NewzIntel.com

Category: Canada

  • MIL-OSI Canada: Minister Hussen announces multi-year funding for United Nations Refugee Agency (UNHCR)

    Source: Government of Canada News

    News release

    November 4, 2024 – Ottawa, Ontario – Global Affairs Canada

    Forced displacement of individuals has reached record levels worldwide this year, as millions are driven from their homes by escalating conflicts, emerging crises, persecution and the effects of climate change. This has resulted in unprecedented humanitarian needs, requiring global cooperation to help the world’s most vulnerable.

    The Honourable Ahmed Hussen, Minister of International Development, today announced funding of $50.4 million over the next 4 years for the United Nations Refugee Agency (UNHCR). This flexible multi-year funding will help the UNHCR respond to the critical humanitarian and protection needs of refugees and other displaced populations around the world.

    The announcement was made during a visit to Ottawa by Filippo Grandi, United Nations High Commissioner for Refugees. During the visit, Minister Hussen and High Commissioner Grandi discussed the UNHCR’s response to crises around the world. They also discussed their efforts to strengthen their partnerships and address the root causes of forced displacement. They recommitted to working closely toward lasting solutions for refugees and other displaced people. 

    Quotes

    “The global refugee population has more than tripled in the past decade: it is one of the biggest global challenges we face today. This multi-year, reliable funding for the UNHCR will provide life-saving assistance and protection services to some of the world’s most vulnerable.”

    – Ahmed Hussen, Minister of International Development

    Quick facts

    • Refugee situations have increased in scope, scale and complexity. For more than 12 years, the number of people remaining forcibly displaced has continued to grow.

    • As of mid-2024, an estimated 122.6 million people worldwide remained forcibly displaced due to persecution, conflict, violence, human rights violations and events seriously disturbing the public order. Of those who are displaced, an estimated 72.1 million are internally displaced people and 43.7 million are refugees.

    • In 2023, the UNHCR and its partners responded to the assistance and protection needs of some 19.3 million people worldwide, including refugees and asylum seekers.

    Associated links

    Contacts

    Olivia Batten
    Press Secretary
    Office of the Minister of International Development
    Olivia.Batten@international.gc.ca

    Media Relations Office
    Global Affairs Canada
    media@international.gc.ca
    Follow us on X (Twitter): @CanadaDev
    Like us on Facebook: Canada’s international development – Global Affairs Canada
    Follow us on Instagram: @canadadev

    MIL OSI Canada News –

  • MIL-OSI Global: Friends like these: What a second Trump term may mean for the CDC, and how it affects Canada

    Source: The Conversation – Canada – By Kevin Quigley, Scholarly Director of the MacEachen Institute for Public Policy and Governance, Dalhousie University

    Should Donald Trump be re-elected on Tuesday, the U.S. Centers for Disease Control and Prevention (CDC) is likely facing a major shake-up. Many Republicans were frustrated by the CDC’s performance during the pandemic. Project 2025, authored by leading Republicans with ties to Trump, describes the CDC as incompetent and arrogant.

    In fact, no matter who wins the United States presidential election on Nov. 5, the Trump administration’s response to the COVID-19 pandemic is a cautionary tale for Canada.

    While there is significant and justifiable criticism to be leveled at Trump about his administration’s handling of the pandemic in the early stages, as former chief medical advisor to the president, Dr. Anthony Fauci noted to Congress in 2024, the U.S. health system is not designed for an effective co-ordinated response to a health crisis.

    Trump and the CDC

    There was clearly a disconnect between Trump and the CDC during the pandemic. For weeks in early 2020, President Trump had described the threat as low risk; he said that the situation was under control in the U.S. and that only a few cases had been reported.

    While the president was on a return flight from India, Dr. Nancy Messonnier, director of the National Center for Immunization and Respiratory Diseases at the CDC, announced that the situation in the U.S. was about to change quickly and severely. Officials say that Trump was very upset by the announcement and concerned about potential lockdowns causing panic and disruption to financial markets.

    Throughout the early stages of the pandemic, the actions of the CDC sparked a high degree of politicization. The Trump administration was criticized for interfering with the CDC’s operations and censoring internal experts. Disagreements between federal and state political leaders and public health experts led to inconsistencies in public health messaging, reporting, enforcement of directives and timing of public health restrictions.

    The CDC itself was not above criticism. The agency’s infrastructure had been neglected for decades, and years of declining funding resulted in insufficient preparations for a possible pandemic. The CDC had also been criticized for being too insular and academic.

    The CDC made key mistakes, particularly regarding surveillance and testing. It was criticized for underestimating the threat of the virus and overestimating its ability to design, manufacture and distribute a test quickly.

    Rapid responses are crucial during such events, and the early stages of the U.S.’s pandemic response provides salient lessons for Canada, both about its relationship with the U.S. and to global threats more generally.

    Pre-event planning is necessary, but audits and world rankings of emergency preparedness can be unreliable. In 2019, Johns Hopkins University ranked the U.S. as the best prepared country in the world to address a health crisis. The pandemic demonstrated that it was not.

    Canada needs to establish a strong and independent capacity to assess health threats. Trump’s early handling of the pandemic has been widely criticized, yet the Canadian government’s speaking points in the early stages were the same: the virus was low risk. It was only when the CDC and the World Health Organization increased its threat assessment that Canada followed suit.

    Lessons from the pandemic

    Borders can re-assert themselves. Despite decades of global political and economic agreements that saw a freer flow of goods, services and people, many western governments were unable or unwilling to assume the risks associated with letting those from other jurisdictions cross their borders, and as such, imposed strict rules to prevent non-citizens from entering. This aggressive stance was ironic and unforeseen, as during previous public health crises such as the H1N1 flu episode in 2009-10, many governments underscored that closing borders had little impact on disease spread.

    The weaknesses of supply chains were highlighted as the global economy shut down in March 2020. Canada’s Minister of Finance Chrystia Freeland described competition for medical supplies and personal protective equipment (PPE) as resembling the “wild west.” Shipment delays, order shortages, trade restrictions and defective or contaminated items prevented governments from effectively procuring supplies.

    Global manufacturing capabilities for vaccines were below what was needed, with only about a dozen countries able to produce COVID-19 vaccines early on, including the U.S. More than any other country, the U.S. enabled the rapid development and production of the vaccine, highlighting Canada’s considerable dependence on the U.S. Canada has since funded vaccine manufacturing initiatives, but the investments have produced little to-date.

    The adage “When the U.S. sneezes, the world catches a cold” applies nowhere more than in Canada. Should Trump be re-elected, the CDC will likely exist on a smaller budget with a reduced role internationally. This will increase Canadian vulnerabilities.

    Whatever the criticisms, the CDC has more capacity and influence than any other health agency in the world. If Canada cannot depend on strong and co-ordinated response from the U.S. administration during a health crisis, Canada has to be better prepared to adapt. Lessons from the pandemic provide a powerful to-do list.

    Kevin Quigley is the Scholarly Director of the MacEachen Institute for Public Policy and Governance, an independent, non-partisan research institute located at Dalhousie University.

    – ref. Friends like these: What a second Trump term may mean for the CDC, and how it affects Canada – https://theconversation.com/friends-like-these-what-a-second-trump-term-may-mean-for-the-cdc-and-how-it-affects-canada-242673

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Updated fiscal statutes benefit Albertans

    Source: Government of Canada regional news

    [embedded content]

    If passed, the Financial Statues Amendment Act would provide alternative financing options to help expand mortgage financing options for all Albertans. The bill also includes amendments to provide more support for parents who have lost a child, and standardizes indexing across government to help Albertans with the cost of living by creating a consistent and stable system. In addition, a new annual adjustment system would enable a more consistent and flexible approach to determining the amount that benefits and taxes will be impacted. The legislation would also introduce a new tax on electric vehicles, as was announced in Budget 2024.

    “This bill proposes a number of important changes. I’m particularly pleased that if passed, Alberta would be the first jurisdiction in Canada to make legislative changes that would permit provincial financial institutions to offer alternative financing options.”

    Nate Horner, President of Treasury Board and Minister of Finance

    Alternative financing options would provide homebuyers with more options for mortgage financing. All Albertans who want to buy a home can apply for this financing option.

    Additional changes being proposed in the Financial Statutes Amendment Act include continuing Alberta Child and Family Benefit payments to parents of deceased children for six months after their child passes away. These amendments would align with similar federal changes under the Canada Child Benefit program.

    “Families experiencing the unimaginable loss of a child face enough challenges. The proposed changes to the Alberta Child and Family Benefit will not only help lighten the financial burden, but offer a measure of comfort during their darkest moments.”

    Searle Turton, Minister of Children and Family Services

    Other changes in the proposed bill include:

    • Standardizing indexation rates across government. Government is also introducing a system to enable a more consistent and flexible approach for these annual enhancements. This change ensures Albertans continue to receive annual cost-of-living increases to personal income taxes and important support programs.
    • Amendments to the Fuel Tax Act to implement an electric vehicle tax of $200 annually. This is in line with what drivers of a typical internal combustion engine vehicle pay in fuel tax and is a fair way for all drivers to contribute to public services, such as keeping our roads and highways safe and smooth.
    • Technical changes to align Alberta’s taxation of multi-jurisdictional tax filers who have a split income with that of other provinces in order to meet the requirements of the federal-provincial Tax Collection Agreement.

    Related information

    • Updating financial laws
    • Bill 32: Financial Statutes Amendment Act, 2024

    Multimedia

    • Watch the news conference
    • Listen to the news conference

    MIL OSI Canada News –

  • MIL-OSI Security: Watson Lake — Watson Lake Secondary School Youth Hunt

    Source: Royal Canadian Mounted Police

    This October, students from Watson Lake Secondary School (WLSS)’s grade 12 class participated in an on the land hunting adventure on Kaska Traditional Territory alongside Watson Lake RCMP and Yukon conservation officers.

    Following the success of the youth hunt collaboration in 2023, the First Nations School Board met with key stake holders and purchased canvas wall tents, stoves, and a Utility Task Vehicle (UTV), ensuring the program could continue.

    This year, the hunt was held the week of October 7 to 11. David Dickson, Land and Language Connector for WLSS, organized Elders to attend the camp for the week to share the knowledge of the area, traditions, and culture of the Kaska Nation. Elder Agnes Chief, who was born at Frances Lake, told of stories about living off the land and making the long journey down the Frances River to Watson Lake for supplies. Students also learned about the community of Frances Lake and the forts that existed during the fur trade.

    Elder Charlie Dickson, taught the students about traditional methods of preparing a moose head. Elder Agnes Chief taught about local, traditional medicines, where to find them and how to prepare them for consumption.

    The youth were shown how to field dress and care for meat. They learned about giving thanks to the animals and the traditional ways of giving respect to the harvested moose. The harvested meat was shared throughout the community, benefiting Elders, students, community members, Liard Aboriginal Women Society, and the First Nations Health Program. The First Nations Heath Program will use the meat for traditional meals and will be shared among all three Yukon Hospitals for patients.

    “Traditions being passed down to the younger generation is what life is all about, I was very honoured to be apart of such a meaningful hunt. Seeing Elders and youth interact together brought back so many memories from when I was young. Being raised to hunt was always apart of my upbringing, and now that I’m older and able to provide for my family it has taken on a whole different meaning. Being that role model to my kids but also being a strong woman role model for young lady hunters is also very empowering. Seeing the young ladies dive in with no fear of getting dirty was very heart filling and made me proud” – Nicole Donovan from First Nations Health Program

    “The Yukon Territory provides unparalleled access to incredible outdoor recreation opportunities. The WLSS Grade 12 Youth Hunt, with the support of the Watson Lake RCMP Detachment, Yukon Conservation Officer Services, Liard First Nation, First Nations School Board, and local community members, is an impressive joint-effort to ensure that the next generation is exposed to these amazing opportunities. The experiences, skills, ethics, and knowledge shared with the youth will stay with them for the rest of their lives, and hopefully provide some youths with the first step to taking on the age-old tradition of being a provider to one’s family and community. As a Conservation Officer, I believe that there is no experience more fulfilling to a young man or woman than putting hard work into a hunt, and as a result, providing wholesome food for their family and community. There is a deep sense of pride instilled in a young person when they experience the incredible sense of accomplishment that comes from a hunt. That is the greatest benefit of the youth hunt, and I am optimistic that all of the participating youth will carry that sense of accomplishment and pride with them for the rest of their lives.” – Yukon Conservation Officer, Parker Antal

    “The continued success of this program could not have been achieved without the community support of Liard First Nations, First Nations School Board, Liard Aboriginal Women Society, WLSS, Yukon Conservation Officer Services, and the community volunteers. We look forward to 2025. ” – Sergeant Jordan Cropper, Detachment Commander Watson Lake RCMP

    “It’s important for me to be part of this initiative, on my traditional territory. I am happy to participate. Sógá sénlá’.” – David Dickson, Land and Language Connector with the First Nation School Board

    MIL Security OSI –

  • MIL-OSI Canada: Prime Minister Justin Trudeau meets with United Nations High Commissioner for Refugees Filippo Grandi

    Source: Government of Canada – Prime Minister

    Today, Prime Minister Justin Trudeau met with the United Nations High Commissioner for Refugees, Filippo Grandi.

    Prime Minister Trudeau and High Commissioner Grandi discussed the unprecedented nature of the current global refugee crisis, which is fuelled by more intense and longer lasting conflicts and the growing effects of climate change. The Prime Minister recognized the valuable role that the High Commissioner and his office (UNHCR) play in providing protection and humanitarian assistance to refugees and other forcibly displaced people.

    Prime Minister Trudeau expressed his concern over the growing humanitarian impacts arising from the situation in the Middle East and acknowledged the important role that the UNHCR is playing in responding to the needs of those forcibly displaced in both Lebanon and Syria. The two leaders also discussed the human dimension of Russia’s war of aggression against Ukraine, including its impacts on internally displaced people and refugees. Additionally, Prime Minister Trudeau expressed his concern over the humanitarian impacts of the crisis in Sudan and underscored Canada’s support for those affected by it.

    The Prime Minister strongly underscored Canada’s commitment to the UNHCR and its support for the organization’s work to make a positive difference in the lives of refugees. Prime Minister Trudeau thanked the High Commissioner for the UNHCR’s dedication to protecting the most vulnerable in difficult circumstances.

    The two leaders reaffirmed the strong partnership between Canada and the UNHCR, and they agreed to stay in close contact.

    Associated Links 

    MIL OSI Canada News –

  • MIL-OSI Global: Canada and churches have moral obligations for the reparations of missing and disappeared Indigenous children: Final Report

    Source: The Conversation – Canada – By Frank Deer, Professor, Faculty of Education, University of Manitoba

    Independent Special Interlocutor Kimberly Murray has released her final report after two years of examining the issue of missing and disappeared Indigenous children and unmarked burials sites at residential schools in Canada.

    During the ceremony last week in Gatineau, Que., Murray said governments do not often implement recommendations given on such reports. So she opted to identify 42 “legal, moral and ethical obligations” for governments, churches and other institutions. These are proposals on how to make holistic reparations to Indigenous Peoples.

    Murray emphasized that the children were “victims of enforced disappearance.”

    Since the 1870s and continuing for more than 150 years, over 150,000 First Nations, Métis and Inuit children were taken from their families and forced to attend church-run, government-funded residential schools. The National Centre for Truth and Reconciliation has documented more than 4,100 deaths of children at the schools.

    After potential unmarked graves were identified at former residential school sites, the Canadian government appointed Murray to make recommendations on unmarked graves and burial sites.

    The report, “Sites of Truth, Sites of Conscience” focuses on aspects of the Indian Residential School experience: unaccounted missing children, unmarked grave sites, the roles of government and churches in the Indian Residential School genocide and failure to maintain records of the deaths and burials of deceased children.

    The report centres Indigenous strategies for research and advances a framework of reparations to “support the search for and recovery of the missing and disappeared children and unmarked burials.” It is an extension of the work of the Truth and Reconciliation Commission of Canada (TRC) whose final report devoted an entire volume toward missing children and unmarked burials. The newest report is even more bold than the Final Report of the Truth and Reconciliation Commission of Canada.

    The TRC report observed that “the most basic of questions about missing children — Who died? Why did they die? Where are they buried? — have never been addressed or comprehensively documented by the Canadian Government.”

    Since the TRC report was released in 2015, efforts to investigate this issue of missing children and unmarked graves has increased significantly.

    CBC News report: Special interlocutor on Unmarked Graves and Burial Sites issues final report.

    Reconciliation and reparations

    Murray explores the issue of genocide in the Indian Residential School system in ways that indict the Canadian government and other institutions of crimes.

    The report says Canada must refer to “the enforced disappearance of children,” as a “crime against humanity” and the issue needs to be taken to the International Criminal Court. It further states that the “federal government and other institutions have worked harder to protect perpetrators than they ever did to protect Indigenous children, families, and communities,” and that Canada has embraced a culture of “settler amnesia and willful forgetting.”

    In support of this indictment, Murray shows how the government and church were not only responsible for acts of omission in that somehow failed to protect Indigenous children in their care. Instead, they were acts of commission: deliberately created situations in which Indigenous children in their care were severely harmed.

    Murray refers to this as forced disappearances — when the liberty of Indigenous children is taken away and their fate was concealed.

    In addition, the Independent Special Interlocutor also focuses on, among other things, our moral and ethical obligations as foundational frames for reparations.

    A moral framework

    Murray put forth 42 obligations that reflect the morally and ethically centred responsibilities of governments, churches and other institutions.

    These moral and ethical responsibilities inform the reparations that Murray articulates in her report.

    These responsibilities and obligations include:

    • Calls for long-term financial support of investigations into missing and disappeared Indigenous children and Indian Residential School burial sites

    • Support for survivors

    • The recording of their stories

    Core values

    Underlining the report is a moral principal that efforts to find missing children and unmarked graves must be Indigenous-led.

    These moral principles, this foundation for action, articulated by Murray, can provide a compelling rationale that may help change attitudes and action.

    The recent report puts forth several moral and ethical principles which we need to consider.

    One of the report’s powerful statements is:

    “Children must be cared for in life and after death.”

    This might seem to some a simple point that is obvious and even unnecessary. However, the distance between such important declarations and the policies of Canadian governments and institutions has been vast.

    That this particular principle refers to the importance of care “after death” ought to be familiar to any of us who’ve lost loved ones. However, stating it clearly here strengthens the point that government and other institutions have obligations to children who died in their care.

    Another important principle from the report is that “search and recovery work is sacred.”

    The need to discover who died, the reasons why they died, and the location of their remains is one so connected to the emotional well-being of living descendants and fellow community members that it is a spiritual journey.

    This is why the search and recovery processes must be Indigenous-led.

    This report, like the TRC’s and the final report of the National Inquiry into Missing and Murdered Indigenous Women and Girls, contains demands for action that should be accepted and acted upon by governments and institutions.

    The moral and ethical principles that inform those demands can be as important for informing change. It is in these principles that we may find moral guidance and direction toward righteousness.

    We may also find, if we’re paying attention, our humanity.

    Frank Deer receives funding from the Social Sciences and Humanities Research Council of Canada.

    – ref. Canada and churches have moral obligations for the reparations of missing and disappeared Indigenous children: Final Report – https://theconversation.com/canada-and-churches-have-moral-obligations-for-the-reparations-of-missing-and-disappeared-indigenous-children-final-report-242560

    MIL OSI – Global Reports –

  • MIL-OSI: Questor Announces Departure of Vice President of Operations and Engineering

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 04, 2024 (GLOBE NEWSWIRE) — Questor Technology Inc. (“Questor”, the “Company”), (TSX Venture Exchange: QST) would like to announce Mr. Quentin Kyliuk is no longer with Questor Technology Inc., effective October 28, 2024.

    On behalf of the employees and Board of Directors, the Company thanks Quentin for his contribution to Questor and wishes him all the best in his future endeavours.

    ABOUT QUESTOR TECHNOLOGY INC.

    Questor Technology Inc., incorporated in Canada under the Business Companies Act (Alberta) is an environmental emissions reduction technology company founded in 1994, with global operations. The Company is focused on clean air technologies that safely and cost effectively improve air quality, support energy efficiency and greenhouse gas emission reductions. The Company designs, manufactures and services high efficiency clean combustion systems that destroy harmful pollutants, including Methane, Hydrogen Sulfide gas, Volatile Organic Hydrocarbons, Hazardous Air Pollutants and BTEX (Benzene, Toluene, Ethylbenzene and Xylene) gases within waste gas streams at 99.99 percent efficiency per its ISO 14034 Certification. This enables its clients to meet emission regulations, reduce greenhouse gas emissions, address community concerns and improve safety at industrial sites.

    The Company also has proprietary heat to power generation technology and is currently targeting new markets including landfill biogas, syngas, waste engine exhaust, geothermal and solar, cement plant waste heat in addition to a wide variety of oil and gas projects. The combination of Questor’s clean combustion and power generation technologies can help clients achieve net zero emission targets for minimal cost. The Company is also doing research and development on data solutions to deliver an integrated system that amalgamates all of the emission detection data available to demonstrate a clear picture of the site’s emission profile.

    The Company’s common shares are traded on the TSX Venture Exchange under the symbol “QST”. The address of the Company’s corporate and registered office is 2240, 140 – 4 Avenue S.W. Calgary, Alberta, Canada, T2P 3N3.

    QUESTOR TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL ‘QST’

    Investor Relations Contact

    Aly Sumar – Chief Financial Officer

    investor@questortech.com

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

    This document is not intended for dissemination or distribution in the United States.

    The MIL Network –

  • MIL-OSI USA: Sols 4352-4354: Halloween Fright Night on Mars

    Source: NASA

    3 min read

    Earth planning date: Friday, Nov. 1, 2024

    Yesterday evening (Thursday) was Halloween for many of us here on Earth. My neighborhood in eastern Canada was full of small (and not so small!) children, running around in the dark collecting sweets and candy but also getting scared by the ghostly decorations hung at each house. Little did we suspect that our poor rover on Mars was also getting spooked. Curiosity completed about a meter (about 3 feet) of the planned drive before becoming unsettled … scared, if you will! … when its left front wheel got hung up on a rock and stopped moving.

    Luckily, we understood this kind of frightened behavior and were able to resume planning today as per usual. That meter was enough to give us a whole new set of targets to choose from. As APXS Strategic Planner this week, I had chosen darker-looking targets in the workspace — “Ladder Lake” and “Reds Meadow” (shown in the accompanying MAHLI image) — earlier in the week. I was happy that bumping backwards by a meter allowed us to reach some of the more typical pale colored bedrock at “Eureka Valley” and a second APXS analysis on “Black Bear Lake,” which is a mixture of both pale bedrock and some darker layers. MAHLI added in a bonus set of images on “Stag Dome,” focusing on small, rougher patches on the pale bedrock.

    ChemCam is taking advantage of the short bump, too, adding a passive observation on the brushed Reds Meadow target, analyzed by APXS and MAHLI in Monday’s plan. A ChemCam LIBS target “Hoist Ridge” focuses on a small vertical face of dark material. Two long distance images planned for ChemCam’s Remote Micro Imager (RMI) look at the distribution of rocks along the Gediz Vallis ridge in the distance.

    Mastcam is taking several mosaics this weekend (must have gotten extra energy from the Halloween sugar!). Close to the rover, Mastcam will acquire single-frame images of the targets Hoist Ridge and Eureka Valley, and a small mosaic of some surficial troughs just a little further away. Moving further afield, a small 3×1 mosaic (three images in one row) will image the same area as the ChemCam RMI of the Gediz Vallis ridge, and a larger 9×2 mosaic will focus on the faraway yardang unit, where we hopefully will be in a few years.

    Then for the really big images: Mastcam will image the whole landscape in a special 360-degree view, so big it needs to be broken into two parts. The first will have 43×4 frames, the second 34×5 frames. These mosaics are huge, so we save them for when we are at a really good vantage point to allow us to capture as much detail as possible for science and engineering planning.

    As ever, we continue our environmental monitoring of conditions, with Mastcam and Navcam movies and images looking at dust in the atmosphere above and around us in Gale crater, and watching out for dust devils.

    Written by Catherine O’Connell-Cooper, Planetary Geologist at University of New Brunswick

    MIL OSI USA News –

  • MIL-OSI Security: Keen Sword 25: Supporting the Joint-Bilateral Air Defense Kill Chain Across Japan

    Source: United States INDO PACIFIC COMMAND

    MISAWA AIR BASE, Japan  –  

    38th Air Defense Artillery (ADA) Brigade deployed several units to strategic air defense positions across Honshu, Japan in support of Keen Sword 25 (KS25), demonstrating the capability to help create and support a joint and bilateral Air Defense network between U.S. joint forces and allies.

    KS25 was a joint-bilateral field training exercise held Oct. 23-Nov. 1 at multiple bases across Japan, demonstrating and strengthening the U.S.-Japan alliance during the largest iteration of the exercise since its inception in 1986; it included participants from the Japan Self-Defense Force (JSDF), Australian Defence Force (ADF), Canadian Armed Forces (CAF) and U.S. service members from each of the joint services.

    To support KS25, Delta Battery, 1st Battalion, 1st ADA Regiment (1-1 ADA) 38th ADA Brigade deployed to Misawa Air Base, equipped with a Patriot Minimum Engagement Package (MEP) – everything needed for a MIM-104 Patriot air defense system to successfully engage an air defense threat.

    “The expeditionary deployment of a Patriot MEP to Misawa Air Base, and the validation of our ability to integrate into the joint kill chain for air defense,” said Maj. Robert Knaibel, the 1-1 ADA Battalion Operations Officer, “is a key part of (1-1 ADA’s)  mission – even if that mission takes us all the way across Japan, we’re still able to support rapid deployment and emplacement through our batteries… Testing those capabilities regularly, in real conditions, is key.”

    While Delta Battery was emplacing their Patriot MEP at Misawa Air Base for the start of KS25 on Oct. 23, senior Air Defense Artillery Fire Control Officer (ADAFCO) teams had already integrated at key Air Defense Commands, including Yokota and Misawa Air Bases. There, the ADAFCO teams use their knowledge of tactics procedures to integrate Army Air Defense assets in joint and bilateral Air and Missile Defense engagement operations.

    “The great thing with these exercises is training with both a joint and combined force,” said Capt. Frederick Breslow, who was serving in the exercise as the U.S. Army’s Regional Air Defense Commander (RADC) on Yokota Air Base. “Coordinating with our allies, despite the challenges… that’s where we learn the most in these exercises.” Breslow added that, thanks to lessons learned during KS25, the RADC are already working to improve their procedures in preparation for future exercises.

    Another team of ADAFCO Soldiers worked on-location with the Japan Air Self-Defense Force. “On Misawa Air Base, we coordinated with the Misawa Direction Center to plan and carry out joint and bilateral air defense engagements,” said Staff Sgt. Thomas Zmyewski, an ADA Fire Control Assistant (FCA) with 38th ADA Brigade. “That’s when we bring each force’s tactics, techniques, procedures and capabilities to maximize their effectiveness – for example, which force has the best engagement odds for an incoming air threat.”

    Zmyewski believes testing this team-based planning and communication is the best way to strengthen partnerships and prepare for real-world application. “Our ADA FCAs always benefit from these exercises, because we learn how to work with our partners under those realistic conditions, learn from each other’s strengths,” Zmyewski stated.

    While deployed to Misawa Air Base, the Soldiers of Delta Battery conducted validation training and Table VIII Gunnery evaluations, improving their proficiency with their systems, including rapid Patriot emplacement, rapid reloading of interceptors, operation of missile-defense radar systems and other core competencies; each crew’s proficiency in these tasks are tested during annual Table VIII gunnery certifications. These evaluations proved both the battery’s equipment and crews could operate effectively under field conditions immediately following a rapid deployment, while simultaneously integrating with ongoing joint and bilateral operations between all U.S. services and our allies.

    “Delta Battery – in Okinawa – is my first duty station, and this is my third exercise,” said Spc. Alexander Noel, a Patriot Launching Station Enhanced Operator/Maintainer with Delta Battery, “and so far it’s been the best – we’ve gotten so much accomplished, a lot of good hands-on training; it’s been a really good experience.”

    “Everything is muscle memory,” explained Spc. Malek James, a Patriot Launching Station Enhanced Operator/Maintainer with Delta Battery. “This is my first exercise, with my first unit, and it started stressful, having to certify on every single task at once, but… that’s what’s good about doing (these tasks) in the field – you build that muscle memory, you don’t have to think about what to do next, you just do it. Then it’s all just muscle memory.”

    Keen Sword 25 is a significant initiative that helps build warfighting readiness, enhances tactics, techniques, and procedures across a wide range of military operations, and strengthens national sovereignty and a free and open Indo-Pacific.

    (U.S. Army story by Sgt. Connor Davis)

    MIL Security OSI –

  • MIL-OSI Security: Digby — Missing youth: Help the RCMP find Summer Herman-Fontaine

    Source: Royal Canadian Mounted Police

    Digby RCMP is asking for the public’s assistance in locating 14-year-old Summer Herman-Fontaine. She was last seen at approximately 5:50 p.m. on Queen St. in Digby.

    Herman-Fontaine is described as being approximately 4-foot-8. She has brown eyes and dark brown hair, which she had in a ponytail. She was last seen wearing a white long-sleeved shirt with “Twinkle twinkle little star; brave & wonderful is what you are” printed on the front, a copper/dark orange coloured zip-up hoodie, pink leggings, and dark green Crocs.

    When someone goes missing, it has deep and far-reaching impacts for the person and those who know them. We ask that people spread the word respectfully.

    Anyone with information on the whereabouts of Summer Herman-Fontaine is asked to contact Digby RCMP at (902) 245-2579. To remain anonymous, call Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    MIL Security OSI –

  • MIL-OSI China: CIIE attracts record-breaking participating countries, exhibitors

    Source: China State Council Information Office

    This photo shows the National Exhibition and Convention Center (Shanghai), the main venue for the 7th China International Import Expo (CIIE), in east China’s Shanghai, Nov. 4, 2024. [Photo/Xinhua]

    On Tuesday morning, the Chinese commercial hub of Shanghai will once again assume its role as the host for the newest edition of the globe’s first national-level exposition dedicated to imports.

    Now, the China International Import Expo (CIIE) stands as a telling example of China’s steadfast opening up and an unmissable opportunity for foreign enterprises to tap into the Chinese market.

    Despite challenges and uncertainties in the global economic landscape, over the past seven years, CIIE has steadily grown.

    The first six editions of CIIE have generated a total intended transaction amount exceeding 420 billion U.S. dollars. Additionally, over 1,130 foreign enterprises and investment promotion organizations have conducted targeted connections across the country.

    This year, the business exhibition will be held at the National Exhibition and Convention Center (Shanghai), covering more than 360,000 square meters — equivalent to 50 standard soccer fields — and hosting 3,496 exhibitors from 129 countries and regions.

    Both the number of participating countries and exhibitors have surpassed previous records.

    Notably, 297 exhibitors from Fortune Global 500 companies and industry leaders will attend, marking a historic high. Among all participants, 186 enterprises and institutions have achieved full attendance across all seven editions of the expo.

    Besides, this year’s event is also commanding the attention of global journalism. More than 400 media outlets are participating in the coverage of this event, including 220 foreign media organizations.

    China’s vast market has become one of the most attractive destinations for global players, with the CIIE serving as the “golden gateway” to this opportunity.

    For the CIIE frequenter of Japanese cosmetics giant Shiseido, the event serves as a second-to-none magnet.

    “Over the past years of participating in CIIE, we have seen firsthand just how influential the expo can be for our business,” said Toshinobu Umetsu, president and CEO of Shiseido China.

    According to the company, visitors will be able to see over 30 new product debuts from 12 different brands in their portfolio.

    Umetsu described the expo as a boon for their growth in China’s thriving market, noting that many new skincare technologies, brands, and products have gained substantial attention and recognition from consumers after being featured at CIIE.

    “CIIE successfully transformed our ‘exhibits’ to ‘products,’” Umetsu added.

    Seizing the opportunity, new participants are eager to try their luck. Among the trendsetters is Canadian sportswear magnate Lululemon.

    “A digital innovation here is leading the world, quite frankly, in terms of adoption and opportunities,” said Calvin McDonald, CEO of Lululemon during an interview with Xinhua.

    Impressed by the market’s speed, agility and resilience, McDonald said the opportunity to move fast and accomplish big initiatives in the market is incredibly exciting, seeing CIIE as a precious opportunity to bring awareness to the brand.

    “In the dynamic and healthy market, we are learning not just how we drive and see success here,” he said, adding that what Lululemon learned from the Chinese mainland consumers and innovation can help their business in other markets as well.

    After years of development, the CIIE has become a symbol of China’s new development pattern, a platform for high-level opening-up, and an international public good shared by the world.

    At its third plenum, the 20th Central Committee of the Communist Party of China renewed the country’s commitment to the basic state policy of opening to the outside world and continuing to promote reform through opening up.

    Serving as another fine example, China removed all market access restrictions for foreign investors in the manufacturing sector on Nov. 1, a landmark move made by the world’s second-largest economy as it opens its doors wider.

    “Reflecting on the past six editions of the CIIE, ‘high-level opening up’ has been a consistent theme. The expo has continually showcased an image of an ‘open China’ that shares opportunities and future with the world,” said Wu Zhengping, deputy director general of the CIIE Bureau.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: SITI commences visit to Canada (with photos)

    Source: Hong Kong Government special administrative region

         The Secretary for Innovation, Technology and Industry, Professor Sun Dong, began his visit to Toronto, Canada, on November 4 (Toronto time).

         In the morning, Professor Sun visited MaRS Discovery District, an innovation hub, and met with its Chief Executive Officer, Mrs Alison Nankivell, to receive a briefing on the hub’s successful experience in nurturing an innovation and technology (I&T) ecosystem. Located close to major universities and hospitals in downtown Toronto, MaRS focuses on nourishing deep technology industries including clean technology and life science. As the largest urban innovation centre in North America, MaRS Discovery District supports 1 200 enterprises and renders direct assistance to enterprises in the hub with a view to building communities of innovators and promoting the adoption of new solutions.

         Professor Sun then visited the University of Toronto, and toured the Centre for Analytics & Artificial Intelligence Engineering of the Faculty of Applied Science and Engineering of the University. Professor Sun met with the Dean of the Faculty, Professor Christopher Yip, and the Acting Associate Vice-President International Partnerships, Professor David Wolfe, and was briefed on the latest developments and research and development (R&D) achievements of the Centre. The Centre brings together universities and industries to translate the latest advances of artificial intelligence and data analytics into technologies in areas ranging from advanced manufacturing to human health. Its team also delivers ongoing guidance for advanced analytics projects in industry settings. Professor Sun encouraged the University to co-operate with universities in Hong Kong to participate in the InnoHK research clusters to strengthen global R&D collaboration.

         In the afternoon, Professor Sun visited a start-up that provides storage and delivery services in North America. The start-up adopts a smart platform that automatically processes orders and updates inventory levels in real time. It also utilises robotic shuttles to manage inventories automatically, thereby reducing the overall cost for logistics and delivery services.

         Professor Sun attended a networking dinner organised by the Hong Kong-Canada Business Association (Toronto Chapter) in the evening, and had an exchange with Hong Kong young people studying and working in Toronto to learn more about their study and work lives in Canada. Professor Sun shared with them Hong Kong’s efforts to develop as an international I&T centre and build an international hub for high-calibre talent. He noted that it is of paramount importance to enlarge the talent pool for the I&T development in Hong Kong, adding that the city is an ideal destination for young people to develop their careers and that Hong Kong youngsters are encouraged to seize the myriad opportunities there.

         Professor Sun will proceed to Ottawa and continue his visit on November 5 (Ottawa time).                  

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Sun Dong begins Canada visit

    Source: Hong Kong Information Services

    Secretary for Innovation, Technology & Industry Prof Sun Dong began his visit to Toronto, Canada, by touring an innovation hub, the University of Toronto and a startup.

    In the morning of November 4, Prof Sun visited MaRS Discovery District and met its Chief Executive Officer Alison Nankivell to receive a briefing on the innovation hub’s successful experience in nurturing an innovation and technology (I&T) ecosystem.

    Located close to major universities and hospitals in downtown Toronto, MaRS focuses on nourishing deep technology industries including clean technology and life science.

    It is also the largest urban innovation centre in North America, which supports 1,200 enterprises and renders direct assistance to enterprises, with a view to building communities of innovators and promoting the adoption of new solutions.

    Prof Sun then visited the University of Toronto and toured the Centre for Analytics & Artificial Intelligence Engineering of the Faculty of Applied Science & Engineering.

    He met Faculty Dean Prof Christopher Yip and Acting Associate Vice-President International Partnerships Prof David Wolfe, and was briefed on the centre’s latest developments and research and development (R&D) achievements.

    The centre brings together universities and industries to translate the latest advances of artificial intelligence and data analytics into technologies in areas ranging from advanced manufacturing to human health.

    Its team also delivers ongoing guidance for advanced analytics projects in industry settings.

    Prof Sun encouraged the university to co-operate with universities in Hong Kong to participate in the InnoHK research clusters to strengthen global R&D collaboration.

    In the afternoon, the technology chief visited a startup that provides storage and delivery services in North America.

    Apart from adopting a smart platform that automatically processes orders and updates inventory levels in real time, the startup also utilises robotic shuttles to manage inventories automatically, thereby reducing the overall cost for logistics and delivery services.

    In the evening, Prof Sun attended a networking dinner organised by the Hong Kong-Canada Business Association (Toronto Chapter), where he had an exchange with Hong Kong young people studying and working in Toronto to learn more about their studies and work life.

    Prof Sun shared with them Hong Kong’s efforts to develop as an international I&T centre and build an international hub for high-calibre talent.

    He noted that it is of paramount importance to enlarge the talent pool for Hong Kong’s I&T development, adding that the city is an ideal destination for young people to develop their careers.

    He also encouraged Hong Kong youngsters to seize the myriad opportunities.

    Prof Sun will proceed to Ottawa and continue his visit.

    MIL OSI Asia Pacific News –

  • MIL-OSI: International Petroleum Corporation Announces Third Quarter 2024 Financial and Operational Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 05, 2024 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operational results and related management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2024.

    William Lundin, IPC’s President and Chief Executive Officer, comments: “We are pleased to announce another positive quarter of operational performance. IPC achieved average net daily production during the third quarter of 45,000 barrels of oil equivalent per day (boepd), following planned maintenance shutdowns during the quarter. We also continue to purchase IPC common shares under the normal course issuer bid (NCIB). We have now almost completed the 2023/2024 NCIB, reducing the outstanding number of common shares by over 6% since the beginning of December 2023. We intend to seek Toronto Stock Exchange approval to renew the NCIB in December 2024. We are also pleased to report on the progress achieved at the Blackrod Phase 1 development in Canada, which remains on schedule and on budget.”

    Q3 2024 Business Highlights

    • Average net production of approximately 45,000 boepd for Q3 2024, in line with guidance (49% heavy crude oil, 17% light and medium crude oil and 34% natural gas).(1)
    • Successful completion of planned maintenance shutdowns at Onion Lake Thermal (OLT) in Canada and the Bertam field in Malaysia.
    • Drilling activity at the Suffield area in Canada continued with four wells drilled in Q3 2024 and completed by October 2024.
    • Development activities on Phase 1 of the Blackrod project continue to progress on schedule and on budget, with forecast first oil in late 2026.
    • 2.6 million IPC common shares purchased and cancelled during Q3 2024 under IPC’s normal course issuer bid (NCIB), on track to complete the 2023/2024 NCIB during November 2024.
    • IPC plans to seek Toronto Stock Exchange approval for the renewal of the NCIB in December 2024.

    Q3 2024 Financial Highlights

    • Operating costs per boe of USD 17.9 for Q3 2024, below guidance.(3)
    • Operating cash flow (OCF) and Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of MUSD 73 and MUSD 68 respectively in line with guidance for Q3 2024.(3)
    • Capital and decommissioning expenditures of MUSD 102 for Q3 2024, in line with guidance.
    • Free cash flow (FCF) for Q3 2024 amounted to MUSD -38 (MUSD 44 pre-Blackrod Phase 1 project funding).(3)
    • Gross cash of MUSD 299 and net debt of MUSD 157 as at September 30, 2024.(3)
    • Net result of MUSD 23 for Q3 2024.

    Reserves and Resources

    • Total 2P reserves as at December 31, 2023 of 468 MMboe, with a reserves life index (RLI) of 27 years.(1)(2)
    • Contingent resources (best estimate, unrisked) as at December 31, 2023 of 1,145 MMboe.(1)(2)

    2024 Annual Guidance

    • Full year 2024 average net production guidance range maintained at 46,000 to 48,000 boepd.(1)
    • Full year 2024 operating costs guidance revised to below USD 18 per boe.(3)
    • Full year 2024 OCF guidance estimated at between MUSD 335 and 342, assuming Brent USD 70 to 80 per barrel for the remainder of 2024.(3)
    • Full year 2024 capital and decommissioning expenditures guidance forecast maintained at MUSD 437.
    • Full year 2024 FCF guidance estimated at between MUSD -140 and -133 (between MUSD 222 and 229 pre-Blackrod Phase 1 project funding), assuming Brent USD 70 to 80 per barrel for the remainder of 2024.(3)
      Three months ended
    September 30    		   Nine months ended
    September 30
    USD Thousands 2024   2023     2024   2023  
    Revenue 173,200   257,366     598,659   655,446  
    Gross profit 39,505   93,429     167,397   210,559  
    Net result 22,875   71,681     101,804   143,269  
    Operating cash flow (3) 72,589   119,142     263,831   279,414  
    Free cash flow (3) (38,269 ) 34,703     (74,021 ) 67,379  
    EBITDA (3) 68,313   123,054     259,304   284,334  
    Net cash/(debt) (3) (157,228 ) 83,097     (157,228 ) 83,097  
                       

    Oil prices softened in the third quarter with Brent prices averaging USD 80 per barrel compared with USD 85 per barrel in the second quarter. Volatility during the quarter was high with Brent prices ranging from USD 89 per barrel in July to USD 70 per barrel in September. Notwithstanding the volatility in prices, the crude market was in a deficit through the third quarter, aided by the proactive supply management by the OPEC+ group. The continued conflicts in the Middle East and Ukraine led to increased oil prices, though these were partially offset by concerns over global oil demand growth, in particular consumer and industrial demand in China. Despite some of these negative factors, the physical market remains tight with OECD crude stock levels below the five-year average, with oil demand expected to be at an all-time high in 2024 and continue to grow in 2025. Approximately 50% of IPC’s forecast 2024 oil production is hedged at USD 80 per barrel WTI or USD 85 per barrel Dated Brent through to the end of 2024.

    The third quarter 2024 WTI to Western Canadian Select (WCS) price differentials averaged just under USD 14 per barrel, in line with the second quarter and approximately USD 5 per barrel lower than the first quarter differential average of USD 19 per barrel. The Trans Mountain expansion (TMX) pipeline continues to support tighter differentials with the Western Canadian Sedimentary Basin (WCSB) now having excess spare pipeline capacity for the first time in more than a decade. Crude exports from the new TMX pipeline are flowing off the coast of British Columbia, with deliveries to the US West Coast and Asia creating new end destinations for Canadian heavy oil. Around 70% of our forecast 2024 Canadian WCS production volumes are hedged at a WTI/WCS differential of USD 15 per barrel.

    Natural gas prices in Canada remained suppressed in the third quarter, with AECO pricing averaging CAD 0.67 per Mcf during the period, compared to CAD 1.17 per Mcf average for the second quarter. This has led to some Canadian natural gas producers curtailing production as western Canada gas storage levels continue to sit above the five-year range. IPC implemented hedges during the third quarter for approximately 14,500 Mcf per day at CAD 1.57 per Mcf from August to year end 2024.

    Third Quarter 2024 Highlights and Full Year 2024 Guidance

    IPC delivered average daily production rates of 45,000 boepd for the third quarter. The average daily production for the first nine months of 2024 was 47,400 boepd and the full year Capital Markets Day (CMD) production guidance of 46,000 to 48,000 boepd is maintained. During the third quarter, planned maintenance shutdowns at the Onion Lake Thermal (OLT) asset in Canada and at the Bertam field in Malaysia were successfully completed. High uptimes were achieved across all major producing assets in our portfolio during the quarter and the business benefited from the oil wells drilled within our Southern Alberta assets and the new wells brought on stream from sustaining Pad L at the OLT asset.(1)

    Operating costs in the third quarter of 2024 were below forecast at USD 17.9 per boe. The lower costs were largely driven by lower energy input costs within our Canadian asset base. Full year 2024 operating costs guidance is revised to less than USD 18 per boe, below the CMD guidance range of USD 18 to 19 per boe.(3)

    Operating cash flow (OCF) for the third quarter of 2024 was USD 73 million in line with forecast. Full year 2024 OCF guidance is revised to USD 335 to 342 million (assuming Brent USD 70 to 80 per barrel for the remainder of 2024).(3)

    Capital and decommissioning expenditure for the third quarter was in line with plan at USD 102 million. Our full year 2024 capital and decommissioning expenditure guidance is unchanged at USD 437 million.

    Free cash flow (FCF) was USD -38 million (or USD 44 million pre-Blackrod Phase 1 development funding) during the third quarter of 2024. Full year 2024 FCF guidance is revised to USD -140 to -133 million (or USD 222 to 229 million pre-Blackrod Phase 1 development funding) assuming Brent USD 70 to 80 per barrel for the remainder of 2024.(3)

    Net debt was increased during the third quarter of 2024 by approximately USD 69 million to USD 157 million.(3) This is due to the growth capital expenditure at the Blackrod Phase 1 project and continued funding of the normal course issuer bid (NCIB) share repurchase program. The gross cash position as at September 30, 2024 was USD 299 million. In the third quarter, IPC enhanced its financing position by entering into a letter of credit facility in Canada to cover all of its existing operational letters of credit, giving full availability under IPC’s undrawn CAD 180 million Revolving Credit Facility.

    With a robust balance sheet and strong cashflow generation from the producing assets, IPC is strongly positioned to deliver on our three strategic pillars of organic growth, shareholder returns and pursue value-adding M&A.

    Blackrod Phase 1 Project

    The Blackrod asset is 100% owned by IPC and hosts the largest booked reserves and contingent resources within the IPC portfolio. After more than a decade of pilot operations, subsurface delineation and commercial engineering studies, IPC sanctioned the Phase 1 development in the first quarter of 2023. The Phase 1 development targets 218 MMboe of 2P reserves, with a multi-year forecast capital expenditure of USD 850 million to first oil planned in late 2026. The Phase 1 development is planned for plateau production of 30,000 bopd which is expected by early 2028.(1)(2)

    2024 marks a peak investment year at the Blackrod Phase 1 project for IPC, with USD 362 million planned to be spent in the year. Project progress has advanced according to plan, with approximately USD 245 million spent through the first nine months of 2024. All major third-party contracts have been executed, including but not limited to, the engineering, procurement and construction (EPC) agreements for the central processing facility (CPF) and well pad facilities, midstream agreements for the input fuel gas, diluent and oil blend pipelines, and drilling rig and stakeholder agreements. All major long lead items have been procured and pre-operations onboarding continues as the asset undergoes rapid change from a pilot steam assisted gravity drainage (SAGD) operation to a commercial SAGD operation. IPC’s core operational philosophy is to responsibly develop and commission projects with the staff that are going to manage and operate the asset to ensure the seamless transition from development to operations.

    As at the end of the third quarter of 2024, over half of the Blackrod Phase 1 development capital had been spent since the project sanction in early 2023. All major work streams are progressing as planned and the focus continues to be on executing the detailed sequencing of events as facility modules are safely delivered and installed at site. The total Phase 1 project guidance of USD 850 million capital expenditure to first oil in late 2026 is unchanged. IPC intends to fund the remaining Blackrod Phase 1 development costs with forecast cash flow generated by its operations and cash on hand.

    Stakeholder Returns: Normal Course Issuer Bid

    Under the current 2023/2024 NCIB, IPC has the ability to repurchase up to approximately 8.3 million common shares over the period of December 5, 2023 to December 4, 2024. IPC repurchased and cancelled approximately 7.5 million common shares up to the end of September 2024. The average price of common shares purchased under the 2023/2024 NCIB was SEK 132 / CAD 17 per share. IPC expects to complete the 2023/2024 NCIB during November 2024, resulting in the cancellation of 6.5% of the total number of common shares outstanding as at the beginning of December 2023.

    As at September 30, 2024, IPC had a total of 120,751,038 common shares issued and outstanding and IPC held 30,000 common shares in treasury. As at October 31, 2024, IPC had a total of 120,244,638 common shares issued and outstanding and IPC held 44,400 common shares in treasury.

    The IPC Board of Directors has approved, subject to acceptance by the Toronto Stock Exchange (TSX), the renewal of IPC’s NCIB for a further twelve months from December 2024 to December 2025. We expect that the 2024/2025 NCIB will permit IPC to purchase on the TSX and/or Nasdaq Stockholm, and cancel, up to a further approximately 7.5 million common shares, representing approximately 6.2% of the total outstanding common shares (or 10% of IPC’s “public float” under applicable TSX rules) following completion of the current 2023/2024 NCIB. IPC continues to believe that reducing the number of common shares outstanding while in parallel investing in material production growth at the Blackrod project will prove to be a winning formula for our stakeholders.

    Environmental, Social and Governance (ESG) Performance

    As part of IPC’s commitment to operational excellence and responsible development, its objective is to reduce risk and eliminate hazards to prevent occurrence of accidents, ill health, and environmental damage, as these are essential to the success of our business operations. During the third quarter of 2024, IPC recorded no material safety or environmental incidents.

    As previously announced, IPC targets a reduction of our net GHG emissions intensity by the end of 2025 to 50% of IPC’s 2019 baseline and IPC remains on track to achieve this reduction. During the first quarter of 2024, IPC announced the commitment to remain at end 2025 levels of 20 kg CO2/boe through to the end of 2028.(4)

    Notes:

    (1) See “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” below. See also the annual information form for the year ended December 31, 2023 (AIF) available on IPC’s website at www.international-petroleum.com and under IPC’s profile on SEDAR+ at www.sedarplus.ca.
    (2) See “Reserves and Resources Advisory“ below. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of NPV, are described in the AIF.
    (3) Non-IFRS measures, see “Non-IFRS Measures” below and in the MD&A.
    (4) Emissions intensity is the ratio between oil and gas production and the associated carbon emissions, and net emissions intensity reflects gross emissions less operational emission reductions and carbon offsets.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		       Or       Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15
             

    This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07:30 CET on November 5, 2024. The Corporation’s unaudited interim condensed consolidated financial statements (Financial Statements) and management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2024 have been filed on SEDAR+ (www.sedarplus.ca) and are also available on the Corporation’s website (www.international-petroleum.com).

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    Forward-looking statements include, but are not limited to, statements with respect to:

    • 2024 production ranges (including total daily average production), production composition, cash flows, operating costs and capital and decommissioning expenditure estimates;
    • Estimates of future production, cash flows, operating costs and capital expenditures that are based on IPC’s current business plans and assumptions regarding the business environment, which are subject to change;
    • IPC’s financial and operational flexibility to continue to react to recent events and navigate the Corporation through periods of volatile commodity prices;
    • The ability to fully fund future expenditures from cash flows and current borrowing capacity;
    • IPC’s intention and ability to continue to implement strategies to build long-term shareholder value;
    • The ability of IPC’s portfolio of assets to provide a solid foundation for organic and inorganic growth;
    • The continued facility uptime and reservoir performance in IPC’s areas of operation;
    • Development of the Blackrod project in Canada, including estimates of resource volumes, future production, timing, regulatory approvals, third party commercial arrangements, breakeven prices and net present value;
    • Current and future production performance, operations and development potential of the Onion Lake Thermal, Suffield, Brooks, Ferguson and Mooney operations, including the timing and success of future oil and gas drilling and optimization programs;
    • The potential improvement in the Canadian oil egress situation and IPC’s ability to benefit from any such improvements;
    • The ability to maintain current and forecast production in France and Malaysia;
    • The intention and ability of IPC to acquire further common shares under the NCIB, including the timing of any such purchases;
    • The ability of IPC to renew the NCIB and the number of common shares which may be purchased under a renewed NCIB;
    • The return of value to IPC’s shareholders as a result of the NCIB;
    • The ability of IPC to implement further shareholder distributions in addition to the NCIB;
    • IPC’s ability to implement its greenhouse gas (GHG) emissions intensity and climate strategies and to achieve its net GHG emissions intensity reduction targets;
    • IPC’s ability to implement projects to reduce net emissions intensity, including potential carbon capture and storage;
    • Estimates of reserves and contingent resources;
    • The ability to generate free cash flows and use that cash to repay debt;
    • IPC’s continued access to its existing credit facilities, including current financial headroom, on terms acceptable to the Corporation;
    • IPC’s ability to maintain operations, production and business in light of any future pandemics and the restrictions and disruptions related thereto, including risks related to production delays and interruptions, changes in laws and regulations and reliance on third-party operators and infrastructure;
    • IPC’s ability to identify and complete future acquisitions;
    • Expectations regarding the oil and gas industry in Canada, Malaysia and France, including assumptions regarding future royalty rates, regulatory approvals, legislative changes, and ongoing projects and their expected completion; and
    • Future drilling and other exploration and development activities.

    Statements relating to “reserves” and “contingent resources” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves and resources can be profitably produced in the future. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

    These include, but are not limited to general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; and changes in legislation, including but not limited to tax laws, royalties, environmental and abandonment regulations.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in the MD&A (See “Risk Factors”, “Cautionary Statement Regarding Forward-Looking Information” and “Reserves and Resources Advisory” therein), the Corporation’s Annual Information Form (AIF) for the year ended December 31, 2023, (See “Cautionary Statement Regarding Forward-Looking Information”, “Reserves and Resources Advisory” and “Risk Factors”) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Management of IPC approved the production, operating costs, operating cash flow, capital and decommissioning expenditures and free cash flow guidance and estimates contained herein as of the date of this press release. The purpose of these guidance and estimates is to assist readers in understanding IPC’s expected and targeted financial results, and this information may not be appropriate for other purposes.

    Non-IFRS Measures
    References are made in this press release to “operating cash flow” (OCF), “free cash flow” (FCF), “Earnings Before Interest, Tax, Depreciation and Amortization” (EBITDA), “operating costs” and “net debt”/”net cash”, which are not generally accepted accounting measures under International Financial Reporting Standards (IFRS) and do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with similar measures presented by other public companies. Non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

    The definition of each non-IFRS measure is presented in IPC’s MD&A (See “Non-IFRS Measures” therein).

    Operating cash flow
    The following table sets out how operating cash flow is calculated from figures shown in the Financial Statements:

      Three months ended September 30   Nine months ended September 30
    USD Thousands 2024   2023     2024   2023  
    Revenue 173,200   257,366     598,659   655,446  
    Production costs (100,984 ) (130,765 )   (328,110 ) (364,889 )
    Current tax 373   (7,459 )   (6,718 ) (16,045 )
    Operating cash flow 72,589   119,142     263,831   274,512  
                       

    The operating cash flow for the nine months ended September 30, 2023 including the operating cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 279,414 thousand.

    Free cash flow
    The following table sets out how free cash flow is calculated from figures shown in the Financial Statements:

      Three months ended September 30   Nine months ended September 30
    USD Thousands 2024   2023     2024   2023  
    Operating cash flow – see above 72,589   119,142     263,831   274,512  
    Capital expenditures (99,100 ) (76,844 )   (308,457 ) (183,904 )
    Abandonment and farm-in expenditures1 (2,575 ) (2,755 )   (4,938 ) (7,683 )
    General, administration and depreciation expenses before depreciation2 (3,903 ) (3,547 )   (11,245 ) (11,124 )
    Cash financial items3 (5,280 ) (1,293 )   (13,212 ) (3,593 )
    Free cash flow (38,269 ) 34,703     (74,021 ) 68,208  

    1 See note 16 to the Financial Statements
    2 Depreciation is not specifically disclosed in the Financial Statements
    3 See notes 4 and 5 to the Financial Statements

    The free cash flow for the nine months ended September 30, 2023 including the free cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 67,379 thousand.

    EBITDA
    The following table sets out the reconciliation from net result from the consolidated statement of operations to EBITDA:

      Three months ended September 30   Nine months ended September 30
    USD Thousands 2024   2023     2024   2023  
    Net result 22,875   71,681     101,804   143,269  
    Net financial items 4,124   4,257     23,942   16,227  
    Income tax 8,257   25,451     29,473   50,671  
    Depletion and decommissioning costs 30,491   31,687     96,305   71,488  
    Depreciation of other tangible fixed assets 2,023   1,509     6,503   6,503  
    Exploration and business development costs 197   (24 )   344   2,007  
    Depreciation included in general, administration and depreciation expenses 1 346   405     933   1,180  
    Sale of Assets –   (11,912 )   –   (11,912 )
    EBITDA 68,313   123,054     259,304   279,433  

    1 Item is not shown in the Financial Statements

    The EBITDA for the nine months ended September 30, 2023 including the EBITDA contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 284,334 thousand.

    Operating costs
    The following table sets out how operating costs is calculated:

      Three months ended September 30   Nine months ended September 30
    USD Thousands 2024   2023     2024   2023  
    Production costs 100,984   130,765     328,110   364,889  
    Cost of blending (29,818 ) (39,836 )   (116,699 ) (128,523 )
    Change in inventory position 2,755   (8,067 )   3,160   2,228  
    Operating costs 73,921   82,862     214,571   238,594  

    The operating costs for the nine months ended September 30, 2023 including the operating costs contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 245,395 thousand.

    Net cash/(debt)
    The following table sets out how net cash/(debt) is calculated:

    USD Thousands September 30, 2024   December 31, 2023  
    Bank loans (6,431 ) (9,031 )
    Bonds1 (450,000 ) (450,000 )
    Cash and cash equivalents 299,203   517,074  
    Net cash/(debt) (157,228 ) 58,043  

    1 The bond amount represents the redeemable value at maturity (February 2027).

    Reserves and Resources Advisory
    This press release contains references to estimates of gross and net reserves and resources attributed to the Corporation’s oil and gas assets. For additional information with respect to such reserves and resources, refer to “Reserves and Resources Advisory” in the MD&A. Light, medium and heavy crude oil reserves/resources disclosed in this press release include solution gas and other by-products. Also see “Supplemental Information regarding Product Types” below.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in Canada are effective as of December 31, 2023, and are included in the reports prepared by Sproule Associates Limited (Sproule), an independent qualified reserves evaluator, in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook) and using Sproule’s December 31, 2023 price forecasts.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in France and Malaysia are effective as of December 31, 2023, and are included in the report prepared by ERC Equipoise Ltd. (ERCE), an independent qualified reserves auditor, in accordance with NI 51-101 and the COGE Handbook, and using Sproule’s December 31, 2023 price forecasts.

    The price forecasts used in the Sproule and ERCE reports are available on the website of Sproule (sproule.com) and are contained in the AIF. These price forecasts are as at December 31, 2023 and may not be reflective of current and future forecast commodity prices.

    The reserve life index (RLI) is calculated by dividing the 2P reserves of 468 MMboe as at December 31, 2023 by the mid-point of the 2024 CMD production guidance of 46,000 to 48,000 boepd.

    IPC uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.

    Supplemental Information regarding Product Types

    The following table is intended to provide supplemental information about the product type composition of IPC’s net average daily production figures provided in this press release:

      Heavy Crude Oil
    (Mbopd)    		 Light and Medium Crude Oil (Mbopd) Conventional Natural Gas (per day) Total
    (Mboepd)
    Three months ended        
    September 30, 2024 21.9 7.8 91.9 MMcf
    (15.3 Mboe)    		 45.0
    September 30, 2023 25.8 7.1 103.4 MMcf
    (17.3 Mboe)    		 50.2
    Nine months ended        
    September 30, 2024 23.7 7.9 94.8 MMcf
    (15.8 Mboe)    		 47.4
    September 30, 2023 25.9 8.6 102.4 MMcf
    (17.1 Mboe)    		 51.6
    Year ended        
    December 31, 2023 25.8 8.1 102.8 MMcf
    (17.1 Mboe)    		 51.1
             

    This press release also makes reference to IPC’s forecast total average daily production of 46,000 to 48,000 boepd for 2024. IPC estimates that approximately 50% of that production will be comprised of heavy oil, approximately 16% will be comprised of light and medium crude oil and approximately 34% will be comprised of conventional natural gas.

    Currency
    All dollar amounts in this press release are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars and to MUSD mean millions of United States dollars. References herein to CAD mean Canadian dollars.

    The MIL Network –

  • MIL-OSI Asia-Pac: Import of poultry meat and products from areas in US and Canada suspended

    Source: Hong Kong Government special administrative region

         The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (November 5) that in view of notifications from the World Organisation for Animal Health (WOAH) about outbreaks of highly pathogenic H5N1 avian influenza in Clackamas County of the State of Oregon, Kings County of the State of California and Cache County of the State of Utah in the United States (US) and Rural Municipality of Willner No. 253 of Saskatchewan Province in Canada, the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the above-mentioned areas with immediate effect to protect public health in Hong Kong.

         A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about about 63 470 tonnes of chilled and frozen poultry meat and about 17.2 million poultry eggs from the US, and about 370 tonnes of frozen poultry meat from Canada in the first nine months of this year.

         “The CFS has contacted the American and Canadian authorities over the issues and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreaks. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Valeura Energy Inc.: Completion of Internal Restructuring

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Nov. 05, 2024 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) is pleased to announce the completion of an internal restructuring of its Thailand subsidiary companies. 

    Valeura’s working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields, are now held by Valeura Energy (Thailand) Ltd, a wholly owned subsidiary of Valeura, which previously had only held an interest in the Wassana asset.  The Company anticipates that the new structure offers the potential to optimise various operational and financial aspects of these assets.  In particular, the Company anticipates realising efficiencies through ongoing contracting and procurement, as well as the pooling of future costs and historical tax loss carry-forwards associated with these assets.  As of September 30, 2024, the cumulative tax loss carry-forwards are estimated at US$397 million(1).  

    Dr. Sean Guest, President and CEO commented:

    “Today marks a milestone in delivering value for our shareholders, and completes the integration work we started after our Gulf of Thailand acquisitions in 2022 and 2023.  Early on, we identified the potential for greater efficiency by bringing our Thai III assets together through a re-organisation; our team recognised that together, these assets are worth more than the sum of their parts. 

    Pursuing this type of synergy strengthens our ability to re-invest in the business for the benefit of all stakeholders.  We intend to continue investing directly into the many organic growth opportunities inherent in our Thailand portfolio, and also seeking new ways to provide further value, including through acquisition-led growth.”

    Under Thailand’s income tax provisions, from today forward, petroleum income tax for the three subject assets will be assessed as a single entity. Tax obligations relating to the previous subsidiary company arrangement are required to be assessed immediately and settled within the next 30 days. Taxation arrangements for the Jasmine field, which is governed by a different vintage of fiscal terms (known as Thai I), and held in a separate subsidiary entity, will continue unchanged. 

    (1) Unaudited internal management estimate based on Thai baht exchange rate as of November 1, 2024, subject to review by tax advisors and auditors.

    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 Valeura

    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.

    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 potential to optimise various operational and financial aspects, relating to such matters as ongoing contracting and procurement, as well as the pooling of future costs and historical tax loss carry-forwards associated with these assets and statements with respect to the growth opportunities inherent in the Company’s Thailand portfolio and the Company seeking new ways to provide further value.

    Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: the ability of the Company to obtain the anticipated benefits from the internal restructuring; 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; 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; royalty rates and taxes; 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; ability to attract a partner to participate in its tight gas exploration/appraisal play in Türkiye; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; 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; 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, 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.

    The forward-looking information contained in this new 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 new release is expressly qualified by this cautionary statement.

    This announcement 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 announcement 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: Metasphere Updates on Strategic Projects and Plans for Future Developments

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Nov. 04, 2024 (GLOBE NEWSWIRE) — Metasphere Labs Inc. (“Metasphere” or the “Company”) (CSE: LABZ) (OTC: LABZF) (FRA: H1N) , a leader in blockchain, metaverse, and decentralized identity technology, is pleased to update its stakeholders on the recent advancements and strategic decisions across its key partnerships.

    Delivery of Project for Bluesphere Ventures

    On November 1, 2024, Metasphere completed and delivered its work for Bluesphere Ventures Inc., which was initially announced in March 21, 2024. This milestone highlights Metasphere’s capability to meet demanding timelines, furthering progress toward the shared vision of “Ents World,” an eco-conscious open metaverse initiative.

    Termination of Partnership with Bot Ventures

    Following the May 8, 2024 announcement, Metasphere has decided to reprioritize its resources, mutually agreeing with Bot Ventures to terminate the decentralized identity project (the “Termination”). Metasphere retains the developed assets and may explore launching the project independently in the future, although no immediate plans are in place. There are no costs related to the Termination.

    Advancement of VR Platform with ARCannabis

    As part of its definitive agreement with ARCannabis announced on June 21, 2024, Metasphere is finalizing the development of a VR retail platform, with delivery expected by the end of this quarter. This immersive experience will redefine customer interactions within virtual reality.

    Development of CarbonBot Protocol with Ecoblox and Pure Sky

    Significant progress has been achieved on the carbon-aware routing protocol collaboration with Ecoblox and Pure Sky, announced in July 9, 2024. The project now operates collectively under the CarbonBot brand, deviating from initial plans for a public benefit corporation. While the protocol was not showcased at MWC Americas, the partnership is considering participation in MWC 2025 in Barcelona. The completed Carbon Offsetting Protocol is available on GitHub, with plans underway for an audit by either an ISO or UN-certified VVB (Verification and Validation Body), potentially making it the first recognized carbon offsetting protocol to meet stringent environmental standards, following which it will be submitted to the Pure Sky Registry to be voted on by its members.

    Future Focus: TON Blockchain and Metaverse Development on Telegram

    As Metasphere looks forward, its focus will shift toward metaverse and mini-app development on the Telegram Messenger platform, leveraging the Telegram Open Network (TON) blockchain. This strategic shift aligns with Metasphere’s mission to democratize access to decentralized applications within widely adopted social ecosystems, offering secure, scalable solutions that foster community-driven interactions.

    About Metasphere Labs Inc.

    Metasphere Labs Inc. is a leading developer of Web3 and metaverse strategies. The company specializes in integrating blockchain technology into real-world applications, with a focus on environmental sustainability and social impact. Metasphere is passionate about applying decentralized solutions to some of the most pressing challenges of our time.

    For more information, please contact:
    Metasphere Labs Inc.
    Natasha Ingram, CEO
    Email: info@metasphere.earth
    Phone: 604-687-2038

    Forward-Looking Information

    This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, the development of the carbon credit protocol initiative, other open metaverse and blockchain projects, and the development of virtual world projects.

    The material assumptions supporting these forward-looking statements include, among others, that: the Company could mitigate the risks associated with the blockchain and NFT industry; the ability to compete with other businesses in the NFT, metaverse and blockchain markets; the availability of sufficient funding to carry out the Company’s business development plans; favourable market conditions; and the market acceptance for its products.

    Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the continued growth and adoption of NFT, metaverse and blockchain offerings; the cost of developing and designing NFTs and metaverses is economically viable; the Company being able to attract and retain a sufficient workforce with desired skillsets to develop the Company’s digital offerings; the availability of offerings provided by third-parties in the NFT, metaverse development and online gaming market to identify potential transactions; the increasing adoption of NFTs as a solution for various online gaming, entertainment and collectible uses; the Company having the ability to mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT, metaverse development, content creation and collectibles market.

    Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company’s offerings are not accepted by the consumer, the risk that other competitors may offer similar digital offerings; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the NFT solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain offerings; the potential future unviability of the NFT market in general; the volatile cost of the amount of computational effort required to execute specific operations on the blockchain, and other general risks involved in the blockchain solutions.

    Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials, including its reports filed with the Canadian securities regulators and which can be obtained from www.sedarplus.ca.

    Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward- looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein.

    SOURCE: METASPHERE LABS INC.

    The MIL Network –

  • MIL-OSI Banking: US accounts for over half of high-value VC deals announced globally during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    US accounts for over half of high-value VC deals announced globally during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    The US continues to remain the top destination for venture capital (VC) investments globally. Moreover, it also outpaced peer countries by a significant margin for high-value* VC investments and accounted for more than half of deal volume as well as value of those investments during Q1-Q3 2024. The US accounted for 55.4% share of the total number of high-value VC deals announced globally during Q1-Q3 2024, while its share in terms of the corresponding value stood at 56.4%, according to GlobalData, a leading data and analytics company.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The US outpaced other nations in terms of both the volume and value of high-value VC deals by a substantial margin. The dominance of the US for high-value VC deals can also be understood from the fact that it was distantly followed by China, which held 12.7% and 16.6% share of high-value VC deal volume and value, respectively, during Q1-Q3 2024.”

    An analysis of GlobalData’s Deals Database revealed that the US saw announcement of 209 high-value VC deals during Q1-Q3 2024 with the total valued of these deals pegged at $48.4 billion. Meanwhile, a total of 48 high-value VC deals worth $14.2 billion in terms of disclosed funding value were announced in China during the same period.

    Bose adds: “Of the top 10 countries by high-value VC deals volume during Q1-Q3 2024, five were from Europe, three were from the Asia-Pacific region, and two countries were from the North American region.”

    The UK occupied the third spot in terms of the volume of high-value VC deals during Q1-Q3 2024, followed by Germany, India, Canada, France, Japan, Sweden, and the Netherlands.

    *Valued more than or equal to $100 million

    MIL OSI Global Banks –

  • MIL-OSI Global: Research and news relevance key factors driving the future of The Conversation – edition founder

    Source: The Conversation – UK – By Stephen Khan, Editor

    I took a walk through the beautiful campus of Brown University in Providence, Rhode Island recently, as I was in the city for the annual gathering of the various editions of The Conversation.

    This project follows a devolved model, providing local leadership and engagement with the higher education and research sectors that support it in different parts of the world. Alongside me on this sunny stroll through one of the world’s great educational neighbourhoods was Alfred Hermida, Professor at the University of British Columbia School of Journalism.

    Alf and I don’t see a huge amount of each other, but when we do it tends to be pretty productive. We first met in July 2014 at an event at the University of Amsterdam, where I stood in for The Conversation founder Andrew Jaspan, and delivered a speech on the establishment of the project – then it only existed in Australia and the UK. Alf was pretty taken with the story, and the unique model. Less than a week later he was in our newsroom at City, University of London, talking to our editors about his research into social media and news.

    But something else was going on in Alf’s head – something about discussions he’d had previously with his colleague Professor Mary Lynn Young that Canada could have its own edition of The Conversation. And for the next couple of years he and Mary-Lynn together built the case within the country’s higher education sector for a membership-supported Conversation Canada. It launched in 2017 under the remarkable leadership of Scott White and now forms one of the most important and valued parts of the global network.

    So it was great to see Alf and note the edition’s success. But it was also fascinating to hear about his ongoing research and insights into the changing media landscape, both in Canada and internationally. Among the trends Alf and colleagues have noticed recently is that many students no longer arrive harboring ambitions of working for big media players. In part, he feels, this is down the decline of such full-career opportunities. But he also hears from students that they don’t see themselves reflected in the legacy news outlets. Instead it is the small independent players and even solo operations now excite many aspiring journalists more than traditional newsrooms.

    Brown university campus in Providence, Rhode Island.
    Author provided, CC BY

    “I have a global cohort of journalism students in class,” said Alf. “Many are driven by a sense of mission, looking to address the way journalism has historically marginalized or mispresented diverse communities. They look to journalism as a way of making the world a better place and are drawn to new journalism start-ups that are looking to reimagine what journalism is and could be.”

    Alf views the Conversation as part of this shift in how journalism is done. As I’ve written before, we are sometimes asked if what we do really is journalism. I’ve suggested that it may not matter, so long as our content is valuable, trusted and accessible. Alf goes further though, arguing that the production method deployed by The Conversation and pursuit of informed, evidence-based reporting
    that drives it, makes it fundamentally journalism, albeit of a different style to that which typified the newspaper era.

    Alf explained: “The scholars who write for The Conversation are taking on journalistic practices, guided and mentored by our team of professional journalists. While the authors are not journalists in the traditional sense, they are producing journalism that seeks to explain and interpret the world around us to help the public lead better lives. This is what journalism is all about.”

    As for the route ahead for The Conversation Canada, and the network more broadly, Alf, as you might expect (and hope), grounds some of his thoughts in research. Indeed, in research conducted by one of his graduate journalism students.

    Savannah Parsons considered traffic to The Conversation Canada late in 2023 as part of her study, and sought to ascertain what type of content drew readers in, and what kept them there. The picture is of course mixed, but there is a clear pattern that illustrates that expert engagement with news and events is a central factor in bringing readers to the website and our content more broadly. However, Parsons’ study also indicated that content we might traditionally describe as “more featurey”, that is, less tied to events, perhaps more narrative and perhaps even taking the form of audio rather than – or as well as – text, plays a vital role in building a loyal audience that will return to Conversation content, time after time.

    So, as was ever the case, there is a mix to be considered. And it will be for edition leads to decide exactly how that mix is deployed, and in what form, to suit individual markets. But it is clear to Alf, and I think to most of us at The Conversation, that news-relevance, timeliness and, of course, research, will be the central factors driving the project through its second decade.

    – ref. Research and news relevance key factors driving the future of The Conversation – edition founder – https://theconversation.com/research-and-news-relevance-key-factors-driving-the-future-of-the-conversation-edition-founder-242812

    MIL OSI – Global Reports –

  • MIL-OSI: Gran Tierra Energy Inc. Reports Third Quarter 2024 Results and Announces its Sixth Consecutive Ecuador Oil Discovery from the Charapa-B7 Well

    Source: GlobeNewswire (MIL-OSI)

    • Gran Tierra Announces its Sixth Consecutive Ecuador Oil Discovery from the Charapa-B7 Well and Has Achieved Cumulative Production of Over 1 Million Barrels of Oil in Ecuador
    • Gran Tierra Achieved $1 Million in Net Income and Generated $60 Million in Funds Flow from Operations(2), an Increase of 31% from Prior Quarter
    • Third Quarter 2024 Total Average WI Production of 32,764 BOPD
    • Operating Netback of $101 Million and Adjusted EBITDA of $93 Million(1)(4)
    • Exited the Quarter with $278 Million in Cash
    • Entered into new credit facility for further liquidity which is currently undrawn

    CALGARY, Alberta, Nov. 04, 2024 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) announced the Company’s financial and operating results for the quarter ended September 30, 2024 (“the Quarter”). All dollar amounts are in United States dollars, and production amounts are on an average working interest (“WI”) before royalties basis unless otherwise indicated. Per barrel (“bbl”) and bbl per day (“BOPD”) amounts are based on WI sales before royalties. For per bbl amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed November 4, 2024.

    Message to Shareholders

    “On October 31, 2024 we were excited to have announced the close of our acquisition of i3 Energy plc (“i3 Energy”). We believe the purchase of i3 Energy uniquely positions Gran Tierra as a premier diversified oil and gas company with assets in Canada, Colombia, and Ecuador. The i3 Energy acquisition has diversified Gran Tierra into Canada and has added 253 net booked drilling locations(1), 77% operated production totaling approximately 18,000 bbls of oil equivalent per day, almost 1.2 million acres (0.6 million acres net) including 53 gross sections in the Montney and 144 gross sections in the Clearwater, two of the most prolific plays in North America. The i3 Energy acquisition has increased Gran Tierra’s PDP reserves(1) by 42 million bbls of oil equivalent (“MMBOE”) or 96%, 1P(1) by 88 MMBOE an increase of 97%, and 2P(1) by 174 MMBOE an increase of 119%. We believe the currently depressed natural gas pricing we see in Western Canada will be alleviated as major Liquified Natural Gas projects including LNG Canada are brought online. In the short term, Gran Tierra will focus on developing the significant oil weighted assets in its Canadian and South American portfolio.

    We would like to take this opportunity to welcome our new shareholders in Gran Tierra and look forward to engaging with, and updating them on the Company’s strategy in the coming months. We look forward to the integration of our teams and are confident the combined company will have top tier technical and operational skill sets across a broad portfolio. We are eager to implement industry leading technology currently used in Canada in both our Ecuador and Colombia operations, and are equally looking forward to bringing our reservoir modeling, exploration knowledge and asset management expertise into Canada. Combined we are a much stronger company.

    Additionally, having our six consecutive discovery in Ecuador and reaching the milestone of 1 million cumulative bbls of oil produced from our operations in Ecuador is a significant achievement for Gran Tierra, highlighting our strong presence and success in the region. The productivity of the Ecuador wells is a testament to the geology in the Oriente and Putumayo Basins, and underpins a key pillar of growth going forward. We remain excited about the potential of the Arawana-Bocachico play, and the two remaining Zabaleta wells to be drilled by the end of the year that will provide essential insights into the size and scope of this promising opportunity”, commented Gary Guidry, President and Chief Executive Officer of Gran Tierra.

    Operational Update:

    • Acquisition of i3 Energy
      • On October 31, 2024, Gran Tierra completed its acquisition of i3 Energy. Gran Tierra is integrating the Canadian operations and are forecasting an active Q4 2024, including drilling 19 gross wells (8.4 net), targeting each of its core operating areas in Central AB, Simonette, Clearwater and Wapiti.
      • The Company drilled 2 gross (2 net) horizontal Dunvegan oil wells at Simonette. These high-impact 2-mile wells are currently being stimulated and are expected to be brought on stream in late November. With success, Gran Tierra can drill 2 additional Dunvegan development wells in 2025.
      • Clearwater activity commenced in mid-October with the Company’s first operated Clearwater multilateral well at Dawson (100% working interest). The 8-leg multilateral horizontal well (11,870 m of total lateral length) was a follow-up to the Company’s initial 6-leg (7,500 m of total lateral length) discovery at Dawson. The 8-leg well follow-up multilateral was located structurally up-dip of the discovery well and encountered high quality reservoir throughout while drilling. The well will be placed on production imminently as the rig has skidded to and spud the third Clearwater well from the same pad. The Company has been working to secure multiple pad sites at East Dawson to facilitate future expansion of the field, upon further operational success. Following these two wells the rig will move to Walrus and drill 2 prospective Falher sands.
      • In addition to the operated capital program, Gran Tierra plans to participate in 10 gross (1.67 net) non-operated partner horizontal wells across its land base.
      • In connection with i3 Energy acquisition closing on October 31, 2024, the Company amended and restated the existing revolving credit facility agreement of i3 Energy Canada Ltd. (“i3 Energy Canada”) with National Bank of Canada dated March 22, 2024. As a result of the amendment and restatement, among other things, the borrowing base was revised to C$100.0 million (US$74.1 million) with available commitment of a C$50.0 million (US$37.0 million) revolving credit facility comprised of C$35.0 million (US$25.9 million) syndicated facility and C$15.0 million (US$11.1 million) of operating facility. Subject to the next borrowing base redetermination which will occur on or before June 30, 2025, the revolving credit facility is available until October 31, 2025 with a repayment date of October 31, 2026, which may be extended by further periods of up to 364 days, subject to lender approval. The facility is undrawn.
    • Exploration
      • Gran Tierra has successfully drilled its sixth consecutive oil discovery in Ecuador, the Charapa-B7 well. The wells drilled in Ecuador continue to yield strong results producing over 1 million cumulative bbls of oil to date which highlights the exceptional potential of the Oriente and Putumayo basins.
    Well Zone Onstream
    Date    		 IP30
    (BOPD)    1    		 IP90
    (BOPD)    2    		 IP30
    BS&W    3    		 API GOR
    (scf/stb)    4    		 Cumulative
    Production to
    Date (Mbbl)    5
    Charapa-B5 Hollin 11/9/2022 1,092 910 2% 28 160 307
    Bocachico-J1 Basal Tena 5/30/2023 1,296 1,146 <1% 20 204 449
    Arawana-J1 Basal Tena 5/17/2024 1,182 970 <1% 20 264 131
    Bocachico Norte-J1 T-Sand 8/1/2024 833 519 3% 35 361 47
    Charapa-B6 Hollin 8/7/2024 1,645 – 21% 28 49 77
    Charapa-B7 Basal Tena 8/30/2024 2,043 – <1% 25 153 112

        1. Average initial 30-day production per well.
        2. Average initial 90-day production per well.
        3. Percentage of basic sediment and water in the initial 30-day production.
        4. Gas-oil ratio and standard cubic feet per stock tank barrel.
        5. Thousand bbls of oil and based on production up to November 1, 2024.

    • The drilling rig has been moved from the Charapa Block and mobilized to the Chanangue Block to drill two wells – the Zabaleta-K1 and Zabaleta Oeste-K1 exploration wells. The Zabaleta-K1 well is located four kilometers (“km”) to the east of the Arawana-J1 well drilled earlier this year and is 200 feet up structure. The well spud on October 22 2024, and we have currently drilled to 9,488 feet. Both wells will target the Basal Tena formation as well as assess potential in the T-Sand, U-Sand and B-Limestone.
    • During the Quarter, the 238 km2 3D seismic program of the Charapa Block was completed, the data has been processed and is currently being interpreted. Preliminary interpretations of the high-quality 3D data confirm potential prospectivity and additional areas of interest identified on seismic, including better definition over the Charapa structure. The 3D data will further delineate reserves, underpin future drilling locations scheduled for 2025 and support future development planning.
    • Development
      • The planning, civil works, and facility construction at Cohembi in the Suroriente Block are progressing, paving the way for drilling operations to commence in late Q4 2024.
      • Acordionero water treatment facilities expansion is expected to be completed mid-December which will result in an addition of 21,500 bbls of water handling per day which represents a 35% increase in water treatment capacity. This will allow for further well optimizations to increase injection and associated oil production. Gran Tierra continues to steadily increased total fluid production and water injection by ~18% per year to continue growing and maintaining oil production while improving sweep efficiencies and recoveries.

    Key Highlights of the Quarter:

    • Production: Gran Tierra’s total average WI production, which is before the i3 acquisition that has an effective date of October 31, 2024, was 32,764 BOPD, which was consistent with the second quarter 2024 (“the Prior Quarter”). During the Quarter the Company had lower volumes in the Acordionero field caused by downtime related to workovers, partially offset by higher production in the Costayaco field in Colombia, and increased production from the Chanangue and Charapa Blocks in Ecuador as a result of a successful exploration drilling campaign.
    • Net Income: Gran Tierra incurred net income of $1 million, compared to a net income of $36.4 million in the Prior Quarter and a net income of $7 million in the third quarter of 2023.
    • Adjusted EBITDA(2): Adjusted EBITDA(2) was $93 million compared to $103 million in the Prior Quarter and $119 million in the third quarter of 2023. Twelve month trailing Net Debt(2) to Adjusted EBITDA(2) was 1.3 times and the Company continues to have a long term target of 1.0 times.
    • Funds Flow from Operations(2): Funds flow from operations(2) was $60 million ($1.96 per share), up 31% from the Prior Quarter and down 24% from the third quarter of 2023.
    • Cash and Debt: As of September 30, 2024, the Company had a cash balance of $278 million, total debt of $787 million and net debt(2) of $509 million. During the Quarter, the Company issued additional $150 million of 9.50% Senior Notes due October 2029 and received cash proceeds of $140 million. Of the total amount of proceeds received, $100 million has been used for financing the purchase price and transaction costs related to the i3 Energy acquisition with the remainder to be used for general corporate purposes.
    • Share Buybacks: As a result of the i3 Energy acquisition announced on August 19, 2024, Gran Tierra was required to pause its share buyback program resulting in only 371,130 shares repurchased during the Quarter. From January 1, 2023 to September 30, 2024, the Company repurchased approximately 4.0 million shares, or 12% of shares issued and outstanding at January 1, 2023, from free cash flow(2).
    • Return on Average Capital Employed(2): The Company achieved return on average capital employed(2) of 17% during the Quarter and 16% over the trailing 12 months.

    Additional Key Financial Metrics:

    • Capital Expenditures: Capital expenditures of $53 million were lower than the $61 million in the Prior Quarter due to only operating one drilling rig during the Quarter compared to two in the Prior Quarter. Capital expenditures were up from $43 million compared to the third quarter of 2023 as a result of a more active exploration program in the Quarter when compared to the third quarter of 2023.
    • Oil Sales: Gran Tierra generated oil sales of $151 million, down 16% from the third quarter of 2023 as a result of weaker Brent pricing, higher Castilla, Vasconia and Oriente oil differentials and 4% lower sales volumes as a result of lower production. Oil sales decreased 9% from the Prior Quarter primarily due to a 7% decrease in Brent price and higher Castilla, Oriente, and Vasconia oil differentials offset by 1% higher sales volumes.
    • Quality and Transportation Discounts: The Company’s quality and transportation discounts per bbl were higher during the Quarter at $14.10, compared to $12.79 in the Prior Quarter and $11.83 in the third quarter of 2023. The Castilla oil differential per bbl widened to $8.83 from $8.21 in the Prior Quarter and from $6.64 in the third quarter of 2023 (Castilla is the benchmark for the Company’s Middle Magdalena Valley Basin oil production). The Vasconia differential per bbl widened to $5.07 from $4.00 in the Prior Quarter, and from $3.59 in the third quarter of 2023. Finally, the Ecuadorian benchmark, Oriente, per bbl was $9.15, up from $8.38 in the Prior Quarter, and up from $7.69 one year ago. The current(3) Castilla differential is approximately $8.50 per bbl, the Vasconia differential is approximately $5.00 per bbl and the Oriente differential is approximately $9.20 per bbl.
    • Operating Expenses: Gran Tierra’s operating expenses decreased by 2% to $46 million, compared to the Prior Quarter primarily due to lower workover costs, offset by higher lifting costs primarily associated with inventory fluctuations in Ecuador. Compared to the third quarter of 2023, operating expenses decreased by 7% from $49 million, primarily due to lower lifting costs associated with power generation, equipment rental and road maintenance, partially offset by higher workover activities. On a per bbl basis, operating expense decreased by 2% when compared to the third quarter of 2023 and decreased by 4% when compared to the Prior Quarter.
    • Transportation Expenses: The Company’s transportation expenses decreased by 31% to $4 million, compared to the Prior Quarter of $6 million and increased by 2% from the third quarter of 2023. Transportation expenses were higher than the same period in 2023 as a result of increases in trucking tariffs for Acordionero volumes and higher sales volumes transported in Ecuador during the Quarter. Transportation expenses, when compared to the Prior Quarter, were lower due to the utilization of shorter distance delivery points in the Quarter.
    • Operating Netback(2)(4): The Company’s operating netback(2)(4) was $34.18 per bbl, down 12% from the Prior Quarter and down 16% from the third quarter of 2023 commensurate with the decrease in Brent Price and higher differentials.
    • General and Administrative (“G&A”) Expenses: G&A expenses before stock-based compensation were $3.20 per bbl, down from $3.77 per bbl in the Prior Quarter due to lower consulting, business development and travel expenses and up from $2.68 per bbl, when compared to the third quarter of 2023.
    • Cash Netback(2): Cash netback(2) per bbl was $20.34, compared to $15.85 in the Prior Quarter primarily as a result of lower current tax expenses of $5.13 per bbl compared to a current tax expense of $14.54 per bbl in the Prior Quarter as a result of a one time tax adjustment incurred in the Prior Quarter. Compared to one year ago, cash netback(2) per bbl decreased by $5.14 from $25.48 per bbl as a result of lower operating netback primarily due to lower Brent pricing and higher differentials.

    Financial and Operational Highlights (all amounts in $000s, except per share and bbl amounts)

      Three Months Ended
    September 30,    		   Three
    Months
    Ended
    June 30,    		   Nine Months Ended
    September 30,
      2024 2023   2024   2024 2023
                   
    Net Income (Loss) $1,133 $6,527   $36,371   $37,426 $(13,998)
    Per Share – Basic and Diluted(5) $0.04 $0.20   $1.16   $1.20 $(0.42)
                   
    Oil Sales $151,373 $179,921   $165,609   $474,559 $482,013
    Operating Expenses (46,060) (49,367)   (47,035)   (141,561) (139,227)
    Transportation Expenses (3,911) (3,842)   (5,690)   (14,185) (10,599)
    Operating Netback(2)(4) $101,402 $126,712   $112,884   $318,813 $332,187
                   
    G&A Expenses Before Stock-Based Compensation $9,491 $8,307   $10,967   $31,240 $29,052
    G&A Stock-Based Compensation (Recovery) Expense (3,145) 1,931   6,160   6,376 3,748
    G&A Expenses, Including Stock Based Compensation $6,346 $10,238   $17,127   $37,616 $32,800
                   
    Adjusted EBITDA(2) $92,794 $119,235   $103,004   $290,590 $306,391
                   
    EBITDA(2) $97,365 $115,382   $101,187   $290,443 $294,391
                   
    Net Cash Provided by Operating Activities $78,654 $70,381   $73,233   $212,714 $157,511
                   
    Funds Flow from Operations(2) $60,338 $79,000   $46,167   $180,812 $192,122
                   
    Capital Expenditures $52,921 $43,080   $61,273   $169,525 $179,707
                   
    Free Cash Flow(2) $7,417 $35,920   $(15,106)   $11,287 $12,415
                   
    Average Daily Volumes (BOPD)              
    WI Production Before Royalties 32,764 33,940   32,776   32,595 33,098
    Royalties (6,776) (7,164)   (6,774)   (6,650) (6,592)
    Production NAR 25,988 26,776   26,002   25,945 26,506
    (Increase) Decrease in Inventory (524) (380)   (811)   (367) (222)
    Sales 25,464 26,396   25,191   25,578 26,284
    Royalties, % of WI Production Before Royalties 21% 21%   21%   20% 20%
                   
    Per bbl              
    Brent $78.71 $85.92   $85.03   $81.82 $81.94
    Quality and Transportation Discount (14.10) (11.83)   (12.79)   (14.11) (14.76)
    Royalties (13.58) (16.06)   (15.31)   (13.97) (13.58)
    Average Realized Price 51.03 58.03   56.93   53.74 53.60
    Transportation Expenses (1.32) (1.24)   (1.96)   (1.61) (1.18)
    Average Realized Price Net of Transportation Expenses 49.71 56.79   54.97   52.13 52.42
    Operating Expenses (15.53) (15.92)   (16.17)   (16.03) (15.48)
    Operating Netback(2)(4) 34.18 40.87   38.80   36.10 36.94
    G&A Expenses Before Stock-Based Compensation (3.20) (2.68)   (3.77)   (3.54) (3.23)
    Transaction Costs (0.49) —   —   (0.17) —
    Realized Foreign Exchange Gain (Loss) 0.34 (0.64)   0.37   0.07 (1.77)
    Interest Expense, Excluding Amortization of Debt Issuance Costs (5.66) (3.84)   (5.38)   (5.38) (3.85)
    Interest Income 0.23 0.09   0.35   0.27 0.19
    Net Lease Payments 0.07 0.18   0.02   0.07 0.17
    Current Income Tax Expense (5.13) (8.50)   (14.54)   (6.96) (7.08)
    Cash Netback(2) $20.34 $25.48   $15.85   $20.46 $21.37
                   
    Share Information (000s)              
    Common Stock Outstanding, End of Period(5) 30,651 33,288   31,022   30,651 33,288
    Weighted Average Number of Shares of Common Stock Outstanding – Basic(5) 30,733 33,287   31,282   31,274 33,675
    Weighted Average Number of Shares of Common Stock Outstanding – Diluted(5) 30,733 33,350   31,282   31,274 33,675

    (1) Based on the i3 Energy GLJ Report report dated July 31, 2024. See “Presentation of Oil and Gas Information”.
    (2) Funds flow from operations, operating netback, net debt, cash netback, return on average capital employed, earnings before interest, taxes and depletion, depreciation and accretion (“DD&A”) (“EBITDA”) and EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gains or losses, stock-based compensation expense, other gains or losses, transaction costs and financial instruments gains or losses (“Adjusted EBITDA”), cash flow and free cash flow are non-GAAP measures and do not have standardized meanings under generally accepted accounting principles in the United States of America (“GAAP”). Cash flow refers to funds flow from operations. Free cash flow refers to funds flow from operations less capital expenditures. Refer to “Non-GAAP Measures” in this press release for descriptions of these non-GAAP measures and, where applicable, reconciliations to the most directly comparable measures calculated and presented in accordance with GAAP.
    (3) Gran Tierra’s fourth quarter-to-date 2024 total average differentials are for the period from October 1 to October 31, 2024.
    (4) Operating netback as presented is defined as oil sales less operating and transportation expenses. See the table titled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.
    (5) Reflects our 1-for-10 reverse stock split that became effective May 5, 2023 and not inclusive of shares of common stock issued in connection with the i3 Energy acquisition on October 31, 2024.


    Conference Call Information:

    Gran Tierra will host its third quarter 2024 results conference call on Monday, November 4, 2024, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time. Interested parties may access the conference call by registering at the following link: https://https://register.vevent.com/register/BIc9cc718f582741cbbf0eb2cfe5a231b1. The call will also be available via webcast at www.grantierra.com.

    Corporate Presentation:

    Gran Tierra’s Corporate Presentation has been updated and is available on the Company website at www.grantierra.com.

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221

    info@grantierra.com

    About Gran Tierra Energy Inc.
    Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s Securities and Exchange Commission (the “SEC”) filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Forward Looking Statements and Legal Advisories:
    This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). All statements other than statements of historical facts included in this press release regarding our business strategy, plans and objectives of our management for future operations, capital spending plans and benefits of the changes in our capital program or expenditures, our liquidity and financial condition, and those statements preceded by, followed by or that otherwise include the words “expect,” “plan,” “can,” “will,” “should,” “guidance,” “forecast,” “budget,” “estimate,” “signal,” “progress” and “believes,” derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking statements regarding: the Company’s leverage ratio target, the Company’s plans regarding strategic investments, acquisitions, including the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, and growth, the Company’s drilling program and capital expenditures and the Company’s expectations of commodity prices, including future gas pricing in Canada, exploration and production trends and its positioning for 2024. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, pricing and cost estimates (including with respect to commodity pricing and exchange rates), the ability of Gran Tierra to successfully integrate the assets and operations of i3 Energy or realize the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, the general continuance of assumed operational, regulatory and industry conditions in Canada, Colombia and Ecuador, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned.

    Among the important factors that could cause our actual results to differ materially from the forward-looking statements in this press release include, but are not limited to: certain of our operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from a global health crisis, geopolitical events, including the conflicts in Ukraine and the Gaza region, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil prices and oil consumption more than we currently predict. which could cause further modification of our strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; our ability to execute our business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that we do not receive the anticipated benefits of government programs, including government tax refunds; our ability to access debt or equity capital markets from time to time to raise additional capital, increase liquidity, fund acquisitions or refinance debt; our ability to comply with financial covenants in our indentures and make borrowings under any future credit agreement; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2023 filed February 20, 2024 and its other filings with the SEC. These filings are available on the SEC website at http://www.sec.gov and on SEDAR+ at www.sedarplus.ca.

    The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management’s experience and other factors believed to be appropriate. Gran Tierra believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risk and uncertainties, many of which are beyond Gran Tierra’s control, which may cause actual results to differ materially from those implied or expressed by the forward looking statements. The risk that the assumptions on which the 2024 outlook are based prove incorrect may increase the later the period to which the outlook relates. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

    Following Gran Tierra’s acquisition of i3 Energy, investors should not rely on Gran Tierra’s previously issued financial and production guidance for 2024, which is no longer applicable on a combined company basis.

    Non-GAAP Measures

    This press release includes non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to net income or loss, cash flow from operating activities or other measures of financial performance as determined in accordance with GAAP. Gran Tierra’s method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as to not imply that more emphasis should be placed on the non-GAAP measure.

    Operating netback, as presented, is defined as oil sales less operating and transportation expenses. See the table entitled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.

    Return on average capital employed as presented is defined as earnings before interest and taxes (“EBIT”; annualized, if the period is other than one year) divided by average capital employed (total assets minus cash and current liabilities; average of the opening and closing balances for the period).

        Three Months Ended
    September 30,    		   Twelve Month Trailing
    September 30,    		   As at September 30,
    Return on Average Capital Employed – (Non-GAAP) Measure ($000s)     2024       2024       2024  
    Net Income   $ 1,133     $ 45,137      
    Adjustments to reconcile net income to EBIT:            
    Interest Expense     19,892       74,503      
    Income Tax Expense     20,767       34,589      
    EBIT   $ 41,792     $ 154,229      
                 
    Total Assets           $ 1,533,378  
    Less Current Liabilities             263,492  
    Less Cash and Cash Equivalents             277,645  
    Capital Employed           $ 992,241  
                 
    Annualized EBIT*   $ 167,168          
    Divided by Average Capital Employed     992,241       992,241      
    Return on Average Capital Employed     17 %     16 %    

    *Annualized EBIT was calculated for the three months ended September 30, 2024, by multiplying the quarter-to-date EBIT by 4.

    Cash netback as presented is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain or loss and other gain or loss. Management believes that operating netback and cash netback are useful supplemental measures for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra’s principal business activities prior to the consideration of other income and expenses. A reconciliation from net income or loss to cash netback is as follows:

      Three Months Ended
    September 30,    		   Three
    Months
    Ended
    June 30,    		   Nine Months Ended
    September 30,
    Cash Netback – (Non-GAAP) Measure ($000s)   2024     2023       2024       2024     2023  
    Net Income (Loss) $ 1,133   $ 6,527     $ 36,371     $ 37,426   $ (13,998 )
    Adjustments to reconcile net income (loss) to cash netback              
    DD&A expenses   55,573     55,019       55,490       167,213     163,424  
    Deferred tax expense (recovery)   5,550     13,990       (51,361 )     (32,332 )   43,242  
    Stock-based compensation (recovery) expense   (3,145 )   1,931       6,160       6,376     3,748  
    Amortization of debt issuance costs   3,109     1,594       2,760       9,175     3,394  
    Non-cash lease expense   1,370     1,235       1,381       4,164     3,488  
    Lease payments   (1,171 )   (676 )     (1,311 )     (3,540 )   (1,918 )
    Unrealized foreign exchange gain   (2,081 )   (266 )     (3,323 )     (7,670 )   (7,814 )
    Other gain   —     (354 )     —       —     (1,444 )
    Cash netback $ 60,338   $ 79,000     $ 46,167     $ 180,812   $ 192,122  

    EBITDA, as presented, is defined as net income or loss adjusted for DD&A expenses, interest expense and income tax expense or recovery. Adjusted EBITDA, as presented, is defined as EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gain or loss, stock-based compensation expense, transaction costs and other gain or loss. Management uses this supplemental measure to analyze performance and income generated by our principal business activities prior to the consideration of how non-cash items affect that income, and believes that this financial measure is useful supplemental information for investors to analyze our performance and our financial results. A reconciliation from net income or loss to EBITDA and adjusted EBITDA is as follows:

      Three Months Ended
    September 30,    		   Three
    Months
    Ended
    June 30,    		   Nine Months Ended
    September 30,
    EBITDA – (Non-GAAP) Measure ($000s)   2024     2023       2024       2024     2023  
    Net Income (Loss) $ 1,133   $ 6,527     $ 36,371     $ 37,426   $ (13,998 )
    Adjustments to reconcile net income (loss) to EBITDA and Adjusted EBITDA              
    DD&A expenses   55,573     55,019       55,490       167,213     163,424  
    Interest expense   19,892     13,503       18,398       56,714     38,017  
    Income tax expense (recovery)   20,767     40,333       (9,072 )     29,090     106,948  
    EBITDA $ 97,365   $ 115,382     $ 101,187     $ 290,443   $ 294,391  
    Non-cash lease expense   1,370     1,235       1,381       4,164     3,488  
    Lease payments   (1,171 )   (676 )     (1,311 )     (3,540 )   (1,918 )
    Foreign exchange (gain) loss   (3,084 )   1,717       (4,413 )     (8,312 )   8,126  
    Stock-based compensation expense   (3,145 )   1,931       6,160       6,376     3,748  
    Transaction costs   1,459     —       —       1,459     —  
    Other loss (gain)   —     (354 )     —       —     (1,444 )
    Adjusted EBITDA $ 92,794   $ 119,235     $ 103,004     $ 290,590   $ 306,391  

    Funds flow from operations, as presented, is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain, and other gain or loss. Management uses this financial measure to analyze performance and income or loss generated by our principal business activities prior to the consideration of how non-cash items affect that income or loss, and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. Free cash flow, as presented, is defined as funds flow from operations adjusted for capital expenditures. Management uses this financial measure to analyze cash flow generated by our principal business activities after capital requirements and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. A reconciliation from net income or loss to both funds flow from operations and free cash flow is as follows:

      Three Months Ended
    September 30,    		   Three
    Months
    Ended
    June 30,    		   Nine Months Ended
    September 30,
    Funds Flow From Operations –
    (Non-GAAP) Measure ($000s)    		   2024     2023       2024       2024     2023  
    Net Income (Loss) $ 1,133   $ 6,527     $ 36,371     $ 37,426   $ (13,998 )
    Adjustments to reconcile net income (loss) to funds flow from operations              
    DD&A expenses   55,573     55,019       55,490       167,213     163,424  
    Deferred tax expense (recovery)   5,550     13,990       (51,361 )     (32,332 )   43,242  
    Stock-based compensation (recovery) expense   (3,145 )   1,931       6,160       6,376     3,748  
    Amortization of debt issuance costs   3,109     1,594       2,760       9,175     3,394  
    Non-cash lease expense   1,370     1,235       1,381       4,164     3,488  
    Lease payments   (1,171 )   (676 )     (1,311 )     (3,540 )   (1,918 )
    Unrealized foreign exchange gain   (2,081 )   (266 )     (3,323 )     (7,670 )   (7,814 )
    Other loss (gain)   —     (354 )     —       —     (1,444 )
    Funds flow from operations $ 60,338   $ 79,000     $ 46,167     $ 180,812   $ 192,122  
    Capital expenditures $ 52,921   $ 43,080     $ 61,273     $ 169,525   $ 179,707  
    Free cash flow $ 7,417   $ 35,920     $ (15,106 )   $ 11,287   $ 12,415  

    Net debt as of September 30, 2024, was $509 million, calculated using the sum of the aggregate principal amount of 6.25% Senior Notes, 7.75% Senior Notes, and 9.50% Senior Notes outstanding, excluding deferred financing fees, totaling $787 million, less cash and cash equivalents of $278 million.

    Presentation of Oil and Gas Information

    All reserves value and ancillary information contained in this press release regarding Gran Tierra (not including reserves value and ancillary information regarding i3 Energy) have been prepared by the Company’s independent qualified reserves evaluator McDaniel & Associates Consultants Ltd. (“McDaniel”) in a report with an effective date of December 31, 2023 (the “Gran Tierra McDaniel Reserves Report”) and calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook (“COGEH”), unless otherwise expressly stated. All reserves value and ancillary information contained in this press release regarding i3 Energy have been prepared by i3 Energy’s independent qualified reserves evaluator GLJ Ltd. (“GLJ”) in a fair market value report with an effective date of July 31, 2024 (the “i3 Energy GLJ Report”) and calculated in compliance with NI 51-101 and COGEH, unless otherwise expressly stated.

    Barrel of oil equivalents (“boe”) have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 bbl of oil. Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 bbl would be misleading as an indication of value.

    The following reserves categories are discussed in this press release: Proved (“1P”), 1P plus Probable (“2P”) and 2P plus Possible (“3P”) and Proved Developed Producing (“PDP”). 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. 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. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Proved developed producing reserves are those proved 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. Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities (“CSA Staff Notice 51-324”) and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be.

    Estimates of reserves for individual properties may not reflect the same level of confidence as estimates of reserves for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by McDaniel or GLJ in evaluating Gran Tierra’s or i3 Energy’s reserves, respectively, will be attained and variances could be material. There are numerous uncertainties inherent in estimating quantities of crude oil and natural gas reserves. The reserves information set forth in the Gran Tierra McDaniel Reserves Report and the i3 Energy GLJ Report are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided therein. All reserves assigned in the Gran Tierra McDaniel Reserves Report are located in Colombia and Ecuador and presented on a consolidated basis by foreign geographic area.

    Booked drilling locations of i3 Energy disclosed herein are derived from the i3 Energy GLJ Report and account for drilling locations that have associated 2P reserves.

    References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium and heavy crude oil for which there is not a precise breakdown since the Company’s oil sales volumes typically represent blends of more than one type of crude oil. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.

    This press release contains certain oil and gas metrics, including operating netback and cash netback, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. These metrics are calculated as described in this press release and management believes that they are useful supplemental measures for the reasons described in this press release.

    Such metrics 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.

    References in this press release to IP30, IP90 and other short-term production rates of Gran Tierra are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Gran Tierra. Gran Tierra cautions that such results should be considered to be preliminary.

    Disclosure of Reserve Information and Cautionary Note to U.S. Investors

    Unless expressly stated otherwise, all estimates of proved, probable and possible reserves and related future net revenue disclosed in this press release have been prepared in accordance with NI 51-101. Estimates of reserves and future net revenue made in accordance with NI 51-101 will differ from corresponding estimates prepared in accordance with applicable SEC rules and disclosure requirements of the U.S. Financial Accounting Standards Board (“FASB”), and those differences may be material. NI 51-101, for example, requires disclosure of reserves and related future net revenue estimates based on forecast prices and costs, whereas SEC and FASB standards require that reserves and related future net revenue be estimated using average prices for the previous 12 months. In addition, NI 51-101 permits the presentation of reserves estimates on a “company gross” basis, representing Gran Tierra’s working interest share before deduction of royalties, whereas SEC and FASB standards require the presentation of net reserve estimates after the deduction of royalties and similar payments. There are also differences in the technical reserves estimation standards applicable under NI 51-101 and, pursuant thereto, the COGEH, and those applicable under SEC and FASB requirements.

    In addition to being a reporting issuer in certain Canadian jurisdictions, Gran Tierra is a registrant with the SEC and subject to domestic issuer reporting requirements under U.S. federal securities law, including with respect to the disclosure of reserves and other oil and gas information in accordance with U.S. federal securities law and applicable SEC rules and regulations (collectively, “SEC requirements”). Disclosure of such information in accordance with SEC requirements is included in the Company’s Annual Report on Form 10-K and in other reports and materials filed with or furnished to the SEC and, as applicable, Canadian securities regulatory authorities. The SEC permits oil and gas companies that are subject to domestic issuer reporting requirements under U.S. federal securities law, in their filings with the SEC, to disclose only estimated proved, probable and possible reserves that meet the SEC’s definitions of such terms. Gran Tierra has disclosed estimated proved, probable and possible reserves in its filings with the SEC. In addition, Gran Tierra prepares its financial statements in accordance with United States generally accepted accounting principles, which require that the notes to its annual financial statements include supplementary disclosure in respect of the Company’s oil and gas activities, including estimates of its proved oil and gas reserves and a standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities. This supplementary financial statement disclosure is presented in accordance with FASB requirements, which align with corresponding SEC requirements concerning reserves estimation and reporting.

    The MIL Network –

  • MIL-OSI: Gran Tierra Energy Inc. Announces Normal Course Issuer Bid and Automatic Share Purchase Plan

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 04, 2024 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra”) (NYSE American: GTE)(TSX: GTE)(LSE: GTE), today announces that the Toronto Stock Exchange (“TSX”) has approved its notice of intention to make a normal course issuer bid (the “Bid”) for its shares of common stock (the “Shares”). As of October 31, 2024, there were 36,460,141 Shares issued and outstanding and the public float was 35,458,717 Shares. Pursuant to the Bid, Gran Tierra will be able to purchase for cancellation up to 3,545,872 Shares, representing 10% of the public float, at prevailing market prices at the time of purchase, through the facilities of the TSX, the NYSE American (the “NYSE”) or alternative trading platforms in Canada or the United States, if eligible, or by such other means as may be permitted by the TSX, the NYSE and applicable securities laws for a one year period commencing on November 6, 2024 and ending on November 5, 2025. Gran Tierra has also entered into an Automatic Share Purchase Plan (the “ASPP”) in connection with the Bid. The ASPP is intended to allow for the purchase of Shares under the Bid when Gran Tierra would ordinarily not be permitted to purchase Shares due to regulatory restrictions and customary self-imposed blackout periods.

    Gran Tierra may purchase up to 9,829 Shares during any trading day, which represents approximately 25% of 39,317, which represents the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX’s acceptance of the notice of the Bid. Gran Tierra may effect repurchases from time to time in the open market or in negotiated transactions off the market at prevailing market prices at the time of purchase.

    Management of Gran Tierra believes that the Shares, at times, have been trading in a price range which does not adequately reflect their value in relation to Gran Tierra’s current operations, growth prospects and financial position. At such times, the purchase of Shares for cancellation or to satisfy awards granted under Gran Tierra’s Long Term Equity Incentive Plan may be advantageous to stockholders by increasing the value of the Shares.

    Within the past twelve months, Gran Tierra purchased 2,703,914 Shares at a volume weighted average price of CDN$9.34 under a previously approved normal course issuer bid through the facilities of the TSX and eligible alternative trading platforms in Canada and the United States permitting the purchase of up to 3,234,914 Shares (calculated on a post-10-for-1 reverse stock split basis), which expired on November 2, 2024.

    Pursuant to the ASPP, outside of a trading blackout period, Gran Tierra may, but is not required to, instruct the designated broker to make purchases under the Bid in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters set by Gran Tierra in accordance with the rules of the TSX, the NYSE, applicable securities laws, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be implemented on November 6, 2024.

    Outside of blackout periods, Shares may be purchased under the Bid based on management’s discretion, in compliance with the rules of the TSX, the NYSE and applicable securities laws. Purchases made under the ASPP will be included in computing the number of Shares purchased under the Bid.

    As previously announced on February 20, 2024, Gran Tierra was granted an exemptive relief order by the Canadian securities regulators which permits Gran Tierra to purchase up to 10% of its “public float” (within the meaning of the rules of the TSX) of the Shares through the NYSE and other trading systems based in the United States as part of any NCIB implemented in the 36 months following the date of the exemption order, being February 12, 2024. Gran Tierra will therefore not be limited on such trading platforms to purchasing 5% of its outstanding Shares at the beginning of any 12-month period as Canadian securities laws would otherwise provide. The exemptive relief expires February 12, 2027 and is conditional upon, among other things, purchases being made in compliance with applicable U.S. rules, the TSX rules applicable to a normal course issuer bid, National Instrument 23-101 – Trading Rules, and at a price not higher than the market price at the time of purchase.

    About Gran Tierra Energy Inc.

    Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. Gran Tierra is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional growth opportunities that would further strengthen Gran Tierra’s portfolio. Gran Tierra’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Information on Gran Tierra does not constitute a part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s U.S. Securities and Exchange Commission (“SEC”) filings are available on the SEC website at www.sec.gov. Gran Tierra’s Canadian securities regulatory filings are available on SEDAR+ at www.sedarplus.com and UK regulatory filings are available on the National Storage Mechanism (the “NSM”) website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Gran Tierra’s filings on the SEC, SEDAR+ and NSM websites are not incorporated by reference into this press release.

    Forward-Looking Statements and Advisories

    This press release contains statements about future events that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Such forward-looking statements include, but are not limited to, the belief of Gran Tierra’s management that the Bid will be advantageous to stockholders, potential purchases of the Shares for cancellation or redeployment under Gran Tierra’s Long Term Equity Incentive Plan, the potential value of the Bid for Gran Tierra’s stockholders and other benefits to be derived from the Bid. There can be no assurance as to how many Shares, if any, will ultimately be acquired by Gran Tierra.

    The forward-looking statements contained in this news release are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements, including, among others, unexpected changes in general market and economic conditions. Accordingly, readers should not place undue reliance on the forward-looking statements contained herein. Further information on potential factors that could affect Gran Tierra are included in risks detailed from time to time in Gran Tierra’s reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K filed February 20, 2024 and its subsequent quarterly reports on Form 10-Q. These filings are available on a Website maintained by the SEC at http://www.sec.gov and on SEDAR+ at www.sedarplus.com.

    All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws. Gran Tierra’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.

    No Offer or Solicitation

    The information in this press release is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or otherwise, nor shall there be any purchase in any jurisdiction in contravention of applicable law.

    Contact Information:

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221
    info@grantierra.com

    The MIL Network –

  • MIL-OSI Asia-Pac: Padma Awards 2025 announced

    Source: Government of India (2)

    Posted On: 25 JAN 2025 9:00PM by PIB Delhi

    Padma Awards – one of the highest civilian Awards of the country, are conferred in three categories, namely, Padma Vibhushan, Padma Bhushan and Padma Shri. The Awards are given in various disciplines/ fields of activities, viz.- art, social work, public affairs, science and engineering, trade and industry, medicine, literature and education, sports, civil service, etc. ‘Padma Vibhushan’ is awarded for exceptional and distinguished service; ‘Padma Bhushan’ for distinguished service of high order and ‘Padma Shri’ for distinguished service in any field. The awards are announced on the occasion of Republic Day every year.

    2.              These Awards are conferred by the President of India at ceremonial functions which are held at RashtrapatiBhawan usually around March/ April every year. For the year 2025, the President has approved conferment of 139Padma Awards including1 duo case (in a duo case, the Award is counted as one) as per list below. The list comprises 7Padma Vibhushan, 19 Padma Bhushan and 113 Padma Shri Awards. 23of the awardees are women and the list also includes 10 persons from the category of Foreigners/NRI/PIO/OCI and13Posthumous awardees.

     

    Padma Vibhushan(7)

     

    SN

    Name

    Field

    State/Country
    1.  

    Shri Duvvur Nageshwar Reddy

    Medicine

    Telangana
    1.  

    Justice (Retd.) Shri Jagdish Singh Khehar

    Public Affairs

    Chandigarh
    1.  

    Smt. Kumudini Rajnikant Lakhia

    Art

    Gujarat
    1.  

    Shri LakshminarayanaSubramaniam

    Art

    Karnataka
    1.  

    Shri M. T. Vasudevan Nair (Posthumous)

    Literature and Education

    Kerala
    1.  

    Shri Osamu Suzuki (Posthumous)

    Trade and Industry

    Japan
    1.  

    Smt. Sharda Sinha (Posthumous)

    Art

    Bihar

    Padma Bhushan(19)

     

    SN

    Name

    Field

    State/Country
    1.  

    Shri A Surya Prakash

    Literature and Education-Journalism

    Karnataka
    1.  

    Shri Anant Nag

    Art

    Karnataka
    1.  

    Shri Bibek Debroy(Posthumous)

    Literature and Education

    NCT Delhi
    1.  

    Shri Jatin Goswami

    Art

    Assam
    1.  

    Shri Jose Chacko Periappuram

    Medicine

    Kerala
    1.  

    Shri Kailash Nath Dikshit

    Others-Archaeology

    NCT Delhi
    1.  

    Shri Manohar Joshi(Posthumous)

    Public Affairs

    Maharashtra
    1.  

    Shri Nalli Kuppuswami Chetti

    Trade and Industry

    Tamil Nadu
    1.  

    Shri Nandamuri Balakrishna

    Art

    Andhra Pradesh
    1.  

    Shri P R Sreejesh

    Sports

    Kerala
    1.  

    Shri Pankaj Patel

    Trade and Industry

    Gujarat
    1.  

    Shri Pankaj Udhas(Posthumous)

    Art

    Maharashtra
    1.  

    Shri Rambahadur Rai

    Literature and Education-Journalism

    Uttar Pradesh
    1.  

    Sadhvi Ritambhara

    Social Work

    Uttar Pradesh
    1.  

    Shri S Ajith Kumar

    Art

    Tamil Nadu
    1.  

    Shri Shekhar Kapur

    Art

    Maharashtra
    1.  

    Ms. Shobana Chandrakumar

    Art

    Tamil Nadu
    1.  

    Shri Sushil Kumar Modi(Posthumous)

    Public Affairs

    Bihar
    1.  

    Shri Vinod Dham

    Science and Engineering

    United States of America

     

    Padma Shri (113)

    SN

    Name

    Field

    State/Country
    1.  

    Shri Adwaita Charan Gadanayak

    Art

    Odisha
    1.  

    Shri Achyut Ramchandra Palav

    Art

    Maharashtra
    1.  

    Shri Ajay V Bhatt

    Science and Engineering

    United States of America
    1.  

    Shri Anil Kumar Boro

    Literature and Education

    Assam
    1.  

    Shri Arijit Singh

    Art

    West Bengal
    1.  

    Smt. Arundhati Bhattacharya

    Trade and Industry

    Maharashtra
    1.  

    Shri Arunoday Saha

    Literature and Education

    Tripura
    1.  

    Shri Arvind Sharma

    Literature and Education

    Canada
    1.  

    Shri Ashok Kumar Mahapatra

    Medicine

    Odisha
    1.  

    Shri Ashok Laxman Saraf

    Art

    Maharashtra
    1.  

    Shri Ashutosh Sharma

    Science and Engineering

    Uttar Pradesh
    1.  

    Smt. Ashwini Bhide Deshpande

    Art

    Maharashtra
    1.  

    Shri Baijnath Maharaj

    Others-Spiritualism

    Rajasthan
    1.  

    Shri Barry Godfray John

    Art

    NCT Delhi
    1.  

    Smt. Begam Batool

    Art

    Rajasthan
    1.  

    Shri Bharat Gupt

    Art

    NCT Delhi
    1.  

    Shri Bheru Singh Chouhan

    Art

    Madhya Pradesh
    1.  

    Shri Bhim Singh Bhavesh

    Social Work

    Bihar
    1.  

    Smt. Bhimavva Doddabalappa Shillekyathara

    Art

    Karnataka
    1.  

    Shri Budhendra Kumar Jain

    Medicine

    Madhya Pradesh
    1.  

    Shri C S Vaidyanathan

    Public Affairs

    NCT Delhi
    1.  

    Shri Chaitram Deochand Pawar

    Social Work

    Maharashtra
    1.  

    Shri Chandrakant Sheth(Posthumous)

    Literature and Education

    Gujarat
    1.  

    Shri Chandrakant Sompura

    Others-Architecture

    Gujarat
    1.  

    Shri Chetan E Chitnis

    Science and Engineering

    France
    1.  

    Shri David R Syiemlieh

    Literature and Education

    Meghalaya
    1.  

    Shri Durga Charan Ranbir

    Art

    Odisha
    1.  

    Shri Farooq Ahmad Mir

    Art

    Jammu And Kashmir
    1.  

    Shri Ganeshwar Shastri Dravid

    Literature and Education

    Uttar Pradesh
    1.  

    Smt. Gita Upadhyay

    Literature and Education

    Assam
    1.  

    Shri Gokul Chandra Das

    Art

    West Bengal
    1.  

    Shri Guruvayur Dorai

    Art

    Tamil Nadu
    1.  

    Shri Harchandan Singh Bhatty

    Art

    Madhya Pradesh
    1.  

    Shri Hariman Sharma

    Others-Agriculture

    Himachal Pradesh
    1.  

    Shri Harjinder Singh Srinagar Wale

    Art

    Punjab
    1.  

    Shri Harvinder Singh

    Sports

    Haryana
    1.  

    Shri Hassan Raghu

    Art

    Karnataka
    1.  

    Shri Hemant Kumar

    Medicine

    Bihar
    1.  

    Shri Hriday Narayan Dixit

    Literature and Education

    Uttar Pradesh
    1.  

    Shri Hugh and Colleen Gantzer(Posthumous)(Duo)*

    Literature and Education-Journalism

    Uttarakhand
    1.  

    Shri Inivalappil Mani Vijayan

    Sports

    Kerala
    1.  

    Shri Jagadish Joshila

    Literature and Education

    Madhya Pradesh
    1.  

    Smt. Jaspinder Narula

    Art

     

    Maharashtra
    1.  

    Shri Jonas Masetti

    Others-Spiritualism

    Brazil
    1.  

    Shri Joynacharan Bathari

    Art

    Assam
    1.  

    Smt. Jumde Yomgam Gamlin

    Social Work

    Arunachal Pradesh
    1.  

    Shri K. Damodaran

    Others-Culinary

    Tamil Nadu
    1.  

    Shri K L Krishna

    Literature and Education

    Andhra Pradesh
    1.  

    Smt. K Omanakutty Amma

    Art

    Kerala
    1.  

    Shri Kishore Kunal(Posthumous)

    Civil Service

    Bihar
    1.  

    Shri L Hangthing

    Others-Agriculture

    Nagaland
    1.  

    Shri Lakshmipathy Ramasubbaiyer

    Literature and Education-Journalism

    Tamil Nadu
    1.  

    Shri Lalit Kumar Mangotra

    Literature and Education

    Jammu And Kashmir
    1.  

    Shri Lama Lobzang(Posthumous)

    Others-Spiritualism

    Ladakh
    1.  

    Smt. Libia Lobo Sardesai

    Social Work

    Goa
    1.  

    Shri M D Srinivas

    Science and Engineering

    Tamil Nadu
    1.  

    Shri Madugula Nagaphani Sarma

    Art

    Andhra Pradesh
    1.  

    Shri Mahabir Nayak

    Art

    Jharkhand
    1.  

    Smt. Mamata Shankar

    Art

    West Bengal
    1.  

    Shri Manda Krishna Madiga

    Public Affairs

    Telangana
    1.  

    Shri Maruti Bhujangrao Chitampalli

    Literature and Education

    Maharashtra
    1.  

    Shri Miriyala Apparao(Posthumous)

    Art

    Andhra Pradesh
    1.  

    Shri Nagendra Nath Roy

    Literature and Education

    West Bengal
    1.  

    Shri Narayan (Bhulai Bhai)(Posthumous)

    Public Affairs

    Uttar Pradesh
    1.  

    Shri Naren Gurung

    Art

    Sikkim
    1.  

    Smt. Neerja Bhatla

    Medicine

    NCT Delhi
    1.  

    Smt. Nirmala Devi

    Art

    Bihar
    1.  

    Shri Nitin Nohria

    Literature and Education

    United States of America
    1.  

    Shri Onkar Singh Pahwa

    Trade and Industry

    Punjab
    1.  

    Shri P Datchanamoorthy

    Art

    Puducherry
    1.  

    Shri Pandi Ram Mandavi

    Art

    Chhattisgarh
    1.  

    Shri Parmar Lavjibhai Nagjibhai

    Art

    Gujarat
    1.  

    Shri Pawan Goenka

    Trade and Industry

    West Bengal
    1.  

    Shri Prashanth Prakash

    Trade and Industry

    Karnataka
    1.  

    Smt. Pratibha Satpathy

    Literature and Education

    Odisha
    1.  

    Shri Purisai Kannappa Sambandan

    Art

    Tamil Nadu
    1.  

    Shri R Ashwin

    Sports

    Tamil Nadu
    1.  

    Shri R G Chandramogan

    Trade and Industry

    Tamil Nadu
    1.  

    Smt. Radha Bahin Bhatt

    Social Work

    Uttarakhand
    1.  

    Shri Radhakrishnan Devasenapathy

    Art

    Tamil Nadu
    1.  

    Shri Ramdarash Mishra

    Literature and Education

    NCT Delhi
    1.  

    Shri Ranendra Bhanu Majumdar

    Art

    Maharashtra
    1.  

    Shri Ratan Kumar Parimoo

    Art

    Gujarat
    1.  

    Shri Reba Kanta Mahanta

    Art

    Assam
    1.  

    Shri Renthlei Lalrawna

    Literature and Education

    Mizoram
    1.  

    Shri Ricky Gyan Kej

    Art

    Karnataka
    1.  

    Shri Sajjan Bhajanka

    Trade and Industry

    West Bengal
    1.  

    Smt. Sally Holkar

    Trade and Industry

    Madhya Pradesh
    1.  

    Shri Sant Ram Deswal

    Literature and Education

    Haryana
    1.  

    Shri Satyapal Singh

    Sports

    Uttar Pradesh
    1.  

    Shri Seeni Viswanathan

    Literature and Education

    Tamil Nadu
    1.  

    Shri Sethuraman Panchanathan

    Science and Engineering

    United States of America
    1.  

    Smt. Sheikha Shaikha Ali Al-Jaber Al-Sabah

    Medicine

    Kuwait
    1.  

    Shri Sheen Kaaf Nizam (Shiv Kishan Bissa)

    Literature and Education

    Rajasthan
    1.  

    Shri Shyam Bihari Agrawal

    Art

    Uttar Pradesh
    1.  

    Smt. Soniya Nityanand

    Medicine

     

    Uttar Pradesh
    1.  

    Shri Stephen Knapp

    Literature and Education

    United States of America
    1.  

    Shri Subhash Khetulal Sharma

    Others-Agriculture

    Maharashtra
    1.  

    Shri Suresh Harilal Soni

    Social Work

    Gujarat
    1.  

    Shri Surinder Kumar Vasal

    Science and Engineering

    Delhi
    1.  

    Shri Swami Pradiptananda (Kartik Maharaj)

    Others-Spiritualism

    West Bengal
    1.  

    Shri Syed Ainul Hasan

    Literature and Education

    Uttar Pradesh
    1.  

    Shri Tejendra Narayan Majumdar

    Art

    West Bengal
    1.  

    Smt. Thiyam Suryamukhi Devi

    Art

    Manipur
    1.  

    Shri Tushar Durgeshbhai Shukla

    Literature and Education

    Gujarat
    1.  

    Shri Vadiraj Raghawendracharya Panchamukhi

    Literature and Education

    Andhra Pradesh
    1.  

    Shri Vasudeo Kamath

    Art

    Maharashtra
    1.  

    Shri Velu Aasaan

    Art

    Tamil Nadu
    1.  

    Shri Venkappa Ambaji Sugatekar

    Art

    Karnataka
    1.  

    Shri Vijay Nityanand Surishwar Ji Maharaj

    Others-Spiritualism

    Bihar
    1.  

    Smt. Vijayalakshmi Deshamane

    Medicine

    Karnataka
    1.  

    Shri Vilas Dangre

    Medicine

    Maharashtra
    1.  

    Shri Vinayak Lohani

    Social Work

    West Bengal

     

    Note: * In Duo case, the Award is counted as one.

     

    *****

    Raj Kumar/Vivek/Ashutosh/Rajeev/Priyabhanshu/Pankaj

     

    (Release ID: 2096285) Visitor Counter : 462

    MIL OSI Asia Pacific News –

  • MIL-OSI: Descartes Sets Date to Announce Third Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    WATERLOO, Ontario, Nov. 04, 2024 (GLOBE NEWSWIRE) — Descartes Systems Group (TSX: DSG) (Nasdaq: DSGX), the global leader in uniting logistics-intensive businesses in commerce, is scheduled to report its third quarter fiscal 2025 financial results after market close on Tuesday, December 3, 2024.

    Members of Descartes’ executive management team will host a conference call to discuss the company’s financial results at 5:30 p.m. ET on Tuesday, December 3, 2024. Designated numbers are +1 289 514 5100 and +1 800 717 1738 for Toll-Free in North America, using conference ID 07584.

    The company will simultaneously conduct an audio webcast on the Descartes website at www.descartes.com/descartes/investor-relations. Phone conference dial-in or webcast log-in is required approximately 10 minutes beforehand.

    Replays of the conference call will be available until December 10, 2024, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 07584#. An archived replay of the webcast will be available at www.descartes.com/descartes/investor-relations.

    About Descartes Systems Group
    Descartes is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security, and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and X (Twitter).

    Descartes Investor Contact
    Laurie McCauley
    (519) 746-2969
    investor@descartes.com

    The MIL Network –

  • MIL-OSI: Aroma Retail Supports Exponential Ecommerce Growth with Descartes Parcel Shipping Solution

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Nov. 04, 2024 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that Las Vegas-based Aroma Retail, a leading environmental scenting company specializing in signature resort scents and unique fragrance libraries for home and business, is using Descartes’ cloud-based, multi-carrier parcel shipping solution to scale ecommerce order fulfillment in support of escalating sales growth.

    “What began as a tiny operation in our kitchen a few short years ago, manually shipping a handful of orders daily, has exploded into a 13,000-square-foot facility shipping on average 4,000+ orders per month, with more than US$5 million in annual revenue. It quickly became clear that we needed an ecommerce shipping solution that could scale rapidly and take our peak season volume spikes in stride,” said Jim Reding, CEO at Aroma Retail. “From hiccup-free integration with our ecommerce platform and rate shopping integrated into the checkout process to highly responsive support, the Descartes solution has simplified and expedited fulfilment, boosting productivity, cutting shipping costs and transforming the customer experience to help us build brand loyalty and drive continued growth.”

    Descartes’ cloud-based multi-carrier parcel shipping solutions help small-, medium- and even large-sized retailers control, manage and automate steps in ecommerce fulfillment processes to improve warehouse performance. The solutions help retailers reduce shipping costs by automatically importing ecommerce orders, comparing carrier rates, eliminating fulfillment decisions, printing shipping labels for all major carriers, and tracking shipments in real-time through final delivery. With seamless integration to leading ecommerce marketplaces, ERP providers, and supply chain platforms and live customer support, Descartes’ shipping solutions help ecommerce businesses scale easily and quickly to manage rising order volumes and drive growth.

    “We’re delighted that Descartes’ ecommerce shipping solution has played a meaningful role in Aroma Retail’s explosive growth,” said Mikel Richardson, General Manager, Ecommerce North America at Descartes. “In a highly competitive ecommerce marketplace, service differentiation is key to customer satisfaction and a steady flow of orders. Our multi-carrier parcel shipping solutions enable ecommerce businesses of all sizes to quickly scale their operations to meet peak demands, optimizing delivery execution and cultivating a differentiated customer experience to improve retention.”

    Learn more about Descartes’ Ecommerce Shipping & Fulfillment Solutions.

    About Aroma Retail

    Founded in 2017, Aroma Retail provides environmental scenting solutions for homes and businesses, including pure grade fragrance oils used by world-class resorts. The Green-Certified and Women-Owned company operates out of a 13,000 square-foot facility in Las Vegas, NV and offers a fragrance library of more than 100 scents. Aroma Retail ships a wide range of scented products and aroma diffusion machines globally via its ecommerce website and through its Las Vegas retail location, Smelly Bar. For more information, visit www.aromaretail.com.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

    Global Media Contact
    Cara Strohack                                                                     
    Tel: +1(800) 419-8495 ext. 202025                                 
    cstrohack@descartes.com  

    Cautionary Statement Regarding Forward-Looking Statements

    This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ ecommerce solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    The MIL Network –

  • MIL-OSI: L’Ordre des CPA du Québec, CPA Ontario, and CPA Canada Reach Agreement on Standard Setting and Education

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL and TORONTO, Nov. 04, 2024 (GLOBE NEWSWIRE) — L’Ordre des CPA du Québec, CPA Ontario, and CPA Canada are pleased to share that the organizations have signed a binding term sheet on standard setting and have finalized the details of the education agreement reached last fall.

    The agreement on standards ensures continued funding for standard setting, and continued access for CPAs in Ontario and Quebec to the CPA Canada Handbook and Board Guidance, which are foundational to the profession and critical to protecting the public.

    The finalized education agreement ensures continuity of the educational pathway for current CPA students in Ontario and Quebec, consistent with the organizations’ binding agreement reached in November 2023.

    These agreements follow the notice from L’Ordre des CPA du Québec and CPA Ontario regarding their withdrawal from the Collaboration Accord, effective December 2024.

    For further information or inquiries, please contact:

    CPA Canada
    Sunny Freeman
    sfreeman@cpacanada.ca

    CPA Ontario
    Kathryn Hanley
    khanley@cpaontario.ca

    Ordre des CPA du Québec
    Maude Bujeault-Bolduc
    mbujeault-bolduc@cpaquebec.ca

    The MIL Network –

  • MIL-OSI Global: Cop16: the world’s largest meeting to save nature has ended with no clear path ahead

    Source: The Conversation – UK – By Harriet Bulkeley, Professor of Geography, Durham University

    Increasing rights for Indigenous people and local communities was one of the few steps forward at Cop16. Philipp Montenegro, CC BY-NC-ND

    Progress at the UN’s biodiversity summit, Cop16, in Cali, Columbia, has been slow. Frustratingly so.

    There were high hopes that the Colombian hosts could coordinate action between developed and developing countries towards reaching the landmark global biodiversity agreement reached in Montreal, Canada at Cop15 two years ago. But after two weeks and one long night, negotiations ended abruptly. Many delegates had to leave to catch flights home with key issues unresolved.

    This conference started with alarming news that the latest edition of the red list – the official record of threatened species – shows that more than one third of tree species face extinction in the wild. That’s more than the number of threatened birds, mammals, reptiles and amphibians combined.

    Urging negotiators to recognise the seriousness of this nature crisis, Colombia’s president Gustavo Petro warned they were facing “the battle for life”.

    There was certainly no shortage of people seeking solutions.

    In the heart of the city, Cop16’s green zone hosted vibrant music, film screenings, indigenous arts and crafts. Local people, businesses and conference delegates discussed creative and collaborative ways to address the nature crisis.

    Over in the blue zone, the official conference space, there was a notable increase in the diversity of communities participating across side events and pavilions. The links between biodiversity and human health were highlighted. So too was the importance of nature for water and food security.

    In his opening video message, UN secretary general Antonio Guterres urged countries gathered to “engage all of society” as “la Cop de la gente” (a Cop of the people).

    So protests from Indigenous people and local communities were particularly powerful. Including greater recognition for these groups in the final decisions from the meeting was a rare sign of progress. A new fund to ensure that these groups would receive a share of the profits from the commercial use of digital sequence information – genetic information from native plants and animals – was another victory.

    A new set of principles developed by the UK government to prioritise gender issues in conservation and ensure fair access to the benefits biodiversity action for all marginalised groups received widespread support.

    The focus on economic resilience was more prominent than ever, with two days dedicated to business and finance. In 2018, only 300 businesses attended Cop14 in Egypt. In Cali, this number was 3,000.

    Delegates assemble for the negotiations at Cop16​.
    Philipp Montenegro, CC BY-NC-ND

    Private investors, pension funds, the insurance industry and public banks stressed the importance of creating robust measures of biodiversity improvement. Business sectors focused on transition plans that could support fair and transparent means of reporting progress. The nature tech sector is growing too, with start-ups expected to attract up to $2 billion (£1.5 billion) in investments by the end of 2024.

    Back in the negotiating halls, delegates faced an uphill struggle. Only 44 out of 196 national plans to protect biodiversity have been updated to reflect the new targets. So, it’s no surprise that a gap is widening between current reality and the ambitious set of 23 targets which governments must reach by 2030. While countries agreed to a progress review in 2026, no consensus was reached on the indicators to be used. Progress was painfully slow.

    Negotiators debated how the global agreement on biodiversity should interact with its sister conventions on climate and desertification. Further discussions next year might identify how this could work but this probably won’t lead to drastic change. Some countries, including India and Russia, still seemed unwilling to accept the critical risks posed to nature and society of exceeding the 1.5°C global target for climate change.

    Many developing nations were concerned that greater integration between the climate crisis and biodiversity would lead to “double counting” of funding with the danger that developed countries could backtrack on their promises to support dedicated action on nature. Others, including the EU, argued that action to conserve and restore nature was an essential part of tackling all environmental and societal global challenges.

    The deadlock between these positions continued for days. In the final hours of Cop16, negotiators reached a compromise that sets out a more integrated pathway for bringing action on climate and nature together. While the effects of climate change directly exacerbate biodiversity loss, restoring nature can be a powerful tool in the fight to mitigate the climate crisis and benefit biodiversity. Nature-based solutions – measures like restoring peatlands and wetlands, planting trees and mangroves – help build that resilience.

    Heads of state and ministers joining at the midpoint of the meeting pointed out the need to ensure that nature is protected both for its own sake and for the communities that depend on healthy ecosystems for their livelihood and wellbeing.

    But at the end of a long final night, these words were not accompanied by concrete plans for action or the financial commitments about how nature protection should be paid for that many at Cop16 were hoping for.

    Whole of society, all of government?

    The global biodiversity agreement set in 2022 called for a whole of society approach to address the nature crisis. Cop16 certainly delivered. From local communities to huge businesses, there was a spirit of rolling up sleeves and putting investment and innovation to work using nature-based solutions to restore and conserve biodiversity.

    One of many packed side-events which bought the ‘whole of society’ together at Cop16.
    Philipp Montenegro, CC BY-NC-ND

    The same energy and commitment was clear from many of the local and sub-national governments assembled at Cop16. The first gathering of Mayors for Nature demonstrated significant commitment to action.

    Leaders from California and Quebec set the tone by investing in large-scale programmes, with Quebec not only committing to fund their own biodiversity action but also contributing to the global biodiversity fund – the first regional government to do so.

    But national governments struggled to move forward. The complexity of addressing biodiversity and its necessary interactions with sectors such as agriculture, transport and mining, as well as concerns over historic injustices between developing and developed countries, was perhaps too much for Cop16 to resolve.

    The risk is that, as governments navigate these challenges, the private sector could accelerate action without scrutiny. I worry that the lack of policy coordination could deter investors and slow the pace of action that local communities and regional governments want to make. Rather than waiting for global consensus, groups can catalyse change while holding each other accountable to make swift progress to save nature.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

    Harriet Bulkeley receives funding from the European Commission and currently serves as an advisor to the UK Department of Environment, Food and Rural Affairs.

    – ref. Cop16: the world’s largest meeting to save nature has ended with no clear path ahead – https://theconversation.com/cop16-the-worlds-largest-meeting-to-save-nature-has-ended-with-no-clear-path-ahead-242160

    MIL OSI – Global Reports –

  • MIL-OSI China: China’s import expo attracts record-breaking participating countries, exhibitors

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

    SHANGHAI, Nov. 4 — On Tuesday morning, the Chinese commercial hub of Shanghai will once again assume its role as the host for the newest edition of the globe’s first national-level exposition dedicated to imports.

    Now, the China International Import Expo (CIIE) stands as a telling example of China’s steadfast opening up and an unmissable opportunity for foreign enterprises to tap into the Chinese market.

    Despite challenges and uncertainties in the global economic landscape, over the past seven years, CIIE has steadily grown.

    The first six editions of CIIE have generated a total intended transaction amount exceeding 420 billion U.S. dollars. Additionally, over 1,130 foreign enterprises and investment promotion organizations have conducted targeted connections across the country.

    This year, the business exhibition will be held at the National Exhibition and Convention Center (Shanghai), covering more than 360,000 square meters — equivalent to 50 standard soccer fields — and hosting 3,496 exhibitors from 129 countries and regions.

    Both the number of participating countries and exhibitors have surpassed previous records.

    Notably, 297 exhibitors from Fortune Global 500 companies and industry leaders will attend, marking a historic high. Among all participants, 186 enterprises and institutions have achieved full attendance across all seven editions of the expo.

    Besides, this year’s event is also commanding the attention of global journalism. More than 400 media outlets are participating in the coverage of this event, including 220 foreign media organizations.

    China’s vast market has become one of the most attractive destinations for global players, with the CIIE serving as the “golden gateway” to this opportunity.

    For the CIIE frequenter of Japanese cosmetics giant Shiseido, the event serves as a second-to-none magnet.

    “Over the past years of participating in CIIE, we have seen firsthand just how influential the expo can be for our business,” said Toshinobu Umetsu, president and CEO of Shiseido China.

    According to the company, visitors will be able to see over 30 new product debuts from 12 different brands in their portfolio.

    Umetsu described the expo as a boon for their growth in China’s thriving market, noting that many new skincare technologies, brands, and products have gained substantial attention and recognition from consumers after being featured at CIIE.

    “CIIE successfully transformed our ‘exhibits’ to ‘products,’” Umetsu added.

    Seizing the opportunity, new participants are eager to try their luck. Among the trendsetters is Canadian sportswear magnate Lululemon.

    “A digital innovation here is leading the world, quite frankly, in terms of adoption and opportunities,” said Calvin McDonald, CEO of Lululemon during an interview with Xinhua.

    Impressed by the market’s speed, agility and resilience, McDonald said the opportunity to move fast and accomplish big initiatives in the market is incredibly exciting, seeing CIIE as a precious opportunity to bring awareness to the brand.

    “In the dynamic and healthy market, we are learning not just how we drive and see success here,” he said, adding that what Lululemon learned from the Chinese mainland consumers and innovation can help their business in other markets as well.

    After years of development, the CIIE has become a symbol of China’s new development pattern, a platform for high-level opening-up, and an international public good shared by the world.

    At its third plenum, the 20th Central Committee of the Communist Party of China renewed the country’s commitment to the basic state policy of opening to the outside world and continuing to promote reform through opening up.

    Serving as another fine example, China removed all market access restrictions for foreign investors in the manufacturing sector on Nov. 1, a landmark move made by the world’s second-largest economy as it opens its doors wider.

    “Reflecting on the past six editions of the CIIE, ‘high-level opening up’ has been a consistent theme. The expo has continually showcased an image of an ‘open China’ that shares opportunities and future with the world,” said Wu Zhengping, deputy director general of the CIIE Bureau.

    MIL OSI China News –

  • MIL-OSI USA: U.S. exports of ethane and ethane-based petrochemicals rose 135% from 2014 to 2023

    Source: US Energy Information Administration

    In-depth analysis

    November 4, 2024

    Data source: U.S. Energy Information Administration, Petroleum Supply Monthly; and the U.S. Census Bureau
    Note: Ethylene derivatives include high-density polyethylene (HDPE), low-density polyethylene (LDPE), ethylene vinyl acetate, polyvinyl chloride (PVC), and other polymers of ethylene not elsewhere specified or included.

    U.S. exports of ethane and ethane-based petrochemicals reached an all-time high of 21.6 million metric tons (MMmt) in 2023, up 135% since the United States began exporting ethane in 2014 and 17% more than in 2022, according to data from the U.S. Census Bureau. The rapid expansion of U.S. ethane and ethane-based petrochemical exports has been fueled by the growth in domestic ethane production, which has increased with the country’s natural gas production and the buildout of export and production infrastructure.

    Ethane is a natural gas liquid that’s primarily extracted from raw natural gas during processing. It’s mainly used as a feedstock for ethylene production, one of the most important building blocks in the petrochemical industry. Ethylene is a gas used to produce a wide range of products, including plastics, resins, and synthetic rubber.

    All elements of the ethane value chain are produced in, consumed in, and exported from the United States, including ethane, ethylene, polyethylene, and other ethylene derivatives. We publish data on U.S. ethane production, exports, and product supplied (deliveries to domestic consumers); the U.S. Census Bureau publishes export data for ethane and ethane-derived products.

    The volume of exports of U.S. ethane, ethylene, and various ethylene derivatives is affected by:

    • U.S. demand
    • U.S. production capacity and production costs
    • Importing countries’ downstream processing capacity
    • Availability of infrastructure necessary to move these products, which in some cases may require special handling such as cryogenic refrigeration

    U.S. ethane exports

    The United States started exporting ethane in 2014 via pipeline to petrochemical plants in Canada. In 2016, the United States began exporting ethane to countries in Europe from marine export terminals. U.S. ethane export capacity has increased since 2016 with the completion of two new pipelines and three more marine export terminals—Marcus Hook, Pennsylvania; Morgan’s Point, Texas; and Nederland, Texas. In addition, the number of destination countries continued to grow along with the fleet of specially built tankers.

    Data source: U.S. Census Bureau

    U.S. ethane exports increased to a record high of 3.0 MMmt in 2023, up 12% from 2022. In 2023, U.S. ethane was mostly exported to China, which accounted for 45% (1.4 MMmt) of U.S. ethane exports, followed by India (16%), Canada (14%), Norway (9%), and the United Kingdom (7%).

    U.S. ethane exports to China increased fastest between 2022 and 2023, rising 35% last year. China’s Satellite Petrochemical has begun ethylene production at two new ethane crackers since 2021, which has increased domestic ethane demand in China. Ethane exports to Norway rose the second fastest, rising 32% to 288,000 metric tons in 2023. Other importers of U.S. ethane include Belgium, Brazil, Canada, Mexico, and Sweden.

    Data source: Bloomberg L.P.
    Note: Ethylene feedstock margins account for coproduct credits, which mainly include propylene, butadiene, benzene, and xylene. Ethane feedstock advantage represents the relative profitability of ethane over naphtha.

    Ethane’s high ethylene yields and cost advantages over naphtha in ethylene production have driven export volumes of ethane higher since 2014. Most petrochemical crackers have some flexibility in switching between ethane and naphtha as a feedstock, depending on the relative profitability of each feedstock. In the United States, cracking ethane to produce ethylene has historically generated higher profit margins compared with the margins from cracking naphtha, the most common feedstock in Western Europe and East Asia. Global petrochemical manufacturers looking to secure low-cost ethane feedstock to produce ethylene are developing new petrochemical crackers and associated infrastructure.

    U.S. ethylene exports

    Data source: U.S. Census Bureau

    In the United States, ethane is heated in a steam cracker to break (crack) the ethane molecule to produce ethylene. Ethylene, like ethane, is exported in specialized tankers after being cryogenically cooled. The United States has two ethylene export terminals—Galena Park and Morgan’s Point—both located in Texas on the Houston Ship Channel.

    Ethylene export volumes fell 9% from 2022 to 2023 to 1.1 MMmt. In 2023, 36 nations imported U.S. ethylene. China was the largest importer of ethylene from the United States in 2023, accounting for 38% (419,000 metric tons) of all exports. Belgium (19%), Indonesia (16%), Taiwan (6%), and France (5%) rounded out the top five.

    As with ethane exports, China was also the fastest-growing destination for ethylene exports. In general, ethylene exports to Asia grew 77% from 2022 to 2023, while exports to Europe fell by more than 50% during the same period amid a weak macroeconomic environment.

    U.S. ethylene prices remain at a discount to international prices on average, providing U.S. ethylene producers with a long-term cost advantage and resulting in expanded manufacturing capacity along the U.S. Gulf Coast.

    U.S. ethylene-derivative exports

    After ethylene is processed by a polymerization reactor or another production unit, petrochemical manufacturers can develop intermediate products such as:

    • Low-density polyethylene (LDPE): a thermoplastic used for more flexible plastic products such as dispensing bottles, plastic bags, and trays
    • High-density polyethylene (HDPE): a thermoplastic used for more rigid plastic products such as piping, water gallon jugs, cutting boards, and motor oil jugs
    • Ethylene alpha olefins: used for products such as flexible packaging, molding, and car applications

    The United States exported ethylene derivatives to over 100 nations in 2023. Unlike ethane and ethylene, which require cryogenic cooling to turn them from a gas to a liquid, ethylene derivatives do not require special handling and can be exported or imported through any port or overland route capable of handling containerized traffic.

    Data source: U.S. Census Bureau

    Total U.S. ethylene-derivative exports grew 20% to 16.9 MMmt from 2022 to 2023, led by a 69% increase (2.2 MMmt) in exports to Asia. U.S. exports to Canada fell by 10% to 1.5 MMmt; exports to Mexico grew 3% to 2.4 MMmt in 2023. Until 2017, North American destinations, particularly Canada and Mexico, accounted for the largest share of U.S. polyethylene and other ethylene-derivative exports.

    Canada and Mexico do not impose tariffs on exports of U.S. ethane-derived chemicals because of reciprocal free-trade agreements. These countries also benefit from proximity and being able to import these products over land at lower cost compared with waterborne imports. However, exports to overseas destinations have also grown since 2017, with the exception of 2021 when the global pandemic led to lower demand.

    Principal contributors: Jordan Young, Josh Eiermann

    MIL OSI USA News –

  • MIL-OSI: Willis Lease Finance Corporation Reports Strong Third Quarter Pre-Tax Income of $34.5 million; Pre-Tax Income Up 69% as Compared to that of the Third Quarter of the Prior Period; Board Declares Recurring Quarterly Dividend of $0.25 Per Share of Common Stock

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”) today reported third quarter total revenues of $146.2 million and quarterly pre-tax income of $34.5 million. The Company also announced its quarterly dividend of $0.25 per share, expected to be paid on November 21, 2024, with a record holder date of November 12, 2024. For the three months ended September 30, 2024, core lease rent and maintenance reserve revenues were $114.7 million in the aggregate, up 26% as compared to $91.3 million for the same period in 2023. The growth was predominantly driven by core, recurring lease and maintenance revenues associated with the continued strength of the aviation marketplace, as airlines leverage the Company’s leasing, parts and maintenance capabilities to avoid protracted, expensive engine shop visits.

    “Scale through growth has proven to be an important factor in our profitability,” said Austin C. Willis, Chief Executive Officer. “Our platform of complementary services and assets is helping to fuel that growth.”

    “Our long-standing efforts to demonstrate the value of engine programs and our vertically integrated products and services continue to deliver for the Company and for our customers,” said Brian R. Hole, President. “The challenge for us now is to deliver that value and scale efficiently to meet existing demand.”

    Third Quarter 2024 Highlights

    • Lease rent revenue was $64.9 million in the third quarter of 2024, an increase of 21.2%, compared to $53.6 million in the third quarter of 2023. During the three months ended September 30, 2024, we purchased equipment (including capitalized costs) totaling $166.9 million, which consisted of three airframes, 19 engines, and other parts and equipment purchased for our lease portfolio. During the three months ended September 30, 2023, we purchased equipment (including capitalized costs) totaling $31.0 million, which consisted of five engines and other parts and equipment purchased for our lease portfolio.
    • Maintenance reserve revenue was $49.8 million in the third quarter of 2024, an increase of 32.0%, compared to $37.7 million in the same quarter of 2023, reflecting the high level of usage of our assets by our customer base. Engines on lease with “non-reimbursable” usage fees generated $48.5 million of short-term maintenance revenues in the first three quarters of 2024, compared to $34.4 million in the prior year period. There was $1.2 million long-term maintenance revenue recognized in the three months ended September 30, 2024, compared to $3.3 million long-term maintenance revenue recognized for the three months ended September 30, 2023. Long-term maintenance revenue is recognized at the end of a lease period as the related maintenance reserve liability is released from the balance sheet.
    • Spare parts and equipment sales increased to $10.9 million in the third quarter of 2024, compared to $3.4 million in the third quarter of 2023. The increase in spare parts sales for the three months ended September 30, 2024 reflects the demand for surplus material that we are seeing as operators extend the lives of their current generation engine portfolios. Equipment sales for the three months ended September 30, 2024 were $1.0 million for the sale of one engine. There were no equipment sales for the three months ended September 30, 2023.
    • Gain on sale of leased equipment was $9.5 million in the third quarter of 2024, reflecting the sale of 13 engines and other parts and equipment from the lease portfolio. During the three months ended September 30, 2023, we sold one engine, one airframe, and other parts and equipment for a net gain of $0.8 million.
    • The Company generated $34.5 million of pre-tax income in the third quarter of 2024, compared to pre-tax income of $20.3 million in the third quarter of 2023, an increase of 69.4%.
    • The book value of lease assets owned either directly or through our joint ventures, inclusive of our notes receivable, maintenance rights, and investments in sales-type leases was $3,039.8 million as of September 30, 2024. We continue to see the value of scale through increased profitability as well as our ability to offer bespoke solutions to our customers.
    • Diluted weighted average income per common share was $3.37 for the third quarter 2024, compared to diluted weighted average income per common share of $2.13 in the third quarter of 2023.
    • On September 27, 2024, the Company refinanced and expanded its $50.0 million of Series A-1 and Series A-2 Preferred Stock into one $65.0 million Series A series, which accrues quarterly dividends at a rate of 8.35% per annum, providing incremental growth equity to the business.
    • On October 31, 2024, the Company entered into a new, $1.0 billion, five-year, revolving credit facility with a consortium of lenders, refinancing its $500.0 million outstanding credit facility. This new facility will provide incremental capital to support the ongoing growth of the business.
    • The Company declared its quarterly dividend of $0.25 per share of common stock, expected to be paid on November 21, 2024, with a record holder date of November 12, 2024.

    Balance Sheet

    As of September 30, 2024, the Company’s lease portfolio was $2,665.7 million, consisting of $2,435.6 million of equipment held in its operating lease portfolio, $175.4 million of notes receivable, $31.5 million of maintenance rights, and $23.2 million of investments in sales-type leases, which represented 348 engines, 16 aircraft, one marine vessel and other leased parts and equipment. As of December 31, 2023, the Company’s lease portfolio was $2,223.4 million, consisting of $2,112.8 million of equipment held in our operating lease portfolio, $92.6 million of notes receivable, $9.2 million of maintenance rights, and $8.8 million of investments in sales-type leases, which represented 337 engines, 12 aircraft, one marine vessel and other leased parts and equipment.

    Conference Call

    WLFC will hold a conference call on Monday, November 4, 2024 at 10:00 a.m. Eastern Standard Time to discuss its third quarter results. Individuals wishing to participate in the conference call should dial: US and Canada (888) 632-5004, International +1 (646) 828-8082, wait for the conference operator and provide the operator with the Conference ID 512645. A digital replay will be available two hours after the completion of the conference. To access the replay, please visit our website at www.wlfc.global under the Investor Relations section for details.

    Willis Lease Finance Corporation

    Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Forward-Looking Statements

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Any forward-looking statement made by the Company is based only on information currently available to the Company and speaks only as of the date on which it is made. We undertake no obligation to update them, except as may be required by law. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and pandemics; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.

    Unaudited Condensed Consolidated Statements of Income
    (In thousands, except per share data) 

      Three months ended
    September 30,    		       Nine months ended
    September 30,    		    
        2024     2023   % Change     2024     2023     % Change
    REVENUE                      
    Lease rent revenue $ 64,905   $ 53,573   21.2 %   $ 173,652   $ 161,209     7.7 %
    Maintenance reserve revenue   49,760     37,696   32.0 %     156,527     96,609     62.0 %
    Spare parts and equipment sales   10,863     3,359   223.4 %     20,337     12,961     56.9 %
    Interest revenue   3,412     2,106   62.0 %     7,965     6,409     24.3 %
    Gain on sale of leased equipment   9,519     773   1,131.4 %     33,148     5,101     549.8 %
    Maintenance services revenue   5,948     6,199   (4.0 )%     17,956     16,707     7.5 %
    Other revenue   1,816     2,039   (10.9 )%     6,841     5,279     29.6 %
    Total revenue   146,223     105,745   38.3 %     416,426     304,275     36.9 %
                           
    EXPENSES                      
    Depreciation and amortization expense   23,650     23,088   2.4 %     68,303     68,131     0.3 %
    Cost of spare parts and equipment sales   8,861     2,024   337.8 %     17,003     9,581     77.5 %
    Cost of maintenance services   6,402     5,580   14.7 %     17,647     14,351     23.0 %
    Write-down of equipment   605     719   (15.9 )%     866     2,390     (63.8 )%
    General and administrative   40,037     26,545   50.8 %     104,305     86,103     21.1 %
    Technical expense   5,151     8,739   (41.1 )%     17,924     19,755     (9.3 )%
    Net finance costs:                      
    Interest expense   27,813     19,052   46.0 %     75,378     56,526     33.4 %
    Total net finance costs   27,813     19,052   46.0 %     75,378     56,526     33.4 %
    Total expenses   112,519     85,747   31.2 %     301,426     256,837     17.4 %
                           
    Income from operations   33,704     19,998   68.5 %     115,000     47,438     142.4 %
    Income (loss) from joint ventures   756     346   118.5 %     7,255     (1,289 )   nm  
    Income before income taxes   34,460     20,344   69.4 %     122,255     46,149     164.9 %
    Income tax expense   10,364     5,726   81.0 %     34,704     13,321     160.5 %
    Net income   24,096     14,618   64.8 %     87,551     32,828     166.7 %
    Preferred stock dividends   948     819   15.8 %     2,758     2,431     13.5 %
    Accretion of preferred stock issuance costs   15     21   (28.6 )%     39     63     (38.1 )%
    Net income attributable to common shareholders $ 23,133   $ 13,778   67.9 %   $ 84,754   $ 30,334     179.4 %
                           
    Basic weighted average income per common share $ 3.51   $ 2.16       $ 13.01   $ 4.83      
    Diluted weighted average income per common share $ 3.37   $ 2.13       $ 12.57   $ 4.70      
                           
    Basic weighted average common shares outstanding   6,582     6,365         6,513     6,282      
    Diluted weighted average common shares outstanding   6,859     6,466         6,745     6,454      

    Unaudited Condensed Consolidated Balance Sheets
    (In thousands, except per share data)

        September 30, 2024   December 31, 2023
    ASSETS        
    Cash and cash equivalents   $ 5,791   $ 7,071
    Restricted cash     99,333     160,958
    Equipment held for operating lease, less accumulated depreciation     2,435,583     2,112,837
    Maintenance rights     31,506     9,180
    Equipment held for sale     4,286     805
    Receivables, net     37,069     58,485
    Spare parts inventory     74,089     40,954
    Investments     61,891     58,044
    Property, equipment & furnishings, less accumulated depreciation     36,119     37,160
    Intangible assets, net     4,177     1,040
    Notes receivable, net     175,358     92,621
    Investments in sales-type leases, net     23,204     8,759
    Other assets     55,187     64,430
    Total assets   $ 3,043,593   $ 2,652,344
             
    LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY        
    Liabilities:        
    Accounts payable and accrued expenses   $ 119,560   $ 52,937
    Deferred income taxes     178,177     147,779
    Debt obligations     1,990,455     1,802,881
    Maintenance reserves     108,090     92,497
    Security deposits     27,203     23,790
    Unearned revenue     39,294     43,533
    Total liabilities     2,462,779     2,163,417
             
    Redeemable preferred stock ($0.01 par value)     63,053     49,964
             
    Shareholders’ equity:        
    Common stock ($0.01 par value)     72     68
    Paid-in capital in excess of par     41,035     29,667
    Retained earnings     473,609     397,781
    Accumulated other comprehensive income, net of tax     3,045     11,447
    Total shareholders’ equity     517,761     438,963
    Total liabilities, redeemable preferred stock and shareholders’ equity   $ 3,043,593   $ 2,652,344
    CONTACT: Scott B. Flaherty
      Executive Vice President & Chief Financial Officer
      (561) 413-0112

    The MIL Network –

  • MIL-OSI: Mercuria and HNK Alpha Execute First Carbon Futures Block Trades on Abaxx Commodity Futures Exchange and Clearinghouse

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 04, 2024 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced the execution of the first two carbon futures block trades, traded between Mercuria and HNK Alpha on October 30, 2024.

    Mercuria and HNK Alpha traded 50 lots of December 2024 CORSIA¹ Phase 1 Carbon Offset Unit Futures at USD $24.00/tCO2e². Mercuria and HNK Alpha also traded 50 lots of December 2025 JREDD+³ Carbon Offset Unit Futures at USD $17.75/tCO2e.

    Abaxx’s carbon futures contracts are designed to enhance price discovery and equip market participants with improved risk management tools. These centrally-cleared, physically-deliverable contracts were launched in June to provide reliable price signals essential for pricing carbon emissions and advancing decarbonization efforts.

    “We’re proud that Mercuria has chosen to use Abaxx Exchange Environmental Futures to better manage their risk in global carbon markets,” said Abaxx Exchange’s Head of Environmental Markets, Alasdair Were. “We’ve built these contracts in collaboration with global market participants and to meet the needs of the commercial market, and we look forward to continue working with world-class trading firms like Mercuria to build liquidity in our carbon markets.”

    Abaxx’s suite of futures contracts for LNG and carbon are open for trading 14 hours a day, Monday through Friday. Visit abaxx.exchange/resources-directory for a full list of clearing firms and execution brokers.

    Notes:
    ¹ Carbon Offsetting and Reduction Scheme for International Aviation
    ² Tonne of carbon dioxide equivalent
    ³ Jurisdictional Reducing Emissions from Deforestation and Forest Degradation

    About Abaxx Technologies

    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is a majority-owner of Abaxx Exchange and Abaxx Clearing, subsidiaries recognized by MAS as an RMO and ACH, respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:
    Steve Fray, CFO
    Tel: +1 647 490 1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 647 490 1590
    E-mail: ir@abaxx.tech

    Forward-Looking Statements

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

    Forward-looking information related to Abaxx in this press release includes, but is not limited to, Abaxx’s objectives, goals or future plans, the development and implementation of additional products and futures contracts, the ability to meet commercial demands for its products and to meet the needs of the commercial market, the ability to develop and maintain relationships with trading firms and build liquidity for its products. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network –