that an accumulation will be commercially developed.

    Conversion of the development unclarified resources referred to in this news release is dependent upon (1) the expected timetable for development; (2) the economics of the project; (3) the marketability of the oil and gas production; (4) the availability of infrastructure and technology; (5) the political, regulatory, and environmental conditions; (6) the project maturity and definition; (7) the availability of capital; and, ultimately, (8) the decision of joint venture partners to undertake development.

    The major positive factor relevant to the estimate of the contingent development unclarified resources referred to in this news release is the successful discovery of resources encountered in appraisal and development wells within the existing fields. The major negative factors relevant to the estimate of the contingent development unclarified resources referred to in this news release are: (1) the outstanding requirement for a definitive development plan; (2) current economic conditions do not support the resource development; (3) limited field economic life to develop the resources; and (4) the outstanding requirement for a final investment decision and commitment of all joint venture partners.

    Development not viable is defined as a contingent resource where no further data acquisition or evaluation is currently planned and hence there is a low chance of development, there is usually less than a reasonable chance of economics of development being positive in the foreseeable future. The major negative factors relevant to the estimate of development not viable referred to in this news release are: (1) current economic conditions do not support the resource development; and (2) availability of technical knowledge and technology within the industry to economically support resource development.

    If these contingencies are successfully addressed, some portion of these contingent resources may be reclassified as reserves.

    Of the best estimate 2C contingent resources estimated in the NSAI 2024 Report, on a risked basis: 74% of the estimated volumes are light/medium crude oil, with the remainder being heavy oil; 77% are categorised as Development Unclarified, with the remainder being Development Not Viable. Development Unclarified 2C resources have been assigned an average chance of development for the four fields ranging from 30% to 50% depending on oil type, while 2C Development Not Viable resources have been assigned an average chance of development ranging from 16% to 17%.

    Resources Project
    Maturity Subclass    		 Light and Medium Crude Oil
    (Development Unclarified)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Unclarified 8,267 7,334 3,108 2,742 38 %
    Contingent Best Estimate (2C) Development Unclarified 14,178 12,538 4,227 3,728 30 %
    Contingent High Estimate (3C) Development Unclarified 21,072 18,644 5,289 4,673 25 %
    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development Unclarified)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Unclarified 7,807 7,358 4,045 3,813 52 %
    Contingent Best Estimate (2C) Development Unclarified 10,641 10,029 5,325 5,018 50 %
    Contingent High Estimate (3C) Development Unclarified 14,524 13,689 6,560 6,182 45 %
    Resources Project
    Maturity Subclass    		 Light and Medium Crude Oil
    (Development Not Viable)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Not Viable 11,294 10,502 1,694 1,575 15 %
    Contingent Best Estimate (2C) Development Not Viable 21,539 19,965 3,652 3,319 17 %
    Contingent High Estimate (3C) Development Not Viable 33,503 30,964 5,363 4,802 16 %
    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development Not Viable)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Not Viable 2,069 1,950 310 293 15 %
    Contingent Best Estimate (2C) Development Not Viable 2,091 1,971 341 321 16 %
    Contingent High Estimate (3C) Development Not Viable 3,003 2,830 815 768 27 %

    The NSAI estimates have been risked, using the chance of development, to account for the possibility that the contingencies are not successfully addressed. Due to the early stage of development for the development unclarified resources, NSAI did not perform an economic analysis of these resources; as such, the economic status of these resources is undetermined and there is uncertainty that any portion of the contingent resources disclosed in this new release will be commercially viable to produce.

    Glossary

    bbl                barrels of oil
    Mbbl              thousand barrels of oil
    MMbbl            million barrels of oil

    Advisory and Caution Regarding Forward-Looking Information

    Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook.

    Forward-looking information in this news release includes, but is not limited to, the Company’s belief that it has added to the ultimate potential of its portfolio; the anticipated economic life of its portfolio; expectations regarding future cash flow; the expectation that ARO on its December 31, 2024 balance sheet will indicate a reduction of approximately 35% versus December 31, 2023 and more than 50% since first assuming operatorship of its assets; business objectives and targets; organic and inorganic growth opportunities; the anticipated end of life for Valeura’s Thailand assets; the potential for adding reserves through the Wassana field redevelopment as well as through ongoing infill development, appraisal drilling, and exploration targets; statements related to the Company’s 2025 production guidance of 23.0 – 25.5 Mbbl/d; estimates of the Company’s RLI; timing for FID readiness on the potential Wassana field redevelopment; management’s anticipation of a higher production profile with longer field life from the Wassana field, should it opt to proceed with the redevelopment; forecast Brent crude oil reference prices; assumption of a single tax filing; estimated costs for the eventual decommissioning of its fields; the intention to disclose a summary of the NSAI 2024 Report to Thailand’s upstream regulator; the anticipated filing date of the Company’s annual information form along with its estimates of reserves and resources; and the timing of the investor and analyst webcast.

    In addition, statements related to “reserves” and “resources” are deemed to be forward-looking information

    as they involve the implied assessment, based on certain estimates and assumptions, that the resources can

    be discovered and profitably produced in the future.

    Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

    Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; ability to achieve extensions to licences in Thailand and Türkiye to support attractive development and resource recovery; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; the impact of conflicts in the Middle East; royalty rates and taxes; management’s estimate of cumulative tax losses being correct; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the availability and identification of mergers and acquisition opportunities; the ability to successfully negotiate and complete any mergers and acquisition opportunities; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; international trade policies; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

    Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company’s tax advisors’ and/or auditors’ assessment of the Company’s cumulative tax losses varies significantly from management’s expectations of the same; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, including international treaties and trade policies; the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.

    Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook.

    The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

    This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

    Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network –

  • MIL-OSI Economics: Secretary-General of ASEAN delivers Keynote Address during the Opening Session of the ASEAN Outlook on the Indo-Pacific (AOIP) Seminar Series: Submarine Cables

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered the keynote address at the ASEAN Outlook on the Indo-Pacific (AOIP) Seminar Series: Submarine Cables, held at the Sheraton Grand Jakarta Gandaria City Hotel.  Dr. Kao highlighted the positive progress in the implementation of the AOIP and also emphasised how the AOIP fosters cooperation between ASEAN and its partners in an inclusive manner. He expressed confidence that the seminar would serve as an effective platform to generate concrete recommendations to advance the implementation of the AOIP, including through practical cooperation with partners across the Indo-Pacific region.

    Download the full keynote address here.

    The post Secretary-General of ASEAN delivers Keynote Address during the Opening Session of the ASEAN Outlook on the Indo-Pacific (AOIP) Seminar Series: Submarine Cables appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI China: Pact inked to share Chinese pop icon’s music with the world

    Source: China State Council Information Office 3

    Liu Huan, a legendary pop artist and music educator, and the Universal Music Greater China, a division of the world-leading music company, Universal Music Group, announced an exclusive global agreement on Feb 11.

    It is the first time that a major part of Liu’s body of work — both recording and publishing rights — will be united under one umbrella. The deal aims to further promote and preserve Liu’s musical legacy, while amplifying the cultural impact of Chinese music globally.

    A prolific singer-songwriter and dedicated music educator, Liu has made significant contributions to the evolution of Chinese pop music scene. His enduring hits have defined each era since the 1980s, including Wan Wan De Yue Liang (The Crescent Moon) and Shao Nian Zhuang Zhi Bu Yan Chou (Young Aspiration Knows No Sorrow), making him a beloved household name in China. In the 1990s, Liu cemented his status as a national icon through his songs and compositions for the hit television series Beijingers in New York, including the beloved hit Qian Wan Ci De Wen (Time and Time Again). Later in the decade, his performance of Hao Han Ge (The Song of Heroes), the theme song for the TV adaptation of Water Margin, one of China’s Four Great Classical Novels, became a cultural phenomenon. In the 2010s, Liu composed and performed the entire soundtrack for award-winning TV series Empresses in the Palace, which shattered viewership records and evoked nationwide acclaim.

    Liu’s status as a cultural icon is reflected in performances that have defined pivotal moments in China’s modern history. In 1990, he collaborated with female singer Wei Wei to perform Ya Zhou Xiong Feng (Mighty Winds of Asia), a song dedicated to the 11th Beijing Asian Games, capturing the spirit of optimism and ambition of the era. In 2008, Liu took center stage at the Beijing Olympics Game opening ceremony, performing You and Me alongside British soprano Sarah Brightman in a duet watched by billions around the world.

    Beyond his career as an artist, Liu Huan has dedicated himself to nurturing new talent and promoting original music. In 2012, he joined the inaugural season of The Voice of China, helping launch the careers of many of his students. In 2014, Liu spearheaded the critically acclaimed reality show Sing My Song, which spotlighted original music and introduced a new generation of singer-songwriters, producing a wealth of widely celebrated original songs. Furthering his commitment to musical originality, Liu established the Liu Huan Original Music Fund in 2019, a philanthropic initiative to support Chinese singer-songwriters, promoting the development and innovation of China’s music industry.

    “We are deeply honored to stand alongside Liu Huan as his chosen partner, supporting him in this exciting new chapter of his illustrious career. His ability to create music that speaks to the soul of a nation is unparalleled, and his enduring artistic vitality makes him truly one of a kind. With his trust, we are committed to celebrating his musical legacy, and together, we aim to promote the development of Chinese music industry, continuing to elevate the global impact of Chinese culture,” says Timothy Xu, Chairman and Chief Executive Officer of Universal Music Greater China.

    “We are committed to championing local artistry as part of our vision for a diversified global music culture. Liu Huan is a towering figure in contemporary Chinese music history, and we are proud to support his journey in sharing his extraordinary music with the world,” says Adam Granite, Executive Vice-President, Market Development of Universal Music Group.

    MIL OSI China News –

  • MIL-OSI China: Harry Potter attraction to be launched in Shanghai in 2027

    Source: China State Council Information Office 3

    A Harry Potter studio tour will open in Shanghai in 2027, which will be the third such attraction globally and the first in China, its developers announced on Wednesday.

    Officially named Warner Bros Studio Tour Shanghai — The Making of Harry Potter, it will be located in the renovated Shanghai Jinjiang Action Park, according to Jin Jiang International Holdings Co and Warner Bros Discovery Global Experiences.

    Jinjiang Action Park, in the city’s Minhang district, closed on Jan 26 for renovations. The new 53,000-square-meter attraction is still in the regulatory approval stage.

    It will offer visitors an immersive behind-the-scenes look at how the Harry Potter franchise brought British author JK Rowling’s seven-volume fantasy novel series to life. Visitors will be able to explore the iconic film sets that were designed by the creators of the films, according to Warner Bros Discovery Global Experiences. It will also feature authentic costumes and props, alongside interactive features.

    The tour will include internal and external spaces that will take around half a day to walk through. A landscaped park area will be created in front of the tour for both visitors and the general public.

    The redevelopment project extends beyond the tour itself, Zheng Bei, chairwoman of Shanghai Jinjiang Action Park Co, told Radio Shanghai. The site will feature three main components, including the Harry Potter attraction, a themed hotel and the iconic Ferris wheel ride, which will be upgraded to be around 118 meters tall.

    The Shanghai location will integrate digital interactive elements with distinctive Chinese elements, Zheng said.

    To manage visitor flow, the attraction will implement a reservation system requiring advance booking for both dates and specific time slots, said Zheng, noting that the park anticipates welcoming approximately 2 million visitors in the first year.

    “Harry Potter’s multigenerational appeal means the Shanghai tour should draw a wide range of fans from teenagers all the way up to adults in their 50s,” Zheng said. “We envision visitors coming from across China and even Southeast Asia.”

    The original Jinjiang Action Park opened in 1984 as Shanghai’s first major theme park.

    “Jinjiang Action Park was a beloved childhood memory for many locals growing up in Shanghai,” said Lu Ping, a local born in the 1980s. “Although the park has experienced several revamps, it was less attractive than before. Bringing a Harry Potter attraction here is a way to rejuvenate this space.”

    Lin Huanjie, director of the Shanghai-based Institute for Theme Park Studies in China, said that introducing an international brand like Harry Potter is a smart move, which will activate Jinjiang Action Park’s brand value and release new consumer vitality.

    “Shanghai is an ideal landing spot given its status as a global city with a booming tourism market and appetite for high-quality themed entertainment,” he added.

    Lin said that the Shanghai tour differentiates itself from Universal Beijing Resort’s Harry Potter-themed land by providing an immersive studio experience focused on the filmmaking process.

    And, he said he expects that it would include Chinese cultural elements.

    “For international branded attractions to truly resonate in China, there needs to be localization that allows Chinese guests to experience and understand the Western stories through an Eastern cultural lens,” he said. “The Harry Potter storylines should remain pure, but other facilities can fuse Chinese philosophy and storytelling traditions.”

    Once officially opened, the studio tour will not just fulfill the dreams of Chinese fans of Harry Potter, but is also expected to attract tourists from South Korea, Southeast Asia and other regions to Shanghai, further boosting the inbound tourism market, he added.

    MIL OSI China News –

  • MIL-OSI New Zealand: Fatal Crash, Puruatanga Road, Martinborough

    Source: New Zealand Police (National News)

    Attributable to Inspector Brad Allen, Wellington District Road Policing Manager:

    Police can confirm one person has died after a collision between a shared cycle and a car in Martinborough this morning.

    The collision happened on Puruatanga Road, between Regent Street and Todds Road, about 10.45am.

    The deceased was critically injured but died at the scene before they could be airlifted to hospital. Three other people, also on the bike, suffered serious injuries.

    Police’s thoughts, Aroha, and condolences go out to the family and loved ones of the deceased.

    The Serious Crash Unit are conducting a scene examination and enquiries into the circumstances of the crash are ongoing.

    The road has since reopened. 

    ENDS

    Issued by Police Media Centre 

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Albanese Government passes legislation to deliver child care 3 Day Guarantee

    Source: Australian Ministers for Education

    The Albanese Labor Government today passed legislation through the Parliament to deliver a 3 Day Guarantee and replace the Liberal’s Activity Test.

    Families will be able to access three days a week of subsidised early childhood education for children who need it from January 2026. 

    The Dutton led Coalition voted against this important legislation. The Liberals have said the 3 Day Guarantee was “not something…the country can afford” but are happy for taxpayers to pay for bosses’ lunches.

    The Liberal’s claim their Activity Test increased workforce participation, however the Australian Institute of Family Studies found no evidence that the introduction of the Activity Test caused any increase in workforce participation.

    In fact, analysis undertaken by Dr Angela Jackson and Impact Economics and Policy found that: 

    “The current activity test for the Child Care Subsidy limits access to subsidised child care and is contributing to children from the poorest households missing out on critical early childhood education and care.”

    Implementing the 3 Day Guarantee and abolishing the current Activity Test, is an important step towards a universal early childhood education and care system.

    Families earning between $50,000 to $100,000, will be better off under the 3 Day Guarantee and are expected to save on average $1,460 per year.

    The 3 Day Guarantee will provide cost-of-living relief to families and help ensure that children can access the benefits of high-quality early education and care. 

    A re-elected Albanese Labor Government will also establish a $1 billion Building Early Education Fund, to build more centres and expand services in areas of need, including the outer suburbs and regional Australia. 

    Only the Albanese Labor Government has a plan to deliver a universal early childhood education system that works for Australian families and ensure children get the best possible start in life. 

    Quotes attributable to Minister for Education Jason Clare:

    “This is all about giving our kids the best start in life. 

    “Getting them ready for school.

    “It’s all about opening the doors of opportunity.

    “Peter Dutton has voted to slam it shut. 

    “Under Labor, we are guaranteeing 3 days a week of government supported early education. 

    “Under the Liberals, they are guaranteeing 3 course meals for bosses, paid for by the taxpayer.”

    Quotes attributable to Minister for Early Childhood Education Dr Anne Aly:

     “The Coalition would put universal access to early learning at risk, it’s clear they don’t understand the benefits of early childhood education and care.

     “Only the Albanese Labor Government will ensure every Australian child has access to early childhood education. 

     “The Liberal’s prohibative Activity Test locked out the children who can most benefit from early childhood education and care, and has not increasesed workforce participation. 

     “Investing in the early years is an investment in Australia’s future – there is no better investment than giving our littlest Australians the best possible start in life.”

    MIL OSI News –

  • MIL-OSI China: Beijing’s sub-center resumes work on 2 major projects

    Source: China State Council Information Office 2

    Construction resumed this week on two major projects in Beijing’s sub-center after the Spring Festival, marking a strong start to 2025. These projects, the integrated transportation hub and the “Wanli” micro-vacation town, are key components of the sub-center’s development.
    The integrated transportation hub at the Beijing Sub-center Station in Tongzhou district, set to become Asia’s largest underground facility of its kind, is in its final decoration phase. Workers have completed the railway platform structure, with thousands now installing electromechanical equipment throughout the underground complex.
    The railway platforms are ready for track laying and will eventually serve the Beijing-Tangshan Intercity Railway, Beijing-Binhai Intercity Railway and Intercity Railway Connecting Line. The hub, scheduled to open in late 2025, will connect two intercity railways, four subway lines, one suburban railway and 15 bus lines. The facility will provide 15-minute access to Beijing Capital International Airport, 35-minute access to Beijing Daxing International Airport and Tangshan, and one-hour access to both Xiong’an New Area and Tianjin Binhai New Area.
    The “Wanli” micro-vacation town project, adjacent to Universal Beijing Resort, is accelerating construction after completing its main structure before the Spring Festival. Construction teams are now focusing on interior and exterior decoration and equipment installation.
    “Wanli,” situated next to Huazhuang subway station, comprises the Wangfujing Outlets, Tingyun Town and Nuolan Hotel. Tingyun Town, built above a subway depot, is designed to be a model of “station-city integration” in the sub-center.
    The distinctive architectural complex, including the outlet mall, town and five-star hotel, is taking shape, with some glass curtain walls already installed. The outlet mall, set to be the largest in Beijing in terms of building area, features a 30-meter-high dome with a waterfall centerpiece.
    The “Wanli” complex is scheduled to open in the second half of 2025, aiming to attract Beijing residents and tourists with its convenient transportation links and diverse offerings.

    MIL OSI China News –

  • MIL-OSI: Flow Traders 4Q and FY 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders 4Q and FY 2024 Results

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 4Q and FY 2024 results.

    Flow Traders posts record fourth quarter results and the second-best fiscal year results in its 20-year history with €159.0m and €479.3m in Total Income, respectively. The company also ends 2024 with record levels of Trading Capital and Shareholders’ Equity at €775m and €766m, respectively.

    Financial Highlights

    4Q 2024

    • Flow Traders recorded Net Trading Income of €153.8m and Total Income of €159.0m in 4Q24, increases of 112% and 114% when compared to the €72.7m and €74.3m in 4Q23, respectively.
    • Flow Traders’ ETP Value Traded increased by 13% in 4Q24 to €424m from €376m in 4Q23.
    • Fixed Operating Expenses were €45.3m in the quarter, an increase of 12% when compared to the €40.4m in 4Q23, due mostly to increased employee and technology expenses and an abnormally low 4Q23 given timing of expenses.
    • Total Operating Expenses were €76.8m in 4Q24, an increase of 23% when compared to the €62.5m in 4Q23, due mostly to higher variable employee compensation expenses.
    • EBITDA was €82.1m in the quarter, an almost seven-fold increase when compared to the €11.8m in 4Q23. EBITDA margin was 52% in 4Q24 vs. 16% in 4Q23.
    • Net Profit came in at €63.2m in 4Q24, yielding a basic EPS of €1.47 and diluted EPS of €1.42, an almost ten-fold increase compared to a Net Profit of €6.4m, basic EPS of €0.15, and diluted EPS of €0.14 in 4Q23.
    • Flow Traders employed 609 FTEs at the end of 4Q24, compared to 605 at the end of 3Q24 and 613 at the end of 4Q23 (see note 1).

    FY 2024

    • For full year 2024, Net Trading Income totaled €467.8m and Total Income was €479.3m, increases of 56% and 58% when compared to €300.3m and €303.9m in FY 2023, respectively.
    • Flow Traders’ ETP Value Traded increased by 5% in FY 2024 to €1,545b from €1,465b in FY 2023.
    • Fixed Operating Expenses for the year totaled €179.1m, an increase of 3% from €174.1m in FY 2023, which is in-line with guidance.
    • Total Operating Expenses for the year was €264.4m, an increase of 12% from €236.3m in FY 2023, due mostly to higher variable employee compensation expenses.
    • EBITDA for the year was €214.9m, up 218% compared to €67.5m in FY2023. EBITDA margin was 45% in FY 2024 vs. 22% in FY 2023.
    • Total Net Profit for the year totaled €159.5m with basic EPS of €3.69 and diluted EPS of €3.56, a more than four-fold increase compared to €36.2m, €0.84 and €0.81 in FY 2023, respectively.

    Trading Capital and Shareholders’ Equity

    • Trading capital stood at €775m at the end of 4Q24 and FY 2024, an increase of 16% compared to €668m at the end of 3Q24 and 33% compared to €584m at the end of 4Q23 and FY 2023.
    • Return on average trading capital2 was 69% in 4Q24 and FY 2024, compared to 49% in 4Q23 and FY 2023. With the accelerating growth of trading capital following the Capital Expansion Plan announced in July 2024, trading returns will be calculated as LTM NTI / Average Trading Capital going forward.
    • Shareholders’ equity was €766m at the end of 4Q24 and FY 2024, an increase of 15% compared to €666m at the end of 3Q24 and 31% compared to €586m at the end of 4Q23 and FY 2023.
    • Flow Traders generated a Return on Equity of 24% in FY 2024, compared to 6% in FY 2023.

    Financial Overview

    €million 4Q24 4Q23 Change FY2024 FY2023 Change
    Net trading income 153.8 72.7 112% 467.8 300.3 56%
    Other income 5.1 1.6   11.5 3.6  
    Total income 159.0 74.3 114% 479.3 303.9 58%
    Revenue by region3            
    Europe 86.9 42.6 104% 274.1 167.8 63%
    Americas 18.2 18.1 1% 93.6 82.1 14%
    Asia 53.8 13.6 295% 111.5 53.9 107%
    Employee expenses            
    Fixed employee expenses 20.2 17.5 15% 81.6 76.0 7%
    Variable employee expenses 31.5 22.1 43% 85.3 57.9 47%
    Technology expenses 16.9 15.3 10% 66.6 64.4 3%
    Other expenses 8.2 7.6 8% 30.9 33.7 (8%)
    One-off expenses4 – –   0.0 4.3 (100%)
    Total operating expenses 76.8 62.5 23% 264.4 236.3 12%
    EBITDA 82.1 11.8 597% 214.9 67.5 218%
    Interest Expense 0.5 –   1.1 0.0  
    Depreciation & amortisation 4.6 4.2 9% 17.4 18.4 (5%)
    Profit/(loss) on equity-accounted investments (0.1) (0.1) 5% (2.0) (4.5) (55%)
    Profit before tax 76.9 7.4 935% 194.4 44.7 335%
    Tax expense 13.7 1.0 1230% 34.8 8.5 310%
    Net profit 63.2 6.4 888% 159.5 36.2 341%
    Basic EPS5 (€) 1.47 0.15   3.69 0.84  
    Fully diluted EPS6 (€) 1.42 0.14   3.56 0.81  
    EBITDA margin 52% 16%   45% 22%  

    Revenue by Region

    €million 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
    Europe 58.5 33.1 33.6 42.6 68.4 48.6 70.2 86.9
    Americas 32.8 9.3 22.0 18.1 41.3 13.4 20.8 18.2
    Asia 19.2 9.0 12.1 13.6 19.9 14.2 23.6 53.8

    Value Traded Overview

    €billion 4Q24 4Q23 Change FY2024 FY2023 Change
    Flow Traders ETP Value Traded 424 376 13% 1,545 1,465 5%
    Europe 195 151 29% 655 619 6%
    Americas 193 203 (5%) 776 754 3%
    Asia 36 22 65% 114 93 22%
    Flow Traders non-ETP Value Traded 1,233 1,074 15% 4,703 4,115 14%
    Flow Traders Value Traded 1,657 1,450 14% 6,248 5,580 12%
    Equity 809 762 6% 3,217 3,009 7%
    FICC 783 641 22% 2,817 2,396 18%
    Other 64 48 33% 214 176 22%
    Market ETP Value Traded7 13,192 11,714 13% 47,933 43,081 11%
    Europe 728 557 31% 2,518 2,039 24%
    Americas 9,954 9,877 1% 38,545 35,874 7%
    Asia 2,510 1,280 96% 6,871 5,168 33%
    Asia ex China 582 383 52% 2,020 1,578 28%

    Trading Capital

      1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
    Trading Capital (€m) 647 574 585 584 609 624 668 775
    Return on Avg Trading Capital2 67% 65% 56% 49% 50% 58% 62% 69%
    Average VIX8 21.0 16.7 15.1 15.4 13.9 14.2 17.1 17.3

    Market Environment

    Europe

    Equity trading volumes in the quarter across major exchanges saw double-digit percentage point improvements when compared to the same period a year ago and single-digit improvements when compared to last quarter. Market volatility increased by single-digits compared to both the same period a year ago and last quarter.

    Fixed Income trading volumes on MTFs saw low double-digit percentage point improvements compared to the same period a year ago and single-digit improvements compared to last quarter.

    Americas

    Equity trading volumes in the U.S. saw single-digit percentage point improvements when compared to both the same period a year ago and last quarter. Market volatility increased slightly when compared to the same period a year ago and was flat compared to last quarter.

    Fixed Income trading volumes in the U.S. were mixed across the various trading venues but were in general better when compared to the same period a year ago but weaker compared to last quarter. Volatility declined when compared to the same period a year ago and was relatively flat when compared to last quarter.

    Asia

    Equity trading volumes in Asia were mixed as Hong Kong and China saw significant increases while Japan experienced declines both when compared to the same period a year ago as well as last quarter. Market volatility, for the most part, increased across all the regions both year-on-year and quarter-on-quarter, with the exception being Japan, where it declined compared to last quarter.

    Digital Assets

    Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes increased significantly both compared to the same period a year ago and last quarter. Volatility increased slightly both year-on-year and quarter-on-quarter.

    Trading Capital Expansion Plan

    In recent years, Flow Traders has successfully diversified its core trading model across different asset classes and geographies, which resulted in increased optionality for the business. The company sees a range of emerging opportunities to accelerate growth by systematically expanding its trading capital base.

    With the 2Q 2024 results, the company announced the suspension of the dividend and bank term loan as the initial steps in boosting the firm’s trading capital. The bank loan and strong net profit generation boosted trading capital by €191m over the course of the year and immediately helped increase the capacity of the firm to capture more of the opportunities that arose during the year given the increased volatility and dislocations across different asset classes and regions around the world. Given the success of the Trading Capital Expansion Plan thus far, the firm will continue to pursue the most strategic debt financing options to further support its growth.

    Treasury Shares

    As a result of the second-best year in company history, portions of the previously repurchased shares from the €25m share buyback program conducted in July 2022 will be reallocated to employee incentive plans.

    Outlook

    Fixed operating expenses for FY 2025 are expected to be in the range of €190-210m given additional technology investments and targeted additions of subject matter experts in growth areas, partially offset by expected operational efficiency gains.

    CEO Statement

    Mike Kuehnel, CEO
    “Flow Traders closed out 2024 with a record fourth quarter and the second-best year in the company’s 20-year history. Following the strategic decision to accelerate the expansion of our trading capital base last July, the additional capital has enabled us to capture additional opportunities and leverage dislocations in the market during a period of heightened volatility across different regions and asset classes. Following one of the calmest markets in recent memory in 2023, we were able to achieve a 69% return on average trading capital in 2024. This demonstrates the robustness and coverage of our trading strategies and is a result of the company’s growth and diversification strategy.

    In the fourth quarter, market trading volumes and volatility increased meaningfully across Europe and Asia, and within equity and digital assets. We were able to capitalize on this increased activity given the significant multi-year investments in talent and technology that we made in Asia and digital assets. Additionally, our partnerships with emerging financial infrastructure providers, such as the Börse Stuttgart Digital and Wormhole partnerships in the digital assets space and OpenYield in the fixed income space, will allow the company to further participate in and shape the future of financial markets.

    As digital assets continue to gain acceptance by governments and institutions around the world, we believe Flow Traders has a pivotal role to play given our strong capabilities in both traditional finance and digital assets ecosystems. With our unique distribution network, technology and pricing capabilities, we aim to be an important bridge by connecting various stakeholders to bring the 24/7 trading currently available in digital assets to the traditional financial landscape. Our partnership with DWS and Galaxy in AllUnity is one example of a platform which we believe could be pivotal in achieving this transition.

    Looking forward to 2025, we will continue to invest in the expansion of our trading capabilities and increasing sophistication, with tailored investments in technology and additional talent given the attractive opportunities in front of us. Opportunities which would otherwise not be possible without the accelerated growth of our trading capital base as a result of our trading capital expansion plan. To offset some of the additional investments, we stay fully committed to the streamlining and automation work to systematically improve efficiency and strengthen our core operations as the firm continues to grow and scale.”

    Preliminary Financial Calendar

    24 April 2025                1Q25 Trading Update

    Analyst Conference Call and Webcast

    The 4Q24 results analyst conference call will be held at 10:00 am CET on Thursday 13 February 2025. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:        investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:        press@flowtraders.com

    About Flow Traders

    Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading ETPs to expand into fixed income, commodities, digital assets and FX. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With nearly two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

    Notes

    1. Figures restated to include only active employees and exclude those on garden leave per CSRD definition.
    2. Return on trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
    3. Revenue by region includes NTI, Other Income, and inter-company revenue.
    4. One-off expenses related to the completed corporate holding structure update and capital structure review work.
    5. Weighted average shares outstanding: 4Q24 – 43,066,302; 3Q24 – 43,095,744; 4Q23 – 43,166,257.
    6. Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
    7. Source – Flow Traders analysis.
    8. Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

    Important Legal Information

    This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

    Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

    Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

    By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

    All results published in this release are unaudited.

    Market Abuse Regulation

    This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Attachment

    The MIL Network –

  • MIL-OSI: Falcon Oil & Gas Ltd. – Operational Update on the Stimulation Campaign

    Source: GlobeNewswire (MIL-OSI)

    Falcon Oil & Gas Ltd.
    (“Falcon”, “Group”)

    Operational Update on the Stimulation Campaign

    13 February 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) provides the following update on the stimulation campaign for the Shenandoah S2-2H ST1 (“SS-2H ST1”) and Shenandoah South 4H (“SS-4H”) wells in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner, Tamboran (B2) Pty Limited (“Operator”).

    SS-2H ST1

    • As previously announced stimulation operations were successfully completed over 35 stages across the 1,671-metre (5,483-feet) horizontal section of the Amungee Member B-shale with Liberty Energy (NYSE: LBRT) stimulation equipment.
    • The SS-2H ST1 well is being prepared for the commencement of initial flow back and extended production testing.
    • Targeting announcement of 30 day initial production (“IP30”) flow rates in April 2025.

    SS-4H

    • Commenced stimulation operations in January 2025.
    • The Operator took proactive and precautionary steps to pause completion operations due to the detection of stress in a casing connection.
    • Reinforcement activities are planned to be conducted in Q1 2025, aiming for stimulation activities to recommence in Q2 2025, as soon as the IP30 flow test is completed at SS-2H ST1.
    • The deferred stimulation program should provide an opportunity to incorporate lessons from the SS-2H ST1 campaign.
    • Targeting announcement of IP30 flow rates in mid-2025.

    Working Capital

    • Falcon Australia has received a A$4.7 million (~US$3 million) research and development tax offset in cash.
    • The Group’s current cash balance is US$8.2 million.

    Philip O’Quigley, CEO of Falcon commented:
    “We continue to be extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling, together with the completion of a successful stimulation program on SS-2H ST1 well. We look forward to updating the market on the IP30 flow test results from both wells as soon as they become available.”
                                                    

    Ends.
    CONTACT DETAILS:

    Falcon Oil & Gas Ltd.          +353 1 676 8702
    Philip O’Quigley, CEO +353 87 814 7042
    Anne Flynn, CFO +353 1 676 9162
     
    Cavendish Capital Markets Limited (NOMAD & Broker)
    Neil McDonald / Adam Rae +44 131 220 9771

    This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Technical Advisor. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

    About Falcon Oil & Gas Ltd.

    Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

    Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

    For further information on Falcon Oil & Gas Ltd. Please visit www.falconoilandgas.com

    About Beetaloo Joint Venture (EP 76, 98 and 117)

    Company Interest
    Falcon Oil & Gas Australia Limited (Falcon Australia) 22.5%
    Tamboran (B2) Pty Limited 77.5%
    Total 100.0%

    Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres1

    Company Interest
    Falcon Oil & Gas Australia Limited (Falcon Australia) 5.0%
    Tamboran (B2) Pty Limited 95.0%
    Total 100.0%

    1Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah South pad 2.

    About Tamboran (B2) Pty Limited
    Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Corporation and Daly Waters Energy, LP.

    Tamboran Resources Corporation, is a natural gas company listed on the NYSE (TBN) and ASX (TBN). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

    Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company.

    Advisory regarding forward-looking statements
    Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes. In particular, forward-looking information in this press release includes, details on the completion of the stimulation, preparation for initial flow back and targeting an IP30 flow rate of April 2025 for SS-2H ST1; steps taken to pause operations, planned reinforcement activities in Q1 2025, aiming for recommencement of activities in Q2 2025, opportunity to incorporate lessons from the SS-2H ST1 campaign and targeting IP30 flow rates in mid-2025 for SS-4H.

    This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

    Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.com, including under “Risk Factors” in the Annual Information Form.

    Any references in this news release to initial production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Falcon. Such rates are based on field estimates and may be based on limited data available at this time.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹39,000 crore on February 14, 2025

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on February 14, 2025 (Friday).

    As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction
    6.64% GS 2027 7,000 167 167
    6.79% GS 2034 22,000 524 524
    7.09% GS 2074 10,000 239 239

    The underwriting auction will be conducted through multiple price-based method on February 14, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2143

    MIL OSI Economics –

  • MIL-OSI NGOs: Loving The Earth Through Food: Eco-friendly Lifestyle Recipes

    Source: Greenpeace Statement –

    The Earth gives us fresh and healthy food that keeps us strong. Consequently, when we take care of our planet, we help keep the environment balanced and protect our natural food supply.

    Choosing local fruits and vegetables instead of imported ones, eating organic food, or even growing your own herbs and veggies are simple ways to help the planet. These choices can fight climate change, keep forests and water clean, and make us healthier and happier.

    The way we eat connects us to nature, and it all starts in our own kitchens! Here’s an easy guide to help you begin your healthy and eco-friendly journey. Check out our cookbook (originally published by Greenpeace Indonesia) featuring “green” recipes you can do at home.

    MIL OSI NGO –

  • MIL-OSI Security: Breaking the Ice, Breaking up Ground: III MSB Marines conduct joint training event with Army 11th Engineer Battalion Soldiers

    Source: United States INDO PACIFIC COMMAND

    DAGMAR NORTH TRAINING AREA, South Korea  –  

    Early on the morning of February 6, 2025, the Marines of III Marine Expeditionary Force Support Battalion, III MEF Information Group joined Soldiers from 63rd Clearance Company, 11th Engineer Battalion, 2nd Infantry Division Sustainment Brigade, 2nd Infantry Division at the frozen grounds of Dagmar North Training Area, South Korea to conduct a joint training event.

    This joint training event took place during III MSB’s preparation for their Marine Corps Combat Readiness Evaluation, which is scheduled to take place this week. The MCCRE is designed to test Marines and Sailors within the unit on how well they can perform their mission essential skills, and the preparation for it has spurred III MSB leaders to continuously seek and initiate opportunities to maximize the success of the MCCRE. Sgt. Wyatt Miller, platoon sergeant of III MSB’s engineer platoon, contacted the Army’s engineer unit to request heavy equipment operations at Dagmar North prior to the evaluation.

    “There will be times where there’s interservice training, interservice operations or interservice communication, where something’s got to get done and it can only get done with help from both sides,” explained Sgt. Miller.

    Miller noted that this was his first experience engaging in joint training during his time at III MSB, and that it certainly reinforced the idea that continuous training in a joint environment fosters better teamwork. “I think that’s a very valuable experience from both sides,” Miller added.

    In the days leading up to the event, internal coordination and reconnaissance of the designated site for the event would help to set the stage and establish lateral limits for both units involved. Marines and Soldiers could be seen shoulder-to-shoulder in the freezing cold, planning and crafting a training event to fulfill both unit’s missions while increasing their interoperability.

    Soldiers from 4th platoon were tasked with creating berms as fixed fighting positions for the Marines. At the same time, the Marines were tasked with supporting the Soldiers by providing security in the area and conducting patrol maneuvers, a form of training that provided insight on how to better prepare for their upcoming MCCRE. Following a convoy insert that preceded the dawn, the servicemembers began to set in and take their positions.

    “This is exactly what we are here to do,” stated 2nd Lt. Melissa Wences, 4th Platoon leader of the Army engineers, emphasizing the value of the training event. “Getting my platoon of horizontal construction engineers out here and guiding them onto the construction of fighting positions in different terrain and difficult weather conditions is a reality check of where they are and what it’s going to be like for future exercises.”

    As a support asset to the unit, the company’s primary focus is to dig vehicle positions and individual fighting positions to strengthen security around the area of operation. In light of the unit’s upcoming schedule, Wences saw this as an ideal opportunity to further her Soldiers’ training.

    “This will lead into our battalion’s field training exercise next month,” said Wences. “Most of the Soldiers currently in the platoon are new to the Korean Peninsula, and it’s necessary for them to be familiarized with overcoming the challenges of a different terrain.”

    The intent of this training was for the Marines of III MSB to establish a dynamic security posture, effecting a protective perimeter around a site designated for the Army’s excavation operations. The soldiers would operate and guide heavy construction equipment for vertical and horizontal engineer operations. Joint training events such as this one serve to hone the interoperability and integration capabilities of the joint force.

    III MSB provides and coordinates direct combat service support, security, and administrative services to III MEF, 3d Marine Expeditionary Brigade, and III MEF Information Group Command Elements to enable III MEF to win in competition and conflict.

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Starting February 15, 2025, the Presidential Office will temporarily suspend its monthly Designated Holiday Tours due to operational reasons. Further information regarding the reopening will be announced at a later date. Weekday Tours will remain open as usual. We welcome you to visit.

    Source: Republic of China Taiwan

    News & activities

    News releases

    2025-02-12
    Starting February 15, 2025, the Presidential Office will temporarily suspend its monthly Designated Holiday Tours due to operational reasons. Further information regarding the reopening will be announced at a later date. Weekday Tours will remain open as usual. We welcome you to visit.

    Starting February 15, 2025, the Presidential Office will temporarily suspend its monthly Designated Holiday Tours due to operational reasons. Further information regarding the reopening will be announced at a later date. Weekday Tours will remain open as usual. We welcome you to visit.

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: GEMMELL ROAD, MACCLESFIELD (Tree Down)

    Source: Country Fire Service – South Australia

    Advice – Reduced Threat

    We will issue a Reduced Threat message when the threat to the community has reduced.

    All bushfire incidents that have had an Advice, Watch and Act or Emergency Warning message issued will be finalised with an Advice – Reduced Threat message.

    MIL OSI News –

  • MIL-OSI Australia: GROSS ROAD, MYLOR (Grass Fire)

    Source: Country Fire Service – South Australia

    Homes that have been built to withstand a bushfire, and are prepared to the highest level, may provide safety.

    You may lose power, water, phone and data connections.

    Fire crews are responding but you should not expect a firefighter at your door.

    What you should do

    • Check and follow your Bushfire Survival Plan.
    • Protect yourself from the fire’s heat – put on protective clothing.
    • Tell family or friends of your plans.

    If you are leaving

    • Leave now, don’t delay.
    • Roads may become blocked or access may change. Smoke will reduce visibility.
    • Secure your pets for travel.
    • If you become stuck in your car, park away from bushes, cover yourself, get onto the floor as the windows may break from the intense heat.

    If you are not leaving – prepare to defend

    • Identify a safe place inside, with more than one exit, before the fire arrives. Keep moving away from the heat of the fire.
    • Bring pets inside and restrain them.
    • Move flammable materials such as doormats, wheelie bins and outdoor furniture away from your house.
    • Close doors and windows to keep smoke out.
    • If you have sprinklers, turn them on to wet the areas.
    • If the building catches fire, go to an area already burnt. Check around you for anything burning.

    MIL OSI News –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 13, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 2,75,000
    Total amount of bids received (in ₹ crore) 2,35,619
    Amount allotted (in ₹ crore) 2,35,619
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.26
    Partial Allotment Percentage of bids received at cut off rate (%) N.A.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2142

    MIL OSI Economics –

  • MIL-OSI Australia: Question Time Response – Universal Service Obligation expansion

    Source: Australian Ministers 1

    Question – Federal Member for Mayo – Rebecca Sharkie MP

    My Question is to the Minister for Communications. 90 per cent of Australians have a smart phone. Will the Government expand the Universal Service Obligation to the mobile phone network in the regions, and, if not, why not?

    Answer – Minister for Communications, Michelle Rowland MP

    Thank you, Mr Speaker. And I thank the Member for her question and I appreciate the advocacy she has provided for her constituents in her constructive engagement with me on a variety of communications matters across a portfolio. 

    Universal Service Obligation; Telstra is designated as the universal service provider. 

    Basically, this is a requirement that has not changed under the current regime since it was put in place. It basically applies to landline services and a pretty basic data service. The intention of the National Broadband Network, when it was conceived by Labor, was to ensure not only that we had broadband capacity across Australia, but that we had a wholesale-only access network vertically integrated that would provide competition into the regions, and this is where it matters. 

    The Member is very right that there is a complete lack of flexibility when it comes to the Universal Service Obligation and that is why, in 2023, I announced that this Government would undertake a full consultation into how reform could be undertaken here, and how it could best benefit, in particular, those living in regional Australia.

    And I also pay credit to the Member for Kennedy – he was been a staunch advocate for reform in this area. Clearly, that needs to be changed. This has been strongly endorsed by every stakeholder in the area, be it from the National Farmers’ Federation, to ACCAN, to the industry themselves. So it is encouraging.

    This is an area of long-overdue reform and no reform happened under the previous government for a decade, but, despite that, we have not only undertaken that consultation but considered how it should be funded, and there is a variety of ways it could happen. Telstra has the contract as a universal service provider under those arrangements which happen when the NBN was conceived. They are due to expire – not in the immediate term – but in future years, not a long way away. So, we need to determine out what that is going to look like. The Government has been working diligently in this area and we will have more to say very soon. 

    But I will make three points: firstly, this is an area where reform was absolutely left lacking under the previous government. Secondly, this is an area where regional Australia has missed out because of that lack of reform. And, thirdly, that lack of reform flies in the face of the fact that Australians are early-adopters and want the best technology and connectivity.

    What I can assure the Member is that Labor will be reforming that area, and I look forward to engaging with the Member.

    MIL OSI News –

  • MIL-OSI Australia: Building the Goulburn Valley’s future

    Source: Australian Ministers 1

    The Albanese Government is building the Goulburn Valley’s future, driving economic growth and improved freight efficiency with a partnership with Greater Shepparton City Council to deliver a $22.9 million freight precinct.

    The Australian Government will invest $8.5 million in the new Goulburn Valley Link Freight Precinct, with Council committing $14.4 million.

    This investment will deliver critical enabling works, including road connections into the new freight precinct, located outside Mooroopna west of Shepparton.

    The construction of a new roundabout and upgrades to Simson Road will enable large, High Productivity Freight Vehicles to access the facility. 

    Works on the project are expected to begin in early 2025.

    Quotes attributable to Federal Minister for Infrastructure, Transport, Regional Development and Local Government, Catherine King:

    “The Goulburn Valley is a powerhouse of agriculture and innovation, and this freight and logistics precinct will capitalise on its location and its connection to national and interstate transport links.

    “I’d like to thank Greater Shepparton for their advocacy on this critical project. Our Government is proud to partner with them to improve the productivity and resilience of freight for the broader region.”

    Quotes attributable to Senator for Victoria Jana Stewart:

    “The local community has been calling for this new Goulburn Valley Link Freight Precinct and I’m thrilled the Albanese Labor Government is able to support the delivery this project for the Goulburn Valley.

    “We are getting on with delivering a better future for all Victorians, and this project will improve freight connections for job-creating regional businesses in our state’s north.

    “I’m proud to be part of a Government which believes in boosting our regions, partnering with local councils such as the City of Greater Shepparton, and building the infrastructure we need to thrive.

    Quotes attributable to Mayor of Greater Shepparton Cr Shane Sali:

    “The GV Link Project has been over a decade in the making and is the result of persistence in making this ambitious project a reality.

    “The Australian Government’s investment will be a catalyst for Council to kick start the project, showing recognition that the Goulburn Valley is a national powerhouse for agriculture and industry, especially food manufacturing.

    “The GV Link site and future logistics hub is set to boost Greater Shepparton’s growth as a regional centre over the next twenty years.”

    MIL OSI News –

  • MIL-Evening Report: This is Australia’s only icebreaker. Here’s why experts say we need another

    Source: The Conversation (Au and NZ) – By Jane Younger, Lecturer in Southern Ocean Vertebrate Ecology, Institute for Marine and Antarctic Studies, University of Tasmania

    Australia’s Antarctic territory represents the largest sliver of the ice continent. For decades, Australian scientists have headed to one of our three bases – Mawson, Davis and Casey – as well as the base on sub-Antarctic Macquarie Island, to research everything from ecology to climate science.

    But despite our role as leaders in Antarctic science, Australian funding and logistics for Antarctic research hasn’t kept pace. Our single icebreaking vessel spends most of its time on resupply missions, restricting its use for actual science. And funding is often piecemeal, which makes it hard to plan the complex, multi-year efforts it takes to do research down on the ice.

    This week, we saw a welcome change. The federal parliamentary committee on Australia’s external territories delivered a report calling for a second icebreaking vessel and more reliable funding. It also urged the government to progress work on marine protected areas in east Antarctica as well as resume fishing patrols, due to concern over illegal or exploitative fishing.

    These measures are long overdue. For those of us who work and study on the ice continent, logistics and funding have long been a challenge. Illegal fishing in Antarctica must be stamped out, and a second vessel would support our ambitious, world-leading science.

    Why is Antarctic science so important?

    Antarctica is often out of sight, out of mind for many Australians. But what happens on the ice doesn’t stay there.

    For climate science, Antarctica matters a great deal. For decades, much of the concern about melting ice focused on the Arctic and Greenland, while Antarctica stayed relatively stable. But this is now changing. Sea ice is melting more quickly than in the past. Glacial ice is retreating. Increased melting will affect sea level rise and ocean currents.

    I study diseases such as the lethal strain of bird flu which has devastated bird and some mammals populations around the world. It recently reached Antarctica, where it killed large numbers of penguins, skuas, crabeater seals and more. I saw the devastation myself on my recent journey there.

    If this strain makes it to Australia – the last continent free of it – it could come from the south and devastate both Australian wildlife and poultry.

    To study these large and important changes, we need to be down there on the ice. It’s not an easy task. Keeping our bases functional means we need regular resupply missions. Repairs and extensions require tradies. Scientists and other workers need to be brought home.

    Antarctic science has long relied on just one vessel, now the RSV Nuniya, which the Australian Antarctic Division describes as the “main lifeline to Australia’s Antarctic and sub-Antarctic research stations and the central platform of our Antarctic and Southern Ocean scientific research”.

    The problem is, resupply can trump science. After all, no one wants bases running short of food or fuel. This is, in fact, what the Nuniya is largely doing.

    Australia’s role is key

    The Australian Antarctic Territory represents about 40% of the ice continent – the largest territory by far.

    Territory, here, doesn’t mean exclusive rights. In 1959, 12 nations with a scientific interest in the ice continent signed the Antarctic Treaty. This treaty was an agreement that Antarctica – the only landmass with no indigenous human presence – would be reserved for peaceful, scientific purposes.

    But in recent years, this treaty has come under pressure. Nations such as Norway and China have expanded fishing operations for krill. Illegal and unregulated fishing from various nations continues.

    The report recommends the Australian government continue efforts to establish a marine protected area off East Antarctica – where fishing would be restricted – as well as reopening fishing patrols. China – which recently opened its fifth Antarctic base – is opposed to the idea of fishing-free zones and is pushing to expand fishing in the Southern Ocean.

    Under Antarctica’s ice lie many resources. Mining is banned in Antarctica until 2048. What happens after that is uncertain. The race to tap critical minerals in Greenland signals what may lie ahead for Antarctica.

    This is why Australia’s leadership in Antarctic science matters. Australia was an original signatory to the Antarctic Treaty, and has a long history of exploration and science. Hobart has long been the home of Australia’s Antarctic vessels.

    As Antarctica changes, Australian scientists must be there to analyse, understand and report back. To do that, improvements are needed, including new vessels and longer-term funding. This report is the first step.

    The government is yet to formally respond to the report’s recommendations. Let’s hope it takes heed of the findings.

    Jane Younger receives funding from the Australian Research Council, WIRES Australia, the Geoffrey Evans Trust and the National Geographic Society.

    – ref. This is Australia’s only icebreaker. Here’s why experts say we need another – https://theconversation.com/this-is-australias-only-icebreaker-heres-why-experts-say-we-need-another-249714

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Short-term politics keeps stalling long-term fixes. This bill offers a way forward

    Source: The Conversation (Au and NZ) – By Susan Harris Rimmer, Professor, Griffith Law School, Griffith University

    Two federal politicians from opposing camps reached across the aisle this week to promote a valuable cause – the wellbeing of future Australian generations.

    Independent MP Sophie Scamps tabled the Wellbeing of Future Generations Bill 2025, which was seconded by Liberal backbencher Bridget Archer.

    In an election year no less, this was a highly unusual moment of bipartisan collaboration.

    It is extremely rare for private members bills to be passed into law. But the ideas in the Scamps bill have merit – especially its central recommendation that all decision makers properly consider the needs of young people when drafting government policy.

    The bill was a direct response to a diverse civil society campaign in Australia and overseas to prioritise long term solutions to deliver a fairer, more sustainable future.

    We support those efforts through our involvement in the youth-driven non-profit Foundations for Tomorrow, which worked closely with Scamps on her bill.

    What is in the bill?

    The bill would introduce a range of measures to try and apply a future focus to decision making across the policy spectrum. This includes housing, environment, climate change, mental health and job security, all of which are pressing issues for young people.

    An independent Commissioner for Future Generations would be appointed to advocate for better policies and sustainable practices, while the government would have a public duty to always consider the best interests of future generations.

    Importantly, a national conversation would be launched to engage Australians in a public consultation to help shape the nation’s vision for the future.

    What is future governance?

    Globally, we are in a state of polycrisis.

    We are confronting cascading climate disasters, intense regional conflicts and geo-strategic competition. In response to this, a growing international movement representing the interests of future generations has emerged.

    The concept incorporates an approach to decision making that overcomes the trappings of short-term, inadequate solutions. Instead, the emphasis is on planning for the future, not just the here and now.

    Here in Australia, it aspires to future-proof the country by managing extreme, long-term risks that are damaging current and future prosperity.

    Growing inequality is showing up in many policy areas, none more so than in the housing wealth gap between people in their 30s and 50s, which has widened to an extraordinary 234%.

    By improving governance, it is hoped that intergenerational justice will be achieved. This ethical lens is compatible with the Australian Public Service value of good stewardship.

    A global movement

    Many countries, including Scotland, Finland, the United Arab Emirates and Singapore, are exploring ways to reorient their policy making towards a better understanding of long-term impacts of decisions taken now. It has also been taken up by the United Nations and the European Union.

    The Australian bill is based on the experience in Wales, where similar legislation was introduced in 2015.

    The Welsh model has delivered significant practical benefits by including community involvement in planning, and protecting essential services from election cycles. For instance, environmental protection has been given higher status in decision making about transport.

    The Australian landscape

    Australia has undertaken other efforts to think long term. The Intergenerational Report was launched by former treasurer Peter Costello in 2002 to build consensus around the big issues facing Australia over the next 40 years.

    The most recent report, in 2023, identified five major areas needing future generations policy. These were population and ageing, technological and digital transformation, climate change and the net zero transformation, rising demand for care and support services, and geopolitical risk and fragmentation.

    The ideas in the Wellbeing of Future Generations bill could help guide policy in these critical areas. It would be an improvement on our current approach of recognising issues, but constantly kicking the can down the road.

    There have been other excellent future generations measures at all levels of government. One of these is the Albanese government’s commitment to the Measuring What Matters framework.

    And there is merit in independent Senator David Pocock’s Duty of Care Bill and the establishment of the Parliamentary Group for Future Generations at the Commonwealth level.

    An increasing number of leaders and policy makers are recognising the power and potential of expanding our definitions of policy success.

    Young voters and the 2025 election

    However, much more needs to be done to overcome intergenerational inequities. Policy-making continues to be driven by short-term political objectives, which is eroding trust and optimism in Australia’s future.

    In a 2021 survey for Foundations for Tomorrow, 71% of young Australians said said that they “do not feel secure”. Young people are also drifting away from supporting the major parties, especially the Coalition.

    Tabling her bill, Scamps correctly pointed out that today’s young Australians are the first generation in modern history to be worse off than their parents.

    Australians want politicians to start thinking beyond their own re-election prospects. They want long term solutions, they want vision, they want hope. We owe them that much.

    A recent survey by EveryGen (a network convened by Griffith University’s Policy Innovation Hub) found that 81% of Australians feel that politicians focus too much on short-term priorities. An overwhelming 97% of people believe that current policies must consider the interests of future generations.

    Genuine futures thinking is not always easy. But it does add an important ethical dimension to decision making, that of real attention to political legacy.

    Susan Harris Rimmer receives funding from the Australian Research Council. She is affiliated with Foundations for Tomorrow as a board member who are running the For the Future campaign, and is founder of the EveryGen network. EveryGen is a member of the Intergenerational Fairness Coalition.

    Elise Stephenson receives funding from the Australian Research Council. She is a founding member of the EveryGen network and supporter of Foundations for Tomorrow. EveryGen is a member of the Intergenerational Fairness Coalition.

    – ref. Short-term politics keeps stalling long-term fixes. This bill offers a way forward – https://theconversation.com/short-term-politics-keeps-stalling-long-term-fixes-this-bill-offers-a-way-forward-249598

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Death following water-related incident, Whangapoua Beach

    Source: New Zealand Police (National News)

    One person has died after a water related incident at Whangapoua Beach this afternoon.

    Emergency services were called to the beach about 1pm after the person was recovered from the water. First aid was provided, however, sadly they were not able to be revived.

    The death will be referred to the Coroner.

    ENDS 

    Issued by Police Media Centre 

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Teenager arrested over incidents at Mitcham

    Source: South Australia Police

    A teenager has been arrested following investigations into incidents at Mitcham this morning.

    An incident occurred about 1.15am on Thursday 13 February when a man walking along Wattlebury Road, near Barrans Reserve, Lower Mitcham was allegedly threatened by a teenager on a bike.

    A short time later, about 2.30am, a man was sitting in his car parked at the Mitcham Shopping Centre when he was allegedly approached by a male who threatened him.

    In both instances, the suspect was believed to be armed, possibly with an axe.

    A 16-year-old boy from Kingswood has been arrested and charged with aggravated assault.  He was bailed to appear in the Adelaide Youth Court on 2 April.

    Investigations are continuing.

    Anyone with any information that may assist the investigation can contact Crime Stoppers at www.crimestopperssa.com.au or on 1800 333 000.

    MIL OSI News –

  • MIL-OSI Economics: Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country

    Source: Reserve Bank of India

    RBI//2024-2025/113
    A.P. (DIR Series) Circular No. 20

    February 13, 2025

    All Category – I Authorised Dealer Banks

    Madam/Sir

    Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the
    Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol
    Vessels (OPV) in the Borrower’s Country

    Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 31, 2024, with the Government of the Socialist Republic of Vietnam (GO-VNM), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 180 mn (USD One Hundred Eighty Million Only) for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country. The export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement.

    2. The Agreement under the LoC is effective from January 20, 2025. Under the LoC, the last date for disbursement will be 60 months after scheduled completion date of the project.

    3. Shipments under the LoC shall be declared in Export Declaration Form/Shipping Bill as per instructions issued by the Reserve Bank from time to time.

    4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer (AD) Category- I banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.

    5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain complete details of the LoC from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in.

    6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

    Yours faithfully

    (N Senthil Kumar)
    Chief General Manager

    MIL OSI Economics –

  • MIL-OSI New Zealand: Kiwi businesses to face reduced AML burden

    Source: New Zealand Government

    The Government is moving to reduce the regulatory burden on New Zealand businesses by improving the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009, Associate Justice Minister Hon Nicole McKee says.
    The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill, which had its first reading in Parliament today includes a range of amendments to reduce the compliance burden for businesses.
    “This Bill will make 26 changes to improve the effectiveness, efficiency and consistency of the AML/CFT regime by relaxing requirements on low-risk activities and entities, such as family trusts,” Mrs McKee says.
    “These amendments are the first of the Government’s programme to reform the AML/CFT regime and will benefit New Zealanders by empowering businesses to make the call about the level of checks they need to do on their customers.”
    “The changes address key difficulties for many low-risk businesses who are currently required to undertake onerous checks even when there is clearly very little risk. These are part of the Government’s plan to make the AML/CFT system work better with less overly prescriptive requirements by allowing businesses to take measures in line with the actual risks that they face.”
    The amendments also include the government’s first measures to reduce duplication in the AML/CFT system by:

    clarifying the definition of a ‘trust and company service provider’ to resolve confusion and unnecessary duplication of obligations for some businesses currently captured by two definitions; and
    removing unnecessary duplication of border cash reporting when someone physically brings cash with them when moving into New Zealand.

    “This is just one part of a wider package of reforms to improve the regime and deliver regulatory relief, to support tackling organised crime and to improve New Zealand’s compliance with international standards.
    “Other changes currently being progressed by the Ministry of Justice will build on these amendments and further improve the effectiveness and efficiency of the AML/CFT regime for businesses, agencies, and ordinary New Zealanders. These changes include a new supervisor model, the introduction of a levy, and a wider regulatory package of reforms.”

    MIL OSI New Zealand News –

  • MIL-Evening Report: Heads vs tails? A simple coin flip can be enough to change how we treat others

    Source: The Conversation (Au and NZ) – By Eliane Deschrijver, Senior Lecturer in Social Psychology and Neuroscience, University of Sydney

    Circles in a Circle (1923) Wassily Kandinsky / Philadelphia Museum of Art / The Louise and Walter Arensberg Collection, 1950

    Imagine you are asked to give a small amount of money to a stranger. It’s not your money, so it doesn’t cost you anything. You’re just deciding how much they get.

    But first, a pair of coins is flipped – one for you and one for the stranger – and you are told the results.

    Would the coin flip change how much money you give? Specifically, would you give them a larger amount if you both got heads or tails than if you got different results?

    As we discovered in a series of experiments with more than 1,400 participants, the coin flip – or other seemingly insignificant points of similarity or difference – might well affect your behaviour.

    In a new paper in Proceedings of the National Academy of Sciences, we show how understanding why even a coin flip can influence behaviour might help us understand what makes people discriminate against others.

    ‘Us’ versus ‘them’

    Historically, many psychological theories that aim to explain discrimination have focused on group processes, rather than on how we respond to individual people.

    This focus on group processes followed, in part, from the discovery that people benefit their own group over another group even if the division into groups had happened based on seemingly irrelevant features.

    The use of such features has been crucial for explaining the core psychology of discrimination, stripped from any wider societal elements such as race, gender, values or attitudes.

    In the seminal “minimal group” experiment, people were assigned to one of two groups based on seemingly irrelevant differences. Some groups were split by a preference for the paintings of Paul Klee versus those of Wassily Kandinsky, others by whether they had over- or underestimated the number of dots in an image. Some were even allocated to groups by a random event like a coin flip.

    The so-called ‘minimal group’ experiment showed that separating people into groups was enough to make them favour members of their own group.
    Andrii Yalanski/Shutterstock

    The result? Klee fans tended to give financial benefits to other Klee fans ahead of Kandinsky enthusiasts. Likewise, people in the “heads” group favoured their own group over those in the “tails” group.

    The results could not be explained easily by existing research at the time. Some theories had emphasised that people show favour towards an individual after agreeing on more meaningful topics than painting preferences or dots estimations. The meaningful topics were things like one’s belief system, values or political or religious views.

    Small studies had also found that a coin flip – which didn’t lead to explicitly dividing people into groups – was not enough to make people show discriminatory tendencies.

    An influential theory called social identity theory thus concluded that social categorisation – thinking in terms of “us” versus “them” – could lead to people discriminating. This was tied to an idea that people elevate their self-image or improve their self-esteem by benefiting their own group over others.

    New research emphasises a role for even random similarity versus difference

    In our recent research, we set out to reassess whether group division is crucial to understand discriminatory tendencies.

    We carried out seven experiments with over 1,400 participants in total (all based in the United Kingdom).

    The study analysed data from participants who were asked to either repeatedly choose their preferred painting from two, estimate the number of dots presented in a “cloud”, or take part in a coin toss.

    After each choice or coin flip, participants had to assign money to another person (the same person each time).

    The result of a coin flip was enough to change how study participants treated another person.
    Motortion Films/Shutterstock

    The only information participants were given about the other individual was their outcome in the same situation. Neither participants nor the other person were assigned to groups. Someone asked to pick between two paintings, for instance, was only told which painting the person they were allocating money to preferred in that instance.

    Participants allocated on average 43.1% more money to another person who demonstrated the same judgement – or chance outcome – to their own.

    Our research demonstrates that some of our discriminatory tendencies may be driven by individual difference versus sameness even when that difference or sameness is based on random chance, like a coin flip.

    The findings raise the possibility that more basic neural processes than thinking about groups may have contributed to these outcomes.

    Detecting a difference often comes with a conflict signal in the brain, and may come with negative emotions. Sameness with another person may hence lead to a more favourable treatment. However, this potential explanation will require further research.

    Why does this matter?

    The findings can help understand our own tendencies for favouring another person.

    Previous research had suggested that “incidental similarity” with somebody, such as sharing a birthday or a name, can influence pro-social behaviour or liking because we associate the person with the way we see ourselves.

    Our research surprisingly suggests that something similar can happen on the basis of an even less-relevant chance event such as a coin flip.

    This may affect how we think about discrimination. We usually understand discrimination as making unfair distinctions between people based on groups or other social categories.

    Our research suggests future perspectives on discrimination may incorporate a role for individual-level difference, too.

    Does this new understanding suggest ways we can lessen discrimination? At this stage, they would only be speculative.

    However, earlier scientific efforts to find ways to reduce prejudice and discrimination have largely been informed by group-based theories of discrimination. For example, some interventions have aimed to influence people’s perceptions of other groups.

    In the same way, our new findings may inspire future research into interventions based on individual-level drivers of discrimination.

    Eliane Deschrijver receives funding from the Australian Research Council.

    Richard Ramsey does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Heads vs tails? A simple coin flip can be enough to change how we treat others – https://theconversation.com/heads-vs-tails-a-simple-coin-flip-can-be-enough-to-change-how-we-treat-others-249611

    MIL OSI Analysis – EveningReport.nz –