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Category: Business

  • MIL-OSI NGOs: MEDIA ADVISORY: JOINT PRESS BRIEFING ON GAZA’S ESCALATING HUMANITARIAN CRISIS

    Source: Oxfam –

     What

    Representatives from leading humanitarian organisations, including those who are in or just left the Gaza Strip, will brief the press on the impact of Israel’s total siege on Gaza – which has lasted now more than 70 days, and Israel’s plan to control and limit aid distribution moving forward.  

    Areas of focus:   

    • The catastrophic conditions for Palestinians in Gaza after 10 weeks of a full blockade of aid, water and medical supplies
    • The militarization of aid, including:
    • Israel’s plan to control and limit the distribution of aid, through the use of private organisations and security contractors
    • The impact of forcibly displacing hundreds of thousands of civilians into designated areas
    • Aid being withheld from people who are not registered and aid being limited to the bare minimum
    • Israel’s new rules for the registration of international NGOs amid a continued crackdown on civil society 

    When

    Wednesday, May 14, 2025 –  9am ET/2pm UK/3pm CET/4pm Gaza 

    Where

    Please register in advance for this webinar: https://us02web.zoom.us/webinar/register/WN_fsCVX0UHTY6xuBRaMsRCVA 

    After registering, you will receive a confirmation email containing information about joining the webinar. 

    Who:  

    Moderated by: Soraya Ali, Global Media Manager MEANEE, Save the Children 

    Speakers to include: 

    • Bushra Khalidi, Policy Lead, Oxfam
    • Mohammed Saleh, Director of Al-Awda Hospital in North Gaza
    • Mahmoud Isleem, General Coordinator/ Country Director, Médecins du Monde France
    • Yazdan El Amawi, Gaza Director, Anera
    • Salwa Al Tibi, Palestine/Gaza Country Director, MedGlobal
    • Amande Bazerolle, Gaza Coordinator, Médecins Sans Frontières France 

    Spokespeople’s Bios: 

    • Bushra Khalidi is the Palestinian Territory Policy Lead at Oxfam, specialising in protection, humanitarian access, and accountability. She influences decision-makers, engages with international institutions, and advocates for rights-based humanitarian action, ensuring Palestinian voices are represented. Bushra leads initiatives on ceasefire efforts, humanitarian space protection, and ending settlement trade.
    • Dr Mohammed Saleh is the current Director of Al-Awda Hospital near Jabaliya, North Gaza. When the former director, Dr. Ahmed Muhanna, was taken into custody by Israeli forces on 17 December 2023, Dr Saleh stepped in and led the hospital through the devastating four-month siege of Jabaliya of October 2024-January 2025 — the second siege faced by the hospital since the beginning of the escalation. Since his family had to flee to southern Gaza, he has had minimal contact with them, as he chose to stand by the hospital’s patients and staff.
    • Salwa Al-Tibi is Country Director for Palestine/Gaza at MedGlobal. Herself a refugee whose family has faced numerous displacements, she lives in Gaza City and specializes in community mental health. She has over 25 years of experience working with different NGOs and local organizations in Gaza, including previous senior positions at Save the Children, CARE international, and Catholic Relief Services.
    • Mahmoud Isleem is General Coordinator/ Country Director of Médecins du Monde France (MdM) in the occupied Palestinian territory. He has 20 years of humanitarian work experience in Palestine in both Gaza and the West Bank. As a Palestinian of the West Bank, he is currently based in Ramallah due to access restrictions to the Gaza Strip imposed by Israeli authorities on WB ID-holder humanitarians.
    • Amande Bazerolle is an emergency coordinator with Médecins Sans Frontières (MSF) France. After her first mission in Palestine in 2011, she has worked for MSF Asia programs, notably as a head of mission for Pakistan. Since September 2024 she has been overseeing MSF emergency response in Gaza. She has just spent four months in Gaza, coordinating the work of 900 Palestinian staff.
    • Yazdan El Amawi is the Gaza Director at Anera. He has over two decades of experience working across the humanitarian and development fields in Gaza and has managed many programs on livelihoods, health, water, sanitation, education, and emergency response. He holds an MBA from the University of Northern Virginia and a bachelor’s degree in Communications from Marquette University. 

    For more information and for interviews, please contact:

    Oxfam Media office | Media.OPTI@oxfam.org   

    Jacqui Crocoran | Oxfam Media Lead in Jerusalem, Occupied Palestinian TerritoryOxfam |  jacqui.corcoran@oxfam.org

    For real-time updates, follow us on X and Bluesky, and join our WhatsApp channel. 

    MIL OSI NGO –

  • MIL-OSI Africa: Formalizing Artisanal and Small-Scale Gold Mining (ASGM) for Growth: Mining in Motion to Unpack Ghana’s Success, Ongoing Efforts

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

    CAPE TOWN, South Africa, May 14, 2025/APO Group/ —

    The upcoming Mining in Motion Summit – Ghana’s premier gathering for mining stakeholders, scheduled for June 2 – 4, 2025 in Accra – will feature a high-level panel discussion on the country’s ongoing efforts to formalize its artisanal and small-scale gold mining (ASGM) sector.

    Titled Case Studies in ASGM Formalization: Learning from Successes and Addressing Challenges, the panel will explore regulation and programs enhancing the ASGM sector’s contribution to mining sector growth in Ghana. The panel will feature representatives from the Minerals Commission of Ghana, the World Bank and key ASGM industry players.

    ASGM plays a vital role in Ghana’s mining sector, contributing over $5 billion in gold export revenue in 2024, employing more than one million people and accounting for over 40% of national gold production. Through the recently established Ghana Gold Board, the country aims to curb gold smuggling – estimated to cost the country $2.3 billion annually – by providing a legal platform for small-scale miners to sell gold and access financing to expand their operations.

    Furthermore, the Ghana Land Restoration and Small-Scale Mining Project – launched in partnership with the World Bank – offers financial and technical assistance to ASGM operators, helping them improve sustainable land use while providing legal integration into the broader mining economy.

    The Minerals Commission of Ghana and the Ministry of Lands and Natural Resources are driving the country’s agenda to formalize the ASGM sector by simplifying licensing processes via District Mining Committees. In addition, Community Mining Schemes continue to play a critical role in combating illegal mining by organizing miners into formalized, community-based cooperatives, boosting their access to finance, technology and training.

    Mining in Motion will not only showcase Ghana’s progress but also provide a platform for ASGM stakeholders to gain valuable insights into overcoming sector challenges and scaling their operations legally and sustainably. The summit, hosted by the Ashanti Green Initiative under the leadership of Oheneba Kwaku Duah, Prince of the Ashanti Kingdom, is organized in collaboration with the World Bank and the World Gold Council.

    Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting small-scale miners and medium- to large-scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting www.MiningInMotionSummit.com. For sponsorship opportunities or delegate participation, contact Sales@ashantigreeninitiative.org.

    MIL OSI Africa –

  • MIL-OSI Africa: Africa Rallies for Gas-Driven Growth at Invest in African Energy (IAE) 2025

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

    PARIS, France, May 14, 2025/APO Group/ —

    African energy leaders kicked off the Invest in African Energy (IAE) 2025 Forum in Paris with a resounding call for deeper cross-border collaboration, strategic gas monetization and inclusive national development policies, signaling a united front in shaping Africa’s energy future.

    Leading the charge, NJ Ayuk, Executive Chairman of the African Energy Chamber, lauded the successful execution of the Greater Tortue Ahmeyim (GTA) gas project by Mauritania and Senegal – which loaded its first LNG cargo last month – as a model for regional cooperation.

    “No country has been able to do cross-border projects like Mauritania and Senegal. They showed that it is possible in Africa to come together and do cross-border collaboration,” he said, emphasizing that regionalism and pragmatism must outweigh isolationist tendencies. “Resource nationalism slows down projects.”

    Technip Energies’ Chief Business Officer, Marco Villa, echoed Ayuk’s sentiment on the continent’s energy potential, calling natural gas a “strategic driver” rather than just a tradable commodity.

    “Resources alone are not enough – the real opportunity is transforming this potential into sustainable, prosperous and inclusive growth,” said Villa. “We believe natural gas is more than a commodity – it is a strategic driver for countries and for Africa – in terms of industrialization, energy security and global integration.”

    Villa stressed the importance of both large-scale export infrastructure and domestic gas valorization, positioning gas as a dual solution for global competitiveness and local economic development.

    “While exports are important, local valorization of gas is equally crucial. Africa cannot only be an exporter of gas – gas can be a lever for domestic transportation, power generation, enabling petrochemical industries, modernizing refineries and supporting agribusiness.”

    Petroleum Commissioner at Namibia’s Ministry of Mines and Energy, Maggy Shino, highlighted Namibia’s rapid emergence as a global hydrocarbon hotspot, following massive offshore discoveries from Shell, TotalEnergies, Galp and Rhino Resources in the deepwater Orange Basin.

    “Namibia has emerged as one of the world’s most exciting hydrocarbon frontiers… These discoveries are among the largest of our decade. With more than 80% of our offshore unexplored, Namibia is not only a frontier – it’s a first mover advantage waiting to be seized,” said Shino.

    She also emphasized Namibia’s commitment to fast-tracking development and fostering a responsible investment environment, highlighting the ongoing development of the National Upstream Petroleum Local Content Policy as a key step toward embedding local content from the outset.

    “This policy is more than a regulation for us. It’s a platform to align global expertise with Namibian empowerment. We are actively engaging industry stakeholders to create a framework that balances skill development, supplier integration and the upliftment of Namibian citizens with operational efficiency.”

    Meanwhile, Anibor Kragha, Executive Secretary of the African Refiners & Distributors Association, cautioned against overdependence on petroleum imports and underscored the urgency of building domestic refining capacity and storage resilience.

    “If you’re going to maximize your returns, then you have to run the full value chain and refine… What happens to Africa if we cannot import a single petroleum product for 30 days? How many countries have strategic storage beyond two weeks?” said Kragha. “Africa’s energy boom is not just about oil and gas.”

    The opening keynotes set the tone for a forward-looking IAE 2025 agenda – one centered on transforming Africa’s resource wealth into tangible, inclusive and strategically driven development. The forum continues in Paris through May 14.

    MIL OSI Africa –

  • MIL-OSI Africa: African Mining Week (AMW) 2025 to Spotlight the Impact of Gabon’s Mining Code

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

    CAPE TOWN, South Africa, May 14, 2025/APO Group/ —

    Gabon strives to expand the mining industry’s GDP contribution to over 30% by the mid-2030s, using policies such as the Mining Code to attract investment and fuel development. By offering competitive incentives such as tax holidays ranging from three to eight years and a modest 3-5% royalty on base metals, the Mining Code offers improved terms for investors, thereby providing positive implications for the country’s mineral sector.

    African Mining Week – Africa’s premier gathering for African mining stakeholders, scheduled for October 1–3, 2025 in Cape Town – will provide an overview of Gabon’s Mining Code. A dedicated panel discussion, titled Navigating Gabon’s Mining Code: A Guide for Investors, will explore how the country is using the Mining Code to catalyze mining development and attract capital.

    Already the world’s third-largest producer of manganese (apo-opa.co/44ES9QA), Gabon is leveraging the code to strengthen the sector though international partnerships and new investments. French mining major Eramet, operator of the high-grade Moanda Minesin Gabon, signed a manganese supply agreement with Australia’s Firebird Metals (apo-opa.co/44yGrXD) to support electric vehicle (EV) battery production in China. Similarly, India’s state-run MOIL (apo-opa.co/4koDe1z) is in talks to develop manganese assets in Gabon, highlighting the country’s growing role in the global manganese, EV and battery storage market.

    Beyond manganese, Gabon is diversifying its mineral production base. Canadian company Millennial Potash Corp (apo-opa.co/43gSiHB) is advancing the Banio Potash Project, where high-grade potash intersections were confirmed in May 2025. Once operational, the project will be Gabon’s first commercial potash facility, supplying a global market driven by demand for fertilizers and pharmaceutical applications.

    Iron ore is another growth frontier where the country is using the Mining Code to secure investment. In partnership with Australia’s Genmin and China’s Sinohydro (apo-opa.co/43e25xN), the country is progressing the Baniaka Iron Ore Project, which targets five million tons of annual output initially, ramping up to 10 million tons in the future. Australia’s Fortescue is also expanding its Belinga iron ore project while South Africa’s Menar (apo-opa.co/3F7k0OO) signed agreements to invest in the sector, illustrating growing investor confidence fostered by Gabon’s Mining Code.

    Amid this growth, African Mining Week will connect investors, government officials and private sector leaders to advance projects. With a focus on legal clarity, resource potential and project-ready opportunities, the event will foster high-level dialogue and promote Gabon as a rising hub for responsible, high-return mining investment in Africa.

    MIL OSI Africa –

  • MIL-OSI Africa: Africa’s Liquefied Natural Gas (LNG) Growth Hinges on Investment, Strategic Partnerships

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

    PARIS, France, May 14, 2025/APO Group/ —

    Accelerating Africa’s liquefied natural gas (LNG) ambitions will depend on mobilizing risk-tolerant investment, building strong technical and commercial partnerships, and committing to local capacity-building, according to panelists at the Invest in African Energy (IAE) Forum in Paris.

    Speaking during a discussion on monetizing African gas sponsored by Perenco, UTM Offshore Managing Director Julius Rone emphasized that LNG demand remains robust, but the missing piece is financing.  “Investment is required. The market is there. LNG is not going anywhere – global gas demand is increasing every year. Therefore, we need the right investors to enable us to monetize our gas.”

    The $5 billion UTM FLNG project offshore Nigeria is currently in its pre-construction phase. Rone emphasized that indigenous players like UTM Offshore are capable of forming the right partnerships to drive development, with plans to take FID in the coming months, move into the construction phase and expand the company’s FLNG technologies beyond Nigeria into other African markets.

    Competitiveness Starts at the Wellhead

    For international players, the viability of LNG in Africa hinges on low-cost resources and predictable legal frameworks. Golar LNG’s Chief Commercial Officer Federico Petersen noted that while Africa holds a geographic edge over the U.S. in terms of access to global markets, project economics must work from the start.

    “In the U.S., both the liquefaction and transport sides are increasing – if Africa can beat the U.S. at the wellhead, then it can have competitive liquefaction and it is closer to Europe and Asia,” said Petersen.

    He added that technical capability and financial strength are key to delivering projects at scale, along with speed and access to low-cost gas. “The asset needs to be cheap gas. We look at the asset, the contract and the partner… On the contract side, the legal framework and the stability needs to be there, both for upstream operators and for us.”

    Infrastructure-First Approach

    Gas infrastructure must come before LNG exports, according to Denis Chatelan, Head of Business Development at Perenco. The company’s strategy has focused on domestic gas use as a foundation for future liquefaction, citing gas-to-power and gas-to-industry projects in Gabon and Cameroon.

    “We did not start with liquefaction, but to develop the gas resources… We managed to find the right compromise of investment, ROI and infrastructure,” said Chatelan. “At Perenco, we have deployed equity. If you want big rewards, then you have to take some risk. We have taken the risk of infrastructure, which is a very important first step to develop the gas resources of a country.”

    Local Support Critical to Long-Term Success

    Jiří Rus, Sales & Business Development Director at Neuman & Esser, stressed the importance of original equipment manufacturers building in-country operational support to sustain LNG and gas projects.

    “Within our partnerships, we focus on operation. We need to support projects not from Germany, but through local service centers. We have one in Port Harcourt in Nigeria, for example, to support future projects, and now we are doing so in Mozambique,” said Rus.

    Dominique Gadelle, VP of Upstream & LNG at Technip Energies, echoed the importance of anchoring projects in local benefits. “Boosting local economies, power generation… This is a must before going to international exports,” he said. “We can also look at monetizing gas in different ways – fertilizers, for instance. We also need to promote regional cooperation, and we cannot forget local skills, employment and education and training programs.”

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Highland Council awards new contract for road repairs

    Source: Scotland – Highland Council

    After a successful three-week trial of thermal technology in 2024, Highland Council has appointed Thermal Road Repairs for a two-year patching repair contract worth a seven-figure sum. This will provide an additional resource for repairing surface defects such as potholes, cracking and deteriorating surfacing joints.

    Councillor Ken Gowans, Chair of the Economy and Infrastructure Committee, said: “After a successful trial last year, I’m delighted that we will be making use of thermal technology moving forward. It offers an efficient way to repair our roads using less material and will allow us to carry out permanent pothole fixes in all seasons.”

    The thermal repair process involves using an infrared heating system to heat existing road material which then becomes malleable and can be reworked with additional material to create a defect-free surface. The use of heat means that the repair is free of cold joints and therefore has no weak points at the edges resulting in a more effective repair that can also be carried out in colder conditions.

    Cllr Gowans continued: “Thermal Road Repairs have a wealth of experience and their technology provides a fast, permanent fix to potholes but with the added benefits of low emissions and minimal waste due to less plant and materials being required. Infrared patching is a low noise and low impact technique with only one vehicle which creates minimal disruption for road users, and it is also a very quick process with approximately one square metre repaired every 5-9 minutes.

    “Investing in our roads is a high priority not only for the Council but also for our communities and I am pleased that this contract will support our local roads teams to improve the condition of our roads faster and more effectively. The contract is part of a £2.1 billion capital investment agreed in our Highland Investment Plan which will help to maintain over 4000 miles of roads and ensure a sustainable approach to investment and contractor procurement. The Highland Investment Plan will provide 20 years of funding for roads and transport, schools, offices and community facilities throughout the Highlands.”

    Works are due to begin in summer 2025.

    14 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UK-EU summit ‘should be the start, and not the end of strengthening ties with Europe’ – Plaid Cymru

    Source: Party of Wales

    Rejoining the Single Market and Customs Union in Wales’ economic interests –  Llinos Medi MP

    Plaid Cymru’s Business and Trade Spokesperson, Llinos Medi MP has urged the UK Government to “take action” to fix the UK’s damaged relationship with Europe.

     

    Ahead of next week’s EU-UK summit, the MP for Ynys Môn said that the people of Wales have been “let down” by those who promised that Brexit would lead to a brighter future and has instead caused “huge damage” to the communities and economy of Wales.

     

    By 2025, Brexit has cost the Welsh economy up to £4 billion and has reduced the value of Welsh exports by up to £1.1 billion.

     

    In a speech in the House of Commons on Tuesday 13 May, Ms Medi called on the UK Government to establish a Youth Mobility Scheme and join Erasmus+ to allow young people to study and work abroad.

     

    Llinos Medi MP also said that the UK should commit to the long-term goal of joining the Single Market and Customs Union, claiming that it would help the UK Government achieve its mission of growing the economy.

     

     

    Speaking in the House of Commons, Llinos Medi MP said:

    “The hard Brexit pursued by the previous UK Government has cost the Welsh economy up to £4 billion; it has reduced the value of Welsh exports by up to £1.1 billion, and post-Brexit trade deals such as with New Zealand and Australia have been unfavourable for Welsh agriculture and manufacturing.

    “Since Brexit, Wales has lost out on £1 billion in European structural and rural development funding which could have been used to support our deprived communities. 

    “This was despite the promise made by the then Conservative UK Government in 2019 to “at a minimum match the size” of former EU funding in Wales and the other nations of the UK.”

     

     

    Llinos Medi MP continued:

    “The Government should create Youth Mobility Scheme and join Erasmus+ so that our young people can study and work abroad, creating new skills and opportunities for the next generation. We also need to see cooperation on the environment, the arts and on defence.

    “I hope next week’s summit will be the start, and not the end of strengthening our ties to Europe. Any plan needs clear aims and goals – Plaid Cymru believes the goal should be to eventually join the Single Market and Customs Union.

    “This Government has said its first mission is to grow the economy. I can see no better opportunity to improve growth by committing the UK and Wales to the long-term goal of joining the Single Market and Customs Union.

    “Wales has suffered badly by those who championed the false promises of Brexit, this Government must now take action to fix our damaged relationship with Europe to protect the Welsh economy.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Students must not be abandoned by Housing Bill

    Source: Scottish Greens

    14 May 2025 Housing

    Students in Scotland need afforable housing

    More in Housing

    The Scottish Government will be abandoning students to the ‘wild west’ of the student accommodation market if they do not include support for students in the Housing (Scotland) Bill, says Scottish Green MSP Maggie Chapman.

    During a committee meeting yesterday, Shirley-Anne Somerville, Cabinet Secretary for Social Justice, confirmed that the Scottish Government has no intention to include the purpose built student accommodation (PBSA) sector in the Housing Bill.

    This follows MSPs voting to ensure student accommodation could be covered by rent control regulations only last week, with calls supported by MSPs from the Scottish Greens, Conservatives, and Labour.

    Ms Chapman said: 

    “I’m disappointed and angry that the Scottish Government has decided to leave students out in the cold on the Housing Bill. Only last year they publicly committed to legislate on student accommodation, but now seem to be abandoning their commitments to students all together. [1]

    “The student accommodation market is currently an unregulated wild west, and we should not allow this to continue. PBSA providers, companies who often provide just the bare minimum to students, often snatch up potential sites that should be used for family homes and community facilities too. We desperately need regulation of this sector.

    “We’ve been listening to students and housing campaigners and they’ve been clear: the market is broken. Students across Scotland are paying on average over 80% of their loan on poor quality and insecure PBSA housing, because the Scottish Government has yet to engage with stakeholders on alternative solutions. [2]

    “I hope that the Cabinet Secretary reconsiders her statement and helps us to fight for students in this housing bill. We have had too many years of an unregulated, unsustainable, and unaffordable housing market in Scotland. It’s time we make it fair and affordable for everyone.”

    Notes:
    [1] In February 2024, the Scottish Government commit in the chamber to take forward recommendations from the PBSA Review Group, which had significant student input, which is shown here: Written question and answer: S6W-25244 | Scottish Parliament Website

    [2] The statistic on PBSA cost is sourced from this NUS research showing the state of student housing: Towards a Student Housing Strategy for Scotland – NUS Scotland

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Greens call for SNP to provide urgent update on support for Israel’s arms dealers

    Source: Scottish Greens

    14 May 2025 Peace

    More in Peace

    The SNP must urgently update parliament on what it is doing to end Scottish Government support for companies arming and supporting Israel, say the Scottish Greens.

    The Scottish Government has rightly opposed the bombing and collective punishment of Gaza. Despite this, since the war began, it has given over £1 million to companies that have armed Israel via its business unit, Scottish Enterprise.

    It has been three months since the Scottish Government committed to review the human rights checks which are applied by public bodies to grant applicants, following a motion brought by the Scottish Greens.

    Yet, so far, no substantive updates have been provided, and the terms of the review have yet to be published.

    The legality of UK arms exports to Israel is being considered this week by the High Court in London, following a legal challenge by campaigners.

    Scottish Green Co-leader Lorna Slater said: 

    “The genocide in Gaza is getting worse with every passing day. The scale of the suffering is horrific.

    “The destruction is only possible because of the companies and governments who have armed and supported the assault.

    “The Scottish Government talks a lot about human rights, but it has continued to pour money into the companies who are making a killing from the conflict.

    “It is three months since the Deputy First Minister committed to reviewing the grants given by the Scottish Government but there have been no details.

    “With UK arms exports in court this week, it is long past time for them to set out the terms of the review and to at least provide a timeline and explain what advice they have taken from human rights experts.

    “Any human rights policy worthy of the name would have to conclude that it is wrong to be funding companies who are profiting from war crimes and killing, so why are they taking so long?

    “Scotland may not have the power to halt UK complicity in Israel’s attacks on Gaza, but we can lead by example. The message should be clear, not another penny for Israel’s arms dealers.”

    Text of letter from Lorna Slater to DFM Kate Forbes

    Dear DFM Forbes

    Thank you for your response dated 17th March 2025 regarding the Scottish Enterprise Funding for Arms Companies.

    However, it is three months since the vote and the Scottish Government is yet to publish the terms of the review or any timeline.

    With Israeli forces planning a full occupation of Palestine, the humanitarian crisis is becoming even more grave and severe. This development could have significant implications for the Palestinians and the overall stability of the region.

    This week the High Court in London is considering the legality of UK arms exports to Israel, including weapons that have been made by companies who have received grants from Scottish Enterprise.

    Given the gravity of the situation, I would like to inquire about what actions the Scottish Government is taking in response to these reports, when this review will take place, who will be carrying it out and which human rights experts will be consulted in its production.

    I look forward to your response and to learning more about the actions being taken to address this pressing issue.

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Economy – Examining Māori Access to Capital – Market Failures – Reserve Bank

    Source: Reserve Bank of New Zealand – Te Pūtea Matua

    14 May 2025 – The Reserve Bank of New Zealand – Te Pūtea Matua has published a Bulletin article which discusses the barriers Māori face in accessing capital that may be associated with market failures or imperfections.

    The Bulletin highlights barriers specific to Māori, including legislative constraints that make it challenging to use Māori land as loan collateral and low trust and awareness between Māori and banks. Māori are also more likely to live in rural areas and face market failures common to rural credit markets.

    The market failures that tend to be associated with these financing gaps are all forms of information failure or asymmetry.

    Assistant Governor Simone Robbers says that Māori face persistent barriers to accessing capital, many of which stem from market failures or imperfections.

    “These barriers contribute to ongoing financial exclusion which has broader economic consequences. It can weaken the financial system’s ability to allocate capital efficiently and limit the potential of the New Zealand economy, especially given the growing significance of the Māori economy,” says Ms Robbers.

    Various initiatives have been introduced to address information gaps and improve access to capital for Māori. These include better data collection, cultural training, and financial literacy programmes. Steps have also been taken to facilitate lending on Māori land and develop tailored bank products, though uptake remains low.

    Although the Māori economy has grown significantly and business financing gaps between Māori and non-Māori appear to be narrowing, further efforts are needed to completely close the gap and unlock the full potential of the Māori economy.

    Improved data collection, innovations in the financial system, AML/CFT reforms, and further legislative changes have been identified as ways that could ease barriers and support development in a way that recognises and promotes the cultural and economic significance of Māori.

    “Identifying where market failures exist is important for informing targeted and effective public policy interventions that support more inclusive and efficient financial outcomes,” says Chief Economist Paul Conway.

    This research builds on the Reserve Bank’s 2022 “Improving Māori Access to Capital” Issues Paper. It continues our commitment to exploring and addressing structural challenges in the financial system in line with our Financial Policy Remit and 2024 Letter of Expectations.
     

    More information

    Māori Access to Capital – Market Failures – Reserve Bank of New Zealand – Te Pūtea Matua: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=2d6397b9f4&e=f3c68946f8
     
    What are market failures or imperfections? A market failure refers to a situation where a competitive market fails to allocate resources efficiently.
     
    Improving Māori Access to Capital” Issues Paper: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f910dda49c&e=f3c68946f8
     
    Improving access to capital for Māori: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=444f82d571&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: LCQ2: Work on attracting enterprises and investments

    Source: Hong Kong Government special administrative region

    Following is a question by the Hon Jeffrey Lam and a reply by the Acting Secretary for Commerce and Economic Development, Dr Bernard Chan, in the Legislative Council today (May 14):

    Question:

    In recent years, the Government has been vigorously promoting the work on attracting enterprises and investments. It is learnt that Invest Hong Kong (InvestHK) assisted a total of 539 overseas and Mainland enterprises in setting up or expanding their businesses in Hong Kong last year. In this connection, will the Government inform this Council:

    (1) of the number of overseas and Mainland enterprises which InvestHK has assisted in establishing a presence in Hong Kong or setting up regional headquarters in Hong Kong since January this year; the home countries of such enterprises, as well as the industries to which they belong;

    (2) of the policies and measures currently put in place by the Government in respect of land, taxation, etc. to support overseas and Mainland enterprises in establishing a presence in Hong Kong; and

    (3) given that the Secretary for Labour and Welfare has pointed out at a special meeting of the Finance Committee of this Council held to discuss the Estimates of Expenditure 2025-2026 that Hong Kong Talent Engage (HKTE) would provide comprehensive one-stop support to incoming talents, of the total number of applications received by HKTE since January this year; among such applications, of the areas in which support has been provided?

    Reply:

    President,

    After consulting the Development Bureau (DEVB), the Financial Services and the Treasury Bureau, the Labour and Welfare Bureau, as well as the Office for Attracting Strategic Enterprises (OASES), my consolidated response to the Hon Jeffrey Lam’s question is as follows:

    InvestHK Hong Kong (InvestHK) is responsible for promoting inward direct investment to Hong Kong by attracting Mainland and overseas enterprises to set up or expand in the city. In 2024, InvestHK assisted 539 Mainland and overseas enterprises in establishing and expanding their businesses in Hong Kong, representing an increase of over 40 per cent year on year. On a pro-rata basis, the figure well exceeded the performance indicator as set out in the 2022 Policy Address by the Chief Executive. On the other hand, the number of companies in Hong Kong with overseas or Mainland parent companies in 2024 reached a record high of 9 960. It included 1 410 regional headquarters, an increase of over 5 per cent year on year.

    From January to April this year, InvestHK assisted 223 Mainland and overseas enterprises, representing an increase of 13 per cent as compared with the same period last year. These enterprises are expected to bring in direct investment of over $22.3 billion and create over 4 900 jobs within their first year of operations or expansion. Over one-fourth of these enterprises indicated their setup of international or regional headquarters in Hong Kong. The top five places of origin of those enterprises are the Mainland, the United States, Japan, the United Kingdom and Singapore; and the top five sectors are the financial services and fintech sector, family office, innovation and technology sector, tourism and hospitality sector, and consumer products sector.

    Separately, the current-term Government established OASES, which is directly under the Financial Secretary, to attract high-potential and representative strategic innovation and technology enterprises from around the globe. So far, OASES successfully attracted 84 strategic enterprises, many of which plan to establish their international or regional headquarters in Hong Kong.

    InvestHK and OASES provide Mainland and overseas enterprises with one-stop customised support services, including introducing tax regime and tax concessions of Hong Kong, assisting enterprises in identifying premises for operations, and assisting them in following up on matters relating to talent admission.

    In terms of tax policy, Hong Kong has been practicing a simple, territorial-based and low-tax regime. Hong Kong’s profits tax rates are very competitive internationally, with the first $2 million of profits of corporations taxed at the rate of 8.25 per cent, and the profits above that amount taxed at 16.5 per cent. Besides, tax types in Hong Kong are simple in that there is not any kind of capital gains tax, withholding tax on dividends or interest, estate duty, value-added tax, goods and services tax, nor digital services tax. The Government of the Hong Kong Special Administrative Region (HKSAR) has also been strategically utilising tax measures to facilitate the development of different industries. Tax concessions introduced over recent years have benefitted multiple industries or taxpayers, including the asset and wealth management industry, maritime industry, insurance industry, and taxpayers with intellectual property income.

    In terms of assisting enterprises in identifying suitable premises, given the diverse backgrounds of enterprises, InvestHK and OASES focus on understanding and catering to the different needs of individual enterprises. In respect of land supply, the DEVB has been collaborating with InvestHK and OASES to introduce to Mainland and overseas enterprises interested in setting up in Hong Kong the distribution of existing and future economic land in the territory, including how the Government will adopt an “industry-led” approach in planning strategic projects such as the Northern Metropolis (NM). In particular, as each New Development Area in the NM has its own industry positioning, the next few years will see considerable output in development land and floor space for innovation and technology and other emerging industries, as well as industries with traditional strengths, to move in. As for enterprises interested in setting up in Hong Kong and participating in the construction of buildings for industries, the DEVB will recommend development land for their consideration. It will also support relevant policy bureaux in exploring and adopting various modes of land disposal and land premium arrangements by giving consideration to restricted tender or direct land grant in addition to the traditional practice of open tender. When a project enters the design and construction stages, the DEVB will also provide one-stop services by co-ordinating with relevant departments to expedite approvals.

    Apart from focusing on attracting enterprises and investment, the current-term Government is also dedicated to attracting talents from overseas and the Mainland. Since its establishment on October 30, 2023, the Hong Kong Talent Engage (HKTE) strives to provide comprehensive one-stop support to talents. From January to April 2025, over 45 000 new applications under various talent admission schemes were received, of which over 35 000 applications were approved. The support services provided by the HKTE to incoming talents and their families include the following:

    (a) Themed seminars: To cater for the needs of incoming talents, leaders from various industries and admitted talents were invited to share career information and tips on starting a business. Since its establishment and up to end-April 2025, the HKTE has organised 33 online and offline themed seminars;

    (b) Job fairs: Job fairs help job-seeking talents to match with employers direct, so as to help incoming talents to look for jobs based on their skills, making better use of their professional competencies. As at end-April 2025, the HKTE has organised, co-organised and participated in 17 job fairs in total;

    (c) Enquiry and support matching services: The HKTE’s online platform currently connects with about 90 designated working partners to provide talents with advice and services in respect of job matching, accommodation, education, banking and insurance services, business and corporate services, integrated settlement services as well as networking and community through online matching services. The online platform has processed over 41 000 enquiries, mainly involving matters such as talent schemes, visa and job seeking, and made around 12 000 referrals of support service requests so far;

    (d) Integration activities: Participation in volunteer services allows incoming talents to strengthen their connections with the local community, thereby facilitating their better integration into local society. As at end-April 2025, the HKTE has organised, in collaboration with volunteer groups, three integration activities; and

    (e) Cantonese learning classes: The classes help enhance the Cantonese speaking and listening skills of incoming talents, and assist them in understanding the local culture and customs, thereby expediting their integration into local society. As at end-April 2025, the HKTE has organised 28 Cantonese learning classes.

    The HKSAR Government will continue to make every effort to attract more enterprises and talents from the Mainland and overseas.

    Ends/Wednesday, May 14, 2025
    Issued at HKT 12:21

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Waller, The Role of Economic Research in Central Banking

    Source: US State of New York Federal Reserve

    Thank you for the opportunity to speak to you today.1
    I have spent most of my career conducting research and overseeing research by others, first as a professor and later as a research director in the Federal Reserve System. More recently, I have been more of a consumer than a producer of research as a member of the Federal Open Market Committee (FOMC). Eight times a year, the FOMC meets to set the appropriate stance of monetary policy to achieve the economic goals assigned to us by the U.S. Congress. We discuss where the economy stands in relation to those goals, how it is likely to evolve, and the implications for monetary policy. We examine hard statistical data, “soft” data in the form of surveys and input from business contacts, and other domestic and global factors.
    Another vital input for central bankers is economic research. Nearly all central banks have a research group to help policymakers think through the effects of monetary policy on the economy. In the Federal Reserve, the 12 regional Reserve Banks and the Board of Governors have staffs that perform a variety of research activities. First and foremost, they use research to advise the Governors and Bank presidents on the appropriate path of monetary policy given current events. Second, they provide analysis of the global, U.S., and regional economies. Third, economists at the Reserve Banks meet with businesses in their Districts to discuss economic issues and to collect information about the local economy. Finally, there are research groups around the Federal Reserve System that focus on banking, payments, financial markets, financial stability, and community development.
    The word “research” is used very loosely in everyday life. When I was a professor, my undergraduates would do “research” to write a term paper. When I go on vacation, I often do “research” on what to do or see at my destination. Analysts at financial institutions do “research” on individual firms or sectors of the economy. For today’s talk, I narrow in on the types of research done at central banks, with a focus on the Federal Reserve.
    Research at the Federal ReserveResearch is a vital input for providing state-of-the-art advice to policymakers within the Federal Reserve System. Because the Fed is accountable to the public, policymakers must be able to explain why certain actions were taken and describe the intellectual foundations underlying those decisions. Decisions are analyzed, discussed, and criticized by many, in particular by highly skilled and knowledgeable academic researchers. Top academics are on the cutting edge of research, particularly on the subject of monetary policy. Milton Friedman, Allan Meltzer, Robert Lucas, John Taylor, and Michael Woodford are just a few examples of academic scholars who challenged central bankers over the past 70 years on how monetary policy should be conducted. Central banks must be up to the challenge and be able to debate and compete with these academics in the world of theory and ideas.
    To do that requires hiring central bank economists who are trained in the academic research tradition and continue working at the research frontier. And that means pursing academic research at central banks. Our decisions will be better if we hire motivated and well-trained economists and let them work on the big questions that economics seeks to answer. The Federal Reserve tries to create a strong academic research environment to attract strong researchers to work at the Federal Reserve to give us a better foundation for the decisions we make.
    When I was research director at the Federal Reserve Bank of St. Louis, I told our board of directors that my goal was to build a department that was renowned for producing high-quality academic research. They often responded by saying, “But the Federal Reserve is not a university. Rather than doing academic research, why isn’t your staff doing research on issues that you direct them to work on that helps the president of the Bank?” This is a great question and one that should be asked at every central bank. To answer that question, I would start by explaining the difference between academic research and directed research, which I will now do today. Once I have, it will be clear that directed research relies on its grounding in academic research and is a complement to directed research in supporting policymaking.
    Academic ResearchAcademic research considers a broad range of economic matters. It often focuses on issues that are currently off the radar screens of policymakers who are focused on the near-term economic outlook. But there is value in thinking broadly. Not too long ago, trade policy and tariffs were not a major concern of policymakers. A critical aspect of academic research is that it is often “proactive”—it focuses on intellectually interesting issues often before they become relevant for monetary policy.
    Academic research conducted by Federal Reserve economists is often done with the goal of publishing it in academic journals. Papers submitted to these journals go through a rigorous vetting process by economists outside the central bank. This serves as an important check on central bank “group think.” The ideas and conclusions of the paper must be based on sound economic theory and empirical evidence. They cannot reflect dogma or outdated beliefs about how the economy operates.
    Academic research can take the form of an evaluation of major economic events, sometimes called an “economic autopsy.” This type of analysis can take years, and it’s not particularly time sensitive. To this day, economists are still researching the causes of the 2008 financial crisis and how policies undertaken at that time helped or hindered the subsequent economic recovery.
    Directed ResearchThen there is directed research. Directed research is just that—an issue or policy problem that staff economists are told to work on by their supervisors. It is not unrestricted thinking about an issue. Often, directed research addresses an emerging topic that demands attention from policymakers. As a result, directed research is usually reactive in nature. It often has the feel of firefighting—an issue flares up, and policymakers must respond. They need analysis of the problem to think about the issue and how to act. For example, the April 2 tariff announcement was larger and more extensive than nearly anyone expected. Immediately, questions were asked of staff around the Federal Reserve System such as, “What will this do to the U.S. economy? What will happen to inflation and unemployment?” The answers to these questions are obviously time sensitive.
    Directed research often involves running shocks though existing economic models or quick data analysis and it relies on existing economic research. One could call the results “quick and dirty” answers. Because this work is time sensitive, central bank researchers do not have the luxury of getting their directed research vetted by the economics profession. They simply figure out how the current issue can be incorporated into the models or analyzed with econometrics, and whatever answer comes out is the best they can do in the time they have.
    Because directed research is often reactive and time sensitive, researchers must rely on existing published research as a key input into their analysis. You cannot come up with original or innovative models on the spot to deal with an issue that suddenly appears. And, on the data front, you may not have the time to look deeply at the microdata. In these situations, existing academic research done by central bank economists and by academics outside the central bank provides the foundation for conducting the directed research. This is why I say that academic research is a complement to directed research. Good directed research requires academic research. Furthermore, postmortem analysis is not always done after directed research is completed. Once the issue goes off policymakers’ radar screens, it might not be looked at again. If the issue resurfaces at a later date, then there may be some postmortem investigation into earlier analyses to see what went right and what went wrong.
    Finally, directed research sometimes takes the form of analysis involving the gathering and organizing of facts and data to generate a simple narrative for less specialized audiences. The Beige Book—which is a survey of regional economic conditions done by the Reserve Banks—is a clear example. But it also takes other forms, such as talks by research economists to private-sector audiences, presentations to the Reserve Bank boards of directors, or writing about timely topics in short economic posts.
    History of Research at the Federal ReserveEconomic research has shaped monetary policy at the Federal Reserve from its very beginnings, but the form and use of that research has varied considerably over time. I do not have the time today to give this topic the justice it deserves. But I will touch on a few historical highlights. During the early decades of the Federal Reserve System, “research” at the Fed was largely limited to the collection of statistics, only some of which were published by the Fed and other government agencies. At the Reserve Banks, the focus was often on measuring and reporting on regional economies or sectors.2 Monetary policy decisions were made using policy frameworks that were often not tested in the rigorous and scientific ways associated with economic research today. For example, in the 1920s, the Federal Reserve adhered to the “real bills” doctrine that called for providing liquidity to businesses when it was demanded during expansions and contracting credit when demand for it fell during times of slowing growth.3 This, of course, is often exactly the opposite of what monetary policy should do to either control inflation in an overheating economy or support economic activity in a slowdown.
    Up until the 1950s, journal-oriented economic research in the Federal Reserve System was quite limited. But a big increase took place in the 1950s, when the Reserve Bank presidents became much more involved in monetary policy decisions.4 Before that, Bank presidents focused mainly on local operations and discount window policy. But once they became more involved in national-level policymaking decisions, their new responsibilities required them to have more specialized research staff who were trained in modern economic theory and data methods. The creation and development of professional research departments led to a greater debate within the Federal Reserve and among outside academics as to how monetary policy should be conducted.
    In the 1960s, Keynesian macroeconomic theory was the dominant paradigm in policymaking, and large-scale econometric models were being developed to provide quantitative analysis of monetary policy. The Board of Governors led the way by hiring Ph.D. economists from academia to develop and use these Keynesian models and econometric techniques to aid policymakers. This was an important first step in raising the skill level of research staff to match that of top academics.
    But the beauty of the Federal Reserve’s structure is that alternative macroeconomic frameworks and theories could be developed in the rest of the System. And the first example of an alternative view of monetary policy was developed by research economists at the Federal Reserve Bank of St. Louis and became a force to be reckoned with.
    In the early 1970s, after inflation failed to fall as much as expected in a slow economy, Fed Chairman Arthur Burns came to believe that inflation was very little affected by economic slack and was instead a structural problem that could only be dealt with through wage and price controls.5 Board models typically viewed the 1970s inflation as being driven by special factors that were outside the influence of monetary policy. In contrast, at the St. Louis Fed, monetarism was the dominant paradigm in thinking about monetary policy. The Bank’s researchers believed the 1970s inflation was driven by excessive monetary growth.6 This led to a vigorous debate throughout the 1970s between Board staff and St. Louis Fed economists over the sources of inflation and how to bring it back down. At the end of the 1970s, Paul Volcker became Chair of the Federal Reserve and essentially adopted the St. Louis monetarist position of halting monetary growth to bring inflation under control. He announced a fundamental change in the Fed’s policy approach, vowing to bring inflation down by adopting strict monetary growth targeting. Volcker succeeded, but at the cost of causing a severe recession.
    In the 1980s, the Federal Reserve Bank of Minneapolis became a dominant force in monetary policy research by proposing new economic theories and policy frameworks. In association with economists at the University of Minnesota and the University of Chicago, researchers at the Minneapolis Fed explored how rational expectations would affect the transmission channel of monetary policy. Up until then, Fed forecasting models assumed that individuals had adaptive expectations, meaning they were purely backward looking. This meant that the Board’s econometric models didn’t account for policy actions that were announced in advance but hadn’t taken effect yet. If households and firms did understand how current policy actions and announcements would affect future outcomes, they would react in ways that didn’t match the predictions of the Board’s forecasting models. This would lead to significant errors in the guidance that the staff provided to policymakers.
    A critical finding of all this research was that private agents’ inflation expectations were forward looking—they would adjust to promises, and failures, of central bankers to keep inflation low and stable. If people didn’t believe a central bank’s promise to keep inflation low, then the central bank lacked credibility. This would cause inflation expectations to increase, which would lead to demands for higher nominal wages, thereby feeding future inflation. It is now widely believed that this was a key problem that Volcker faced: His promises to bring inflation down were not fully credible, as they came after the Fed’s uneven efforts at fighting inflation over the previous decade. Research on monetary policy, along with the experience of the Volcker years, led to the concepts of “credibility” and “stable inflation expectations” becoming central parts of how every central bank enacts policy.
    A key innovation at the Minneapolis Fed that led to this explosion of fundamental macroeconomic research was creating strong research links between Fed researchers and academics at the University of Minnesota. Instead of being on opposite sides of the fence, the idea was to have Fed researchers and academics work together side by side. This frequent interaction led to the type of rigorous debate between academics and Fed researchers that I discussed earlier. As a result, more rigorous and sound monetary policy frameworks were developed over the next several decades. The success of this close interaction between academics and Fed researchers led most Federal Reserve Banks and the Board of Governors to adopt similar relationships that continue to this day.
    Another example of the value of economic research came with the onset of the Global Financial Crisis in 2008, the worst since the Great Depression. As it happened, the Fed Chair at the time was one of the world’s leading experts on that period, Ben Bernanke. He drew heavily on his and others’ research on the 1930s, and related work on Japan’s crisis and slow growth in the 1990s and 2000s, to help fashion new monetary policy tools to combat the downturn, including quantitative easing and extended forward guidance.7
    Does this suggest that central bank policymakers should all be Ph.D. economists and have a record of journal publications? Of course not—there are other skills and work experiences needed in the policy sphere, and the Fed has economists and non-economists among its policymakers. Before the 1990s, very few policymakers were Ph.D. economists, and those who were usually did not have academic records in research; instead, policymakers typically had backgrounds in financial markets or the law.8 In contrast, since the 1990s, key policymaking roles in central banks around the world have been filled by Ph.D. economists with an academic research background. Today, 10 of the 19 FOMC policymakers are Ph.D. economists. The experience of these economists further embeds economic research into monetary policymaking and strengthens the decisions that are made.
    In conclusion, I expect research to remain an important part of policymaking at the Fed and other central banks. I believe that the insights provided by this research can further our understanding of the economy and improve monetary policymaking.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. The Federal Reserve Board and the Reserve Banks did have several Ph.D. economists on staff who engaged in pathbreaking research. For example, the Federal Reserve Bank of New York’s John H. Williams and Randolph Burgess and the Board’s E.A. Goldenweiser and Winfield Riefler produced numerous articles and treatises on financial markets, international monetary arrangements, and Federal Reserve policy. Return to text
    3. See Ben S. Bernanke (2013), “A Century of U.S. Central Banking: Goals, Frameworks and Accountability,” Journal of Economic Perspectives, vol. 27 (Fall), pp. 3–16. Return to text
    4. Much of the following material draws from Michael D. Bordo and Edward S. Prescott (2023), “Federal Reserve Structure and the Production of Monetary Policy Ideas,” Working Paper Series 23-29 (Cleveland: Federal Reserve Bank of Cleveland, November). Return to text
    5. See Edward Nelson (2005), “The Great Inflation of the Seventies: What Really Happened?” Advances in Macroeconomics, vol. 5 (1); and Christina D. Romer and David H. Romer (2013), “The Most Dangerous Idea in Federal Reserve History: Monetary Policy Doesn’t Matter,” American Economic Review: Papers & Proceedings, vol. 103 (May), pp. 55–60. Return to text
    6. For a discussion of the part played by the Federal Reserve Bank of St. Louis in the development of monetarism, see chapter 13 in Edward Nelson (2020), Milton Friedman and Economic Debate in the United States, 1932-1972, Volume 2 (Chicago: University of Chicago Press). Return to text
    7. See Bernanke’s discussion of the comparison between the Great Depression of the 1930s and the Great Recession of 2007–09 in Ben S. Bernanke (2023), “Nobel Lecture: Banking, Credit, and Economic Fluctuations,” American Economic Review, vol. 113 (May), pp. 1143–69. Return to text
    8. For example, Alan Greenspan, a successful Wall Street economist and chairman of President Ford’s Council of Economic Advisers, had not published much in journals when he earned his Ph.D. in economics in 1977, at age 51, 10 years before he became Fed Chair. Return to text

    MIL OSI USA News –

  • MIL-OSI Russia: Double Degree in the South of Russia: GUU and KubSAU Launched a Unique Educational Program

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    A delegation from the State University of Management headed by Rector Vladimir Stroyev visited the Kuban State Agrarian University named after I.T. Trubilin to sign an agreement on network cooperation and the official presentation of the joint program “Finance and Business Management”. The delegation also included Vice-Rectors Dmitry Bryukhanov and Maria Karelina.

    The new educational program will allow you to obtain two qualifications in 4 years – a bachelor of economics and a bachelor of management. It provides for alternating study locations: Krasnodar (first and second years) – Moscow (third year) – Krasnodar (fourth year). It is important to note that there are no analogues of this program in the South of Russia yet.

    During the visit, representatives of the State University of Management, accompanied by the rector of KubSAU Alexander Trubilin, visited the main facilities of the university: the Historical Heritage Center, where guests immersed themselves in the history of the university, modern digital content laboratories, innovative classrooms and the Military Training Center.

    At the end of the tour, the official presentation of the program “Finance and Business Management” took place in the main building. The event was attended by the management of universities, schoolchildren, their parents, teachers and students.

    Rector of the State University of Management Vladimir Stroev spoke about the history of the university, its achievements and famous graduates, and also noted the uniqueness of the joint program.

    “There is no such program anywhere in the South of Russia yet. We are confident that it will open new horizons for our students,” Vladimir Stroyev emphasized.

    Rector of KubSAU Alexander Trubilin spoke in more detail about the advantages of the new educational program.

    “Today we present you a new project – an innovative online educational program “Finance and Business Management”, developed jointly with the State University of Management. The program opens up unique opportunities for students: a whole year of study in Moscow, work on real projects together with Moscow students and teachers, gaining invaluable experience and knowledge from the country’s leading specialists. Upon completion of their studies, graduates will receive a diploma of higher education with two qualifications, which will significantly increase their competitiveness in the labor market,” concluded Alexander Trubilin.

    Also at the presentation, an agreement on network cooperation between KubSAU and GUU was signed.

    Let us recall that in January 2025, the State University of Management and the Kuban State Agrarian University named after I.T. Trubilin signed a cooperation agreement and discussed areas of interaction, including the implementation of a joint program.

    Photos taken from the official website of KubSAU.

    Subscribe to the TG channel “Our GUU” Date of publication: 05/14/2025

    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.

    MIL OSI Russia News –

  • MIL-OSI Russia: Young professionals and big challenges: results of the IT Tournament at Gazprom Neft

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The IT Tournament at Gazprom Neft, which brought together students interested in development in the field of information technology, has ended. As part of the educational intensive, participants worked on practical cases on IT economics, enterprise infrastructure and telecommunications systems in the oil and gas industry.

    The grand opening took place in the Polytechnic Tower, where Gazprom Neft representatives told participants about the company’s business objectives, corporate master’s programs, and career opportunities for young professionals.

    The event included selection testing, problem solving and project defense in front of the company’s experts. The final defense was held with the participation of Leonid Potapov, Head of IT Education at Gazprom Neft, and Irina Rudskaya, Director of the Scientific and Educational Center for Information Technology and Business Analysis at Gazprom Neft, who emphasized the importance of developing young specialists and cooperation between business and education.

    According to the results of the final, the winners were Vera Filippova, Dmitry Savitsky and Artem Bosyakov.

    Participation in the tournament allowed students to gain experience in solving real business problems, consult with HR specialists and learn more about working in a large technology company. For many, this was the first step towards professional development in IT.

    The next tournament is scheduled for 2026. Participate and develop your career in IT.

    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.

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Banking Sector – The Co-operative Bank outranks the big 5 for customer satisfaction again

    Source: The Co-operative Bank

    The Co-operative Bank says it is delighted to win the Consumer People’s Choice Award for banking.
    The Co-operative Bank has taken out the top spot in Consumer’s 2025 banking satisfaction survey, earning a score of 77% of customers who are very satisfied, which is 20% higher than New Zealand’s biggest bank and 15% higher than the average score across all banks.
    The Co-operative Bank, which is fully owned by its customers, has been voted #1 by customers in the Consumer People’s Choice Award for nine out of the past 10 years.
    Chief Executive Mark Wilkshire says the win is a testament to the bank’s commitment to putting customers first.
    “It shows that bigger is not necessarily better. The Co-operative Bank punches well above our weight because we focus relentlessly on doing better for our customers, who also own the bank.”
    “As owners of the Co-operative, our customers can expect better from us than they can from other banks. They can expect better accountability, transparency and customer experiences,” Mark Wilkshire says.
    One of the ways the Co-operative is delivering better is through competitive rates. It today announced a drop to its floating home loan interest rate from 6.20% to 5.95% p.a., which would make it the lowest rate of this type currently being offered by any bank in NZ, as well as offering competitive 1 and 2 year fixed rates at 4.99% per annum.
    “The cut to our floating rate reflects the importance of offering customers more options.
    Customers can opt for floating rates while they decide when to fix or, for some customers, having some or all of their mortgage on floating gives them flexibility,” Mark Wilkshire said.
    “We remain committed to helping our customers to bank better every day and we are actively working on more improvements to our products and services that our customers have asked for.”
    As well as being voted first overall, The Co-operative Bank was rated #1 in four categories: its mobile app, digital banking features, interest on savings and personal loan interest rates.
    The floating rate change is effective for new loans from 15 May and existing loans from 29 May.
    About The Co-operative Bank:
    The Co-operative Bank is a customer-owned co-operative that operates in retail banking and associated personal financial services across Aotearoa New Zealand. Our approach to banking is about leaving everyone better off – our customers, our people, the Co-operative, and our communities. We are here to grow together and share the gains. All profits stay in New Zealand and since 2013 The Co-operative Bank has shared $24million with eligible customer shareholders as rebates.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: LCQ21: Deepening international exchanges and co-operation

    Source: Hong Kong Government special administrative region

    LCQ21: Deepening international exchanges and co-operation 
    Question:
     
         In the country’s Report on the Work of the Government this year, it was mentioned that Hong Kong must deepen international exchanges and co-operation. The Hong Kong Special Administrative Region Government is also actively attracting overseas companies to Hong Kong and helping Mainland companies go global to align with the overall development strategy of the country. In this connection, will the Government inform this Council:
     
    (1) how it will promote alignment between Hong Kong’s financial services industry and national policies to leverage Hong Kong’s unique advantages, reinforce its connectivity with both the Mainland and the world, and actively promote international exchanges and co-operation; whether it will consider providing further support to financial services enterprises to expand into new markets and broaden their international networks;
     
    (2) as it is learnt that many Hong Kong enterprises, business associations, non-profit organisations, and international trade organisations possess extensive overseas networks, whether the Government has compiled the relevant statistics; if so, of the details; how the Government will leverage the power and resources of non-governmental organisations to foster citizen diplomacy;
     
    (3) to align with the country’s overall development strategy, will the Government review and optimise the division of responsibilities and functions of different government departments or public organisations responsible for promoting trade (such as the Economic and Trade Offices, the Hong Kong Trade Development Council, Invest Hong Kong, and other overseas offices), so as to avoid overlapping structures and enable them to focus more on delivering services under existing policies;
     
    (4) whether the Government will formulate specific policy measures to support and sponsor various enterprises and organisations to participate in industrial and commercial, and financial exhibitions, etc, in overseas countries in order to promote commercial co-operation with Middle East countries and Belt and Road countries, and to promote Hong Kong to such countries; if so, of the details; if not, the reasons for that; and
     
    (5) whether the Government has a comprehensive plan to tell good stories of Hong Kong to the outside world through targeted publicity and promotion strategies, and to better leverage Hong Kong’s international advantages to attract more international financial institutions and investors to establish presence in Hong Kong?
     
    Reply:
     
    President,
     
         Having consulted the Financial Services and the Treasury Bureau, the consolidated reply to the question raised by the Hon Robert Lee is as follows:
     
         The Outline of the 14th Five-Year Plan for National Economic and Social Development of the People’s Republic of China and the Long-Range Objectives Through the Year 2035 (14th Five-Year Plan) supports Hong Kong to enhance its status as an international financial centre, strengthen its functions as a global offshore Renminbi (RMB) business hub, an international asset management centre and a risk management centre, as well as deepen and expand the mutual access between the financial markets of the Mainland and Hong Kong.
     
         In this regard, the Hong Kong Special Administrative Region (HKSAR) Government has been committed to deepening the interface of Hong Kong’s financial services industry with national policies in accordance with the 14th Five-Year Plan. For example, in terms of mutual market access, the Stock Connect has made some breakthroughs over the past few years, including the inclusion of exchange-traded funds and the addition of eligible stocks of foreign companies primarily listed in Hong Kong. This has become the most reliable channel for international investors to access the Mainland securities market. In terms of global offshore RMB business, at present, Hong Kong has the world’s largest offshore pool of RMB funds, currently processing about 80 per cent of global offshore RMB payments. On attracting Mainland enterprises to list in Hong Kong, as driven by a series of listing enhancement measures, there are currently over 1 480 Mainland enterprises listed in Hong Kong. The Hong Kong Exchanges and Clearing Limited (HKEX) has established listing avenues for new economy with weighted voting rights structures, and specialist technology companies as well as the technology enterprises channel, with a view to accurately addressing the financial service demands of Mainland’s emerging innovation and technology industries and leveraging Hong Kong’s strengths to serve our country’s needs.
     
         We also continue to deepen exchanges and co-operation with the global financial community, actively strengthen and expand our circle of friends with the global community, organise major financial events of global significance such as the Asian Financial Forum, the Wealth for Good in Hong Kong Summit and the Global Financial Leaders’ Investment Summit, in a bid to further enhance the voice and influence of our country and Hong Kong in the international financial community and showcase to the international investors the strengths and opportunities of Hong Kong as an international financial centre.
     
         In addition, the HKSAR Government, regulators and the HKEX are committed to promoting Hong Kong’s financial services industry, securities market and fundraising platform to overseas and Mainland enterprises and investors (including target markets such as the Middle East and the Association of Southeast Asian Nations regions), through organising and participating in different thematic flagship summits, outreach activities, thematic roadshow events, etc, with a view to strengthening Hong Kong’s linkage with overseas and Mainland markets, fostering financial market co-operation, as well as facilitating the local financial services industry to open up new markets.
     
         We will continue to deepen and step up our efforts to seize the national development opportunities, bringing more new opportunities to the industry and continuing to contribute to our country’s development as a financial powerhouse.
     
         On the other hand, the HKSAR Government has been actively promoting the sustainable development of Hong Kong as an international trade centre through diversified measures. The global trade landscape and geopolitics are rapidly changing, with parts of the supply chains shifted to the Global South and Belt and Road (B&R) countries, while Mainland enterprises are also proactively establishing their presence abroad. Hong Kong’s rich experience in international trade and world-class professional services will be of assistance to such Mainland enterprises in re-deploying their global supply chains. According to the 2024 Policy Address, Invest Hong Kong (InvestHK) and the Hong Kong Trade Development Council (HKTDC) set up in December 2024 a high value-added supply chain services mechanism for attracting Mainland enterprises to establish international or regional headquarters in Hong Kong for managing offshore trading and supply chain, and providing one-stop professional advisory services for enterprises in Hong Kong looking to go global. The mechanism is conducive to Hong Kong’s economic development on the one hand, and facilitates the deepening of its international exchanges and co-operation on the other hand, thus responding to meet Premier Li Qiang’s expectations for Hong Kong, as set out in his work report this year, integrating into the overall national development while making contribution to the country.
     
         Besides, the HKSAR Government will continue to organise a number of outbound missions to B&R markets to assist Hong Kong enterprises and professional services to further explore business opportunities and build long-lasting collaborative relationships with relevant local enterprises and organisations. We will also continue to actively organise various major events to promote Hong Kong’s advantages and facilitate business matching and project participation between Hong Kong and B&R countries. In addition, the HKTDC’s overseas network has already covered the major markets along the B&R, including regions of the Middle East. By leveraging its global network, the HKTDC will continue to launch diversified outreach activities, information platforms, large-scale international exhibitions and conventions, to highlight Hong Kong’s opportunities and role as a two-way business and investment platform, and facilitate the co-operation among enterprises of the Mainland and Hong Kong, investors and professional service providers, as well as the project owners from B&R countries.
     
         For overseas exhibitions activities, the HKSAR Government strives to encourage and provide funding support for non-listed Hong Kong enterprises to upgrade and restructure, enhance competitiveness of enterprises as well as sectors and conduct promotional activities through various funding schemes and measures, including the Dedicated Fund on Branding, Upgrading and Domestic Sales, the SME Export Marketing Fund and the Trade and Industrial Organisation Support Fund. Enterprises/organisations could apply for funding to participate in promotional activities such as exhibitions in markets outside Hong Kong to develop their businesses. The HKTDC has also been actively leading Hong Kong companies to participate in large-scale exhibitions overseas and set up Hong Kong pavilions in selected large-scale exhibitions. In addition, the HKTDC offers preferential participation rates and a range of value-added services, including the arrangement of business matching meetings, for Hong Kong companies to grasp the opportunities to promote their products and services.
     
         Currently, the HKSAR Government has 14 overseas Hong Kong Economic and Trade Offices (ETOs). Together with the offices of the HKTDC and InvestHK worldwide, Hong Kong has set up offices in 68 cities around the world, covering 129 countries, including emerging markets. The ETOs, InvestHK’s Dedicated Teams for Attracting Businesses and Talents based in the ETOs and its consultant offices in other locations, as well as the HKTDC’s offices are responsible for different aspects of work, while collaborating from time to time to generate synergy. The trio promote bilateral economic and trade relations between Hong Kong and overseas economies. InvestHK and the HKTDC mainly serve the business community. InvestHK is responsible for promoting inward direct investment to Hong Kong. Through its teams based in Hong Kong, the Dedicated Teams for Attracting Businesses and Talents based in the ETOs, as well as consultant offices in other locations, the department has all along been reaching out to a wide spectrum of companies in different sectors and industries around the world to attract and assist them to set up or expand their businesses in Hong Kong, and offering one-stop customised support services, from the planning to implementation stages. As for the HKTDC, it is responsible for trade promotion as well as facilitating, assisting and developing trade in Hong Kong. Through organising international exhibitions, conferences and business missions, the HKTDC creates business opportunities in the Mainland and international markets for Hong Kong enterprises. The ETOs are committed to maintaining close communication and exchanges with the international community and overseas stakeholders in different sectors (including government officials, think tanks, media organisations, academics, cultural and business groups and other key opinion leaders in countries under their purview), promoting and explaining the HKSAR Government’s important policies and Hong Kong’s unique advantages under “one country, two systems”, with a view to telling the good stories of Hong Kong and promoting economic and trade development between Hong Kong and overseas.
     
         Meanwhile, the ETOs will strengthen ties and co-operation with foreign chambers of commerce in Hong Kong and the local political and business sectors, and take the opportunity of the latter’s overseas visits to collaborate in promoting Hong Kong’s latest developments and major policy measures through different forms of activities, and jointly tell the good stories of Hong Kong from multiple perspectives.
    Issued at HKT 15:33

    NNNN

    MIL OSI Asia Pacific News –

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

    Source:

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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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    MIL OSI Asia Pacific News –

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

    Source:

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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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    MIL OSI Asia Pacific News –

  • 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 –

  • 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 –

  • 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 31stcash 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 %
                         

    (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.

    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 –

  • MIL-OSI United Kingdom: Leader announces new Cabinet for 2025/26

    Source: City of Oxford

    Wednesday, 14 May 2025

    Councillor Susan Brown, Leader of Oxford City Council, has announced her Cabinet for 2025/26.

    Councillor Louise Upton is not on the Cabinet in 2025/26 because she will be serving as the Lord Mayor of Oxford.

    The Cabinet has subsequently been reduced from nine members to eight.

    The Cabinet Members are:

    • Councillor Susan Brown, Leader, and Cabinet Member for Partnership Working and Inclusive Economic Growth
    • Councillor Ed Turner, Deputy Leader (Statutory), and Cabinet Member for Finance and Asset Management
    • Councillor Anna Railton, Deputy Leader, and Cabinet Member for a Zero Carbon Oxford
    • Councillor Lubna Arshad, Cabinet Member for a Safer Oxford
    • Councillor Nigel Chapman, Cabinet Member for Citizen Focused Services and Council Companies
    • Councillor Alex Hollingsworth, Cabinet member for Planning and Culture
    • Councillor Chewe Munkonge, Cabinet Member for a Healthy, Fairer Oxford and Small Business Champion
    • Councillor Linda Smith, Cabinet Member for Housing and Communities

    The responsibilities of each Cabinet Member are:

    • Councillor Susan Brown
      • Council strategy and policy delivery
      • Democratic Services and Member Support
      • Partnerships and outside bodies including
      • District Councils Network (Labour Vice Chair)
      • Fast Growth Cities (Chair)
      • Local Government General Assembly member
      • Oxford Growth Commission
      • Oxford Strategic Partnership
    • Councillor Ed Turner
      • Deputise for Leader as required
      • Financial and treasury strategy
      • Financial support for local residents and businesses
      • Links with our twin cities
      • Property and asset management and maintenance
    • Councillor Anna Railton
      • Deputise for Leader as required
      • Air Quality
      • Biodiversity delivery including verge and tree planting
      • Carbon reduction, heat decarbonisation and retrofitting
      • Delivery of Zero Carbon Oxford City Council by 2030
      • Delivery of the outcomes of the Oxford Citizens Assembly on Climate Change
      • Parks, Allotments, Cemeteries and Open Spaces
      • Renewable energy and energy planning
      • Sustainability
      • Taxi Licensing
      • Transport liaison with Oxfordshire County Council and Highways England and other providers
    • Councillor Lubna Arshad
      • Community safety and tackling antisocial behaviour
      • Safeguarding Adults and Children
      • Working with Thames Valley Police to tackle anti-social behaviour, child sexual exploitation, county lines, drug dealing, domestic abuse, knife crime, modern slavery, violence against women and girls and crime generally
    • Councillor Nigel Chapman
      • Business Improvement
      • Customer Service
      • Oxford Direct Services as contractor
      • OX Place as a company
      • Service delivery
      • Street scene, public conveniences
      • Tree management
      • Waste and recycling
    • Councillor Alex Hollingsworth
      • Car Parking Policy
      • City Centre Action Plan delivery
      • Culture, cultural partnerships and events (including St Giles Fair, Cowley Road Carnival etc.)
      • Development and Building Control
      • Infrastructure planning
      • Licensing Policy
      • Local Plan and planning policies including biodiversity
      • Spatial Planning and conservation
      • Major projects delivery
      • Museum of Oxford
      • Promotion of a thriving music and night-time economy
      • Tourism
    • Councillor Chewe Munkonge
      • Addressing health inequalities and public health promotion
      • Children and young people policies and school liaison
      • Leisure partnership and contract management
      • Local market promotions
      • Promotion of Oxford Living Wage
      • Small Business Champion
      • Sport and physical activity
    • Councillor Linda Smith
      • Affordable housing delivery
      • Community centres, pavilions and grants
      • Estate regeneration projects
      • Homelessness services including prevention
      • Housing allocations and strategy
      • Regulation of the Private Rented Sector
      • Tenancy management and sustainment
      • Tenant and Resident involvement

    The new Cabinet will be announced at the Annual Council Meeting tomorrow (15 May).

    “The Cabinet will continue our work focused on our key priorities: tackling inequality and the high cost of living in Oxford, delivering more affordable homes, making Oxford a great place to live and preparing our city for climate change. In order to achieve this, we will continue to provide stable and prudent council finances and good quality services.

    “We want to make sure that Oxford’s strong and growing economy is delivering for all of Oxford’s citizens. As a cabinet we are committed to continuing to work with Oxford’s diverse communities and businesses to support their needs. Oxford is a great place to live, work and do business and we want everyone to feel proud of their neighbourhood. That is what we are striving to achieve.”

    Councillor Susan Brown, Leader of Oxford City Council

    MIL OSI United Kingdom –

  • MIL-OSI: GateToken (GT) Burns 1,542,910.7518074 Tokens in Q1 2025, Steadily Reinforcing Long-Term Value

    Source: GlobeNewswire (MIL-OSI)

    PANAMA CITY, May 14, 2025 (GLOBE NEWSWIRE) — According to the official announcement, the on-chain burn of GateToken (GT) for the first quarter of 2025 has been successfully completed. A total of 1,542,910.7518074 GT has been transferred to the burn address, with its value exceeding $33.84 million.

    View transaction details on-chain: https://etherscan.io/tx/0x07d08231fb04140708621348b3e030978c4feedceb4113f214cf085732ce9ec4 

    As the utility token and gas fee token on GateChain, GT plays a fundamental role in powering the network’s core transfer infrastructure. Since the GateChain mainnet launch in 2019, GT has implemented a sustained deflationary mechanism. The total token supply has been significantly reduced from its initial 300 million, with an overall reduction of approximately 59.54%. Even amid multiple market cycles, the platform has consistently executed a prudent and transparent burn strategy, demonstrating its long-term commitment to GT’s deflationary model and providing a solid foundation for sustained value appreciation.

    Key Information of This Burn:

    • Tokens burned this round: 1,542,910.7518074 GT
    • Value of this burn: Approximately $33.8452 million
    • Total cumulative tokens burned: 178,632,323 GT
    • Total cumulative burn value: Approximately $3.92 billion (based on the current price)

    Looking forward, GateChain will continue to enhance its core infrastructure, including data availability (DA), to ensure network efficiency and security. At the same time, it will further expand its Web3 ecosystem to cover wallets, trading, asset management, NFTs, memes, and beyond, enhancing the overall user experience.

    As more applications and chains integrate with GateChain, GT is expected to serve an even greater role in powering the ecosystem. Additionally, GT holders are entitled to exclusive benefits such as token launch airdrops, new token staking, and GT staking rewards. Gate remains firmly committed to the long-term deflationary plan for GT. Under a compliant and structured framework, it will steadily advance the token burn process, continually enhancing GT’s scarcity and long-term value. Through this approach, the platform aims to drive the crypto industry toward a more regulated, secure, and efficient future, delivering a richer suite of blockchain services for global users and building a thriving Web3 ecosystem together.

    Media Contact:
    Elaine Wang at elaine.w@gate.io

    Disclaimer:
    This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making investment decisions. Gate.io may restrict or prohibit certain services in specific jurisdictions. For more information, please read the User Agreement via https://www.gate.io/user-agreement.

    Disclaimer: This is a paid post and is provided by Gate. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed.

    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/65652e6f-56b4-447b-a0ef-c6666ec3e9da

    The MIL Network –

  • MIL-OSI Russia: Eagles, seagulls and the mythical gamayun: we go looking for birds in Moscow architecture

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Moscow is a city with a rich architectural heritage. Among buildings of different eras and styles, one can notice a recurring motif — images of birds. Eagles, owls, seagulls, as well as the mythical sirens and gamayuns decorate mansions, train stations, and apartment buildings. Sculptures, bas-reliefs, mosaics, and stucco decorations with birds can be found on the facades of buildings throughout the capital. We tell you which Moscow buildings are home to birds.

    Soaring Falcon and Console Owls

    Animalistic motifs were often used by representatives of Moscow Art Nouveau in the early 20th century. Artists and architects working in this style were inspired by the beauty of nature, so they decorated buildings with sculptural and mosaic images of birds, plants and animals.

    On Kuznetsky Most rises the apartment building of M.V. Sokol (house 3, building 2). The five-story building is decorated with a curving attic with a majolica panel. On it, the famous Russian artist Nikolai Sapunov depicted a falcon soaring over snow-capped mountain peaks, a river and fields with blooming edelweiss. The bird seems to be frozen in flight, tracking down its prey.

    The M.V. Sokol apartment building is considered one of the best projects by the architect Ivan Mashkov, born Sokolov. The Art Nouveau monument was built at the beginning of the 20th century by order of Moscow homeowner Maria Sokol. Thus, the image of the bird encodes two names at once – the owner of the mansion and the architect himself. The facade of the building is highlighted by three rectangular bay windows with balconies and display windows, faced with sandstone, majolica slabs and relief tiles based on drawings by the famous artist Mikhail Vrubel. Before the October Revolution, there were apartments, shops, a hairdresser, a furniture salon and a restaurant here. During the Soviet era, the building was occupied by various institutions, and since 1961, it has housed the Mosproekt-3 urban development institute.

    Another Art Nouveau monument decorated with birds is located at 21 Gogolevsky Boulevard, Building 1. The Bocharovs’ apartment building was built in 1903 by architect Lev Kekushev. The four-story building is popularly called the House of Owls: sculptures of these birds support the bay window ledges, replacing traditional consoles. The mansion is decorated with rich stucco decor: in addition to owls, Egyptian male masks are carved into the frieze and window panels.

    The apartments in the Bocharovs’ tenement house were intended for wealthy residents: businessmen, lawyers, professors, engineers, doctors, and artists. Today, the building houses the Rostec corporation.

    In 2024, restoration in Moscow was completed at 157 sitesHouse with Atlanteans and Examples of Wooden Architecture: Which Buildings Have Been Recognized as Cultural Heritage Sites

    Birds of Moscow railway stations

    The clock tower of the Kievsky Railway Station (Kievsky Railway Station Square, Building 1) is decorated with four sculptures of eagles. The massive cast-iron birds with outstretched wings symbolize the power of the Russian Empire and the victory over Napoleon’s army. The connection with the Patriotic War of 1812 can also be seen in the architectural design of the station, which combines neoclassical style with elements of the Empire style.

    The building of the Kievsky railway station (until 1934 it was called Bryansky) was built according to the design of the architects Ivan Rerberg and Vyacheslav Oltarzhevsky. Due to the First World War and the revolution that followed, work on the main volume of the building dragged on for several years and was completed in 1918, and in 1940-1945 an additional volume was added to the station. The design of the landing stage and the hall ceilings was completed by the legendary engineer Vladimir Shukhov, the author of the sculptures was Sergei Aleshin, and the interior paintings were created by the artists Ignatiy Nivinsky and Fyodor Rerberg.

    In 2016, the Kyiv railway station, recognized as a cultural heritage site of federal significance, was restored. Using archival documents and original samples, specialists restored the historical appearance of the building and elements of its interiors, including ceiling and wall paintings, architectural stucco decor, marble panels and stained glass. The renovated station became a laureate of several nominations of the Moscow Restoration competition.

    And on the facade of the Yaroslavsky railway station (Komsomolskaya Square, Building 5) — a famous masterpiece of the neo-Russian style — you can see three-dimensional images of seagulls with fish in their beaks. The most interesting thing is that the bird bas-reliefs appeared only several decades after the construction of the station — during a large-scale reconstruction that was completed in 1947. At the same time, a swan, a black grouse, a wood pigeon, a white partridge and a wild goose “settled” on the columns inside the building.

    Due to the expansion of the railway, the Yaroslavsky railway station was rebuilt several times. In 1902, the project for the main building in the style of fairy-tale chambers with semicircular arches and pointed towers was proposed by the outstanding architect Fyodor Shekhtel. Inspired by the northern nature, the artists of Savva Mamontov’s Abramtsevo circle decorated the station in the neo-Russian style with reliefs, openwork metal lace and majolica panels.

    In 1947, the interiors of the Yaroslavsky railway station were completely changed according to the design of the Soviet architect Alexey Dushkin, and the sculptor Ivan Efimov decorated the façade, vestibule, interior columns and walls at the entrance to the building with reliefs of the fauna of the Russian North, motifs of fishing, moose and bear hunting. After that, the station, recognized as a cultural heritage site of federal significance, was reconstructed two more times, the last time in 2005.

    Stars of the Moscow Restoration: We look at the objects of the competition winnersWooden Mansions of Moscow: Four More Buildings Recognized as Architectural Monuments

    Herons and bats

    Images of birds decorate the Zoological Museum of the Lomonosov Moscow State University (Bolshaya Nikitskaya Street, Building 2) — one of the largest natural science museums in the capital. It consists of two buildings built at right angles along Bolshaya Nikitskaya Street and Nikitsky Lane. Under the roof, a stucco frieze of plant garlands, birds, and animals stretches along the entire façade of the building. The sculptor depicted bats, squirrels, snakes, lizards, hares, wolves, bears, mountain goats, and other animals. The semicircular windows on the second floor are decorated with herons hunting snakes, waxwings and cockatoos hide under the cornice, and owls are in the capitals of the pilasters.

    This architectural monument in the eclectic and neoclassical style was built in 1902. According to the idea of the architect Konstantin Bykovsky, the two-story building seems three-story due to the additional row of windows on the second level. The zoological museum exhibits almost 10 thousand exhibits – from single-celled animals to crocodiles, tigers and anthropoid apes.

    Walking along Sretensky Boulevard, it is difficult to pass by one of the most remarkable local buildings, which is called Sretensky Castle. The house of the insurance company “Russia” (Sretensky Boulevard, house 6/1, buildings 1 and 2) is a monument of the Art Nouveau era. A real bird market is molded on its facades. There is a sea pelican, an exotic parrot, owls, and on the corner from Turgenevskaya Square, flocks of cast-iron bats are hiding under two semicircular bay windows.

    Two buildings connected by openwork lattices form a whole block with inner courtyards. Their construction was completed in 1902. The architects were prominent representatives of Moscow Art Nouveau Nikolai Proskurnin and Viktor Velichkin. The rusticated ground floor is emphasized by patterned platbands, pointed arches and turrets. The house is decorated with balconies, bay windows, allegorical sculptures and friezes with complex ornamentation, and its main feature is a stylized Gothic tower with a clock and a bell.

    Sobyanin told how valuable elements of architectural monuments are preserved in MoscowFrom Udarnik to Konstantin Melnikov’s Garage: Restorers Bring Constructivist Monuments Back to Life

    Birds of Paradise of the Ancient Slavs

    At the corner of Soymonovsky Proezd and Prechistenskaya Embankment, in Kursovoy Lane, a red brick tower rises — the house of Z.A. Pertsova. The artist Sergei Malyutin designed the mansion in the Russian Empire style and decorated the facades with majolica panels. Fabulous animals look at passers-by: a roguish fox, toothy pikes, hares and snakes, on the ridge of the roof there is a lattice with golden lions, the drainpipes are made in the form of forest eagle owls, and the balconies are supported by dragon brackets. The house is decorated with mythical birds from Slavic folklore: the panels depict the heavenly sirens and gamayun, and an alkonost is embossed above the entrance door. Sculptures-weather vanes sit on the turrets and a brick ledge in the middle of the facade.

    Architect Nikolai Zhukov and engineer Boris Shnaubert built the fairy-tale tower in just 11 months. The customer was the wealthy engineer and philanthropist Pyotr Pertsov, who bought a fabulously expensive plot of land on the bank of the Moscow River in the name of his wife. The project was selected on a competitive basis, the jury included Viktor Vasnetsov, Vasily Surikov, Fyodor Shekhtel and Vasily Polenov. The first prize went to Apollinary Vasnetsov, but Pertsov himself chose Malyutin’s project, which took second place. The majolica panels were created by the Murava artel of artists from the Stroganov School.

    The building currently houses the Main Directorate for Servicing the Diplomatic Corps of the Ministry of Foreign Affairs of the Russian Federation.

    On the left bank of the Yauza River at 56 Zemlyanoy Val Street, Building 3, a two-story mansion with a peach-colored façade, richly decorated with plaster moldings, attracts attention. At first, it belonged to the richest Moscow merchant Gerasim Khlodov, and in 1892 it became the property of a wealthy peasant from the Vladimir province, Filipp Panteleev. The name – the Khlodov-Panteleev house – retains the surnames of both owners.

    Filipp Panteleev owned stucco workshops and turned the mansion into an advertising showcase. He commissioned the major renovation to architect Konstantin Duvanov. The central part of the main façade was highlighted with a risalit and richly decorated with sculptural decor. The building is decorated with female figures, cupids, lion masks, plant ornaments, pilasters, Corinthian capitals, rustication, architraves, a profiled cornice and a triangular pediment. The windows on the second floor are decorated with cornices-sandriks, under the three central ones plaster eagles spread their wings.

    In 2023, the Khlodov-Panteleev house restored. The painstaking work of the specialists was recognized with a prize from the Moscow Government competition “Moscow Restoration”. Today, the building houses a boutique hotel.

    Showcase of gypsum decor: the Khlodov-Panteleev house on Zemlyanoy Val has been restored734 objects in Moscow recognized as architectural monuments in 14 yearsMoscow Restoration in Examples: How the Capital’s Architectural Monuments Are Gaining New Life

    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.

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    https: //vv.mos.ru/nevs/ite/153774073/

    MIL OSI Russia News –

  • MIL-OSI Russia: In the Southern Administrative District, residents of 90 houses are moving or have completed moving to new residential complexes under the renovation program

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Since the beginning of the renovation program in the Southern Administrative District (SAD) of the capital, resettlement has affected residents of 90 houses. For them, the city has prepared and handed over 31 new buildings for settlement. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “Resettlement under the renovation program in the Southern Administrative District began in 2018. At that time, residents were given a new building on Sudostroitelnaya Street to settle in. Today, the number of houses affected by the resettlement has reached 90. About 14 thousand Muscovites have moved into new apartments or are still in the process of being resettled. In total, 378 houses of the old housing stock are to be resettled in the Southern Administrative District under the renovation program. More than 82 thousand city residents will receive new housing,” said Vladimir Efimov.

    Completely vacated houses under the renovation program are dismantled. Modern residential complexes are erected on the demolition site to implement the renovation program with landscaped areas and accompanying infrastructure.

    “In the south of the capital, more than 45 houses were completely resettled and dismantled under the renovation program in nine districts of the district. For example, in the Tsaritsyno district, 12 buildings were demolished, in Nagorny and Nagatinsky Zaton – seven each, and in the Biryulevo Zapadnoye district – five. Residents of all the dismantled houses have already celebrated housewarming in new apartments according to the standards of the renovation program,” noted the Minister of the Moscow Government, Head of the Department of Urban Development Policy

    Vladislav Ovchinsky.

    Previously Mayor of Moscow examined new house under the renovation program in Pokrovskoe-Streshnevo.

    The renovation program was approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. Earlier, Sergei Sobyanin instructed to double the pace of implementation of the renovation program.

    Moscow is one of the leaders among regions in terms of construction volumes. High rates of housing construction correspond to the goals and initiatives of the national project “Infrastructure for life“.

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

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    MIL OSI Russia News –

  • 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 2/3rdsversus 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
    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.

    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)                +65 6373 6940
    Sean Guest, President and CEO
    Yacine Ben-Meriem, CFO
    Contact@valeuraenergy.com

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

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

    About the Company

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

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

    Oil and Gas Advisories

    Reserves and contingent resources disclosed in this news release are based on an independent evaluation conducted by the incumbent independent petroleum engineering firm, NSAI with an effective date of December 31, 2024 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

    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 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.

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI 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 –

  • 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 –

  • 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 –

  • MIL-OSI Russia: 11 million medical devices for emergency care manufactured by a capital company

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    11 million medical products used in first aid and emergency care were manufactured by a resident of the special economic zone (SEZ) Technopolis Moscow. The company’s products are used in ambulances, disaster medicine, military and tactical medicine. This was reported by the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy Anatoly Garbuzov.

    “Moscow is actively developing the production of medical devices – more than 300 companies working in this area operate in the capital. Thanks to the city’s support, enterprises are increasing their capacity and creating new developments. Thus, a resident of the SEZ has produced 11 million products for emergency medicine. One of the key products was a cardiopulmonary resuscitation device that performs indirect cardiac massage without human intervention. This is our own patented development, successfully replacing foreign analogues. Today, the demand for the domestic device is three times higher than the planned production volumes,” noted Anatoly Garbuzov.

    Medplant became a resident of the Technopolis Moscow SEZ in 2018. During this time, it has developed and started producing more than 45 products, 14 of which are included in the ambulance equipment, and nine have no analogues in Russia. The production area has grown from 1,200 to 3,500 square meters, and the volume of manufactured products has exceeded seven billion rubles. In 2023, the company opened a workshop for assembling microelectronics, which is used in high-tech products, including the ARKA cardiopulmonary resuscitation apparatus.

    The company’s product line also includes portable electric aspirators, immobilization belts, pulse oximeters, carbon dioxide monitors, innovative stretchers and spinal shields. The company’s developments have 10 trademarks and 23 patents. In April 2025, the company celebrated its 25th anniversary.

    According to the company’s Deputy General Director Konstantin Nevsky, its first product was the now legendary orange ambulance suitcase. Over 25 years, more than 150 thousand such suitcases have been produced. Before placing production at the Pechatniki site, the company had about 500 contracts, today – over 4700, and the products are supplied not only to cities in Russia, but also to Belarus and Kazakhstan. The number of employees has grown from 15 to 122 people. The development became possible thanks to the support of the city and the status of a resident of the SEZ. The special economic zone provides comfortable conditions, tax preferences and customer-oriented services – from assistance in recruiting personnel to promoting products. This allows the company to direct more resources to modernization and expansion of production.

    Get the latest news quicklyofficial 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/153801073/

    MIL OSI Russia News –