Category: Asia

MIL-OSI Asia-Pac: DEMOLITION OF GRANDSTANDS AT APIA PARK AND CONSTRUCTION OF A NEW SPORTS STADIUM

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[PRESS RELEASE 17 April 2025] – Cabinet has approved significant developments concerning the Apia Park Complex. This decision marks a pivotal step in enhancing the sports infrastructure in Samoa, aimed at fostering athletic excellence and providing state-of-the-art facilities for both athletes and spectators.

1. Cessation of Usage: Effective immediately, the three grandstands located on the Western side of the Grand Stadium at Apia Park will cease to be used. This measure ensures the safety of all users and aligns with the recommendations from the recent inspection report.

2. Demolition of Grandstands: The approved directive mandates the immediate demolition of these three grandstands. This action is a proactive measure to facilitate the construction of a new and improved sports stadium.

3. Collaborative Efforts for New Stadium Construction: The Ministry of Sports and Recreation, in collaboration with the Ministry of Finance and the Ministry of Foreign Affairs and Trade, will initiate discussions with earmarked Development Partners. These discussions aim to seek assistance in building a new sports stadium that meets international standards.

Cabinet’s decision is informed by an Inspection Report and recommendations provided by the Chinese Team, who are currently overseeing the maintenance and upgrade of the Apia Park Complex. This partnership underscores the commitment of both nations to advance sports development and infrastructure in Samoa.

The Ministry of Sports and Recreation is dedicated to ensuring a seamless transition during this period of development and will keep the public informed of progress and updates. We appreciate the understanding and support of the community as we embark on this exciting journey to enhance our sporting facilities.

For further information, please contact:

Ministry of Sports and Recreation s.tautu@msr.gov.ws +685 33774

Follow us on our Facebook Page for the latest updates.

“End of Release”

SOURCE – Ministry of Sports and Recreation

Photo by Savali Newspaper

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May 14, 2025

MIL OSI Asia Pacific News –

May 14, 2025

MIL-OSI Asia-Pac: LCQ18: Manpower of lifeguards

Source: Hong Kong Government special administrative region

Following is a question by the Hon Luk Chung-hung and a written reply by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, in the Legislative Council today (May 14):

Question:

There are views pointing out that the problems of insufficient manpower and recruitment difficulties of lifeguards in Hong Kong have remained unresolved for many years, which may lead to the chaotic situation of unlicensed lifeguards being employed, undermining the dignity of the industry’s workforce and jeopardising the lives and safety of swimmers. In this connection, will the Government inform this Council:

(1) of the current number of vacancies of civil service lifeguards; whether the Government has assessed the impact of the vacancy situation on the services to the public;

(2) whether it has studied if the Government has difficulties in recruiting lifeguards; if it has studied and the outcome is in the affirmative, of the support measures and proposals to resolve the problem;

(3) as some members of the industry have relayed that at present, civil service lifeguards have limited promotion prospects and their remuneration packages are inadequate, and their posts are only included in the Artisan grade, but they have to obtain a number of certificates and regularly renew their licenses in order to be employed on a continuous basis, which has resulted in a high wastage rate and stifled the development of the industry, whether the Government will further review and adjust the grade structure of civil service lifeguards, thereby retaining talents and attracting new blood to join the industry;

(4) of the respective numbers of (a) surprise and (b) non-surprise (i) inspections of private swimming pools conducted by the relevant government departments in the past three years, and the respective numbers of non-compliance cases found during such inspections in which (ii) there was insufficient manpower on duty at the swimming pools, and (iii) unqualified lifeguards were employed and on duty (set out in the table below); the actions taken by the Government to pursue such non-compliance cases;

Year	(a)			(b)
Year	(i)	(ii)	(iii)	(i)	(ii)	(iii)
2022
2023
2024

(5) as it has been reported that the Food and Environmental Hygiene Department (FEHD) will check the identity documents and Pool Lifeguard Awards (PLA) of the lifeguards on duty during inspections of private swimming pools and verify the validity of PLA with the Hong Kong China Life Saving Society (HKCLSS), of the specific procedures adopted by the FEHD for verifying the validity of the PLAs with the HKCLSS, including whether the FEHD has established a formal and regular liaison mechanism with the HKCLSS; if so, of the details; if not, whether it will consider establishing such mechanism; and

(6) as it has been reported that the HKCLSS intends to introduce an online service for checking the qualifications of lifeguards, whether the Government will collaborate with the HKCLSS to establish a checking system for qualified lifeguards, so as to rigorously combat unlicensed lifeguards and, at the same time, facilitate employers in checking the qualifications of the lifeguards they employ?

Reply:

President,

In consultation with relevant policy bureaux and government departments, the consolidated reply to the questions raised by the Hon Luk Chung-hung is as follows:

(1) The Leisure and Cultural Services Department (LCSD) is responsible for managing 46 public swimming pools, 42 gazetted beaches (Note 1) and five water sports centres. As at May 1, 2025, a total of 1 308 civil service lifeguards were employed by the LCSD. The number of vacancies was 188 (Note 2) .

During the swimming season every year (i.e. April to October), the LCSD needs to employ about 700 seasonal lifeguards. However, with increasing market demand for lifeguards due to the growing number of local private swimming pools in recent years, it has become more challenging for the LCSD to recruit seasonal lifeguards, which inevitably affects the provision of services at aquatic venues. The LCSD has all along flexibly deployed its serving lifeguards and other resources with a view to maintaining the services provided at aquatic venues as far as possible. The LCSD will arrange sufficient lifeguards to be on duty at aquatic venues that are open and deploy additional manpower when necessary, such as calling off-duty lifeguards to report for duty or arranging lifeguards to work overtime where practicable. Having regard to the usage of swimming pools and habits of swimmers, the LCSD will also temporarily close facilities with low usage rates during sessions with fewer attendees to optimise the use of manpower resources.

(2) The LCSD proactively puts in place various measures to increase and stabilise the manpower supply of lifeguards, including improving the remuneration package of seasonal lifeguards, enhancing the flexibility of recruitment procedures and exploring the recruitment of more eligible persons to join lifesaving services, etc.

The LCSD has recruited 110 full-year lifeguards on a two-year contract since 2023, and further employed 70 additional full-year lifeguards on a two-year contract in 2024 and 2025 respectively. Such relatively long contract period is conducive to stabilising the manpower supply of lifeguards. The LCSD has also taken into account market trends to further enhance the remuneration package of seasonal lifeguards, with monthly salary reaching as high as $23,000 (excluding end-of-contract gratuity) to reduce the salary gap between lifeguards in the public and private sectors.

Furthermore, as contractors of outsourced services offer more flexibility on remuneration packages and working hours, which makes the recruitment arrangement more flexible and attractive, the LCSD has outsourced lifesaving and first aid services at six public swimming pools on a trial basis since September 2024. The relevant service contractor has been providing stable lifesaving and first aid services. The LCSD will continue to review and evaluate the effectiveness of outsourcing lifesaving and first aid services.

As for expanding the new labour markets, the LCSD will continue to step up its publicity efforts for recruitment exercises, including extensively displaying recruitment posters and disseminating recruitment information/advertisements to reach out to more target groups. The LCSD will also proactively liaise with youth services organisations and schools to promote and encourage young people to pursue a career in lifeguarding, as well as to raise their interests in working as seasonal lifeguards, with a view to increasing the manpower supply of lifeguards. Besides, the LCSD launched the “Combined Seasonal Lifeguard Training Scheme” in 2023 and has so far organised six “Integrated Certificates Courses on Life Saving” to attract more people with no lifesaving qualifications to join the profession. In addition, the LCSD has collaborated with the Employees Retraining Board to organise specific lifesaving training programmes and provide relevant job opportunities with a view to increasing the manpower supply of lifeguards.

(3) Under the prevailing policy of the Civil Service Bureau (CSB), when a specific civil service grade has proven and persistent recruitment and retention difficulties, or fundamental changes in the job nature, job complexity and responsibilities, the Government will consider conducting a grade structure review for the grade concerned. There have been no fundamental changes to the job nature, job complexity and responsibilities of civil service lifeguards. In the past three years, the average vacancy rate of civil service lifeguards was 5.28 per cent, which was lower than the rate of 9.38 per cent for the entire civil service in the same period. The LCSD will continue to monitor the situation with the CSB.

(4), (5) and (6) In the past three years, the number of surprised inspections conducted by the Food and Environmental Hygiene Department (FEHD) on licensed swimming pools is provided below:

	Number of inspections	Number of cases of insufficient number of personnel on duty	Number of non-compliance cases involving employment of unqualified lifeguards
2022	8 845	0	0
2023	8 834	0	0
2024	12 828	4	0

As all inspections conducted by the FEHD on licensed swimming pools are surprise inspections, there is no record on non-surprise inspections.

For the four cases in 2024 in which sufficient number of qualified lifeguards was not made available in accordance with the law or licensing conditions, the FEHD had taken prosecution or issued warnings to the licensees depending on the actual situation.

The lifesaving qualifications required by lifeguards are assessed and awarded by the Hong Kong China Life Saving Society (HKCLSS) (Note 3). Starting from May 19, 2025, the FEHD will implement a number of measures to strengthen the monitoring of the qualifications of lifeguards at private swimming pools. These measures include stepping up inspections of swimming pools. Apart from checking the identity documents of lifeguards on duty and their Pool Lifeguard Awards (PLA) during each surprise inspection, the FEHD will also send all information of the PLA to the HKCLSS for verification. The FEHD and the HKCLSS have established a regular verification mechanism to handle the matter.

Note 1: Lifesaving services are not provided by the LCSD at three of the gazetted beaches as beach facilities such as beach buildings and shark prevention nets are not available there.
Note 2: With lifesaving and first aid services being outsourced at six public swimming pools under the LCSD on a trial basis since September 2024, the 98 civil service lifeguard vacancies in the venues concerned will not be filled for the time being.
Note 3: The HKCLSS is the only national sports association recognised by the International Life Saving Federation for assessing lifeguard qualifications and awarding lifeguard certificates in Hong Kong.

MIL OSI Asia Pacific News –

May 14, 2025

MIL-OSI Asia-Pac: DECLARATION OF DENGUE FEVER OUTBREAK FOR SAMOA

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[PRESS RELEASE – APIA, 17 April 2025] – The Ministry of Health is officially declaring a dengue fever outbreak in Samoa. There has been a significant increase in the number of suspected and confirmed cases, particularly in Upolu, over the past two weeks.

Since January a total of 15 confirmed cases have been reported from the laboratory, with I of these cases identified within the past two weeks. Most cases have been reported at the Moto’otua Main Hospital (TTM), where patients initially presented with other flu-like symptoms before testing positive for dengue.

The majority of these individuals have recovered well without requiring admission to hospital.

The most affected areas are those located in the North west of Upolu, with cases reported across all age groups. Tragically, one death has been confirmed as related to dengue. Our thoughts and prayers are with the affected family during this difficult time.

Dengue fever is a viral illness caused by four (U) different types of dengue virus (DENV-1, DENV-2), DENV-3 and DENV-4) and is spread by mosquitoes. It is transmitted from person to person through the bites of infected mosquitoes.

All four (U) types of the virus can lead to severe infections, including Dengue Hemorrhagic Fever, a potentially life-threatening condition that may cause internal bleeding and organ failure. Hemorrhagic dengue can progress rapidly and may lead to death if not treated promptly.

Common symptoms of dengue include;

• High fever

• Severe headache

• Pain behind the eyes

• Joint and muscle pain

• Nausea

• Rash

• Fatigue.

Severe symptoms of dengue include abdominal pain, bleeding gums, and vomiting blood, all of which require urgent medical attention.

The Ministry of Health is actively monitoring the situation and continues to strengthen its response efforts.

We are learning from regional trend, as neighboring countries such as Tonga, Fiji and the French Polynesia are experiencing similar dengue outbreaks.

We urge the public to be vigilant and work together to help prevent the spread of this disease by taking simple, yet important actions:

• Remove standing water around homes, buckets, Eres, and containers where mosquitoes can breed

• Use mosquito repellents, nets, and coils, especially during the day

• Wear protective clothing to reduce mosquito bites

• Seek medical attention if you or a family member experience symptoms of dengue.

The Ministry will continue to provide regular updates and is in communication with the World Health Organization (WHO) to further strengthen its response. Let’s stay informed, take acEon, and support one another.

For further information please contact the Ministry of Health at telephone numbers: 21212 or 66600.

You can also follow our official channels on our website: www.health.gov.ws and Facebook page: @healthsamoa.

Ma le fa’aaloalo,

END.

SOURCE – Ministry of Health Samoa

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May 14, 2025

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: LCQ13: Incident handling by MTR Corporation Limited

Source: Hong Kong Government special administrative region

Following is a question by the Hon Carmen Kan and a written reply by the Secretary for Transport and Logistics, Ms Mable Chan, in the Legislative Council today (May 14):

Question:(i) the nature, cause, delay time, recovery time, remedial measures taken and number of passengers affected for each incident; and
(ii) the number of incidents of service disruption of 31 minutes or above caused by factors within the control of MTRCL under the Service Performance Rebate, and their percentage of the total number of incidents in that year;

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: LCQ9: Construction or redevelopment of small houses

Source: Hong Kong Government special administrative region

LCQ9: Construction or redevelopment of small houses
Question:

Some residents of the New Territories have reflected that the pace of processing applications for the construction or redevelopment of small houses in the North District of the New Territories is slower compared to other districts. In this connection, will the Government inform this Council:

(1) given that in its reply to a question raised by a Member of this Council on the Estimates of Expenditure 2025-2026, the Government indicated that, as at the end of last year, there were as many as 3 686 small house applications under processing in the North District, with only 95 applications being approved last year, and that the Islands District and the Sai Kung District also faced a similar situation of a low number of approved applications and a high proportion of backlogged cases, whether the Government has put in place targeted improvement measures to enhance the efficiency of processing applications for the construction or redevelopment of small houses in these three districts; if so, of the details; if not, the reasons for that;

(2) given that according to government information, only around 100 staff members of the Lands Department are currently involved in processing of the small house applications, and that the respective numbers of small house applications and small house redevelopment applications under processing as at the end of last year were 10 513 and 1 664, how the Government will redeploy its manpower to expedite the processing of these backlogged cases; and

(3) given that the Government is implementing an arrangement that allows applications for a Certificate of Compliance (i.e. a Certificate of Compliance or “No Objection to Occupy”) by self-certification of compliance for New Territories Exempted Houses, and that this arrangement has been first implemented as a pilot scheme by the District Lands Office, Yuen Long, whether the Government will consider extending this pilot scheme to villages under all rural committees in the Northern Metropolis; if so, of the details; if not, the reasons for that?

Reply:

President,

The New Territories Small House Policy has been implemented since December 1972 to allow an indigenous villager to apply for permission to, for once in his lifetime, erect a small house on a suitable site within his own village (Note 1). According to the performance pledge, the Lands Department (LandsD) will process (Note 2) not less than 2 300 small house applications per year. For redevelopment applications, as archaic leases and houses are generally involved, the cases are more complicated and considerable time may be spent on checking the records. LandsD in general completes the processing of around 600 redevelopment applications per year.

The reply to various parts of the question raised by the Hon Chan is as follows:

(1) and (2) To streamline the processing of small house and redevelopment applications and speed up the approval process, LandsD enhanced the processing procedures in October 2021 and January 2023, including:

(i) To commence the procedures under various aspects in parallel, such as verification of land ownership and lot boundaries, and consultation with the relevant departments;
(ii) To simplify the procedures for handling objections;
(iii) To conduct face-to-face meetings with applicants for direct discussion;
(iv) To delegate the approval of relatively straightforward cases to officers under the District Lands Officer, and only non-straightforward cases will be submitted to the District Lands Officer or District Lands Office (DLO) Conference for approval;
(v) To enhance the supervision by LandsD on DLOs, including regular follow-up on the progress of processing applications.

The implementation of the above procedures has achieved results in terms of expediting the processing of small house and redevelopment applications. The average number of small house applications processed by LandsD each year increased to more than 2 500 cases in the years from 2022 to 2024, surpassing the department’s performance pledge of 2 300 cases, while the number of redevelopment applications completed by LandsD per year also increased from around 480 in 2022 to around 650 in 2024.

While it is mentioned in the question that the proportion of small house applications approved in 2024 as compared to the cases pending completion of processing in certain districts (including the North District, the Islands District, and the Sai Kung District) is relatively lower, we believe this is mainly due to the fact that applications involve relatively complex geographical features (such as remote locations or proximity to slopes, which require more rigorous technical assessments) and a larger amount of applications received in these respective districts.

In fact, a total of about 360 small house applications were received on average per year from 2022 to 2024 in the North District, the Islands District and the Sai Kung District, with an average of over 800 cases (Note 3) processed each year; the number of applications pending completion of processing also decreased from a total of over 6 100 at the end of 2021 to about 5 270 by the end of March 2025, representing an overall decrease of approximately 14 per cent. As for redevelopment applications, a total of about 100 and 150 applications were received and processed respectively on average per year from 2022 to 2024 in the three districts. The number of applications pending completion of processing decreased from a total of over 840 at the end of 2021 to about 710 by the end of March 2025, representing an overall decrease of approximately 16 per cent.

At present, around 100 staff of LandsD, mainly deployed to the eight DLOs in the New Territories, are involved in processing small house and redevelopment applications. As these staff are also responsible for other land administration duties within the DLOs, the above figure is provided for general reference only. LandsD will continue to review and enhance the procedures for processing small house and redevelopment applications (including the introduction of the self-certification of compliance scheme mentioned below) to expedite the approval. In addition, LandsD will strengthen the role of its headquarters in monitoring the processing and approval of applications in various districts and more flexibly allocate resources across districts to accelerate the processing of applications.

(3) After a DLO approves an application to build a small house, the applicant has to apply to LandsD for and obtain the Certificates of Exemption in accordance with the Building Ordinance (Application to the New Territories) Ordinance (Cap. 121) before commencing the construction works. After the works are completed, the applicant has to submit a construction completion report to the DLO. The DLO will issue a Certificate of Compliance (CoC) if, having conducted on-site checking, it is satisfied that the applicant has complied with all the relevant conditions, requirements and obligations.

To expedite the development of small houses, LandsD implemented a self-certification scheme of CoCs on a pilot basis in January this year, which allows lot owners to appoint registered professionals at their own expense to prepare and submit a self-certification of compliance, thereby optimising the use of resources in the industry and expediting the approval process. LandsD will conduct detailed inspection checks on randomly selected cases. At the same time, LandsD will also streamline and expedite the approval process for applications submitted under the scheme, with the target of completing the processing of cases within 10 weeks upon receipt of all required documents, and within 14 weeks for cases subject to random checking.

To ensure the orderly implementation of the self-certification scheme, a pilot scheme was first implemented at the DLO, Yuen Long. In view of the very positive response from Heung Yee Kuk and various stakeholders, and their wish for LandsD to extend the scheme to other DLOs as soon as possible, after taking into account factors such as the processing status of applications for CoCs by various DLOs, demand and manpower resources, LandsD plans to extend the coverage of the scheme to the DLO, North in the third quarter of this year. Details will be announced in due course. With the operational experience gained from the pilot scheme, LandsD will then decide whether and how to regularise the arrangement.

Note 1: The small house shall neither contain more than three storeys nor exceed a height of 8.23 metres (27 feet); and the roofed-over area shall not exceed 65.03 square metres (700 square feet).

Note 2: The number of small house applications processed by LandsD annually according to its performance pledge covers the applications which LandsD approves, rejects or classifies as non-straightforward cases for further processing in a particular year.

Note 3: As the processing of applications received during a year may not be completed within the same year, the applications processed in a particular year and its number may not correspond with the applications received in the same year and its number.
Issued at HKT 16:38

NNNN

CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: LCQ7: Government public transport fare concession scheme

Source: Hong Kong Government special administrative region

Following is a question by the Hon Michael Tien and a written reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (May 14):

Question:

Starting from August 25 last year, people aged 60 or above must use the JoyYou Card to enjoy a concessionary fare of $2 per trip under the Government Public Transport Fare Concession Scheme for the Elderly and Eligible Persons with Disabilities (the new measure). In this connection, will the Government inform this Council:

(1) whether it knows the number of contravention cases uncovered by the MTR Corporation Limited involving the use of JoyYou Card to enjoy the concessionary fare of $2 since the implementation of the new measure and, among such cases, the number of those referred to the Police for follow-up;

(2) in respect of the cases referred to the Police for follow-up as mentioned in (1), of the respective numbers of cases prosecuted and not prosecuted by the Police; the reasons for the Police not prosecuting such cases; and

(3) in respect of the prosecution cases mentioned in (2), of the number of convicted persons who were eventually sentenced to imprisonment?

Reply:

President,

The Government has implemented in full a real-name registration system for the Government Public Transport Fare Concession Scheme for the Elderly and Eligible Persons with Disabilities (the $2 Scheme) starting from August 25, 2024, mandating Hong Kong residents aged 60 or above to use a JoyYou Card, and eligible persons with disabilities aged below 60 to use a Personalised Octopus card encoded with the “Persons with Disabilities Status”, to enjoy the $2 Scheme.

The Transport Department (TD) has all along been requesting public transport operators (PTOs) to strengthen ticket inspection and passenger identity verification work and to strictly enforce the penalty as set out in relevant legislation and by-laws to prevent any abuse. The TD also conducts surveys and monitors the situation. The TD also conducts joint inspection and enforcement actions with PTOs from time to time and refers abuse cases with sufficient evidence to the Police for criminal investigation so as to achieve deterrent effect.

In respect of the enforcement actions carried out by the MTR Corporation Limited (MTRCL) during the period from the full implementation of the real-name registration system to April 2025, the number of abuse cases of the $2 Scheme with surcharges imposed was 280 (i.e. eight cases per week on average). The number of cases concerned has been lowered significantly as compared to the 9 624 cases (i.e. 158 cases per week on average) before the implementation of the real-name registration system from June 25, 2023, to August 24, 2024.

After the full implementation of the real-name registration system, the MTRCL had sought assistance from the Police for 14 suspected cases of abuse of the $2 Scheme using JoyYou Card. Police officers were deployed to the scene for each case. Among the 14 cases, five arrests were made after investigation by the Police. One of those arrest cases had completed prosecution (with the arrested person convicted of theft and fined $400), while the arrested person of another case was prosecuted by the Police for theft (with the hearing taking place on May 9, 2025) and two cases are still under investigation. Another case was referred to the MTRCL for follow-up as a case of violation of the Mass Transit Railway By-laws since no criminal elements were found after investigation by the Police. The remaining nine cases had also been referred to the MTRCL for follow-up as cases of violation of the Mass Transit Railway By-laws since no arrestable offences were identified after investigation by the Police.

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: “BACK IN THE SKIES AND BETTER THAN EVER” – SAMOA AIRWAYS’ TWIN OTTER 5W-FAW TAKES FLIGHT AFTER MAJOR OVERHAUL

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[PRESS RELEASE – APIA, SAMOA 17 April 2025] – In a proud moment for Samoa’s national carrier, Samoa Airways’ aircraft 5W-FAW soared back into service this morning, taking flight for the first time since completing a major overhaul in Canada — and it did so in distinguished company.

Flight OL222, departing from Fagalii Airport at 8:00 AM, had the honour of carrying His Highness the Head of State of Samoa, Afioga Tuimalealiʻifano Vaʻaletoʻa Sualauvi II, and Masiofo Faamausili Leinafo Tuimalealiʻifano, accompanied by their police detail, en route to the Flag Day celebrations in American Samoa.

Welcoming the Head of State and ensuring a final round of checks prior to takeoff, the dedicated staff of Samoa Airways at Fagali’i were on board early to assist, adding a warm and professional touch to the day’s special departure.

Taking command of the flight were Captain Paul Schmidt and First Officer Lachlan Kingan, who guided the freshly overhauled aircraft on its first official journey.

“It was an absolute honour to fly 5W-FAW on her return to service, especially with such distinguished guests on board,” said Captain Paul Schmidt.

“The aircraft performed beautifully, and it’s a proud moment for all of us at Samoa Airways to see her back in the skies where she belongs.”

The overhaul work, carried out in Canada, was part of a meticulous program to ensure the aircraft meets the highest safety and operational standards. With 5W-FAW now fully certified and refreshed, Samoa Airways is excited to continue serving its routes with renewed confidence and quality.

“The return of 5W-FAW represents not only a technical achievement but also a renewed commitment to connecting our people and places with pride and reliability.” said the airline’s CEO Fauo’o Taua Fatu Tielu.

Fuelled by ambition and rooted in Samoan pride, the national carrier charges ahead growing stronger and serving with unmatched care, culture, and excellence. This isn’t just about reaching destinations—it’s about redefining what it means to fly Samoan.

END.

SOURCE – Samoa Airways

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May 14, 2025

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: Government welcomes passage of Companies (Amendment) (No.2) Bill 2024

Source: Hong Kong Government special administrative region

     The Government welcomed the passage of the Companies (Amendment) (No.2) Bill 2024 by the Legislative Council today (May 14) to introduce a company re-domiciliation regime in Hong Kong.

     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “The Amendment Ordinance puts in place a simple and accessible mechanism for company re-domiciliation. It addresses the demand of companies incorporated elsewhere with major business in Hong Kong for re-domiciliation to Hong Kong, and is conducive to our efforts in proactively attracting enterprises and investment, thereby generating business for various local professional services sectors as well as increasing investment and job opportunities.”

     Under the company re-domiciliation regime, non-Hong Kong-incorporated companies which fulfil the requirements concerning company background, integrity, member and creditor protection, and solvency, etc, may apply to re-domicile to Hong Kong while maintaining their legal identity as a body corporate and ensuring business continuity. The property, rights, obligations and liabilities, as well as the relevant contractual and legal processes of the companies would not be affected during the process. If, after re-domiciliation, the company’s actual similar profits are also taxed in Hong Kong, the Government will provide the company with unilateral tax credits for elimination of double taxation. In general, re-domiciled companies will be regarded as companies incorporated in Hong Kong. They have the same rights as any Hong Kong-incorporated companies of their kind in Hong Kong, and will be required to comply with the relevant requirements under the Companies Ordinance (Cap. 622).

     The Amendment Ordinance will take effect on May 23. The company re-domiciliation regime will be open for application starting from the same day. The Companies Registry will, on the same day, set up a new thematic section on its website to provide the application details and relevant information for reference. The Integrated Companies Registry Information System will also be enhanced to process applications.

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: PRESENTATION OF CREDENTIALS OF THE AMBASSADOR OF GEORGIA TO THE INDEPENDENT STATE OF SAMOA

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[PRESS RELEASE – WEDNESDAY 16 APRIL 2025] – His Excellency Mr. Beka Dvali presented his Letters of Credence to the Head of State of the Independent State of Samoa, Afioga Tuimaleali’ifano Va’aletoa Sualauvi II, at a Credentials ceremony held this morning at the Official Residence of the Head of State at Vailele, accrediting His Excellency as the Ambassador Extraordinary and Plenipotentiary of Georgia to Samoa with residence in Canberra, Australia.

Samoa and Georgia have enjoyed cordial diplomatic relations since the establishment of formal ties on 12 March 2010. The two countries continue to collaborate at the multilateral fora, including the United Nations on matters on mutual interest including the attainment of the 2030 Agenda on sustainable development. Ambassador Dvali reaffirmed Georgia’s commitment to strengthening the growing partnership between our nations, both bilaterally and multilaterally, building on the solid foundation laid by his predecessors.

Afioga Tuimaleali’ifano Va’aletoa Sualauvi II welcomed the Ambassador and acknowledged the growing relations between Samoa and Georgia. The Head of State expressed appreciation for the shared commitment to global priorities such as democracy, peace and security, human rights, and reaffirmed Samoa’s support for Georgia’s sovereignty and territorial integrity, principles that have underpinned our diplomatic relations since the establishment in 2010.

H.E. Mr. Beka Dvali holds a Masters of Law in Comparative and European Law from Maastricht University in the Netherlands and a Diploma in Law at the Ivane Javakhishvili Tbilisi State University in Georgia. He is a career diplomat who joined the Ministry of Foreign Affairs of Georgia in 1999 holding various senior positions. He was posted to Georgia’s Diplomatic Missions as Senior Counsellor in the USA, Mexico, Envoy Extraordinary and Plenipotentiary in London, United Kingdom (2009-2012). Mr. Dvali was appointed as Georgia’s Ambassador to the Republic of South Africa from 2013 to 2022 with cross-accreditation to 12 other African countries. This is Mr. Dvali’s second Ambassadorial appointment as the Ambassador Extraordinary and Plenipotentiary of Georgia to Australia with across accreditation to the Pacific including Samoa. Mr. Dvali is married with one son.

END

Photo by the Government of Samoa (Jasmine Netzler-Iose)

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May 14, 2025

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: Speech by FS at HOFEX and ProWine Hong Kong @ HOFEX Opening Ceremony (English only)

Source: Hong Kong Government special administrative region

Speech by FS at HOFEX and ProWine Hong Kong @ HOFEX Opening Ceremony (English only)
Margaret (President and Chief Executive Officer of Informa Markets in Asia, Ms Margaret Ma Connolly), Dane (Executive Director of the Hong Kong Tourism Board, Mr Dane Cheng), Consuls-General, distinguished guests, ladies and gentlemen,

     Good morning.

     It’s a real pleasure to be here with you again at the Opening Ceremony of HOFEX. I would like to extend a warm welcome to industry professionals and entrepreneurs from around the world to Hong Kong, to tap the vast opportunities in the world of food and hospitality.

     Just now, Margaret has given us a good glimpse of the exciting events over the next few days. From wine and craft beer to hospitality technology; from culinary competitions to coffee championships, there is something for everyone. Whether you’re here to trade, taste or toast, this is the place to be.

     Beyond the captivating events at HOFEX, allow me to highlight a few points why Hong Kong is the right place to be in for food and hospitality business.

     First, we are a free port, and proudly the freest economy in the world. Besides, we maintain one of the world’s most efficient customs clearance and logistics networks. Every day, over 1 000 flights connect us to more than 200 destinations. This city simply gives you the best connectivity to the broader market in the Asian region.

     For wines, we impose no duty, a policy that has been toasting success for years. Last year, we imported approximately 39 million bottles of wines and consumed some 30 million of them. Recently, we have also lowered duties on liquor. The results are encouraging. In the first four months since its implementation, the volume of liquor imports jumped by over 40 per cent, and the value doubled.

     At a time when some economies are raising trade barriers, Hong Kong is not just opening doors. We are opening more bottles, too.

     Second, Hong Kong is Asia’s culinary capital. We love good food. You may know I like talking about the 200-plus Michelin-recommended restaurants in the city. But let me tell you more: they cover cuisines from over 30 countries and regions, offering a global menu with local flair. Moreover, we invest in culinary excellence. Institutions like the Chinese Culinary Institute are training the next generation of top chefs.

     Third, Hong Kong is expanding into new markets. Our ties with regions like the ASEAN (Association of Southeast Asian Nations), Middle East, Central Asia and Africa are strengthening. They are rich in produce and full of untapped potential. You can find their offerings in our restaurants, too.

     Ladies and gentlemen, Hong Kong is buzzing again. In the first four months of this year, visitor numbers grew by 10 per cent to over 16 million, with a noteworthy increase of 17 per cent in international visitors. The Government, along with the Hong Kong Tourism Board and the HKTDC (Hong Kong Trade Development Council), are organising more international events and attracting more high-value visitors. If you are thinking of extending the reach of your products and services, Hong Kong is your showroom.

     Come to Hong Kong, and you will find opportunities. Consider setting up a representative office, or a regional office here. Our colleagues from Invest Hong Kong, the Office for Attracting Strategic Enterprises, and the HKTDC are happy to support you every step of your way.

     To conclude, I wish you a fruitful and successful HOFEX 2025. For our overseas guests, enjoy your stay in Asia’s world city. There is a lot to discover, and even more to taste.

     Thank you.
Issued at HKT 12:30

NNNN

CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 14, 2025

MIL-OSI: CBL International Limited (NASDAQ: BANL) to Participate in the Lytham Partners Spring 2025 Investor Conference on May 29, 2025

Source: GlobeNewswire (MIL-OSI)

KUALA LUMPUR, Malaysia, May 14, 2025 (GLOBE NEWSWIRE) — CBL International Limited (NASDAQ: BANL) (the “Company” or “CBL”), the listing vehicle of Banle Group (“Banle” or “the Group”), a leading marine fuel logistic company in the Asia-Pacific region, today announced that Dr. Teck Lim Chia, Chairman and CEO, will participate in a webcasted fireside chat and Ms. Venus Zhao, our IR and PR Director, will host one-on-one meetings with investors at the Lytham Partners Spring 2025 Investor Conference, taking place virtually on Thursday, May 29, 2025.

Company Webcast

The webcast presentation will take place at 12:30 pm on Thursday, May 29, 2025, Eastern Time. The webcast can be accessed by visiting the conference home page at https://lythampartners.com/spring2025/ or directly at https://app.webinar.net/bNM Pk09l74O. The webcast will also be available for replay following the event.

1×1 Meetings

Management will be participating in virtual one-on-one meetings throughout the event. To arrange a meeting with management, please contact Lytham Partners at 1×1@lythampartners.com or register for the event at https://lythampartners.com/spring2025invreg/.

About the Banle Group

CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam, as of 16 April, 2025. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications.

For more information about our company, please visit our website at: https://www.banle-intl.com.

CBL INTERNATIONAL LIMITED (Incorporated in Cayman Islands with limited liabilities)

For more information, please contact: CBL International Limited Email: investors@banle-intl.com

Strategic Financial Relations Limited
Shelly Cheng	Tel: (852) 2864 4857
Iris Au Yeung	Tel: (852) 2114 4913
Email:	sprg_cbl@sprg.com.hk

The MIL Network –

May 14, 2025

MIL-OSI: Valeura Energy Inc.: First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 14, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) reports its unaudited financial and operating results for the three month period ended March 31, 2025.

The complete quarterly reporting package for the Company, including the unaudited financial statements and associated management’s discussion and analysis (“MD&A”) are being filed on SEDAR+ at www.sedarplus.ca and posted to the Company’s website at www.valeuraenergy.com.

Highlights

Oil production of 23,853 bbls/d⁽¹⁾, an increase of 9% compared to Q1 last year;
Adjusted opex⁽²⁾ trending downward, to US$24.1/bbl, a decrease of 8% compared to Q1 last year;
Adjusted Cashflow from Operations⁽²⁾ of US$74.0 million, an increase of 55% compared to Q1 2024, demonstrating the effects of the corporate restructuring and application of tax loss carry-forwards;
The Company’s balance sheet remains very strong, with US$239 million cash⁽³⁾ and no debt; and
Adjusted Working Capital⁽²⁾ of US$254 million.

(1)   Working interest share production before royalties.
(2)   Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below.
(3)   Includes restricted cash of US$23.4 million.

Dr. Sean Guest, President and CEO commented:

“We have demonstrated our ability to generate increasing cash flow. Q1 2025 was the first full quarter benefitting from our corporate re-organisation, which makes it possible to optimise the use of tax loss carry-forwards. As a result, our post-tax Adjusted Cashflow from Operations⁽¹⁾increased to US$74 million, up 55% compared to the same quarter of last year, on revenue that is essentially unchanged. This creates a uniquely resilient position for our Company, which makes it possible for us to weather volatile markets better than many of our competitors.

Underlying this is a respectable operational performance which saw us produce at an average rate of 23,854 bbls/d, while recording Adjusted Opex per barrel⁽¹⁾of US$24/bbl. The long-term downward trend in Adjusted Opex per barrel⁽¹⁾is a direct reflection of our strategic priorities in action – operating our assets in a worldclass manner with the objective of driving deeper efficiency and maximising cash flow and growth from our assets.

Our balance sheet echoes this sentiment too. Even after a quarter with a US$39 million out-of-round tax payment and a build in oil inventory, our financial position remained strong, with a March 31^stcash balance of US$239 million and no debt. As a result, we are in a prime position to pursue both organic and inorganic growth ambitions and continue to see exiting opportunities come to the foreground.”

(1) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below.

Financial and Operating Results Summary

		Three months ended Mar 31, 2025	Three months ended Dec 31, 2024	Delta (%)		Three months ended Mar 31, 2024	Delta (%)
Oil Production⁽¹⁾	(‘000 bbls)	2,147	2,402	-11	%	1,991	8	%
Average Daily Oil Production⁽¹⁾	(bbls/d)	23,853	26,109	-9	%	21,882	9	%
Average Realised Price	(US$/bbl)	78.7	76.7	3	%	84.6	-7	%
Oil Volumes Sold	(‘000 bbls)	1,881	2,948	-36	%	1,765	7	%
Oil Revenue	(US$’000)	148,081	226,148	-35	%	149,408	-1	%
Net Income	(US$’000)	14,073	213,983	-93	%	19,418	-28	%
Adjusted EBITDAX⁽²⁾	(US$’000)	87,216	132,402	-34	%	88,721	-2	%
Adjusted Pre-Tax Cashflow from Operations⁽²⁾	(US$’000)	74,384	133,612	-44	%	72,088	3	%
Adjusted Cashflow from Operations⁽²⁾	(US$’000)	73,954	107,134	-31	%	47,855	55	%
Operating Expenses	(US$’000)	38,852	55,607	-30	%	41,788	-7	%
Adjusted Opex⁽²⁾	(US$’000)	51,684	54,668	-5	%	52,264	-1	%
Operating Expenses per bbl	(US$/bbl)	18.1	23.2	-22	%	21	-14	%
Adjusted Opex per bbl⁽²⁾	(US$/bbl)	24.1	22.8	6	%	26.2	-8	%
Adjusted Capex⁽²⁾	(US$’000)	32,899	38,870	-15	%	29,257	12	%
Weighted average shares outstanding – basic	(‘000 shares)	106,532	106,955	0	%	103,229	3	%

		As at Mar 31, 2025	As at Dec 31, 2024	Delta (%)		As at Mar 31, 2024	Delta (%)
Cash & Cash equivalents⁽³⁾	(US$’000)	238,871	259,354	-8	%	193,683	23	%
Adjusted Net Working Capital⁽²⁾	(US$’000)	253,511	205,735	23	%	141,877	79	%
Shareholder’s Equity	(US$’000)	538,137	528,283	2	%	304,318	77	%

Financial Update

The Company’s Q1 2025 financial performance reflects ongoing strong production operations at all four of its fields in the offshore Gulf of Thailand. Valeura’s working interest share production before royalties totalled 2.15 million bbls during Q1 2025, an increase of 8% from Q1 2024. Production was in line with the Company’s expectations considering the Nong Yao field experienced a planned maintenance shutdown.

Oil sales totalled 1.88 million bbls during Q1 2025, which was less than the volume produced, and therefore contributed to an oil inventory increase to 0.89 million bbls at March 31, 2025. As all of the Company’s oil production is stored in floating offshore vessels before being sold in parcels of approximately 200,000 – 300,000 bbls, at any given time, the Company maintains some quantity of oil held in inventory.

Price realisations averaged US$78.7/bbl, which was 7% lower than the same period in 2024, reflecting lower global benchmark oil prices. The Company’s oil sales continue to achieve a premium when compared to the Brent crude oil benchmark, averaging US$2.9/bbl in Q1 2025, versus US$1.6/bbl in Q1 of 2024. Valeura generated oil revenue of US$148 million in Q1 2025, essentially unchanged from the oil revenue generated Q1 2024, reflecting the increase in production being offset by reduced sales prices.

Operating expenses during Q1 2025 reflect a long-term trend of improving production efficiency, influenced by ongoing strong performance of the Nong Yao field, which is both the Company’s largest source of production and also the lowest unit cost field in Valeura’s portfolio. Along with operating expenses, the Company includes the price of leases for its floating offshore infrastructure (being US$8.5 million) to derive an Adjusted Opex⁽¹⁾ of US$51.7 million in Q1 2025, which equates to a per-unit rate of US$24.1/bbl, an improvement of 8% when compared to Q1 2024.

Valeura generated adjusted cashflow from operations⁽¹⁾ (pre-tax) of US$74.0 million, which was a 55% increase over Q1 2024. The increase is directly related to the more tax-efficient corporate structure as a result of the Company’s corporate re-organisation, which was completed in November 2024. Under the new structure, Valeura may apply its tax loss carry-forwards to taxable income for the Nong Yao, Manora, and Wassana fields.

While cash tax payments are normally paid in May and August each year, the Company made a final tax payment of US$39.2 million in connection with its corporate restructuring. This payment effectively completed the tax obligations for its Thai III licences under their previous organisation structure, giving rise to the more optimised application of tax loss carry-forwards as noted above. In addition to this out-of-round payment, Valeura made cash outlays in respect of its operating costs and capex of US$32.9 million. As a result, Valeura’s cash position at March 31, 2025 was US$238.9 million, inclusive of restricted cash of US$23.4 million. Valeura’s net working capital surplus was US$253.5 million at March 31, 2025.

(1) Non-IFRS financial measure or non-IFRS ratio – see “Non-IFRS Financial Measures and Ratios” section below.

Operations Update and Outlook

During Q1 2025, Valeura had ongoing production operations at all of its Gulf of Thailand fields, including Jasmine, Manora, Nong Yao, and Wassana fields. Total working interest share production before royalties averaged 23,853 bbls/d, which was in line with management’s expectations and consistent with achieving the Company’s guidance range for the full year 2025 of 23,000 – 25,500 bbls/d. One drilling rig was under contract throughout the quarter.

Jasmine/Ban Yen

Oil production before royalties from the Jasmine/Ban Yen field, in Licence B5/27 (100% operated interest) averaged 8,356 bbls/d during Q1 2025.

In February 2025, the Company’s contracted drilling rig began a seven-well infill drilling campaign which includes both development and appraisal targets on the Jasmine C, Jasmine D, and Ban Yen A facilities. Drilling operations are progressing safely and on time. The drilling programme is expected to be complete approximately by the end of May 2025.

Also during Q1 2025, a low-BTU gas generator was delivered to the Jasmine B platform. Installation and commissioning activities in respect of the low-BTU gas generator are underway, with the new equipment planned to be fully operational and online later in Q2 2025. The low-BTU gas generator is a modernisation of the Jasmine B platform’s power generation facility, which will enable a waste gas stream to be used as feedstock for power generation, thereby reducing the Jasmine field’s reliance on diesel. As a result, Valeura anticipates immediate savings in operating expenses and a long-term reduction in its greenhouse gas emissions from the Jasmine field.

Nong Yao

At the Nong Yao field, in Licence G11/48 (90% operated working interest), Valeura’s working interest share production before royalties averaged 9,275 bbls/d. As a result of the Company’s development of the Nong Yao C field extension in 2024, Nong Yao has become the Company’s largest source of production, with the Company’s lowest per unit Adjusted Opex.

Near the end of Q1 2025, Valeura conducted a planned seven-day annual maintenance shutdown of the Nong Yao field. All maintenance work was performed safely, under budget, and ahead of schedule. The Nong Yao field has since resumed normal operations.

Wassana

Oil production before royalties from the Wassana field, in Licence G10/48 (100% operated interest), averaged 3,686 bbls/d during Q1 2025. Production operations progressed without incident throughout the quarter. No wells were drilled during the quarter.

During Q1 2025 Valeura completed the front end engineering and design work for the potential redevelopment of the Wasssana field and more recently has finalised detailed contracting and procurement work to validate cost assumptions for the project.

As announced separately today, the Company has determined a positive final investment decision and intends to pursue the Wassana field redevelopment project, targeting the start of production from a newly built facility in Q2 2027.

Manora

At the Manora field, in Licence G1/48 (70% operated working interest), Valeura’s working interest share of oil production before royalties averaged 2,536 bbls/d.

During Q1 2025, Valeura completed a five-well infill drilling campaign on the Manora field, comprised of both development and appraisal targets. The drilling programme achieved its objectives and successful appraisal results have identified between three and five potential future drilling targets, which are now being evaluated for inclusion in a future drilling programme.

Türkiye

The Company had no active operations in Türkiye during Q1 2025. Valeura continues to hold an interest in a potentially large deep gas play in the Thrace basin in the northwest part of the country. The terms of the subject leases and licences have been extended to June 27, 2026, with further extensions possible for appraisal purposes thereafter.

Valeura intends to farm out a portion of its interest to a new partner in order to jointly pursue the next phase of appraisal work. The Company continues to see the Thrace basin deep gas play as a source of significant potential value in the longer-term.

Webcast

Valeura’s Annual General Meeting of Shareholders is scheduled for today, May 14, 2025, at 4:00 P.M. (Calgary time) in Calgary. Shareholders may attend in person, as further detailed in the Management’s Information Circular which was mailed to shareholders and is available on the Company’s website and on www.sedarplus.ca. A webcast of the live event is available with the link below. In addition to the meeting, Valeura’s management will discuss the Q1 2025 results and will host a question and answer session. Written questions may be submitted through the webcast system or by email to IR@valeuraenergy.com.

Participants are advised to register for the online event in advance, using the following link: https://events.teams.microsoft.com/event/f0e30b40-c6bc-4673-bd84-b57491e1ba58@a196a1a0-4579-4a0c-b3a3-855f4db8f64b

An audio only feed of the Meeting is available by phone using the Conference ID and dial-in numbers below:

Conference ID: 239 311 896 799

Dial-in numbers:

Canada: (833) 845-9589,,49176158#
Singapore: +65 6450 6302,,49176158#
Thailand: +66 2 026 9035,,49176158#
Türkiye: 0800 142 034779,,49176158#
United Kingdom: 0800 640 3933,,49176158#
United States: (833) 846-5630,,49176158#

For further information, please contact:

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

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

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.

Non-IFRS Financial Measures and Ratios

This news release includes references to financial measures commonly used in the oil and gas industry such as adjusted EBITDAX, net working capital, adjusted net working capital, adjusted cashflow from operations, adjusted opex, adjusted capex, net cash and outstanding debt which are not generally accepted accounting measures under International Financial Reporting Standards (“IFRS Accounting Standards”) which are not generally accepted accounting measures under IFRS Accounting Standards as issued by International Accounting Standards Board (“IASB”) and do not have any standardised meaning prescribed by IFRS Accounting Standards and, therefore, may not be comparable with similar definitions that may be used by other public companies. Management believes that adjusted EBITDAX, net working capital, adjusted net working capital, adjusted cashflow from operations, adjusted opex, adjusted capex, net cash and outstanding debt are useful supplemental measures that may assist shareholders and investors in assessing the financial performance and position of the Company. Non-IFRS financial measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS Accounting Standards.

Adjusted EBITDAX: is a non-IFRS financial measure which does not have a standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS financial measure is included because management uses the information to analyse the financial performance of the Company. Adjusted EBITDAX is a non-IFRS and non-standardised variant of EBITDAX, adjusted to remove non-cash items as well as certain non-recurring costs including severance payments and other one-off items in relation to the Company’s recent acquisitions. Adjusted EBITDAX is calculated by adjusting profit for the year before other items as reported under IFRS Accounting Standards to exclude the effects of other income, exploration, SRB, finance income and expense, depletion, depreciation & amortisation (“DD&A”), other costs, and certain non-cash items (such as impairments, foreign exchange, unrealised risk management contracts, reassessment of contingent consideration and gains or losses arising from the disposal of capital assets). In addition, other unusual or non-recurring items are excluded from Adjusted EBITDAX, as they are not indicative of the underlying financial performance of the Company.


	Three months ended
	Unaudited		Unaudited
	March 31,		March 31,
US$’000	2025		2024
Profit for the period before other items	37,614		27,104
Other income	(2,342	)	(1,737	)
Exploration	275		2,196
SRB	23		–
Finance costs	4,990		6,516
DD&A	45,462		47,596
Reversal of loss on inventory due to decline in resale value associate with the Wassana field⁽¹⁾	–		6,157
Other non-recurring G&A costs ⁽¹⁾⁽²⁾	1,194		889
Adjusted EBITDAX	87,216		88,721

(1) Items are not shown in the Interim Financial Statements.
(2) Represents non-recurring costs associated with share-based compensation, actual severance incurred – See “General and Administrative (“G&A”) Expenses” for more details.

Adjusted opex and adjusted opex per bbl: are a non-IFRS financial measure and a non-IFRS financial ratio, respectively, which do not have standardised meanings prescribed by IFRS Accounting Standards. This non-IFRS financial measure and ratio are included because management uses the information to analyse cash generation and financial performance of the Company. Operating cost represents the operating cash expenses incurred by the Company during the period including the leases that are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, FPSOs, MOPU, and warehouses. Adjusted opex is calculated by effectively adjusting non-cash items from the operating cost and adding lease costs.

Adjusted opex is divided by production in the period to arrive at adjusted opex per bbl. Valeura calculates adjusted opex per barrel, to provide a more consistent indication of the cost of field operations. Adjusted opex, as opposed to operating expenses, excludes the impacts of non-recurring, non-cash items such as prior period adjustments, and adds back lease costs in relation to FSOs, FPSOs, MOPU, and other facilities.


	Three months ended
	Unaudited	Unaudited
	March 31,	March 31,
US$’000	2025	2024
Operating Costs	38,852	41,788
Reversal of inventory write-down to Net Realisable Value (Wassana field)⁽¹⁾	–	7,126
Cost of Goods Sold	38,852	48,914
Reversal of accounting related to inventory capitalisation⁽²⁾	4,326	(5,245	)
Adjusted Opex (excluding Leases)	43,178	43,669
Leases⁽³⁾	8,506	8,595
Adjusted Opex	51,684	52,264
Production Volumes during the period (mbbls)	2,147	1,991
Adjusted Opex per Barrel (US$/bbl)	24.1	26.2

(1) Represent write down inventory to net realisable value.
(2) The item is not shown in the Interim Financial Statements. The cost of crude inventory is capitalised from operating costs. As a result, the Company has excluded the effect of crude inventory capitalization.
(3) In accordance with IFRS 16 – Leases, the Company recognised cost related to its operating leases – attributed to FSO and FPSO vessels, MOPU used at its Jasmine/Ban Yen, Nong Yao, Manora and Wassana fields, as well as onshore warehouse facilities costs to its balance sheet and finance cost in the profit and loss statement. In order to report a more relevant lifting cost, the Company has included costs associated with these leases in the adjusted operating cost calculation. This will be a recurring adjustment.

Adjusted cashflow from operations and adjusted cashflow from operations per barrel: are a non-IFRS financial measure and a non-IFRS financial ratio, respectively, which do not have a standardised meaning prescribed by IFRS Accounting Standards. This non-IFRS finance measure and ratio are included because management uses the information to analyse cash generation and financial performance of the Company. Adjusted cashflow from operations is calculated using two methods which generate the same figures: a) by subtracting from oil revenues, adjusted opex, royalties, general and administrative costs which are adjusted for non-recurring charges (generating the adjusted pre-tax cashflow), and accrued PITA taxes and SRB expenses, and b) to enhance and facilitate to the reader a reconciliation of this non-IFRS measure, the Company also presented the adjusted cash flow from operations by calculating from cash generated from (used in) operating activities in the consolidated statement of cash flows, adjusting with non-cash items, adjusted opex, general and administrative costs which are adjusted for non-recurring charges (generating the adjusted pre-tax cashflow), and accrued PITA tax and SRB expenses.

Adjusted cashflow from operations is divided by production in the period to arrive at adjusted cashflow from operations per bbl. Valeura calculates Adjusted cashflow from operations per barrel, to provide a more consistent indication of cashflow generated from operations by the Company.


	Three months ended
	Unaudited		Unaudited
	March 31,		March 31,
US$’000	2025		2024
Oil revenues	148,081		149,408
Adjusted opex	(51,684	)	(52,264	)
Royalties	(17,062	)	(18,639	)
Recurring G&A costs	(4,951	)	(6,417	)
Adjusted pre-tax cashflow from operations	74,384		72,088
Income tax / PITA tax	(407	)	(24,233	)
SRB	(23	)	–
Adjusted cashflow from operations	73,954		47,855
Production during the period	2,147		1,991
Adjusted cashflow from operations per barrel (US$/bbl)	34.4		24.0


	Three months ended
	Unaudited		Unaudited
	March 31,		March 31,
US$’000	2025		2024
Cash generated from operating activities	27,175		81,143
Change in non-cash working capital	48,330		(6,033	)
Non-cash items	55,514		55,659
Adjusted opex	(51,684	)	(52,264	)
Recurring G&A costs	(4,951	)	(6,417	)
Adjusted pre-tax cashflow from operations	74,384		72,088
Income tax / PITA tax	(407	)	(24,233	)
SRB	(23	)	–
Adjusted cashflow from operations	73,954		47,855
Production during the period	2,147		1,991
Adjusted cashflow from operations per barrel (US$/bbl)	34.4		24.0

Outstanding debt and net cash: are non-IFRS financial measures which do not have a standardised meaning prescribed by IFRS Accounting Standards. These non-IRFS financial measures are provided because management uses the information to a) analyse financial strength and b) manage the capital structure of the Company. These non-IFRS measures are used to ensure capital is managed effectively in order to support the Company’s ongoing operations and needs.


	Unaudited
	March 31,	December 31,
US$’000	2025	2024
Outstanding Debt	–	–
Cash and cash equivalents	215,467	236,543
Restricted cash (Current)	1,093	1,093
Restricted cash (Non-current)	22,311	21,718
Cash balance	238,871	259,354
Net cash	238,871	259,354

Net working capital and adjusted net working capital: are non-IFRS financial measures which do not have a standardised meaning prescribed by IFRS Accounting Standards. These non-IFRS financial measures are included because management uses the information to analyse liquidity and financial strength of the Company. Net working capital is calculated by deducting current liabilities from current assets. Adjusted net working capital is calculated by adding back the current leases liabilities and including non-current restricted cash in net working capital.

The leases are associated with operations, such as bareboat contracts for key operating equipment, such as FSOs, FPSOs, MOPU, and warehouses which are included in the Company’s disclosed adjusted opex (and adjusted opex guidance). Management believes the adjusted net working capital provides a useful data point to the reader to ascertain the business’ next-twelve-months surplus or deficit capital requirement. It is also a data point that management uses for cash management.


	Unaudited
	March 31,		December 31,
US$’000	2025		2024
Current assets	343,948		340,911
Current liabilities	(142,673	)	(185,640	)
Net working capital	201,275		155,271
Current lease liabilities	29,925		28,746
Restricted cash (Non-current)	22,311		21,718
Adjusted net working capital	253,511		205,735

Adjusted capex: is a non-IFRS measure which does not have a standardised meaning prescribed by IFRS Accounting Standards. Adjusted capex is defined as the addition in capital expenditure for drilling, brownfield, and other PP&E. Management uses this non-IFRS measure to analyse the capital spending of the Company and assess investments in its assets.


	Three months ended
	Unaudited		Unaudited
	March 31,		March 31,
US$’000	2025		2024
Drilling	26,624		27,612
Brownfield	6,423		3,145
Other PPE	(148	)	(1,500	)
Adjusted capex⁽¹⁾	32,899		29,257

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 ability to optimise use of tax loss carry-forwards; the Company’s ability to weather volatile markets better than many of its competitors; the Company being in a prime position to pursue its growth ambitions; the Company’s expectations about meeting it’s guidance range for the full year 2025; timing to complete the Jasmine field drilling programme; timing for the Jasmine low-BTU gas generator to be fully operational and online and the potential for savings in operating expenses and reduced greenhouse gas emissions thereafter; timing for the Wassana redevelopment project and start of production from a newly built facility; expectations for future drilling on the Manora field; and the potential for further extensions of the Thrace basin leases and licences.

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 –

May 14, 2025

MIL-OSI Asia-Pac: LCQ12: Prevention of water mains bursts

Source: Hong Kong Government special administrative region

LCQ12: Prevention of water mains bursts
Question:

     It has been reported that there have been many water mains burst incidents in Hong Kong in the past year, with the ageing of water mains in old districts being a particular cause for concern. In this connection, will the Government inform this Council:

(1) of the number of water mains burst incidents in each of the 18 districts in Hong Kong in the past year;

(2) whether it will conduct a comprehensive inspection of water mains and expedite the replacement of damaged or aged water mains; if so, of the details; if not, the reasons for that;

(3) as the Government has advised, in the reply to a question raised by a Member of this Council in relation to the Estimates of Expenditure 2025-2026, that it will expand the monitoring area of the Water Intelligent Network (WIN) to include fresh water trunk mains and the remaining part of the fresh water distribution mains not currently covered by WIN, of the number of District Metering Areas (DMAs) under the expanded WIN and the implementation timetable (set out by District Council district);

(4) whether additional stop valves will be installed for water mains in non-DMAs not covered by WIN to reduce the risk of a large-scale water outage in the event of a water mains burst; if so, of the details; if not, the reasons for that; and

(5) whether it has drawn reference from the experience of the Mainland in using advanced smart technologies to monitor and manage underground water mains to further prevent water mains bursts; if so, of the details; if not, the reasons for that?

Reply:

President,

     The Water Supplies Department (WSD) has all along been committing to providing reliable, sufficient and quality water supply to the public. The WSD ensures that the water supply networks could effectively operate through continuous improvement in asset management and making good use of technology.

     From 2000 to 2015, the WSD carried out a territory-wide replacement and rehabilitation of water mains programme to replace and rehabilitate about 3 000 kilometres long aged water mains (including fresh and salt water mains), thereby raising the operational effectiveness of the water supply networks.

     Since 2015, the WSD has implemented multi-pronged measures, through establishing Water Intelligent Network (WIN) and adopting risk-based asset management programme for water mains for formulating and implementing water main improvement works on risk-based approach, continuously maintaining the healthiness of the water supply networks and reducing the risks of water main bursts or leaks.

     Through the above-mentioned measures and efforts made over the years, the number of annual water main burst cases has been greatly reduced from around 2 500 cases in 2000 to around 40 cases in 2023 and to 27 cases in 2024. The leakage rate of fresh water mains has also dropped from over 25 per cent in 2000 to around 13.4 per cent in 2024.

     The replies to various parts of the Hon Yang Wing-kit’s question are as follows:

(1) According to records from the WSD, the numbers of water main burst cases in various districts for the entire year of 2024 and the first three months of 2025 are listed in the table below:

Region(as at March 31)(2), (3) and (5) Since 2016, the WSD has been establishing WIN within the fresh water distribution networks in the territory (covering approximately 80 per cent of the fresh water distribution networks). By the end of March 2025, the WSD completed the establishment of all 2 400 district metering areas (DMAs). It helps to strengthen management of leakage in water supply networks with the strategy of “divide and conquer” and continuous monitoring, and to implement targeted measures including active leakage detection, pressure management, speedy repair of water main with leakage and replacement or rehabilitation of water mains, to maintain the healthiness of the water supply networks. The numbers of DMAs by District Council districts are tabulated as follows:

District Council districts???Meanwhile, the WSD has commenced the enhancement of WIN, focusing on the following two aspects:

(i) Expanding, in phases, the monitoring area of WIN to include fresh water trunk mains and the remaining fresh water distribution mains (covering approximately 20 per cent of the fresh water distribution networks) that are currently not covered by WIN by installing sensors to monitor water flow and pressure at strategic locations to provide a more comprehensive coverage of the fresh water supply networks; and

(ii) Upgrading the functions of the existing WIN, which includes upgrading the sensors used for monitoring the water flow and pressure in phases to collect real-time data with a view to speeding up detection of any abnormal conditions in the pipe networks.

     The WSD is currently carrying out the planning and design works and hence the numbers and locations of sensors are not yet available. The above expansion and upgrading work are expected to be completed by 2027.

     The WSD consistently collaborates with local and mainland academic and research organisations to study the use of other advanced technologies, such as acoustic detection and optical fiber, to facilitate early detection of leakage situations of water mains.

(4) When water main burst incident occurs, the WSD will implement appropriate measures with a view to minimising the water suspension area and duration. The relevant measures include temporary redirecting of water supply in inter-connecting water supply networks to maintain the water supply during emergency repair work of the water main burst. If redirecting of water supplies is infeasible, the WSD will close the water valves in the vicinity to stop the water outflow from the burst water main for emergency repair work, thus minimising the suspension area. Therefore, considering the actual operational need of water supply networks, we will install water valves at suitable locations, with due balance to reducing water supply impact to individual buildings and avoiding inconvenience caused to road users by the valve installation works.

     In addition, the WSD has strengthened management of emergency water supply incidents. Regarding the mechanism for dissemination of information for emergency repair works of water mains, the WSD has updated its internal guidelines that outline specific factors to be considered for emergency repair of water mains and associated time required, ensuring dissemination of more accurate information about the anticipated water resumption time for residents to make appropriate preparations. We have also strengthened the communication with various stakeholders of different districts (including District Offices, members of District Council and Care Teams) through setting up instant messaging platforms for rapid two-sided communication, providing information to the public regarding the arrangement of temporary water supplies and progress of repair work, etc. The WSD has also established mechanism to bring together resources of government departments for deploying sufficient water wagons to provide temporary water supply during emergency situation, providing timely support to the public and businesses affected.
Issued at HKT 16:28

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MIL OSI Asia Pacific News –

May 14, 2025

MIL-OSI Asia-Pac: Tender of 2-Year Exchange Fund Notes to be held on May 23

Source: Hong Kong Government special administrative region

Tender of 2-Year Exchange Fund Notes to be held on May 23
A total of HK$1,200 million 2-year Notes will be on offer, of which HK$5 million will be made available for offer to members of the public who wish to submit non-competitive tender bids through Hong Kong Securities Clearing Company Limited (HKSCC). If the Notes reserved for non-competitive tender are under-subscribed, the non-subscribed amount will be added to the portion of notes for competitive tender (initially set at HK$1,195 million). The Notes will mature on 26 May 2027 and will carry interest at the rate of 2.16 per cent per annum payable semi-annually in arrears.

Members of the public who wish to submit non-competitive tender applications for Notes that are open to HKSCC may do so through Stock Exchange Participants/Brokers, or for those who hold Investor Accounts of the Central Clearing and Settlement System (CCASS) at the HKSCC, directly through HKSCC, for submission to the HKMA for processing. Competitive tender applications for the Notes must be submitted through any of the Eligible Market Makers appointed by the HKMA, with the current published list available on the HKMA’s website at www.hkma.gov.hk
The tender results will be published on the HKMA’s website, the Refinitiv screen (HKMAOOE), and Bloomberg. Applicants who submitted non-competitive tender bids through HKSCC may also obtain the tender results from Stock Exchange Participants/Brokers, or for applicants who hold Investor Accounts at HKSCC’s CCASS from the CCASS terminal for CCASS Broker/Custodian/Participants and CCASS Phone System.——————————————————————

Issue Number9.30am to 10.30am (up to HK$5 million for non-competitive tender) Deadline for
submission of non-competitive tender bids by retail investors through HKSCC May 26, 2026
November 26, 2026
May 26, 2027Price/Yield Table of the new EFN at tender for reference* only:

MIL-OSI

Next PostLCQ17: Prevention of skin diseases among elderly people in residential care homes

Yield-to- Maturity* Disclaimer

The information provided here is for reference only. Although extreme care has been taken to ensure that the information provided is accurate and up-to-date, the HKMA does not warrant that all, or any part of, the information provided is accurate in all respects. You are encouraged to conduct your own enquiries to verify any particular piece of information provided on it. The HKMA shall not be liable for any loss or damage suffered as a result of any use or reliance on any of the information provided here.
Issued at HKT 16:30

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MIL OSI Asia Pacific News –

May 14, 2025

MIL-OSI Asia-Pac: LCQ17: Prevention of skin diseases among elderly people in residential care homes

Source: Hong Kong Government special administrative region

LCQ17: Prevention of skin diseases among elderly people in residential care homes

Year Herpes Zoster (also known as Shingles) is an infectious disease that causes belt-like, painful skin rash with blisters. It is caused by varicella-zoster virus which is responsible for varicella (also known as Chickenpox). The virus resides in the nervous system of patients recovered from Chickenpox. Years later, in times of weakened immune system, such as due to ageing or stress, the virus may induce Herpes Zoster. A person with Herpes Zoster cannot pass this disease to others. However, individuals who have never had Chickenpox and have not received the Chickenpox vaccine may be infected and develop Chickenpox if they have contact with the sores of a Herpes Zoster patient.

As regards pruritus (itchy skin), since there are many possible reasons (including causes relating to non-communicable diseases), confirmation of the cause(s) of the relevant symptom should be diagnosed by a medical practitioner.Issued at HKT 16:35

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MIL OSI Asia Pacific News –

May 14, 2025

MIL-Evening Report: Caitlin Johnstone: Israel admits it bombed a hospital to kill a journalist for doing journalism

Report by Dr David Robie – Café Pacific. –

COMMENTARY: By Caitlin Johnstone

The IDF has admitted to bombing a hospital in order to assassinate a prominent Palestinian journalist in Gaza, Hassan Aslih, explicitly stating that they assassinated him for engaging in journalistic activities.

The official Israel Defense Forces account made the following post on Twitter (emphasis added):

“Don’t let Aslih’s press vest fool you:
Hassan Abdel Fattah Mohammed Aslih, a terrorist from the Hamas Khan Yunis brigade, was eliminated along with other terrorists in the ‘Nasser’ hospital in Khan Yunis.
Aslih participated in the brutal October 7 massacre under the guise of a journalist and owner of a news network. During the massacre, he documented acts of murder, looting, and arson, posting the footage online.
Journalist? More like terrorist.”

Documenting newsworthy acts and posting the footage online is also known as journalism. It’s the thing that journalism is.

Aslih was killed in Nasser Hospital’s burn unit where he was recovering from a previous Israeli assassination attempt in which they bombed a tent near that same hospital.

Assassinated Palestinian journalist Hassan Aslih . . . “documenting newsworthy acts and posting the footage online is also known as journalism. It’s the thing that journalism is.” Image: APR

That’s right kids, Israel will literally assassinate a journalist by bombing a hospital, openly admit that they bombed the hospital to assassinate the journalist for engaging in journalistic activities — and then call you an antisemite if you say Israel bombs hospitals and assassinates journalists.

Don’t let Aslih’s press vest fool you:

Hassan Abdel Fattah Mohammed Aslih, a terrorist from the Hamas Khan Yunis brigade, was eliminated along with other terrorists in the ‘Nasser’ hospital in Khan Yunis.

Aslih participated in the brutal October 7 massacre under the guise of a… pic.twitter.com/23pdgGrefu

— Israel Defense Forces (@IDF) May 13, 2025

❖

The following things are Hamas: journalists, journalism, the new pope, the last pope, the UN, Amnesty International, Human Rights Watch, human rights, critical thinking, hospitals, schools, campus protesters, Greta Thunberg, doctors, women, children, Ireland, and Ms Rachel.

[embedded content]
Israel admits it bombed a hospital to kill a jourmalist. Video: Caitlin Johnstone

Benjamin Netanyahu is now saying that the forced ethnic cleansing of Palestinians from Gaza was “inevitable,” reportedly telling the Knesset’s Foreign Affairs and Defence Committee on Sunday that “We are destroying more and more homes, and Gazans have nowhere to return to. The only inevitable outcome will be the wish of Gazans to emigrate outside of the Gaza Strip.”

So there you have it. Shut up about hostages. Shut up about Hamas. Shut up about October 7. This is about removing Palestinians from a Palestinian territory to replace them with Jewish settlers. That’s all this has ever been about. Anyone who pretends otherwise is evil.

❖

“You support terrorism,” said the person who supports daily massacres of civilians to advance political aims.

❖

Everyone’s yelling about Trump accepting a jet from Qatar as a bribe, which would make sense if they hadn’t been completely ignoring how Trump has openly admitted to being bought and controlled by the world’s richest Israeli Miriam Adelson, and how pervasively influential the Israel lobby is throughout all of US politics.

It’s so gross that Western society tolerates the existence of an Israel lobby. Like “Oh so you’re here to convince my government to stomp out my free speech rights and use my tax dollars for wars and genocide to advance the interests of an apartheid state? Yeah cool, I guess that’s fine.”

The existence of the Israel lobby should be treated the same as a Nazi lobby or a pedophilia lobby. Taking donations from pro-Israel groups should be as stigmatised as taking donations from the KKK or NAMBLA.

It’s not okay that each Western nation has its own high-powered lobby group whose whole entire job is to insert itself into key points of influence and persuade our governments to destroy our civil rights and commit genocide. Nobody should tolerate the existence of these groups.

❖

“This is what our ruling class has decided will be normal.”
~ Aaron Bushnell https://t.co/FtQt5UbWyl

— Caitlin Johnstone (@caitoz) May 10, 2025

❖

I always get Israel apologists telling me “Stop calling it a genocide! It’s not a genocide!”

And I’m always just like okay well then they’re doing some sort of thing where the people in power work to eliminate a population because of their ethnicity using mass-scale violence and deliberate starvation. I guess there’s no word for it.

❖

The last year and a half in Gaza is a strong enough reason to dismantle the entire US-led Western empire. The Gaza holocaust could end tomorrow and it would still be reason enough. All the empire’s other worldwide abuses could have never happened and it’d still be reason enough.

In Gaza alone the empire has already established beyond any doubt that it should not exist, even if you ignore all its other crimes throughout the Middle East, Latin America, Africa and Asia. If you would perpetrate history’s first live-streamed genocide in full view of the entire world, then you are not the sort of power structure who should be leading humanity into the future.

If you would inflict the kinds of abuses we’ve been watching on our screens for the last year and a half upon helpless human beings who have done nothing wrong, then you should not rule the world. Your rule must end.

The alternative is to let the fate of humanity be determined by genocidal monsters. This is simply not an option. The sooner the US-centralised empire ends, the better.

Caitlin Johnstone is an Australian independent journalist and poet. Her articles include The UN Torture Report On Assange Is An Indictment Of Our Entire Society. She publishes a website and Caitlin’s Newsletter. This article is republished with permission.

This article was first published on Café Pacific.

MIL OSI Analysis – EveningReport.nz –

May 14, 2025

MIL-OSI: Valeura Energy Inc.: Final Investment Decision on Wassana Field Redevelopment

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, May 14, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) has taken final investment decision (“FID”) on redevelopment of the Wassana field, in Licence G10/48 (100% Valeura interest), offshore Gulf of Thailand, which is expected to create significant value for shareholders. The Company is pleased to provide details of the redevelopment project, updated reserves and resources estimates and values, and a revision to its 2025 guidance.

Highlights

Optimum Redevelopment Design: Redevelopment of the Wassana field through a new-build central processing platform (“CPP”) to optimise full block potential;
Production Growth: First oil expected in Q2 2027, with peak field production of 10,000 bbls/d – more than 2.7 times current output from the field;
Significant Reserves Increase: Wassana proved plus probable (2P) reserves increased to 20.5 million bbls, representing an increment of approximately 18 million bbls compared to the continuing production with existing infrastructure only⁽¹⁾;
Field Life Extension: Extends the end-of-field life (“EOFL”) to 2043, an increase of 16 years;
Efficient and Fully Funded Capital Allocation: US$120 million estimated investment in facilities over the next two years, with US$40 million in 2025, and the remainder in 2026, fully funded from the Company’s balance sheet;
Highly accretive: Wassana 2P net present value (NPV₁₀) before tax increases to US$218 million (vs. US$127 million pre-FID)⁽²⁾, equating to a net asset value (“NAV”)⁽³⁾ addition of C$1.23 per share; and
Strong and Resilient Economics: An estimated 40% internal rate of return (“IRR”) at US$60/bbl Brent oil prices, and upside at higher price points, with a payback of 18 months.

(1)   Management estimate of reserves recoverable in a no-further-action case, with assumed decommissioning of the Mobile Offshore Production Unit (“MOPU”) at the end of 2027.
(2)   NSAI 2024 Report, as more fully described in the Company’s February 13, 2025 press release.
(3)   Incremental 2P NPV₁₀after tax, using US$/C$ exchange rate of 1.435, and 106.65 million common shares outstanding, as at December 31, 2024.

Dr. Sean Guest, President and CEO commented:

“Our final investment decision to pursue the Wassana redevelopment project is a milestone for Valeura. Since assuming operatorship, we have identified substantially more reserves than were initially estimated at the Wassana field. Beyond the significant increase in reserves and extension of field life, this project is expected to significantly increase production from the field to 10,000 bbls/d in the second half of 2027, at anticipated unit Adjusted Opex reflecting a reduction of approximately 2/3^rdsversus current rates.

Additionally, this development concept is creating opportunities for further growth through a ‘hub and spoke’ model whereby we can potentially tie-in the satellite oil accumulations already discovered both north and south of the main Wassana field. This approach has been highly successful in both our Jasmine and Nong Yao fields.

This project is very robust and resilient from an economic standpoint. Even in a lower oil price environment of US$60 per barrel, the development delivers returns of approximately 40% IRR. This economic strength provides downside protection while maintaining upside potential as oil prices strengthen, creating a favourable risk-reward profile for our shareholders.

Our financial position allows us to fully fund this development through existing cash reserves, without compromising our balance sheet strength. The project’s solid economics across various price scenarios demonstrates our disciplined approach to capital allocation and our commitment to creating sustainable value for our shareholders.

I am very pleased that Valeura has grown into a business that has the capacity to take on this magnitude of project. At the same time, we continue to uphold our principle of generating healthy cash flow which provides the financial wherewithal to continue our ambition to add further value through growth.”

Wassana Field Redevelopment

Current production from the Wassana field is via a MOPU facility that is constrained by an end-of-life expected at end 2027. Given this limited life, it is only possible to recover approximately 2.5 mmbbls of oil with the current production facility. The facility is also limited in the number of future development wells that could be drilled and has insufficient oil and fluid processing capacity to recover the expected reserves and resources of oil in the G10/48 licence. Further, the MOPU’s age and processing system also carry the highest unit Adjusted Opex of all Valeura’s Gulf of Thailand assets.

The Company has reviewed a number of different redevelopment concepts for the Wassana field and has selected a new CPP with 24 production well slots as the optimal development concept to yield both the highest financial returns and the maximum total recoverable oil from the G10/48 licence. The new CPP will replace the existing MOPU production infrastructure and is expected to allow for a more holistic commercialisation of the field’s oil reserves, both by enabling more aerially extensive drilling reach and also by way of a longer facility design life, resulting in more years of cash flow generation. Given the increased reserves and contingent resource identified in the G10/48 licence, the new facility is required to have a production life well into the 2040s. The CPP, which mirrors the specifications of the Company’s Nong Yao A facility, has been designed to also accommodate future growth opportunities through the eventual tie-in of additional oil accumulations both to the north and to the south of the Wassana field.

The Company has selected Thai Nippon Steel Engineering & Construction Corporation Ltd (“Thai Nippon Steel”) for Engineering, Procurement, Construction, and Commissioning (“EPCC”) of the facility. Thai Nippon Steel is a very capable EPCC contractor with four decades experience in developing facilities of this type in Thailand.

The contracting strategy selected by the Company ensures that more than 80% of the US$120 million facility capex is under fixed price commitments, with key long-lead items secured.

Capital Investment & Development Timeline

Total capex for the CPP and all of the export pipelines and facilities is estimated at US$120 million, of which approximately US$40 million is planned to be spent in 2025 with the remainder in 2026. The current plan is for the CPP to be fully installed and ready to commence development drilling at approximately the end of 2026. The initial drilling campaign comprises 16 horizontal development wells and one water injection well. Based on rig rates that the Company contracted in 2024, the estimated cost of each development well is approximately US$4.8 million. However, Valeura has observed a downward trend in jack-up drilling rig rates and materials in recent months, and therefore anticipates that drilling capex for the Wassana redevelopment may be lower if this trend continues. First oil from the new facility is planned for Q2 2027.

Production Profile & Operating Efficiencies

Once the initial development wells are completed, management estimates that the Wassana field will produce oil at rates of 10,000 bbls/d in the second half of 2027. The target plateau rate for the CPP is then above 7,500 bbls/d after the existing MOPU is decommissioned in late 2027. Once the CPP is operational, Valeura estimates that its operating characteristics will be approximately consistent with the performance of the Nong Yao A facility, which bears Adjusted Opex per bbl (a non-IFRS measure, more fully described in the Company’s May 14, 2025 Management’s Discussion and Analysis) in the range of US$12 – 16/bbl. This is anticipated to reduce the Company’s overall Adjusted Opex per bbl, thereby making the development value accretive and the portfolio more resilient.

Expansion Potential & Economic Resilience

The updated EOFL for the Wassana field is 2043 (see below) and the CPP will be constructed to include two risers to allow for satellite field tiebacks. Accumulations of oil have already been identified to the north of Wassana at the Nirami field, which may form the basis for one satellite development, and the Company is reprocessing 3D seismic south of the Wassana field in the vicinity of the Mayura oil discovery to support further appraisal drilling in this area. Development of these satellites would extend both the plateau production from the CPP and also the ultimate field life. The CPP concept facilitates the development of satellite fields with minimal wellhead platform infrastructure, resulting in the potential for cost-efficient tieback operations; the Company envisages such incremental production bearing even lower Adjusted Opex than the cost of the production tied directly to the CPP.

Valeura has thoroughly evaluated the economics of the CPP redevelopment project, and believes the project presents a compelling investment proposition. All of the Company’s investments are scrutinised based on oil price sensitivities, and in this instance, even at Brent crude oil benchmark prices of US$60/bbl, management estimates that Wassana will generate an IRR in excess of 40% and a payback of 18 months, underscoring the resilience and strong economics of the redevelopment.

Wassana Reserves and Resources Update

Valeura has commissioned Netherland, Sewell & Associates, Inc. (“NSAI”) to assess the reserves and contingent resources for its Wassana field in light of the decision to pursue the Wassana redevelopment. For clarity, NSAI’s evaluation only addresses the G10/48 licence, the Company’s other assets were not re-evaluated. NSAI’s evaluation is presented in a report dated May 14, 2025 (the “NSAI Wassana FID Report”) and is based on an effective date of December 31, 2024 so as to be consistent with previous NSAI evaluations of the Company’s reserves and resources.

The NSAI Wassana FID Report includes those oil accumulations on the Wassana field that have already been encountered and derisked through the Company’s drilling programme in 2023, in addition to known accumulations which are being accessed through the existing Wassana infrastructure. All reserves on the G10/48 licence are deemed to be heavy oil reserves.

Wassana Heavy Oil Reserves		Gross (Before Royalties) Reserves, Working Interest Share (mbbls)
Proved	Producing Developed	1,851
	Non-Producing Developed	198
	Undeveloped	13,364
Total Proved (1P)		15,413
Total Probable (P2)		5,136
Total Proved + Probable (2P)		20,549
Total Possible (P3)		2,148
Total Proved + Probable + Possible (3P)		22,697

Valeura notes that NSAI’s previous assessment of Wassana reserves, the NSAI 2024 Report, as more fully described in the Company’s February 13, 2025 press release, was based on the most conservative redevelopment concept that delivered relatively low reserves. With FID of the CPP-based redevelopment concept, NSAI is now able to use the planned CPP facility, increased number of wells, and their associated production profiles and cost to estimate the reserves indicated above, which in all instances, are higher than those in the NSAI 2024 Report.

Net present values of future net revenue from oil reserves are based on 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 are based on the Brent crude oil reference prices above, and adjusted for oil quality, and market differentials.

The estimated 2P NPV₁₀ after income taxes from the Wassana field is US$218.2 million.

Wassana Future Net Revenue		Before Tax NPV₁₀ (US$ million)	After Tax NPV₁₀ (US$ million)
Proved	Producing Developed	(30.0)	(30.0)
	Non-Producing Developed	13.7	13.7
	Undeveloped	273.5	200.9
Total Proved (1P)		257.2	184.6
Total Probable (P2)		97.3	33.7
Total Proved + Probable (2P)		354.5	218.2
Total Possible (P3)		97.5	48.3
Total Proved + Probable + Possible (3P)		452.0	266.5

The NSAI 2024 Report indicated a 2P NPV₁₀ of US$126.6 million after income taxes, which implies that the redevelopment project adds US$91.6 million in incremental value. Expressed in Canadian dollars (using an US$/C$ exchange rate of 1.435), the incremental 2P NPV₁₀ is C$131.4 million after income taxes, which, on a per share basis equates to a value add of C$1.23/share. These estimates are based on the same assumptions set out in the Company’s February 13, 2025 press release, which assumed a US$/C$ exchange rate of 1.435 and 106.65 million common shares outstanding, as at December 31, 2024. As a result, the Company estimates a current NAV of C$14.84/share, based on the sum of the 2P NPV₁₀ and the Company’s cash as of December 31, 2024, which was US$259.4 million.

With this update, the Company’s 2P reserves as of year-end 2024 are increased to 57.6 mmbbls which yields a reserve life index (“RLI”) of 6.5 years. The Wassana field illustrates the potential for Gulf of Thailand fields to continue adding reserves and extending economic field life. The Company has increased its reserves life every year since assuming operatorship.

		Gross (Before Royalties) Reserves, Working Interest Share (mbbls)
Reserves by Field		Jasmine (Light/ Medium)⁽¹⁾	Manora (Light/ Medium)⁽¹⁾	Nong Yao (Light/ Medium)⁽¹⁾	Wassana (Heavy)⁽²⁾	Total
Proved	Producing Developed	5,268	1,370	6,541	1,851	15,030
	Non-Producing Developed	703	433	153	198	1,487
	Undeveloped	4,713	705	3,742	13,364	22,524
Total Proved (1P)		10,684	2,509	10,436	15,413	39,042
Total Probable (P2)		6,108	848	6,500	5,136	18,592
Total Proved + Probable (2P)		16,792	3,357	16,936	20,549	57,634
Total Possible (P3)		3,647	718	4,297	2,148	10,810
Total Proved + Probable + Possible (3P)		20,440	4,075	21,233	22,697	68,445

(1) NSAI 2024 Report
(2) NSAI Wassana FID Report

NSAI also assessed contingent resources for the G10/48 licence. Best estimate (2C) contingent resources are reduced from 12.7 mmbbls to 6.2 mmbbls on an unrisked basis. This reduction is largely due to a significant portion of the contingent resource moving into reserves with the approval of the new project. The majority of the remaining contingent resources are associated with the Nirami Field to the north with some also associated with the Mayura discovery to the south.

Contingent Resources	NSAI Wassana FID Report
Contingent Resources	Unrisked (mmbbls)	Risked (mmbbls)
Low Estimate (1C)	6.5	3.6
Best Estimate (2C)	6.2	2.6
High Estimate (3C)	9.3	3.4

Guidance Update

In light of anticipated 2025 spending of US$40 million on the Wassana redevelopment project, the Company’s guidance for Adjusted Capex (a non-IFRS measure, more fully described in the Company’s Management’s Discussion and Analysis dated May 14, 2025) has been revised to US$165 – 185 million for the full year 2025. The Company is also providing guidance on Free Cash Flow (a non-IFRS measure, being Adjusted Cash Flow from Operations less Adjusted Capex, both as more fully described in the Company’s Management’s Discussion and Analysis dated May 14, 2025). Under Valeura’s Updated 2025 Guidance, and based on benchmark Brent oil prices ranging from US$65 – 85/bbl, Free Cashflow Guidance is US$80 – 195 million.

The Company’s guidance assumptions for average production, Adjusted Opex (a non-IFRS measure, more fully described in the Company’s Management’s Discussion and Analysis dated May 14, 2025), and Exploration expense are re-affirmed. In addition to spending on the Wassana redevelopment project in 2025, the Company’s Updated 2025 Guidance is based on the unchanged assumption of having one drilling rig on contract for the full year and conducting certain brownfield developments as previously disclosed. Adjusted Opex includes the cost of leasing certain vessels as part of its ongoing operations, including the Nong Yao C MOPU, the Jasmine field’s Floating Production Storage and Offloading vessel, as well as Floating Storage and Offloading vessels at the Manora and Wassana fields, and a warehouse. Such leases are expected to total approximately US$33 million, unchanged from the Original 2025 Guidance.

	Original 2025 Guidance	Updated 2025 Guidance
Average Daily Oil Production⁽¹⁾	23.0 – 25.5 mbbls/d	23.0 – 25.5 mbbls/d
Adjusted Opex	US$215 – 245 million	US$215 – 245 million
Adjusted Capex	US$125 – 150 million	US$165 – 185 million
Exploration expense	Approximately US$11 million	Approximately US$11 million
Free Cash Flow	US$112 – 227 million⁽²⁾	US$80 – 195 million

(1) Working interest share production, before royalties.
(2) Illustrative Free Cash Fow guidance based on the Company’s Original 2025 Guidance assumptions.

Also unchanged is the Company’s intention to fund its 2025 guidance spending through cash on hand plus cash flow generated from ongoing operations. The Company continues to expect that these sources will continue to strengthen the Company’s balance sheet, concurrent with the Wassana redevelopment, thereby providing capacity for other growth projects, including inorganic opportunities.

Webcast

Valeura intends to comment on the Wassana redevelopment project as part of a management update presentation and Q&A session following its Annual General Meeting of Shareholders which is scheduled for today, May 14, 2025, at 4:00 P.M. in Calgary. Shareholders may attend in person, as further detailed in the Management’s Information Circular which was mailed to shareholders and is available on the Company’s website and on www.sedarplus.ca. A webcast of the live event is available with the link below. Shareholders who are unable to attend in person may submit written questions through the webcast system or by email to IR@valeuraenergy.com.

An audio only feed of the Meeting is available by phone using the Conference ID and dial-in numbers below:

Conference ID: 239 311 896 799

Dial-in numbers:

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

About the Company

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 and a preparation date of May 14, 2025 post-FID and February 13, 2025 pre-FID. 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”, “RLI”, “EOFL”, and “IRR” 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.

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

“EOFL” 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.

“IRR” is used by management as a measure of the profitability of a potential investment. It is calculated as the discount rate that would result in a net present value of zero.

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 on hold, development unclarified, or development not viable.

Development on hold is defined as a contingent resource where there is a reasonable chance of development, but there are major non-technical contingencies to be resolved that are usually beyond the control of the operator.

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 Wassana FID Report, on a risked basis: 100% of the estimated volumes are heavy oil; less than 1% are categorised as Development Not Viable, with the remainder categorised as Development Unclarified. There are no Development On Hold resources within the 2C category.

Resources Project Maturity Subclass	Heavy Crude Oil (Development On Hold)				Chance of Development (%)
	Unrisked		Risked
	Gross (mbbls)	Net (mbbls)	Gross (mbbls)	Net (mbbls)
Contingent Low Estimate (1C) Development Not Viable	1,715.7	1,617.1	1,544.2	1,455.4	90%
Contingent Best Estimate (2C) Development Not Viable	0.0	0.0	0.0	0.0	90%
Contingent High Estimate (3C) Development Not Viable	0.0	0.0	0.0	0.0	90%

Resources Project Maturity Subclass	Heavy Crude Oil (Development Unclarified)				Chance of Development (%)
	Unrisked		Risked
	Gross (mbbls)	Net (mbbls)	Gross (mbbls)	Net (mbbls)
Contingent Low Estimate (1C) Development Not Viable	4,294.9	4,047.9	1,937.8	1,826.4	10-60%
Contingent Best Estimate (2C) Development Not Viable	6,072.4	5,723.3	2,583.4	2,434.9	10-60%
Contingent High Estimate (3C) Development Not Viable	9,221.9	8,691.6	3,378.2	3,183.9	10-60%

Resources Project Maturity Subclass	Heavy Crude Oil (Development Not Viable)				Chance of Development (%)
	Unrisked		Risked
	Gross (mbbls)	Net (mbbls)	Gross (mbbls)	Net (mbbls)
Contingent Low Estimate (1C) Development Not Viable	493.2	464.9	74.0	69.7	15%
Contingent Best Estimate (2C) Development Not Viable	85.8	80.9	12.9	12.1	15%
Contingent High Estimate (3C) Development Not Viable	58.5	55.1	8.8	8.3	15%

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

Forward-looking information in this news release includes, but is not limited to: the description of the Wassana redevelopment; timing for first oil from the Wassana redevelopment; anticipated production rates from the Wassana field and extension of its economic field life; anticipated capital spending and the timing thereof; sources of funding for the project; anticipated rates of return; the EPCC contractor for the Wassana redevelopment; the Wassana redevelopment development timeline; projections for Wassana’s future unit operating costs and Adjusted Opex, and for the cost of production from potential future satellite developments; the opportunities for further growth and cash flow generation; anticipated future rates for drilling rig rates (and trends) and drilling-related materials; and the Company’s updated guidance estimates for 2025.

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.

The MIL Network –

May 14, 2025

MIL-OSI China: New Chinese TV series ‘The Regroup’ marks WWII anniversary

Source: People’s Republic of China – State Council News

A new TV series commemorates the 80th anniversary of the victories of the Chinese People’s War of Resistance Against Japanese Aggression, the Soviet Union’s Great Patriotic War and the World Anti-Fascist War, with release expected later this year.

A poster for “The Regroup.” [Image courtesy of Tencent Video]

“The Regroup,” produced by Tencent Video under guidance from the National Radio and Television Administration, follows a Northeast Anti-Japanese United Army squad during China’s 14-year-long struggle against Japanese aggressors.

The series depicts soldiers who become cut off from their main forces and the Communist Party of China leadership after a fierce battle, forcing them to endure relentless Japanese pursuit. Bound by their oath to fight to the death, they survive extreme hardships to regroup and return to the battlefield, their sacrifice contributing to China’s victory and the world anti-fascist triumph.

The series is directed by Zang Xichuan and Zhao Yang, with a screenplay developed by celebrated screenwriter Gao Mantang along with Li Li, Ru Sheng and Li Zhou. The ensemble cast features Hu Jun, Li Naiwen, Chen Jingke, Yuan Shanshan, Ren Bin and Song Jiateng. Renowned musician and singer Han Hong serves as music supervisor.

The series’ release date has not yet been announced, but its theme song “Return” was released on May 9 to coincide with the anniversary of the Soviet Union’s victory in the Great Patriotic War. The occasion was marked in Russia by a grand military parade at Red Square earlier that day, featuring over 11,500 military personnel, including contingents from more than 10 countries. Notably, the Chinese People’s Liberation Army Guard of Honor participated in the event.

Reflecting the historical connection between the Northeast Anti-Japanese United Army and the Soviet Union, singer Zhou Shen performs the series’ theme song in a music video featuring alternating verses in Chinese and Russian. The song features lyrics by Shu Wang, music by Li Ran and Russian lyrics adapted by He Xiangji and Wang Liye, with orchestral accompaniment by musicians from the China Philharmonic Orchestra.

Tencent Video said the bilingual song commemorates the wartime mutual support between Chinese and Soviet forces against fascism, symbolizing their revolutionary camaraderie and shared vision for peace.

The song celebrates the soldiers who fought in the Northeast Anti-Japanese United Army by honoring those “bravely facing national peril, remaining loyal to the homeland, sacrificing for righteousness and uniting against aggression,” according to the production company.

MIL OSI China News –

May 14, 2025
MIL-OSI China: Chinese pop star bridges cultures with global ambition

Source: People’s Republic of China – State Council News

With his new single “Buck” released and a new album set for July, Chinese pop icon Jackson Wang continues to consolidate and expand his global influence with unwavering ambition.

The album cover art for Jackson Wang’s “Magic Man 2.” [Image courtesy of Team Wang Records]

His new album “Magic Man 2” is now set for July 18 release in the United States, while release dates for other territories are pending. Fans are already rushing to secure pre-orders, which include standard and limited-edition signed CDs, vinyl, boxed sets with exclusive apparel and posters, retailer exclusives like a Barnes & Noble’s opaque orchid vinyl and a cappella bonus track CD in Target’s.

The sequel to his solo debut “Magic Man” — which entered the Billboard 200 at No. 15 in 2022 and garnered over 123 million streams worldwide — has Wang raising expectations. He explicitly proposed during a recent conversation with Billboard News: “Please make me top five.”

The forthcoming album marks Wang’s most personal and ambitious body of work to date, continuing his global ambition as he positions himself as a Chinese cross-cultural ambassador through music and collaboration. Taking a step back from the spotlight and music landscape in 2024 unearthed unaddressed emotions, which he transformed into an unfiltered chronicle of growth: from manic highs fueled by denial to the painful reckoning of lost identity, from setting boundaries and shedding people-pleasing tendencies to ultimately finding peace through acceptance. Produced entirely by Wang and crafted over a year, the album confronts outside exploitation and inner demons while showcasing his artistic evolution.

Since February, the album’s rollout has made waves worldwide. Wang released three singles while maintaining a grueling global schedule — traveling between the United States, South Korea, Japan, Indonesia, Thailand and China for music video shoots, celebrity collaborations, performances and promotional appearances. This has enabled him to connect local audiences, just as his whirlwind tour further expands his international stardom.

A behind-the-scenes photo of “Buck” music video shows Jackson Wang and Diljit Dosanjh together. [Photo courtesy of Team Wang Records]

The third and latest single “Buck” — an eerie bop released on May 9 — pairs Wang with Punjabi megastar Diljit Dosanjh, an Indian music and film icon. Wang’s smoky vocals anchor the track, accompanied by a sinister music video co-directed with Nicholas Lam. Macabre visuals and frenetic choreography highlight Wang’s razor-sharp showmanship.

“I dreamed of going all the way to hell to deal with you,” Wang shared, setting the tone for this hard-hitting dance-pop track.

The song debuted as the No. 9 top new entry on Worldwide iTunes Song Chart, reaching No. 1 in seven countries and regions including Thailand, Fiji and Sri Lanka, and peaking at No. 35 overall. Its music video has surpassed 1.4 million YouTube views since release.

Previously, the new album’s lead single “High Alone” debuted at No. 1 on Apple Music in 22 countries and regions, with its music video amassing over 2.65 million views since its Feb. 13 release. Its follow-up “GBAD” outperformed these results, going viral with its surrealist black comedy short film amassing 32 million YouTube views since March 28. The track’s popularity also spawned notable international remixes, including a collaboration with Japanese group Number_i and American producer JasonTheWeen, further boosting its global reach.

A series of product drops tied to the four thematic chapters of “Magic Man 2” will roll out over the coming weeks, offering collectible chapter-specific editions.

MIL OSI China News –

May 14, 2025
MIL-OSI Asia-Pac: LCQ8: New Acute Hospital in Kai Tak

Source: Hong Kong Government special administrative region

Following is a question by Dr the Hon Starry Lee and a written reply by the Secretary for Health, Professor Lo Chung-mau, in the Legislative Council today (May 14):

Question:

The Government announced in the 2016 Policy Address that an overall hospital development plan had been devised with the Hospital Authority to allocate $200 billion to implement the development projects in the subsequent 10 years, and the New Acute Hospital in Kai Tai (New Acute Hospital) was one of the projects under the plan. The New Acute Hospital, which will provide 2 400 beds and 37 operating theatres, is expected to be completed next year and will become the leading hospital in the Kowloon Central Cluster serving residents in the Kowloon City and Wong Tai Sin districts. Most of the clinical services of the Queen Elizabeth Hospital (QEH), including the accident and emergency (A&E) services, will be relocated to the New Acute Hospital, bringing direct impact to members of the public in Kowloon Central. In this connection, will the Government inform this Council:

(1) in the light of the completion of the New Acute Hospital, how the authorities assess the level of public awareness of the services provided by the New Acute Hospital, and what specific plans are in place to step up publicity and promotional efforts, so as to ensure thorough public understanding of the New Acute Hospital’s scope of services, relocation arrangements and means of access;

(2) given the gradual replacement of QEH’s A&E services by the New Acute Hospital, what measures the authorities have in place to ensure seamless transition of the services, particularly the provision of appropriate transport options for groups such as the elderly, persons with impaired mobility and those in need of emergency medical services; and

(3) whether it will, before implementing the New Acute Hospital’s service relocation arrangements, conduct public consultation on the New Acute Hospital’s accessibility and establish a regular communication mechanism to collect views from residents and relevant stakeholders to jointly explore improvement proposals, thereby ensuring that aspects such as (i) the transport accessibility to the Hospital in different time periods; (ii) the compatibility of the existing public transport network with the demand for hospital services; and (iii) feeder services for special groups will met the needs of the residents?

Reply:

President,

In consultation with the Transport and Logistics Bureau (TLB) and the Hospital Authority (HA), the consolidated reply to the question raised by Dr the Hon Starry Lee is as follows:

(1) In 2016, the Government and the HA commenced the implementation of the First Hospital Development Plan with $200 billion set aside for a total of 16 projects, covering the redevelopment and expansion of 11 hospitals, the construction of a new acute hospital, three community health centres and one supporting services centre.

Upon the completion of the New Acute Hospital (NAH) located in the Kai Tak Development Area, most of the clinical in-patient services of the Queen Elizabeth Hospital (QEH), including the accident and emergency (A&E) services, will be relocated to the NAH; while the Ambulatory Care Centre (Extension) of the QEH will remain at the King’s Park site. Situated in Central Kowloon, the NAH will form a service network with the Our Lady of Maryknoll Hospital, Hong Kong Buddhist Hospital and Tung Wah Group of Hospitals Wong Tai Sin Hospital in the Kowloon City District; the Kwong Wah Hospital (KWH), Kowloon Hospital and other hospitals in the Kowloon Central Cluster (KCC); and the Ambulatory Care Centre (Extension) of the QEH to provide comprehensive healthcare services to the residents in the Kowloon Central area and neighbouring areas.

To tie in with the progressive relocation of services from the QEH to the NAH from early 2026 onwards, the KCC has been keeping the public informed through various channels since 2023 of the construction progress and basic information of the NAH, as well as the arrangements of service relocation from the QEH to the NAH.

As for community publicity work, the KCC has held 16 community outreach publicity activities in the past six months (from October 2024 to April 2025) in collaboration with community partners such as the Hong Kong Housing Society, District Offices, District Council (DC) members, the District Services and Community Care Teams (Care Teams), and ethnic minorities, whereby community talks, workshops, briefing sessions, publicity booths, etc. were arranged in different housing estates and locations. The aim was to reach out to residents in the Kowloon Central area to explain the services of the NAH and the relocation arrangements for services of the QEH, so as to enhance the public’s awareness of the services of the NAH and plan for further publicity work having regard to their enquiries. The KCC has also been briefing patients and their families about the service arrangements of the NAH through in-hospital publicity activities. Since 2025, mobile publicity booths have been set up regularly at the major entrances of the QEH and specialist out-patient clinics to distribute brochures and newsletters of the NAH to patients, with staff answering their enquiries directly. Thirteen publicity activities have been carried out so far (as of April 2025). The KCC also places promotional banners, roll-up stands and posters at the main entrances of the hospital and the locations frequented by hospital users to ensure that the messages can be effectively conveyed to patients and the public in need.

The HA also maintains close communication with community stakeholders and visited the four DCs of Yau Tsim Mong, Kowloon City, Wong Tai Sin and Kwun Tong in September 2024 and January 2025 to report in detail on the construction progress and service arrangements of the NAH. Three visits were arranged from March to April 2025 for representatives from District Offices, DC members, representatives from patient groups, relevant government departments and community stakeholders to visit the mock-up site of the NAH to learn about the design and planning of the NAH as well as express their views. In addition, the KCC established a Community Liaison Group chaired by the Cluster Chief Executive of the KCC in 2024. The members include representatives of District Offices, DC members, representatives from patient groups, relevant government departments and community stakeholders. The KCC representatives regularly report at the meetings of the Community Liaison Group the latest information of the NAH. The Community Liaison Group held its first meeting in November last year and arranged for group members to visit the mock-up site of the NAH in March this year.

In addition, the KCC will enhance information dissemination through various channels, including the website of the NAH, social media and instant messaging groups, to continue to provide to the public the latest information of the hospital, covering information of introduction of clinical services and traffic information, etc.

To ensure the smooth travel of the public to the NAH, the KCC is exploring launching a Transportation Information Card before the commissioning of the NAH to provide detailed information on public transportation routes with stops at the NAH, including bus routes, locations of green minibus (GMB) stop, MTR connections, as well as walking routes in the vicinity of the hospital and transfer suggestions. The KCC will arrange to widely publicise the relevant information through hospitals, community partners and social media platforms to familiarise the public with the new hospital location.

As the commissioning of the NAH approaches, the HA will announce in a timely manner the commencement date of relevant services, detailed arrangements of relocation and clinical services, etc. through various channels, and will further enhance various publicity work in future, including increasing the number of community outreach activities in collaboration with the media, DC members, the Care Teams and relevant government departments, and expanding publicity points in the hospitals, with a view to disseminating the latest information via various channels to enable more patients and stakeholders to obtain information on the relocation of services in a timely manner, thereby ensuring the smooth relocation of services.

(2) and (3) The A&E services of the QEH will be relocated to the NAH upon the latter’s completion. The NAH will be a designated trauma centre, with a round-the-clock A&E department equipped with comprehensive facilities to deal with all types of emergency cases and situations as well as serious incidents. After it is put into service, the A&E department of the NAH will operate with synergy with that of the KWH of the KCC in jointly providing comprehensive and high-quality A&E services to the residents of the Kowloon Central area.

The existing QEH and the future NAH are both major acute general hospitals in the Kowloon Central area. Therefore, the HA attaches great importance to the relocation of the A&E services and has been in close communication with relevant government departments on the future service arrangements of the A&E department, including the zoning of ambulances and patient transfer arrangements. The HA also holds regular meetings with these departments on the subject to ensure the smooth relocation of the A&E services.

Regarding the accessibility of the NAH, the HA has been paying special attention to the arrangements of transport facilities for the new hospital, especially the needs of the elderly and people with mobility impairment. In this regard, the HA has been maintaining close communication with the Transport Department (TD) on the related traffic matters of the new hospital. Regular meetings have been held to provide relevant data and exchange views, such as projections of pedestrian flow, work schedule of the healthcare personnel, hospital visiting hours, so that relevant departments and various transport operators can review the traffic arrangements, assess the overall public transport services demand in the Kai Tak Hospital area (KTHA), and make appropriate traffic proposals in advance having regard to the needs. These include strengthening services for citizens in Yau Tsim Mong, Kowloon City, Wong Tai Sin districts and the surrounding vicinity to travel to and from the KTHA in a targeted manner, as well as enhancing the connectivity between the KTHA and the MTR network.

At present, there are four franchised bus routes and six GMB routes serving the KTHA (see Annex 1), connecting the areas such as Kwun Tong, Kowloon City, Mong Kok and Tsim Sha Tsui, as well as nearby MTR stations such as Kai Tak Station, Sung Wong Toi Station, To Kwa Wan Station, Kowloon Bay Station, Ngau Tau Kok Station, Kwun Tong Station, and Wong Tai Sin Station, which could facilitate the general public (including the elderly) to visit the KTHA. To enhance the accessibility of the NAH, the TD plans to introduce or extend three franchised bus routes via the KTHA, including the addition of CTB Route No. 20X and the extension of KMB Routes No. X6C and No. 15A, in order to further enhance the connectivity of public transport network between the KTHA and other districts. Details of the relevant routes are set out in Annex 2.

Meanwhile, the TLB is implementing the Smart and Green Mass Transit System in Kai Tak in full swing for connecting the Kai Tak former runway area to the Kai Tak MTR Station. TLB’s target is to invite tender in the second half of this year and award the contract in 2026. When the system is put into service, citizens can walk from the station located at the Kai Tak Sky Garden to the NAH via the existing footpath at Kai Tak Bridge Road. In addition, the barrier-free walkway under construction connecting the amenity area under the Kwun Tong Bypass and the NAH will also enhance the connectivity and pedestrian accessibility between the NAH and the Kowloon Bay hinterland.

Regarding groups with special needs, a Rehabus feeder service between the Hong Kong Children’s Hospital and the nearby MTR stations (including Lok Fu Station and Kai Tak Station) is already in place in the KTHA. To tie in with the commissioning of the NAH, the TD is exploring with the Rehabus operator to extend the Rehabus feeder service to the NAH. In addition, the KCC is in close communication with the designated government-funded organisations providing Rehabus feeder service on the boarding and alighting arrangements of the rehabuses serving the new hospital, and provides advice to cater for the needs of hospital users with mobility impairment. In addition, the NAH will continue to provide point-to-point non-emergency ambulance transfer services for patients with specified clinical conditions and with mobility impairment, so as to ensure that all patients in need can travel to and from the hospital smoothly for treatment.

In addition, the KCC is committed to building a barrier-free environment in the NAH to ensure accessibility for patients and visitors in the hospital. The design of all buildings in the NAH has adopted all obligatory barrier free design requirements under the “Design Manual: Barrier-Free Access 2008” issued by the Buildings Department. Relevant design requirements cover accessible parking spaces, passages, corridors, doorways, ramps, toilets, steps and stairs, handrails, lifts, lighting, etc. to ensure that various facilities are accessible to all persons, regardless of their physical conditions or age.

As mentioned above, the HA has maintained communication with community stakeholders on the service arrangements of the NAH, including reporting in detail to the DCs on the construction progress and service arrangements of the NAH. The HA will continue to maintain close liaison with different stakeholders on the accessibility of the NAH, and proactively listen to the views of the relevant non-profit organisations and patient groups, including reporting information on the new hospital and collecting views through regular meetings of the Community Liaison Group. The HA will also refer relevant views to the relevant government departments for consideration as appropriate. In addition, the TD will continue to closely monitor the progress of the NAH project and the overall development of the area. Subject to the demand, the TD will explore to make timely adjustments or enhancement of the public transport services in the area, or introduce new franchised bus or GMB routes to facilitate the public to travel to and from the KTHA and meet their transportation needs.

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Asia-Pac: LCQ5: Developing marine economy

Source: Hong Kong Government special administrative region

LCQ5: Developing marine economy
Question:

It has been reported that a number of coastal provinces in the Mainland have set up inter-departmental co-ordination groups led by provincial governors to co-ordinate policies on marine economy. However, there are views pointing out that the development of marine economy in Hong Kong is taken forward in a piecemeal fashion without top-level planning. In this connection, will the Government inform this Council:

(1) as there are views that development of marine economy involves various portfolios and it is difficult for a single-policy bureau to co-ordinate inter-departmental resources, whether the Government will make reference to the experience of the Mainland and set up a dedicated team led by officials at the decision-making level to co-ordinate the development of marine economy; if so, of the details and the implementation timetable; if not, the reasons for that;

(2) as there are views that the existing policy focusing on regulation may hinder the development of marine economy, how the Government will promote the development of maritime industries, e.g. of the breakthroughs in terms of the introduction of the relevant legislative amendments and innovative policies, as well as the enhancement of cross-boundary co-operation and co-ordination; and

(3) apart from the three tourism projects currently being taken forward by the Development Bureau under the large-scale land-disposal approach, whether the Government will consider selecting more islands and coastal areas with potential for tourism development to implement the large-scale land-disposal approach on a trial basis, so as to bring in social capital for participation in infrastructure development and operation, thereby enhancing the competitiveness of marine tourism in Hong Kong?

Reply:

President,

International organisations and individual economies have different definitions for “marine economy”, and there is no unified global standard on which industries fall under the scope of marine economy. For Hong Kong, having made reference to the breakdown of the industry classification of the Mainland’s marine economy and roughly compared the industries covered therein with those in the Hong Kong Standard Industrial Classification Version 2.0 compiled by the Hong Kong Census and Statistics Department and other known industry classifications, the Government Economist considered that the marine economy-related activities in Hong Kong can be broadly categorised into the following six categories:
One of the six categories, “maritime transportation and port industry” includes ports, shipping, and maritime commercial services. In 2022, this sector contributed 4.2 per cent to Hong Kong’s Gross Domestic Product (GDP) and accounted for 2.1 per cent of total employment. Besides, “marine utilisation, extraction, production, and related manufacturing”, along with “wholesale and retail of marine products”, are partially related to capture fisheries and mariculture. According to data from the Agriculture, Fisheries and Conservation Department (AFCD), the local capture fisheries and mariculture production in 2023 was approximately 87 000 tonnes, with a total value of about $2.4 billion, estimated to contribute less than 0.1 per cent to GDP. As for the remaining three categories, their value-added contributions could not be estimated due to limited data.

Having consulted the Deputy Financial Secretary, the Transport and Logistics Bureau (TLB), Culture, Sports and Tourism Bureau (CSTB), the Innovation, Technology and Industry Bureau (ITIB), and the Development Bureau (DEVB), my consolidated reply to the question of the Hon Steven Ho is as follows:

(1) Given the extensive scope of the marine economy, which encompasses a diverse range of industries and development models, multiple policy bureaux and departments within the Special Administrative Region (SAR) Government are responsible for related areas. Relevant bureaux and departments attach importance on these developments and have formulated and implemented strategies, action plans, or blueprints accordingly. Each policy bureau and department, in accordance with their professional functions, introduces targeted measures to advance the development of marine economy-related areas under its purview, which are in line with the overarching policy direction, strategies, and pace of development. This approach fosters synergies between marine economy development strategies and other initiatives within the respective bureaux and departments, thereby more effectively achieving their policy objectives. The Government believes that the current approach suits Hong Kong’s circumstances. Bureaux and departments will continue to review the development direction and progress of their respective areas, working collectively to drive the growth of marine economy. The SAR Government will also monitor progress across all fronts and, if necessary, explore ways to optimise the development approach.
On maritime services, apart from enforcing the relevant legislation to ensure marine safety, the Marine Department (MD) also endeavours to make maritime services more convenient. For instance, allowing the use of electronic certificates instead of paper-based certificates for ship-related matters. The MD also maintains close liaison and collaboration with Mainland maritime authorities at all levels.

On marine tourism, the CSTB put forward in the Development Blueprint for Hong Kong’s Tourism Industry 2.0 to make more and better use of Hong Kong’s rich island and coastline tourism resources. As such, the CSTB encourages the development of more diverse tourism products with characteristics, and is ready to study and foster areas where removal of statutory and regulatory barriers are required. At the same time, the CSTB actively promotes development of island tourism and large-scale integrated resort projects focusing on eco-tourism, as well as continues to consolidate Hong Kong’s position as Asia’s hub for international cruise thereby promoting development of cruise tourism.

The ITIB has all along been dedicated to enhancing Hong Kong’s innovation and technology ecosystem with a view to supporting the development of different technology industries (including marine technology) in various areas including capital, research and development, supporting tech start-ups and talent. At present, Hong Kong has one State Key Laboratory of Marine Pollution, contributing to the protection and management of the marine environment.

On the fisheries front, the Environment and Ecology Bureau and the AFCD are actively taking forward the various initiatives under the Blueprint for the Sustainable Development of Agriculture and Fisheries, including designation of four new fish culture zones as well as introduction of modernised facilities to support development of mariculture, explore the streamlining of relevant legislations to promote development of leisure fisheries, and at the same time strengthen co-operation with the Mainland. To further enhance the competitiveness of local agricultural and fisheries products, the AFCD plans to establish a unified new brand for safe, low-carbon and premium local agricultural and fisheries products, and to establish production standards, farming methods as well as a certification and traceability system for these products, etc. The AFCD will continue to actively participated in the promotional activities in the Guangdong-Hong Kong-Macao Greater Bay Area to promote quality local products. In addition, the AFCD has designated three new marine parks in the past five years, and has also formulated new fishery management strategies in marine parks and implemented marine ecological enhancement measures.
Besides, the DEVB recently has also proposed to provide marina and land supporting facilities at two waterside areas, namely the Aberdeen Typhoon Shelter expansion area and the harbourfront site in the vicinity of the Hung Hom Station.

As to whether there are other suitable sites for large-scale land disposal in the future, the DEVB is willing to listen to different views, and will consider the experiences gained from taking forward the above three projects.Issued at HKT 15:25

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI: Hubexo Selects Dayforce for Workforce Transformation

Source: GlobeNewswire (MIL-OSI)

LONDON, May 14, 2025 (GLOBE NEWSWIRE) — Dayforce, Inc. (NYSE: DAY; TSX: DAY), a global human capital management (HCM) leader that makes work life better, today announced that Hubexo, a global leader in construction data and technology, has selected Dayforce to consolidate its disparate HR systems, provide a single source of truth for its people operations, and deliver a best-in-class offering to colleagues around the world.

Hubexo will leverage the Dayforce™ platform, including Time and Attendance, Reporting and Analytics, Compensation Management, Performance Management, and Dayforce Co-Pilot, to develop and manage its growing team. Implementing Dayforce is part of a larger digital transformation at Hubexo, which restructured distinct companies under a unified brand and streamlined leadership team in October 2024. As part of this workforce transformation, the company wanted a comprehensive, global solution to optimise its workforce and standardise its people processes in a single cloud HCM platform.

“Hubexo has come together as one global team over the past year, and now is the right time to invest in a people platform that can match our ambitions,” said Lindi Teate, Chief People Officer, Hubexo. “Dayforce is a truly global platform that offers ease of use for our colleagues and real-time data to improve decision making across the organisation. As we begin our journey as Hubexo, Dayforce stands out as a partner that can scale with us as we grow and help us to deliver exceptional value to our people.”

Once fully implemented, the company expects that more than 2,400 Hubexo employees across 25 countries in Europe, North America, and Asia Pacific will be live on the Dayforce platform.

“Global organisations face unique challenges, from managing a disparate workforce to remaining compliant across multiple jurisdictions. That’s why companies like Hubexo choose Dayforce to deliver operational resiliency and simplicity at scale,” said Nicole Bello, Group Vice President, EMEA, Dayforce, Inc. “By fully harnessing our AI-powered people platform, Hubexo is elevating their people processes to make work life better – and we’re proud to partner with them on this transformational journey.”

To learn more about Dayforce’s modern cloud HCM software, please visit dayforce.com/uk.

About Dayforce

Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on enabling thousands of customers and millions of employees around the world do the work they’re meant to do. With our single AI-powered people platform for HR, Pay, Time, Talent, and Analytics, organizations of all sizes and industries are benefiting from simplicity at scale with Dayforce to help unlock their full workforce potential, operate with confidence, and realize quantifiable value. To learn more, visit dayforce.com.

Media Contact
Nick de Pass
nick.depass@dayforce.com
(226) 972-5962

The MIL Network –

May 14, 2025
MIL-OSI Economics: Secretary-General of ASEAN attends luncheon hosted by Ministry of Foreign Affairs and Trade of New Zealand

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended a luncheon hosted by H.E. Bernadette Cavanagh, Deputy Secretary of the Pacific and Development Group of New Zealand Ministry of Foreign Affairs and Trade of New Zealand, and attended by Pacific Islands Heads of Mission stationed in Wellington. The engagement provided a good opportunity to exchange views on developments in both regions and potential for engagement and collaboration between ASEAN and the Pacific Island countries.

The post Secretary-General of ASEAN attends luncheon hosted by Ministry of Foreign Affairs and Trade of New Zealand appeared first on ASEAN Main Portal.

MIL OSI Economics –

May 14, 2025
MIL-OSI Economics: Secretary-General of ASEAN visits New Zealand Parliament

Source: ASEAN

As part of his Working Visit to New Zealand, Secretary-General of ASEAN, Dr. Kao Kim Hourn, today visited the New Zealand Parliament and observed the Question Time. The visit offered an opportunity to gain a deeper understanding of New Zealand’s parliamentary and governance practices.

Credit: New Zealand Parliament TV
The post Secretary-General of ASEAN visits New Zealand Parliament appeared first on ASEAN Main Portal.

MIL OSI Economics –

May 14, 2025
MIL-OSI Economics: Secretary-General of ASEAN engages with Department of the Prime Minister and Cabinet of New Zealand

Source: ASEAN

At the sidelines of his Working Visit to New Zealand, Secretary-General of ASEAN, Dr. Kao Kim Hourn, held a meeting with H.E. Ben King, Chief Executive of the Department of the Prime Minister and Cabinet, and H.E. Taha Macpherson, Deputy Secretary of the Ministry of Foreign Affairs and Trade of New Zealand. The meeting offered a chance to exchange views on regional developments and reaffirmed the importance of ASEAN-New Zealand cooperation and relations.

The post Secretary-General of ASEAN engages with Department of the Prime Minister and Cabinet of New Zealand appeared first on ASEAN Main Portal.

MIL OSI Economics –

May 14, 2025
MIL-OSI Economics: Secretary-General of ASEAN delivers a lecture hosted by New Zealand Institute of International Affairs

Source: ASEAN

In concluding his Working Visit to New Zealand, Secretary-General of ASEAN, Dr. Kao Kim Hourn, delivered a lecture on “ASEAN-New Zealand Partnership for Peace and Prosperity,” in Wellington, on 14 May 2025. The event was organized by the New Zealand Institute of International Affairs together with the Asia New Zealand Foundation. In his remarks, SG Dr. Kao urged ASEAN and New Zealand to remain resolute in championing open trade, rules-based multilateralism, and inclusive regionalism.

The post Secretary-General of ASEAN delivers a lecture hosted by New Zealand Institute of International Affairs appeared first on ASEAN Main Portal.

MIL OSI Economics –

May 14, 2025
MIL-OSI Russia: Moscow Export Center to Select Ambassadors of Capital Business Abroad

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

Moscow Export Center (MEC) opened its first official selection of ambassadors capital business abroad. Specialists help city companies successfully enter foreign markets: they support businesses in friendly countries, establish business connections, open up export opportunities and become representatives of Moscow brands in the international arena.

Ambassadors are professionals living and working abroad, who have a good understanding of local business culture, legislation and business processes. They help Moscow exporters find partners, analyze potential demand for products in the region, contact retail networks and distributors and personally accompany export contracts and negotiations on the ground.

Within the framework of the MEC pilot project, ambassadors have been working in other countries for several years and have proven their effectiveness in practice. The Moscow Export Ambassador service has been used by 213 Moscow companies. They have concluded export contracts for a total of over 2.7 billion rubles. Experts represent Moscow in China, India, Egypt, the United Arab Emirates, Vietnam, Malaysia and Iran.

Now the program is moving to a new level. MEC has formalized and systematized the criteria for selecting ambassadors to make the participation process more transparent and convenient. Candidates need to submit an application, in which they must confirm their experience in international business, business connections with local partners, knowledge of the language and understanding of the specifics of the regional business environment. The main candidates will be able to sign a contract with MEC. You can study all the requirements for candidates on the website Moscow Export Center.

Active and involved experts with experience in international trade are invited to share successful mechanisms for entering foreign markets and represent the interests of Moscow companies abroad. Participants in the Moscow Export Ambassador program will be able to become part of a team that forms the image of the Russian capital as a reliable and active export player on the world stage.

Get the latest news quickly in the official telegram channel the city of Moscow.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

https: //vv.mos.ru/nevs/ite/153786073/

MIL OSI Russia News –

May 14, 2025
MIL-OSI USA: Chu, Hirono Introduce Bills to Address Mental Health in AANHPI Communities
Source: United States House of Representatives – Representative Judy Chu (CA2-27)

Legislation would raise awareness of the importance of mental health and help increase access to culturally-competent mental health care in AANHPI communities

WASHINGTON, D.C. – Today, Rep. Judy Chu (CA-28) and U.S. Senator Mazie K. Hirono (D-HI) reintroduced a package of bills focused on mental health awareness for Asian American, Native Hawaiian, and Pacific Islander (AANHPI) communities in observance of May as National Mental Health Awareness Month and AANHPI Heritage Month. The package included a resolution recognizing May 10^th as National AANHPI Mental Health Day, as well as the Stop Mental Health Stigma in Our Communities Act of 2025 to increase awareness and access to mental health care throughout the AANHPI community.

“This AANHPI Heritage Month and Mental Health Awareness Month, I’m honored to join Senator Hirono to reintroduce this legislative package to confront the unique mental health challenges faced by AANHPI communities,” said Rep. Chu. “The AANHPI community is the least likely of any racial or ethnic group to seek out mental health services. This disparity is largely driven by language barriers, taboos around shame, a lack of access to culturally competent care, and insufficient disaggregated data within research. As the only psychologist in Congress, I know how important it is to break down these barriers, challenge harmful misconceptions about seeking help, and ensure every community can access the mental health care they need. Recognizing May 10th as National AANHPI Mental Health Day brings long-overdue attention to the unique challenges our communities face and helps break the silence and stigma that too often surround mental health. But awareness must be matched with action, which is why the Stop Mental Health Stigma in Our Communities Act would invest in culturally and linguistically appropriate outreach, education, and disaggregated data collection, so we can deliver care that truly reflects and serves the full diversity of the AANHPI community.”

“As we recognize AANHPI Heritage Month and Mental Health Awareness Month, I am proud to lead the introduction of this legislation to bring attention to the importance of mental health well-being in the AANHPI community,” said Senator Hirono. “Too many members of our communities face economic, cultural, and language barriers preventing them from accessing critical mental health care and these bills reaffirm our commitment to breaking down those barriers. Every person deserves access to culturally and linguistically appropriate mental health care, and I’m glad to partner with Representative Chu as we work to invest in mental health resources, combat the stigma surrounding mental health, and ensure that every member of our communities can access the care they need and deserve.”

According to data collected by the Substance Abuse and Mental Health Services Administration (SAMHSA), members of the AANHPI community have the lowest rates of mental health service utilization of any racial/ethnic group, with only 35 percent of Asian adults with a mental health problem receiving treatment in 2023. In 2023, an estimated 65 percent of the AANHPI community, who met criteria for a mental health problem, did not receive necessary treatment. And, even though suicide is the eleventh leading cause of death in the United States, it is the leading cause of death for AANHPI youth ages 10 to 24, and they are the only racial or ethnic group in this age category whose leading cause of death is suicide. In Hawaii, the suicide rate is greater than national average and the rate of suicide for Native Hawaiians is nearly double the national rate.

The National AANHPI Mental Health Day resolution recognizes the importance of mental health to the well-being of AANHPI families and communities and acknowledges the importance of raising awareness around mental health care. It also encourages health agencies to adopt policies to improve utilization of mental health services for the AANHPI community, as well as other marginalized communities.

Rep. Chu and Senator Hirono also reintroduced the Stop Mental Health Stigma in Our Communities Act of 2025, bicameral legislation to curb mental health stigma and help increase access to mental health care in AANHPI communities.

Specifically, the Stop Mental Health Stigma in Our Communities Act would instruct SAMHSA to:
- Establish a national outreach and education mental health and substance misuse strategy for the AANHPI community by partnering with advocacy and behavioral health organizations that have an established record of serving AANHPI communities; and
- Conduct research and collect disaggregated data on the state of behavioral health among AANHPI youth and on the shortage of AANHPIs in the behavioral health workforce.
“The National Asian American Pacific Islander Mental Health Association welcomes the 5th introduction of the National AANHPI Mental Health Day resolution and strongly supports the Stop Mental Health Stigma in Our Communities act,” said Dr. Pata Suyemoto, Executive Director of the National Asian American Pacific Islander Mental Health Association (NAAPIMHA). “This bill is critical as it provides necessary investments to reduce stigma within Asian American Native Hawaiian Pacific Islander (AANHPI) communities. Stigma is a driving force that keeps AANHPI individuals from seeking mental health services when they need them. This bill hopefully will improve mental health outcomes through culturally and linguistically relevant services, increased culturally trained workforce, as well as increased research on AANHPI communities.”

“Stigma and persistent barriers have kept AANHPIs from the mental health care they deserve—leading to some of the lowest utilization rates nationwide. It’s time for change. We know that better health outcomes are attainable, but we must take legislative action to invest in a mental health care workforce and infrastructure that are culturally and linguistically appropriate,” said Juliet K. Choi, President & CEO of the Asian & Pacific Islander American Health Forum (APIAHF). “The bicameral introductions of the Stop Mental Health Stigma in Our Communities Act and the AANHPI Mental Health Day Resolution mark vital steps toward closing the unacceptable disparities in mental health care and chronic disease treatment experienced in our communities.”

“The Stop Mental Health Stigma in Our Communities Act and the establishment of a National Asian American, Native Hawaiian, and Pacific Islander Mental Health Day are vital steps forward in addressing the unique cultural barriers that too often prevent people from seeking care,” said Hannah Wesolowski, Chief Advocacy Officer at the National Alliance on Mental Illness (NAMI). “Together, these measures affirm that mental health is a fundamental part of public health and that every community deserves equal access to services. NAMI thanks Senator Hirono and Rep. Chu for their leadership and proudly supports this important legislation.”

The National AANHPI Mental Health Day resolution was co-led by Representatives Jill Tokuda (D-HI-02), Doris Matsui (D-CA-07), and Marilyn Strickland (D-WA-10) and was cosponsored by U.S. Senators Cory Booker (D-NJ), Maria Cantwell (D-WA), Ed Markey (D-MA), Alex Padilla (D-CA), Jacky Rosen (D-NV), Brian Schatz (D-HI), Elizabeth Warren (D-MA), and U.S. Representatives Suzan K. DelBene (D-WA-01); Grace Meng (D-NY-06); Kevin Mullin (D-CA-15); Mark Takano (D-CA-39); Shri Thanedar (D-MI-13); Bonnie Watson Coleman (D-NJ-12); Al Green (D-TX-09); Jerrold Nadler (D-NY-12); Paul Tonko (D-NY-20); Derek Tran (D-CA-45); Nanette Diaz Barragan (D-CA-44); Lateefah Simon (D-CA-12); Mark DeSaulnier (D-CA-10); Raja Krishnamoorthi (D-IL-08); Scott H. Peters (D-CA-50); Andrea Salinas (D-OR-06); Robert C. “Bobby” Scott (D-VA-03); Dave Min (D-CA-47); and Robert Menendez (D-NJ-08).

The Stop Mental Health Stigma in Our Communities Act was cosponsored by U.S. Senators Cory Booker (D-NJ) and Catherine Cortez Masto (D-NV), and U.S. Representatives Suzan K. DelBene (D-WA-01); Grace Meng (D-NY-06); Kevin Mullin (D-CA-15); Marilyn Strickland (D-WA-10); Mark Takano (D-CA-39); Shri Thanedar (D-MI-13); Bonnie Watson Coleman (D-NJ-12); Al Green (D-TX-09); Jerrold Nadler (D-NY-12); Paul Tonko (D-NY-20); Derek Tran (D-CA-45); and Nanette Diaz Barragan (D-CA-44).

Both bills are endorsed by AAPI Youth Rising; Advancing Justice (AAJC); Asian American Psychological Association (AAPA); Asian Mental Health Collective; Asian Pacific Americans in Higher Education; Asian & Pacific Islander American Health Forum (APIAHF); Asian Psychedelic Collective; Asian Youth Act; Bazelon Center for Mental Health Law; Empowering Pacific Islander Communities (EPIC); Japanese American Citizens League; LEAD Filipino; National Asian American Pacific Islander Mental Health Association (NAAPIMHA); National Asian Pacific American Families Allied for Substance Awareness and Harm Reduction; National Council of Asian Pacific Americans (NCAPA); National Partnership for New Americans; National Partnership for Women & Families; Prevention Institute; Sadhana: Coalition of Progressive Hindus; The Asian American Foundation; Thriving Asians; Thriving Twentysomethings; UCA WAVES; We Make It Matter; Wellness Ranch Equine Assisted Therapy; API Tennessee; Asian Americans and Pacific Islanders of New Jersey (AAPI NJ); Asian Counseling and Referral Service; Association for Infant Mental Health In Hawaii; Coalition for Asian American Children and Families; Hawai’i Health & Harm Reduction Center; Hawai‘i Office of Wellness and Resilience; Hep Free Hawai’i; Mental Health America of Hawaii; Monsoon Asians & Pacific Islanders in Solidarity; NAMI Hawaii (National Alliance on Mental Illness); Sakura Foundation; Yellow Chair Collective; Asian Americans for Community Involvement; Asian Mental Health Project; Centro de Ayuda y Esperanza Latina, Inc.; Filipino Mental Health Initiative of Hawaii; RAMS (Richmond Area Multi-Services, Inc.); and SPEAK, a Supportive Place for Empowering Asian Americans and Kin.

The full text of the resolution is available here. The full text of the legislation is available here.

MIL OSI USA News –
May 14, 2025
MIL-OSI China: China, Vietnam open new int’l road transport route

Source: People’s Republic of China – State Council News

BEIJING, May 14 — At 10:40 a.m. on Wednesday, convoys carrying electronic components, fresh vegetables, and daily necessities departed simultaneously from Nanning in south China’s Guangxi Zhuang Autonomous Region and Kunming in southwest China’s Yunnan Province, heading for Hanoi, the capital of Vietnam.

This marks the first time that Chinese freight vehicles operating under the Greater Mekong Sub-region Cross-border Transport Facilitation Agreement (CBTA) will reach Vietnam’s inland regions directly via the newly opened route.

The route represents a significant enhancement in facilitating international road transport between China and Vietnam, resulting in a notable improvement in transportation efficiency.

Compared with previous routes, the new corridor saves each truck approximately one day in transport time and reduces costs up to 1,000 yuan (about 138.97 U.S. dollars).

MIL OSI China News –

May 14, 2025

MIL-OSI Asia-Pac: LCQ22: Reverse Mortgage Programme

Source: Hong Kong Government special administrative region

LCQ22: Reverse Mortgage Programme

Payment term(+11% year-on-year)(+26% year-on-year)(-16% year-on-year)(+22% year-on-year) The RMP offered the Enhanced Fixed-rate Mortgage Plan for members of the “AMIGOS By HKMC” loyalty programme from mid-July 2021 to the end of 2022. The monthly payout under the offer was higher than that under the floating-rate mortgage plan at that time by up to 30 per cent, while the monthly mortgage insurance premium was increased by 0.25 per cent per annum. The Enhanced Fixed-rate Mortgage Plan received 884 applications in total.

(2) As reverse mortgage is a loan arrangement by nature, its demand is affected by various factors, such as the personal needs of individual retired homeowners and the condition of the residential property and financial markets (including interest rate fluctuation), etc. The HKMC has been keeping under review the condition of applications for the RMP. Through years of ongoing efforts in promotion and education, the public has become more receptive to the RMP and the other two products, and has a better understanding of the benefits of the products in respect of retirement financial planning. The number of applications for the RMP has also increased steadily. The HKMC will continue with its public education and promotion to further enhance the public’s understanding of the RMP.Issued at HKT 15:00

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MIL OSI Asia Pacific News –

May 14, 2025