NewzIntel.com

Category: Energy

  • MIL-OSI USA: LEADER JEFFRIES: “THIS REALLY IS A MATTER OF LIFE AND DEATH AND IT’S ALL BEING DONE TO TRY TO ENACT MASSIVE TAX CUTS FOR MAGA BILLIONAIRE DONORS”

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Today, Democratic Leader Hakeem Jeffries appeared on MSNBC’s Morning Joe where he emphasized that Democrats will continue pushing back against the reckless Republican scheme to rip healthcare and nutritional assistance away from the American people. 

    MIKA BRZEZINSKI: This morning, the House Energy and Commerce Committee continues its marathon session on proposed Medicaid cuts that will be included in the Republican Party’s sweeping domestic policy bill. Let’s bring in House Minority Leader, Democratic Congressman Hakeem Jeffries of New York. It’s good to have you on sir. Tell us about those cuts. How will Americans be feeling them?

    LEADER JEFFRIES: Well, good morning. House Democrats are working hard through the night, both on the Energy and Commerce Committee and the Ways and Means Committee, to push back against this GOP Tax Scam, where they are trying to enact the largest Medicaid cut in American history north of $700 billion. And independent observers have confirmed that if the Republicans are successful in passing this GOP Tax Scam, then approximately 14 million people will actually lose their health coverage. Hospitals will close. Nursing homes will shut down. This really is a matter of life and death, and it’s all being done to try to enact massive tax cuts for MAGA billionaire donors like Elon Musk. It’s shameful.

    WILLIE GEIST: Leader Jeffries, I’m also looking deep into this bill at proposed cuts to SNAP. That’s food assistance for people across the country—red states, blue states, white, Black, Latino, you name it. $300 billion cuts proposed. What would be the impact of that?

    LEADER JEFFRIES: Republicans are literally ripping food out of the mouths of children and seniors and veterans. About 20% of households that have veterans living in them right now rely upon SNAP. And in addition to trying to jam this massive cut to healthcare down the throats of the American people, this would be the largest cut to nutritional assistance in the history of the United States of America. And so Republicans are really pushing an extreme agenda at this point in time, directed by Donald Trump. And unfortunately, what we’ve seen is that Republicans in the Congress continue to simply be a rubber stamp as opposed to standing up for the best interests of their constituents.

    KATTY KAY: Leader Jeffries, there’s so much going on around the country and so much news coming out of this administration that perhaps this bill is not getting the attention you may feel it deserves. I know there were protesters and some people arrested up on Capitol Hill this week. How can you make Democrats and Republicans who could lose in red states and rural areas as well from this bill—how can you make them more aware and get their voices heard so that changes could be made to the bill?

    LEADER JEFFRIES: Well, these cuts are deeply unpopular across the country, and we’re seeing that in district after district after district. One of the reasons why Republican House leaders have told their members to stop holding town hall meetings is because the American people in blue states, in swing states, in red states have been showing up protesting these proposed cuts to their healthcare, these proposed cuts in nutritional assistance, the efforts to hurt veterans. And so, we just have to keep the pressure on. We’re in a more-is-more environment. We’re doing town hall meetings in our districts and town hall meetings in Republican districts, rallies and speeches and demonstrations and sit-ins. We’ll continue to elevate for the American people the stakes of this battle. And all we need is to find four Republicans who are willing to do the right thing and we could stop this extreme budget from being enacted.

    JOE SCARBOROUGH: Let me circle back to an issue that we were talking about a month ago. And I’m just curious what Congress is doing, what Congress can do, what Democrats can do about USAID. We have a situation where you have the richest billionaire in the world slashing funding that’s going to ultimately take food out of the mouths of the poorest children on the planet. Now, USAID obviously was a congressionally-mandated agency. You all authorized the spending. You appropriated the spending. And I’m just curious, when does Congress circle back? Because I know there are a lot of Republicans on the Hill that don’t want PEPFAR cut, this Bush program that was inspired by his faith, his evangelical faith, saved over 25 million lives in Africa. We can talk about Catholic charities, Baptist charities. A lot of cuts, both secular and religious charities, helping the poorest across the world. What can Congress do to make sure that funding starts back up?

    LEADER JEFFRIES: Well, Joe, as you know, the Constitution gives Congress generally, and the House specifically, the power of the purse. And as the appropriations process begins at the conclusion of this Republican budget reconciliation effort, we’re going to have to strongly push our Republican colleagues to join us to make sure that congressionally-mandated funding, including as it relates to USAID, which helps the best interests of the United States of America. It’s the right thing to do. It’s a moral outrage that these funds have been cut, but it’s also a strategic outrage because what the Trump administration and Elon Musk are doing are undermining the soft power of the United States of America. And if we don’t step in to battle these humanitarian situations that are happening across the world, China will step in and that’s bad for the national security of the United States of America.

    MIKA BRZEZINSKI: House Minority Leader, Democratic Congressman Hakeem Jeffries of New York, thank you very much for coming on the show this morning. We appreciate it.

    LEADER JEFFRIES: Thank you.

    Full interview can be watched here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Senator Welch, Oregon Governor Kotek, Sens. Klobuchar, Luján, Wyden, and Merkley Host Press Call on Republicans’ Attack on SNAP, Nutrition Programs

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. — U.S. Senator Peter Welch (D-Vt.), Ranking Member of the Senate Agriculture Committee Subcommittee on Rural Development, Energy, and Credit, Senator Amy Klobuchar (D-Minn.), Ranking Member of the Senate Agriculture Committee, Senator Ben Ray Luján (D-N.M.), Ranking Member of the Senate Agriculture Committee Subcommittee on Nutrition and Specialty Crops, Senators Ron Wyden (D-Ore.), Jeff Merkley (D-Ore.), Oregon Governor Tina Kotek, and Hunger Free Vermont this week hosted a press call on Republicans’ efforts to gut the Supplemental Nutrition Assistance Program (SNAP), a critical anti-hunger program that helps more than 41.6 million Americans.  
    Tuesday night and Wednesday morning, the House Agriculture Committee held a markup on the Republican tax bill, which will cut $290 billion in SNAP benefits  
    “We’re at the moment of truth—it’s the time for action and no longer just talk. Here’s the truth: Republicans’ plan is about taking things away from people who need them and depend on them. In Vermont, about 1 in 10 Vermonters are receiving SNAP benefits. And that is our poorest Vermonters, low-income folks, kids—it makes a huge difference in their life that they can have access to SNAP,” said Senator Welch. “Now, our Republican colleagues are talking about taking about $290 billion out of the SNAP program. This is really about taking away basic nutritional security that is so absolutely essential to the wellbeing of our families and our kids in Vermont and in every single state across the nation.” 
    Watch a livestream of the press call here. 
    “Instead of working with Democrats to lower costs from President Trump’s across-the-board tariffs, House Republicans have decided to pull the rug out from under families by cutting the SNAP benefits that 42 million Americans rely on to put food on the table – all to fund a tax cut for billionaires. That’s shameful,” said Ranking Member Klobuchar. 
    “Something that we all know to be true is everyone deserves to have access to affordable, healthy, nutritious food, and make sure it’s on the table. In my state, 1 in 4 people rely on SNAP, many of whom are children. If this program is cut at that $230 billion level, it devastates it,” said Senator Luján. “Republicans are not looking out for their constituents who depend on federal programs—they’re looking out for the wealthiest Americans and corporate interests, plain and simple.” 
    “The combination of less food assistance for seniors and kids and Republican cuts in Medicaid is a prescription for a sicker America. This is health care 101: you need access to food to be healthy, and you need access to timely health care when you’re ill. Under the Republican program, more people are going to get sicker,” said Senator Wyden. “We are all in on this battle—we’ll be damned if we’re going to see access to nutrition and health care lost in order to give tax breaks to people at the top.” 
    “This Republican reconciliation bill is clear: families lose, billionaires win,” said Senator Merkley. “Millions of children will lose health care and go hungry—there’s a good chance that lots of kids won’t even be able to study in school. Nobody learns anything when they’re hungry. It’s pretty outrageous—we need to say, ‘hell no’ to this.” 
    “SNAP is one of the most effective anti-poverty and pro-health programs we have in America. It helps over 700,000 Oregonians, more than half of them children, seniors, or people with disabilities, put food on the table. When you cut SNAP, you’re not cutting bureaucracy—you’re cutting a child’s breakfast, their dinner, and their family’s dignity,” said Governor Tina Kotek. “These changes are not just unsustainable cost shift to states – they are an attack on the food security of millions of hard-working Americans. They make it harder for states like mine to do our jobs, to meet urgent needs, and to plan responsibly. Instead of this shortsighted plan, we need to invest in American families and the food security that we know strengthens communities, supports our economies, and reflects the basic decency we owe one another.” 
    “Every day, one in ten Vermonters—85% of which are children, older adults, or people with disabilities—rely on SNAP not only to afford groceries but to build better lives. Even the possibility of SNAP cuts is creating real harm, and we’re hearing worries from Vermonters who are already budgeting every dollar about losing this vital support. Proposals to make deep, devastating cuts to SNAP can’t be justified ever, and even less so now, when food prices are rising and families are already stretched thin. SNAP is a lifeline that must be protected, not slashed,” said Ivy Enoch, SNAP Policy & Training Lead, Hunger Free Vermont. 
    Senator Welch has been a leading advocate for protecting and expanding access to nutrition programs in the Senate. Last week, Senator Welch joined Senator Kirsten Gillibrand (D-N.Y.) in introducing the Improving Access to Nutrition Act of 2025, legislation to help more Americans access SNAP by lifting Republicans’ punitive time limits on SNAP eligibility requirements. Learn more about the bill here. 

    MIL OSI USA News –

  • MIL-OSI USA: U.S. electricity prices continue steady increase

    Source: US Energy Information Administration

    In-depth analysis

    May 14, 2025

    Retail electricity prices have increased faster than the rate of inflation since 2022, and we expect them to continue increasing through 2026, based on forecasts in our Short-Term Energy Outlook. Parts of the country with relatively high electricity prices may experience greater price increases than those with relatively low electricity prices.

    Overall, U.S. energy prices rapidly increased from 2020 to 2022 as economic activity recovered after the worst of the pandemic and Russia’s invasion of Ukraine interrupted energy supply chains. Since 2022, nominal prices for many fuels have declined, particularly for those such as gasoline and heating oil that are tied more closely to crude oil prices, which are affected by international markets. Electricity prices, though, have continued a steady increase.

    Regions with already high electricity prices may see larger increases

    Although we expect the nominal U.S. average electricity price to increase by 13% from 2022 to 2025, our forecasts for retail electricity price increases differ across the country. Residential electricity prices in the Pacific, Middle Atlantic, and New England census divisions—regions where consumers already pay much more per kilowatthour for electricity—could increase more than the national average. By comparison, residential electricity prices in areas with relatively low electricity prices may not increase as much.

    Electricity prices include more than the cost of generating electricity

    Retail electricity prices include the cost of generating, transmitting, and delivering electricity to ultimate customers, as well as taxes and other fees. In recent years, electric utilities have increased capital investment to replace or upgrade aging generation and delivery infrastructure, among other factors. Between 2013 and 2023, electricity prices closely tracked inflation, but we expect increases in electricity prices to outpace inflation through 2026.

    Utility spending on electricity distribution has surpassed spending on electricity transmission and production, according to our analysis of utilities’ financial reports to the Federal Energy Regulatory Commission. The generation-related portions of retail electricity typically lag changes in wholesale spot prices of electricity generation fuels such as natural gas and coal depending on the customer contract agreements.

    Electricity expenditures are second only to gasoline

    U.S. consumers spent an average of about $1,760 on electricity expenditures in 2023. Among fuel-related expenditures, electricity expenditures are surpassed only by gasoline, which averaged nearly $2,450 in 2023, according to the most recent data available from the U.S. Bureau of Labor Statistics’ Consumer Expenditure Survey. Annual fluctuations in electricity expenditures tend to be more moderate than gasoline prices, which tend to follow changes in global crude oil prices.

    Principal contributor: Owen Comstock

    MIL OSI USA News –

  • MIL-OSI: Olga Haygood Named S44 Energy CEO to Lead OaaS EV Charging

    Source: GlobeNewswire (MIL-OSI)

    MONTVALE, N.J., May 14, 2025 (GLOBE NEWSWIRE) — S44, a technology leader specializing in transformative software solutions for the automotive and energy sectors, today announced Olga Haygood as CEO of S44 Energy. Haygood, who has been leading S44 Energy’s strategic initiatives and product innovation, brings more than two decades of leadership experience to the role. As CEO, she will continue to drive S44 Energy’s mission to break software barriers and scale charging infrastructure, advancing a more sustainable, accessible future.

    Over the past five years, Haygood has played a critical role in S44’s evolution, helping transform the company into a global leader in EV and mobility software. As Chief Growth Marketing Officer, she spearheaded the development of CitrineOS, the open-source charge station management system (CSMS), now part of Linux Foundation Energy. Her leadership extended across marketing, sales, brand and business development, helping shape S44’s overall strategy and guiding its expansion into international markets.

    In 2024, Haygood grew S44 Energy with professional services for EV charging software while developing a new product in stealth. As CEO, she will launch the company’s new Open-as-a-Service (OaaS) platform, revolutionizing how EV charging networks are deployed and operated. This new product will provide unparalleled flexibility, transparency and scalability for operators worldwide.

    “The industry doesn’t need another software company. It needs a catalyst. A way to unlock EV infrastructure at scale,” said Haygood. “As the leader of S44 Energy, I look forward to helping CPOs deploy charging networks that are reliable, flexible and future-proof.

    Before joining S44, Haygood held leadership roles at global agencies including J. Walter Thompson and Wunderman, where she worked with Fortune 500 clients such as Northrop Grumman, GE Digital and Walmart. Her background spans public policy, marketing, branding and culture transformation, with a consistent focus on building high-performing, mission-aligned teams.

    To learn more about S44 Energy, visit the company website and follow it on LinkedIn for updates about its OaaS EV charging software.

    About S44
    S44 is a technology group comprising two specialized companies: S44 Energy and S44 Automotive. S44 Energy is a software company dedicated to advancing e-mobility through scalable, open EV charging solutions for charge point operators, fleets and infrastructure providers. With a commitment to open standards, innovation and sustainability, S44 Energy empowers the transition to electric mobility. S44 Automotive, a SaaS provider to automotive retailers and OEMs, offers solutions for personalization, predictive analytics, and product configurators — enhancing customer experiences and improving sales efficiency.

    Headquartered in the U.S. and Germany, S44 Holdings leverages the strengths of its two companies to drive innovation and transformation across the mobility ecosystem.

    Media Contact
    Liesse Jayalath
    Look Left Marketing
    s44@lookleftmarketing.com

    The MIL Network –

  • MIL-OSI: Altura Energy Provides Update on Brokered Private Placement

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

    VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Altura Energy Corp. (the “Company”) (TSXV: ALTU), (FRA: Y02.F) is pleased to announce that, further to its news release dated April 15, 2025, it has engaged Haywood Securities Inc. (the “Agent”) to act as the sole agent and bookrunner in connection with a private placement offering of up to 15,000,000 units of the Company (each, a “Unit”) at a price of $0.10 per Unit for gross proceeds to the Company of up to $1,500,000 (the “Offering”).

    Each Unit will consist of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share (a “Warrant Share”) at an exercise price of $0.25 at any time up to sixty months following the Closing Date (as defined herein). In the event that the closing price of the Common Shares on the TSX Venture Exchange (or such other stock exchange the Common Shares may be listed on from time to time) is equal to or greater than $0.75 for a period of twenty consecutive trading days (the “Acceleration Event”), the Company may, within five trading days following the Acceleration Event, upon issuing a news release, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such news release.

    The Company has granted the Agent an option to sell up to an additional 2,250,000 Units at the Issue Price for additional gross proceeds to the Company of up to $225,000, exercisable in whole or in part at any time up to 48 hours prior to the Closing Date.

    The Units to be issued under the Offering will be Offered by way of private placement pursuant to applicable exemptions from the prospectus requirements in each of the provinces of Canada, and in jurisdictions outside of Canada, excluding the United States, mutually agreed by the Company and the Agent, provided that no prospectus filing, registration or comparable obligation arises in such other jurisdiction.

    The Offering is expected to close on or around June 4, 2025 or such other date as agreed upon between the Company and the Agent (the “Closing Date”) and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the Offering will have a hold period of four months and one day from the Closing Date in accordance with applicable securities laws.

    The net proceeds from the Offering will be utilized by the Company to repay existing indebtedness and for working capital and general corporate purposes.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    ABOUT ALTURA ENERGY CORP.

    Altura Energy Corp. is an exploration and production company with interests in the prolific Holbrook basin of Arizona. For more information, please visit SEDAR+ (www.sedarplus.ca).

    FOR FURTHER INFORMATION

    Robert Johnston
    CEO & Director
    +1 604-609-6110

    Forward Looking Statements

    Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

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

    The MIL Network –

  • MIL-OSI Banking: Tariff-related disruptions to outweigh other oil and gas themes, says GlobalData

    Source: GlobalData

    Tariff-related disruptions to outweigh other oil and gas themes, says GlobalData

    Posted in Oil & Gas

    US tariffs and energy security are expected to remain the focal points for oil and gas trade in 2025. Tariff-induced trade tensions might exert downward pressure on the US and global economy in the near term, potentially affecting the energy demand. It is therefore important for the industry to assess the impact of macroeconomic themes of tariffs, along with geopolitics, and supply chain while charting out its growth plans, says GlobalData, a leading data and analytics company.

    GlobalData’s thematic report, “Top 20 Oil & Gas Themes – 2025,” identifies the top 20 themes that will impact the oil and gas industry in 2025. Besides macro themes, the ones enabling the transition towards clean energy, such as renewables, low-carbon hydrogen, carbon capture and storage (CCS), and electric vehicles (EV) are expected to have a potential impact on oil and gas operations in 2025 and beyond.

    Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “The US government initially imposed hefty import tariffs on most countries in line with their respective trade deficits, which were later normalized at 10% for a period of 90 days. As a result, the global economic forecast is clouded by the frequent changes in the US tariffs and the prospect of retaliatory rate increases from affected trading partners, especially China.”

    The industry has largely recovered from the geopolitical developments since 2022 that had vastly impacted global supply chains. While the global oil demand is anticipated to grow in 2025, fueled by consistent economic expansion in Asia, the stability of supply hinges on geopolitical risks and the production strategies of OPEC+ nations.

    Puranik adds: “A resolution to the conflict in Ukraine, along with incremental increases in OPEC+ output post-April 2025, could ensure adequate market supply, even in the face of stringent US sanctions on Iran and Venezuela.”

    Traditional oil and gas themes, namely LNG, shale, and integrated refineries will continue to enable companies to remain competitive in the energy market. The report also features disruptive tech themes, such as artificial intelligence (AI), blockchain, cloud computing, cybersecurity, the Internet of Things (IoT), and robotics.

    Puranik concludes: “GlobalData research shows that companies who invest in the right themes become success stories; those who miss the big themes ultimately fail. Given that so many themes are disruptive, it is very easy to be blindsided by industry outsiders invading the sector. In this scenario it is important to understand the biggest themes in the industry and the how they could help companies thrive in the rapidly changing energy dynamics.”

    MIL OSI Global Banks –

  • MIL-OSI: Himax and Vuzix to Showcase Integrated Industry-Ready AR Display Module at Display Week 2025

    Source: GlobeNewswire (MIL-OSI)

    TAINAN, Taiwan and ROCHESTER, N.Y., May 14, 2025 (GLOBE NEWSWIRE) — Vuzix® Corporation (Nasdaq: VUZI), (“Vuzix”), a leading supplier of AI-powered smart glasses, waveguides and Augmented Reality (AR) technologies and Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today announced the joint debut of a next-generation AR optical module at Display Week 2025, one of the premier symposiums and exhibitions in the display industry and taking place May 11–16, 2025 in San Jose, California. The demonstration features Himax’s latest ultra-luminous, miniature Dual-Edge Front-lit LCoS microdisplay seamlessly integrated with Vuzix’ production-ready waveguides. Together, the technologies form a fully integrated module that delivers breakthrough brightness and power efficiency in an unparalleled compact design, enabling sleek, lightweight AR glasses for both enterprise and consumer applications. This co-design initiative, scheduled for commercial release at the end of 2025, focuses on optimizing optical performance to deliver industry-leading visual quality.

    Himax’s innovative and proprietary Dual-Edge Front-lit LCoS microdisplay sets a new industry benchmark with a volume of just 0.09 c.c., weighing less than 0.2 grams, yet capable of delivering 1 lumen of output and up to 350,000 nits of luminance, all while consuming no more than 250mW total power consumption. This ensures exceptional eye-level visibility across diverse lighting environments.

    Vuzix’ mass production waveguides elevate the optical experience with a slim 0.7 mm thickness, industry-leading lightweight, less than 5 grams, minimal discreet eye glow below 5%, and a 30-degree diagonal field of view (FOV). Fully customizable and integration-ready for next-generation AR devices, these waveguides support prescription lenses, offer both plastic-substrate and higher-refractive-index options, and are engineered for cost-effective large-scale deployment.

    “This demonstration showcases a commercially viable integration of Himax’s high-performance color LCoS microdisplay with Vuzix’ advanced waveguides, an industry-leading solution engineered for scale,” said Paul Travers, CEO of Vuzix. “Our waveguides are optically superior, customizable, and production-ready. Together, we’re helping accelerate the adoption of next-generation AR wearables.”

    “We are proud to work alongside Vuzix to bring this industry-ready solution to market,” said Simon Fan-Chiang, Senior Director at Himax. “Our latest LCoS innovation redefines what’s possible in size, brightness, and power efficiency paving the way for next generation AR devices. By pairing with Vuzix’ world-class waveguides, we are enabling AR devices that are immersive, comfortable and truly wearable.”

    Himax and Vuzix invite all interested parties to stop by at Booth #1711 at Display Week 2025 to experience the demo and learn more about this exciting joint solution.

    About Vuzix Corporation

    Vuzix is a leading designer, manufacturer and marketer of AI-powered Smart Glasses, Waveguides and Augmented Reality (AR) technologies, components and products for the enterprise, medical, defense and consumer markets. The Company’s products include head-mounted smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well OEM waveguide optical components and display engines. Vuzix holds more than 425 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and the augmented reality wearables field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2024 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in: Rochester, NY; and Kyoto and Okayama, Japan. For more information, visit the Vuzix website, X and Facebook pages.

    www.vuzix.com

    About Himax Technologies, Inc.

    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,603 patents granted and 389 patents pending approval worldwide as of March 31, 2025.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

    Vuzix Contact:
    Ed McGregor, Director of Investor Relations
    Vuzix Corporation
    Tel: (585) 359-5985
    Email: IR@vuzix.com
    www.vuzix.com

    Himax Contacts:
    Karen Tiao, Head of IR/PR
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    The MIL Network –

  • MIL-OSI Global: Challenges to high-performance computing threaten US innovation

    Source: The Conversation – USA – By Jack Dongarra, Emeritus Professor of Computer Science, University of Tennessee

    Oak Ridge National Laboratory’s Frontier supercomputer is one of the world’s fastest. Oak Ridge Leadership Computing Facility, CC BY

    High-performance computing, or HPC for short, might sound like something only scientists use in secret labs, but it’s actually one of the most important technologies in the world today. From predicting the weather to finding new medicines and even training artificial intelligence, high-performance computing systems help solve problems that are too hard or too big for regular computers.

    This technology has helped make huge discoveries in science and engineering over the past 40 years. But now, high-performance computing is at a turning point, and the choices the government, researchers and the technology industry make today could affect the future of innovation, national security and global leadership.

    High-performance computing systems are basically superpowerful computers made up of thousands or even millions of processors working together at the same time. They also use advanced memory and storage systems to move and save huge amounts of data quickly.

    With all this power, high-performance computing systems can run extremely detailed simulations and calculations. For example, they can simulate how a new drug interacts with the human body, or how a hurricane might move across the ocean. They’re also used in fields such as automotive design, energy production and space exploration.

    Lately, high-performance computing has become even more important because of artificial intelligence. AI models, especially the ones used for things such as voice recognition and self-driving cars, require enormous amounts of computing power to train. High-performance computing systems are well suited for this job. As a result, AI and high-performance computing are now working closely together, pushing each other forward.

    Lawrence Livermore National Laboratory’s supercomputer El Capitan is currently the world’s fastest.

    I’m a computer scientist with a long career working in high-performance computing. I’ve observed that high-performance computing systems are under more pressure than ever, with higher demands on the systems for speed, data and energy. At the same time, I see that high-performance computing faces some serious technical problems.

    Technical challenges

    One big challenge for high-performance computing is the gap between how fast processors are and how well memory systems can keep up with the processors’ output. Imagine having a superfast car but being stuck in traffic – it doesn’t help to have speed if the road can’t handle it. In the same way, high-performance computing processors often have to wait around because memory systems can’t send data quickly enough. This makes the whole system less efficient.

    Another problem is energy use. Today’s supercomputers use a huge amount of electricity, sometimes as much as a small town. That’s expensive and not very good for the environment. In the past, as computer parts got smaller, they also used less power. But that trend, called Dennard scaling, stopped in the mid-2000s. Now, making computers more powerful usually means they use more energy too. To fix this, researchers are looking for new ways to design both the hardware and the software of high-performance computing systems.

    There’s also a problem with the kinds of chips being made. The chip industry is mainly focused on AI, which works fine with lower-precision math like 16-bit or 8-bit numbers. But many scientific applications still need 64-bit precision to be accurate. The greater the bit count, the more digits to the right of the decimal point a chip can process, hence the greater precision. If chip companies stop making the parts that scientists need, then it could become harder to do important research.

    This report discusses how trends in semiconductor manufacturing and commercial priorities may diverge from the needs of the scientific computing community, and how a lack of tailored hardware could hinder progress in research.

    One solution might be to build custom chips for high-performance computing, but that’s expensive and complicated. Still, researchers are exploring new designs, including chiplets – small chips that can be combined like Lego bricks – to make high-precision processors more affordable.

    A global race

    Globally, many countries are investing heavily in high-performance computing. Europe has the EuroHPC program, which is building supercomputers in places such as Finland and Italy. Their goal is to reduce dependence on foreign technology and take the lead in areas such as climate modeling and personalized medicine. Japan built the Fugaku supercomputer, which supports both academic research and industrial work. China has also made major advances, using homegrown technology to build some of the world’s fastest computers. All of these countries’ governments understand that high-performance computing is key to their national security, economic strength and scientific leadership.

    The U.S.-China supercomputer rivalry explained.

    The United States, which has been a leader in high-performance computing for decades, recently completed the Department of Energy’s Exascale Computing Project. This project created computers that can perform a billion billion operations per second. That’s an incredible achievement. But even with that success, the U.S. still doesn’t have a clear, long-term plan for what comes next. Other countries are moving quickly, and without a national strategy, the U.S. risks falling behind.

    I believe that a U.S. national strategy should include funding new machines and training for people to use them. It would also include partnerships with universities, national labs and private companies. Most importantly, the plan would focus not just on hardware but also on the software and algorithms that make high-performance computing useful.

    Hopeful signs

    One exciting area for the future is quantum computing. This is a completely new way of doing computation based on the laws of physics at the atomic level. Quantum computers could someday solve problems that are impossible for regular computers. But they are still in the early stages and are likely to complement rather than replace traditional high-performance computing systems. That’s why it’s important to keep investing in both kinds of computing.

    The good news is that some steps have already been taken. The CHIPS and Science Act, passed in 2022, provides funding to expand chip manufacturing in the U.S. It also created an office to help turn scientific research into real-world products. The task force Vision for American Science and Technology, launched on Feb. 25, 2025, and led by American Association for the Advancement of Science CEO Sudip Parikh, aims to marshal nonprofits, academia and industry to help guide the government’s decisions. Private companies are also spending billions of dollars on data centers and AI infrastructure.

    All of these are positive signs, but they don’t fully solve the problem of how to support high-performance computing in the long run. In addition to short-term funding and infrastructure investments, this means:

    • Long-term federal investment in high-performance computing R&D, including advanced hardware, software and energy-efficient architectures.
    • Procurement and deployment of leadership-class computing systems at national labs and universities.
    • Workforce development, including training in parallel programming, numerical methods and AI-HPC integration.
    • Hardware road map alignment, ensuring commercial chip development remains compatible with the needs of scientific and engineering applications.
    • Sustainable funding models that prevent boom-and-bust cycles tied to one-off milestones or geopolitical urgency.
    • Public-private collaboration to bridge gaps between academic research, industry innovation and national security needs.

    High-performance computing is more than just fast computers. It’s the foundation of scientific discovery, economic growth and national security. With other countries pushing forward, the U.S. is under pressure to come up with a clear, coordinated plan. That means investing in new hardware, developing smarter software, training a skilled workforce and building partnerships between government, industry and academia. If the U.S. does that, the country can make sure high-performance computing continues to power innovation for decades to come.

    Jack Dongarra receives funding from the NSF and the DOE.

    – ref. Challenges to high-performance computing threaten US innovation – https://theconversation.com/challenges-to-high-performance-computing-threaten-us-innovation-255188

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Invest in African Energy (IAE) 2025: Innovative Financing to Unlock Africa’s Energy Potential

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

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

    Africa holds immense energy potential, with more than 125 billion barrels of proven oil reserves, 620 trillion cubic feet of natural gas and 60% of the world’s best solar resources. Yet, the continent continues to struggle with attracting the capital needed to leverage these resources for transformative development. Addressing this paradox, panelists at the Invest in African Energy Forum in Paris underscored how innovative financing mechanisms can help unlock Africa’s vast energy opportunities.

    “There’s a huge amount of financing required to close the financing gap on the continent. It’s quite clear that there’s not enough capital and we need to think about innovative ways to source capital. With the right fiscal regimes, regulatory frameworks and policies, investors will come to invest in the energy sector in Africa,” stated Taiwo Okwor, Vice President: Invest Division and Natural Resources Division at development institution the Africa Finance Corporation.

    By utilizing innovative financing tools and regional cooperation mechanisms, Africa will be able to scale investments and reduce risk. Additionally, by leveraging blended finance, de-risking strategies and multilateral partnerships, countries can not only secure capital but bolster energy access at a continental scale. However, challenges will need to be addressed, including lack of investor certainty, regulatory barriers and red tape.  

    “Investors thrive on predictability,” stated Ibra Ndiaye, Partner: Energy, Industry & Services at professional services network Forvis Mazars. “According to the African Energy Chamber, 45% of investors cite uncertainty in legal frameworks in Africa as a major concern before entering new markets. This ambiguity in regulatory frameworks creates a delay in project implementation.”

    To address regulatory challenges and increase energy capacity, there is an urgent need for systemic reform in the continent’s utility companies. Stronger institutions and reforms have emerged as critical drivers for attracting private sector involvement. Panelists noted that many state-owned utilities across Africa are unable to deliver consistent and reliable energy services due to financial instability and poor infrastructure.

    “What have we done to improve the quality of utilities going forward? I think 85% of utilities across Africa are technically insolvent and cannot meet the energy needs of Africans,” stated Reginald Max, Senior Advisor for Infrastructure and Independent Power Producers for financial institution the Trade and Development Bank. Max added that until the underlying inefficiencies in energy distribution and cost recovery are addressed, investor confidence will remain weak.

    Another core issue raised was the necessity of implementing cost-reflective tariffs. Tariff policies in many countries have kept electricity prices artificially low, discouraging private investment and further burdening state utilities.

    “The key is cost-reflective tariffs,” stated Liz Williamson, Head of Energy Corporate Finance at investment banking firm Rand Merchant Bank, adding, “We need the political will to go through the pain to get to cost-reflective tariffs. This could make a big difference in terms of liability.”

    As the session concluded, the panelists emphasized that while the continent faces considerable hurdles, the combination of its resource wealth and growing investor interest presents a promising path forward – if governments and stakeholders can align on reform, innovation and regional integration.

    MIL OSI Africa –

  • MIL-OSI: Enphase Energy Announces IQ Batteries Qualify for New York Battery Incentive Program

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., May 14, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced that homeowners in all of New York’s major investor-owned electric utility service territories who install Enphase IQ® Batteries can now qualify to enroll in the NYSERDA New York Battery Incentive Program. Qualifying homeowners can receive an upfront payment of up to $6,250 through the program.

    Homeowners in the Central Hudson, ConEd, NYSEG, National Grid, Orange and Rockland, and Rochester G&E service areas could receive the upfront incentive. Homeowners in the ConEd territory of New York City and Westchester County are eligible for an upfront incentive of $250/kWh, capped at $6,250 per site. For example, customers who install five IQ® Battery 5Ps could earn $6,250 upfront. Additionally, homeowners in all other utility territories are eligible for an upfront incentive of $200/kWh, capped at $5,000 per site. Homeowners who install five IQ Battery 5Ps can earn up to $5,000 upfront.

    “This incentive program significantly reduces the upfront cost of energy storage for our customers,” said Michael Catizone, president and co-founder at Long Island Power Solutions, an installer of Enphase products in New York. “The combination of the IQ Battery’s reliability with NYSERDA’s incentives creates a compelling value proposition for homeowners looking to gain energy independence.”

    “Our customers consistently praise the seamless integration between Enphase solar and battery products,” said Achilles Tzoulafis, owner of Infinity Energy, an installer of Enphase products in New York. “With this new incentive program, the advanced monitoring and control features of the IQ Battery are now more accessible to New York homeowners concerned about rising energy costs.”

    “With nearly a million homes losing power during major storms in 2024 alone, and unprecedented utility rate hikes across New York, homeowners urgently need reliable backup solutions,” said Steve Kasselman, president and CEO of Kasselman Solar, a Platinum level installer of Enphase products in New York. “At Kasselman Solar, we’ve deployed multiple generations of Enphase battery systems statewide — and the IQ Battery 5P is their smartest, most advanced, and dependable technology yet. NYSERDA’s new incentive makes this proven solution more affordable than ever, providing residents immediate energy independence, lasting savings, and peace of mind that the lights will stay on, no matter what.”

    “There are hundreds of active installers of Enphase products and tens of thousands of existing Enphase solar-only systems that could benefit from this program,” said Ken Fong, senior vice president and general manager of the Americas and APAC at Enphase Energy. “This program can help accelerate the adoption of reliable home energy storage by supporting homeowner energy independence while potentially providing significant savings.”

    NYSERDA opened its registration portal for participating contractors on April 22, 2025, and will start receiving residential incentive applications on June 10, 2025. Enphase IQ Battery 5Ps and soon-to-be-released IQ® Battery 10Cs are expected to qualify for the program. For instructions on how to register and submit an incentive, installers can view the program manual. For more information about the New York Battery Incentive Program, please visit the NYSERDA website.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power — and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 81.5 million microinverters, and approximately 4.8 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://investor.enphase.com.

    ©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality, and reliability; expectations regarding NYSERDA New York Battery Incentive Program; and timing and availability of qualifying under the various programs. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    Contact:

    Enphase Energy

    press@enphaseenergy.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Angola Entry via Strategic Partnership with Corcel plc Investment in KON-16 Onshore Kwanza Basin

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to announce the formation of a strategic partnership with Corcel, plc (AIM: CRCL) (“Corcel”) focused initially on opportunities in Angola.

    Specifically, Sintana and Corcel have entered into an agreement which provides for Sintana’s acquisition of an indirect 5% net interest in KON-16 located in the onshore Kwanza Basin in Angola. Sintana will acquire its interest through the acquisition of a 5.88% equity stake in a newly formed Special Purpose Vehicle (“SPV”) that will hold Corcel’s consolidated 85% gross interest in KON-16. Additionally, Sintana will receive a future 2.5% Net Profits Interest (“NPI”) on Corcel’s interest in KON-16 of up to $50,000,000, after which the NPI reduces to 1.5%. The consideration for the transaction is a total of US$2.5MM payable by way of an initial US$500,000 deposit and a balance of payment at closing, which is subject to entry into definitive documents and other completion conditions expected to occur in Q3 2025.

    KON-16 represents one of the most exciting opportunities in the onshore Kwanza Basin with a history of successful exploration establishing petroleum systems in both post- and pre-salt intervals. KON-16 has multiple exploration opportunities, including a large, multi-target prospect whose primary targets contain estimated unrisked volumes of several hundred million barrels of recoverable oil.

    Corcel and Sintana have also executed a Joint Study and Bid Agreement establishing an alliance to evaluate and pursue oil and gas exploration and production opportunities in Angola. Under the agreement, both parties commit to jointly collaborate on the identification and review of new opportunities. Participation in any specific opportunity is voluntary and subject to unanimous agreement on commercial and other bid terms.

    “Our emerging partnership with Corcel is emblematic of our strategy to work with best-in-class partners and deploy high impact capital that brings us exposure to large potential resource outcomes that require little additional capital,” said Robert Bose, CEO of Sintana. “We look forward to the expansion of our West African conjugate margin exposure through our acquisition of an interest in KON-16, one of the most promising blocks in a proven, underexplored basin,” he added.

    ABOUT SINTANA ENERGY:

    The Company is engaged in petroleum and natural gas exploration and development activities on six large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and in Colombia’s Magdalena Basin.

    On behalf of Sintana Energy Inc.,

    “A. Robert Bose”
    Chief Executive Officer

    For additional information or to sign-up to receive periodic updates about Sintana’s projects, and corporate activities, please visit the Company’s website at www.sintanaenergy.com

    Corporate Contacts:   Investor Relations Advisor:
    Robert Bose Sean Austin Jonathan Paterson
    Chief Executive Officer Vice-President Founder & Managing Partner
    212-201-4125 713-825-9591 Harbor Access
    475-477-9401
         

    Forward-Looking Statements

    Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to potential future farmout agreements on PEL 83 and/or PEL 87, and proposed future exploration and development activities on PEL 83 and/or PEL 90 and neighbouring properties, statements as to the future prospectivity of KON-16, the closing of the proposed transaction with Corcel as presently proposed or at all, the receipt of all applicable regulatory approvals, as well as the prospective nature of the Company’s property interests. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory approvals, results of exploration and development activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56e0d936-7e4d-49ce-8408-a41979ca8677

    The MIL Network –

  • MIL-OSI United Kingdom: DfE Update: 14 May 2025

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    DfE Update: 14 May 2025

    Latest information and actions from the Department for Education about funding, assurance and resource management, for academies, local authorities and further education providers.

    Applies to England

    Documents

    DfE Update academies: 14 May 2025

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    DfE Update local authorities: 14 May 2025

    HTML

    Details

    Latest for further education

    No edition.

    Latest information for academies

    Article Title
    Webinar Academy finance professionals May power hour – HMRC
    Webinar Q&A drop-in sessions: Academies chart of accounts and automation
    Webinar DfE Energy for schools: simplified buying of gas and electricity
    Webinar Buying ICT for your school
    Webinar The Risk Protection Arrangement (RPA) webinar

    Latest information for local authorities

    Article Title
    Reminder Submit your section 151 (S151) officer assurance return and schools financial value standard (SFVS) assurance statement for 2024 to 2025
    Webinar DfE Energy for schools: simplified buying of gas and electricity
    Webinar Buying ICT for your school
    Webinar The Risk Protection Arrangement (RPA) webinar

    Updates to this page

    Published 14 May 2025

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI: Boralex reports net earnings of $41 million for the first quarter of 2025 and the start of production at the Limekiln wind farm, its first operational project in the United Kingdom

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the first quarter of 2025.

    Highlights

    Financial results

    • Lower EBITDA(A)1, operating income and net earnings in Q1-2025
      • Production down 4% (1% on a Combined1 basis)2 from Q1-2024 and 10% (11%) below anticipated production1. Good weather conditions in Canada partially offset less favourable conditions in France.
      • EBITDA(A) of $176 million ($199 million) in Q1-2025, down $19 million ($19 million) from Q1-2024, mainly attributable to lower production and short-term power purchase agreements prices that were more favourable in Q1-2024, in France.
      • Operating income of $65 million ($99 million) in Q1-2025, down $41 million ($35 million) from Q1-2024.
      • Net earnings of $41 million in Q1-2025, down $32 million from Q1-2024.
    • Lower cash flow related to operating activities for the quarter but consistently strong balance sheet
      • Net cash flows related to operating activities of $172 million for Q1-2025 compared to $230 million for Q1-2024.
      • Discretionary cash flows1 of $74 million for Q1-2025, down $4 million from Q1-2024.
      • $388 million in cash and cash equivalents and $504 million in available cash resources and authorized financing1 as at March 31, 2025.
      • Extension of the term of the revolving credit facility to 2030 in April 2025, along with an increase in the letter-of-credit facility guaranteed by Export Development Canada from $350 million to $470 million in April.

    Update on development and construction activities

    • Start of production at the 106 MW Limekiln wind farm in Scotland
    • Progress in under-construction and ready-to-build projects in spite of supply chain and construction costs challenges
      • Ongoing construction at the Apuiat wind project in Québec (total 200 MW, Boralex’s share 100 MW), with commissioning scheduled for summer 2025.
      • Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025.
      • Ongoing work on the Des Neiges Sud wind project in Québec (total 400 MW, Boralex’s share 133 MW), with phased commissioning scheduled for in late 2026/early 2027.
    • 129 MW added to early-stage project pipeline

    “Boralex has had a good start to 2025 with the commissioning of Limekiln, our first wind farm in Scotland, which is a major step toward achieving our growth objectives in the United Kingdom, a market with strong development potential. I am very grateful to our teams, whose dedication continue to ensure the company’s growth in our strategic markets. In a context of increasingly volatile resources, the geographic and technological diversification of our operations makes us more resilient,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

    “During the quarter, our wind assets in Canada delivered a strong performance, partially offsetting lower contributions from wind farms in France, which were adversely affected by less favourable wind conditions and the impact of lower contribution from short term contracts. Our teams remain fully focused on improving the operating performance of our assets, pursuing with our cost optimization initiatives and strengthening our selling price optimization strategy. In the coming quarters, Boralex is planning to bid on multiple projects under the calls for tender to be issued this year in each of our target markets. We look forward to sharing news on our 2025-2030 strategic plan at our Investor Day, which will be held on June 17 in Toronto,” Mr. Decostre added.

    ______________________________________________
    1 EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
    2 Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.

    1st quarter highlights

    Three-month periods ended March 31

        Consolidated   Combined  
    (in millions of Canadian dollars, unless otherwise specified) (unaudited)   2025   2024   Change   2025   2024   Change  
                $   %           $   %  
    Power production (GWh)(1)   1,691   1,767   (76 ) (4 ) 2,334   2,355   (21 ) (1 )
    Revenues from energy sales and                                  
    feed-in premium   226   259   (33 ) (13 ) 267   291   (24 ) (8 )
    Operating income   65   106   (41 ) (39 ) 99   134   (35 ) (26 )
    EBITDA(A)   176   195   (19 ) (10 ) 199   218   (19 ) (9 )
    Net earnings   41   73   (32 ) (44 ) 41   73   (32 ) (44 )
    Net earnings attributable to                                  
    shareholders of Boralex   30   55   (25 ) (46 ) 30   55   (25 ) (46 )
    Per share – basic and diluted   $0.29   $0.53   ($0.24 ) (46 ) $0.29   $0.53   ($0.24 ) (46 )
    Net cash flows related to operating                                  
    activities   172   230   (58 ) (25 ) —   —   —   —  
    Cash flows from operations(2)   135   157   (22 ) (14 ) —   —   —   —  
    Discretionary cash flows   74   78   (4 ) (5 ) —   —   —   —  
    (1) Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed- in premium.
    (2) The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.

    In the first quarter of 2025, Boralex produced 1,691 GWh (2,334 GWh) of electricity, 4% (1%) less than the 1,767 GWh (2,355 GWh) produced in the same quarter of 2024. The decrease was attributable mainly to unfavourable wind conditions in France and to a lesser degree to hydropower in the United States. Boralex ended the quarter with production that was 10% (11%) below anticipated production.

    Revenues from energy sales and feed-in premiums for the three-month period ended March 31, 2025, amounted to $226 million ($267 million), 13% (8%) lower than in the first quarter of 2024. The decrease was mainly attributable to the lower production and price impact in France, where Boralex had benefited from higher prices in the previous year. EBITDA(A) amounted to
    $176 million ($199 million), down 10% (9%) from the first quarter of 2024. The lower prices in France were partly offset by a decrease in the inframarginal rent contribution, which no longer applies in 2025. Operating income totalled $65 million ($99 million), compared to $106 million ($134 million) for the same quarter of 2024. Boralex posted net earnings of $41 million, down $32 million from $73 million in the same quarter of 2024.

    Outlook

    Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements of fiscal 2024 in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, which is available in the Investors section of the Boralex website.

    In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs.

    Finally, to fuel its organic growth, the Corporation has a pipeline of projects at various stages of development defined on the basis of clearly identified criteria, totalling 8 GW of wind, solar and energy storage projects.

    Dividend declaration

    The Company’s Board of Directors has authorized and announced a quarterly dividend of $0.1650 per common share. This dividend will be paid on June 16, 2025, to shareholders of record at the close of business on May 30, 2025. Boralex designates this dividend as an “eligible dividend” pursuant to paragraph 89 (14) of the Income Tax Act (Canada) and all provincial legislation applicable to eligible dividends.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50% to over 3.2 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit www.boralex.com or www.sedarplus.ca. Follow us on Facebook and LinkedIn.

    Non-IFRS measures

    Performance measures

    In order to assess the performance of its assets and reporting segments, Boralex uses various performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. It is important to note that the non-IFRS financial measures should not be considered as substitutes for IFRS measures. They are primarily derived from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. In addition, these non-IFRS financial measures are not audited and have important limitations as analytical tools. Investors are therefore cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

    Non-IFRS financial measures
    Specific financial measure Use Composition Most directly comparable IFRS measure
    Financial data – Combined (all disclosed financial data) To assess the performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates. Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests.

    Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.)

    		 Respective financial data – Consolidated
    Discretionary cash flows To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business.

    Corporate objectives for 2025 from the strategic plan.

    		 Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less:

    (i) distributions paid to non-controlling shareholders;
    (ii) additions to property, plant and equipment (maintenance of operations);
    (iii) repayments on non-current debt (projects) and repayments to tax equity investors;(iv) principal payments related to lease liabilities;
    (v) adjustments for non-operational items; plus
    (vi) development costs (from the statement of earnings).

    		 Net cash flows related to operating activities
    Cash flows from operations To assess the cash generated by the Corporation’s operations and its ability to finance its expansion from these funds. Net cash flows related to operating activities before changes in non-cash items related to operating activities. Net cash flows related to operating activities
    Available cash and cash equivalents(1) To assess the cash and cash equivalents available, as at the balance sheet date, to fund the Corporation’s growth. Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded. Cash and cash equivalents
    Available cash resources and authorized financing(1) To assess the total cash resources available, as at the balance sheet date, to fund the Corporation’s growth. Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents. Cash and cash equivalents


    (1)     For more details on the reconciliation between the non-GAAP financial measure and the most directly comparable financial measure, see the Capital and liquidity – Available cash resources and authorized financing section in this report.

    Other financial measures – Total of segments measure
    Specific financial measure Most directly comparable IFRS measure
    EBITDA(A) Operating income
    Other financial measures – Supplementary Financial Measures
    Specific financial measure Composition
    Credit facilities available for growth The credit facilities available for growth include the unused tranche of the parent company’s credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility – France and the unused tranche of the construction facility.
    Anticipated production For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out.


    Combined

    The following tables reconcile Consolidated financial data with data presented on a Combined basis:

          2025     2024
    (in millions of Canadian dollars) (unaudited) Consolidated Reconciliation(1) Combined Consolidated  Reconciliation(1) Combined
    Three-month periods ended March 31:            
    Power production (GWh)(2) 1,691 643 2,334 1,767 588 2,355
    Revenues from energy sales and feed-in            
    premium 226 41 267 259 32 291
    Operating income 65 34 99 106 28 134
    EBITDA(A) 176 23 199 195 23 218
    Net earnings 41 — 41 73 — 73
      As at March 31, 2025 As at December 31, 2024
    Total assets 7,582 924 8,506 7,604 872 8,476
    Debt – Principal balance 4,095 554 4,649 4,032 556 4,588
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment’s wind farms and includes corporate expenses of $1 million under EBITDA(A) for the three-month period ended March 31, 2025 ($1 million as at March 31, 2024).
    (2) Includes compensation following electricity production limitations.


    EBITDA(A)

    EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and restructuring costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other.

    EBITDA(A) is used to assess the performance of the Corporation’s reporting segments.

    EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:

              2025           2024   Change
    2025 vs 2024
    (in millions of Canadian dollars) (unaudited) Consolidated   Reconciliation(1)   Combined   Consolidated   Reconciliation(1)   Combined   Consolidated   Combined
    Three-month periods ended March 31:                              
    EBITDA(A) 176   23   199   195   23   218   (19 ) (19)
    Amortization (74 ) (16 ) (90 ) (73 ) (15 ) (88 ) (1 ) (2)
    Impairment (6 ) —   (6 ) —   —   —   (6 ) (6)
    Other gains (losses) (4 ) —   (4 ) 4   —   4   (8 ) (8)
    Share in earnings of joint ventures                              
    and associates (28 ) 28   —   (19 ) 19   —   (9 ) —
    Change in fair value of a derivative                              
    included in the share in earnings of                              
    a joint venture 1   (1 ) —   (1 ) 1   —   2   —
    Operating income 65   34   99   106   28   134   (41 ) (35)
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS.


    Cash flow from operations and discretionary cash flows

    The Corporation computes the cash flow from operations and discretionary cash flows as follows:

      Consolidated
      Three-month periods ended   Twelve-month periods ended  
      March 31   March 31   December 31  
    (in millions of Canadian dollars) (unaudited) 2025   2024   2025   2024  
    Net cash flows related to operating activities 172   230   157   215  
    Change in non-cash items relating to operating activities (37 ) (73 ) 236   200  
    Cash flows from operations 135   157   393   415  
    Repayments on non-current debt (projects)(1) (64 ) (65 ) (238 ) (240 )
    Adjustment for non-operating items(2) 5   —   11   7  
      76   92   166   182  
    Principal payments related to lease liabilities(3) (7 ) (6 ) (20 ) (19 )
    Distributions paid to non-controlling shareholders(4) (4 ) (18 ) (38 ) (52 )
    Additions to property, plant and equipment        
    (maintenance of operations) (2 ) (2 ) (10 ) (10 )
    Development costs (from statement of earnings) 11   12   56   57  
    Discretionary cash flows 74   78   154   158  
    (1) Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility – Boralex Energy Investments portfolio.
    (2) For the twelve-month periods ended March 31, 2025 and December 31, 2024, favourable adjustment consisting mainly of acquisition and restructuring costs.
    (3) Excludes the principal payments related to lease liabilities for projects under development and construction.
    (4) Includes distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl.


    Available cash resources and authorized financing

    The Corporation computes the cash flow from operations and discretionary cash flows, as well as available cash resources and authorized financing, as follows:

    (in millions of Canadian dollars) (unaudited) As at March 31,
    2025    		   As at December 31,
    2024    		  
    Available cash and cash equivalents(1)        
    Cash and cash equivalents 388   592  
    Cash and cash equivalents held by entities subject to project debt agreements and restrictions (318 ) (526 )
    Bank overdraft (13 ) (5 )
    Available cash and cash equivalents 57   61  
    Credit facilities of the parent company    
    Authorized credit facility(2) 550   550  
    Amounts drawn under the authorized credit facility(3) (178 ) (157 )
    Unused tranche of the parent company’s credit facility 372   393  
    Unused tranche of the subsidiary’s credit facilities 75   69  
    Credit facilities available for growth(4) 447   462  
    Available cash resources and authorized financing 504   523  
    (1) Available cash and cash equivalents is a non-GAAP measure and doesn’t have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section in this report.
    (2) Excluding the accordion clause of $200 million ($150 million as at December 31, 2024).
    (3) As at March 31, 2025, this amount included $13 million in letters of credit ($33 million as at December 31, 2024).
    (4) Credit facilities available for growth is a supplementary financial measure. For more details, see the Non-IFRS and other financial measures section in this report.


    Disclaimer regarding forward-looking statements

    Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

    Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.

    Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.

    Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

    Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.

    For more information:

    The MIL Network –

  • MIL-OSI: Construction begins on New York’s largest solar energy project

    Source: GlobeNewswire (MIL-OSI)

    ELBA, N.Y., May 14, 2025 (GLOBE NEWSWIRE) — Greenbacker Renewable Energy Company LLC (“Greenbacker”), an energy transition-focused investment manager and independent power producer, today announced the start of major construction activities on its Cider Solar Farm (“Cider”) in Genesee County, New York. Cider, which broke ground on early construction activities in late 2024, was the first renewable energy project of its kind to receive a siting permit from the state’s Office of Renewable Energy Siting and Transmission (“ORES”) under Section 94-c rules and, upon completion in late 2026, will be New York’s largest solar farm to date.

    “We are pleased to begin major construction on New York’s largest solar energy project yet,” said Dan de Boer, Greenbacker Interim CEO and Head of Infrastructure. “Cider offers tangible economic benefits to Genesee County communities and the broader region, and it represents an important milestone in New York’s clean energy transition that will power the state forward for years to come.”

    Cider will deliver significant energy and economic benefits to its surrounding communities. Once it enters commercial operation, Cider is expected to supply about one million megawatt-hours of renewable electricity per year – enough to power approximately 120,000 New York households.1 The project is also projected to generate roughly $100 million in revenue to the Genesee County community over its operational lifespan through property taxes, host community agreements, and tax benefits.

    Cider’s initial construction phase will focus on substantive civil and mechanical activities, including placement of steel piling and racking for solar modules. All phases of construction are expected to be fully underway by mid-summer, including electrical wiring and installation of the high-voltage utility interconnection infrastructure.

    The utility-scale photovoltaic solar project, which spans approximately 2,500 acres, will also support hundreds of construction jobs. Since day one, Greenbacker has committed to working with local Genesee County organized labor whenever possible and seeks to meet – and exceed – all wage and hiring requirements outlined by the state. Additionally, Greenbacker has secured a Project Labor Agreement with a New York-based bona fide building and construction trade organization to ensure Cider is staffed with experienced, skilled, and trained union workers.

    “Our union is pleased to provide local, highly skilled labor supporting Cider’s construction,” said Carpenter’s Local 276 Business Manager Chris Austin. “While this is an important moment for New York’s green energy ambitions, it is an even bigger indicator of the growing strength of our state’s specialized workforce—which is drawn chiefly from labor unions like ours—to support projects like Cider in the Empire State.”

    Greenbacker became Cider’s long-term owner and operator following its acquisition of the project from Hecate Energy LLC (“Hecate”), a leading developer of renewable power projects and energy storage solutions in the U.S. Cider is Greenbacker’s largest clean energy project to date, for which it secured $950 million in aggregate financing to support its acquisition, construction, and operation.

    The project also plans to employ agrivoltaics—the practice of utilizing a site for both solar photovoltaic power generation and agricultural activities. Initially, Cider plans to host rotational sheep grazing on over 300 acres, with the potential to host additional acreage over Cider’s operational lifetime, as part of a more cost-effective, nature-based approach to vegetation management at the site.

    The start of Cider’s construction marks an important milestone in New York’s efforts to build a robust green energy workforce and achieve its clean energy goals. Solar projects like Cider have created 14,000 good-paying jobs statewide.2 During its first year of operation, the energy generated by Cider is expected to offset approximately 680,000 metric tons of carbon dioxide,3 which according to the U.S. Environmental Protection Agency is equivalent to the annual emissions from over 150,000 passenger vehicles.

    As of December 31, 2024, Greenbacker’s clean energy assets had cumulatively produced more than 11 million MWh of clean power since January 2016, abating over 7 million metric tons of carbon4 and saving nearly 8 billion gallons of water.5 Greenbacker’s fleet of operating and pre-operating projects currently support, or are expected to support, thousands of green jobs.6

    Additional information regarding Greenbacker can also be found in the company’s impact report. For more information on Hecate Energy and the Cider Solar Farm, visit www.CiderSolarFarm.com.

    About Greenbacker Renewable Energy Company
    Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. Greenbacker conducts its asset management business through its wholly owned subsidiary, Greenbacker Capital Management, LLC, an SEC-registered investment adviser. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit https://greenbackercapital.com.

    1Governor Hochul Announces Siting Approval of New York’s Largest Solar Facility to Date, governor.ny.gov.

    2New York State Has Achieved Major Solar Milestone A Year Early, NYSERDA, October 2024.

    3Greenhouse Gas Equivalencies Calculator, US EPA.

    4 Data is as of December 31, 2024. When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions.

    5 Data is as of December 31, 2024. Water saved by Greenbacker’s clean energy projects is compared to the amount of water needed to produce the same amount of power by burning coal. Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature – IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802.

    6 Data is as of December 31, 2024. Green jobs calculated using The National Renewable Energy Laboratory (NREL) State Clean Energy Employment Projection Support, nrel.gov.

    The MIL Network –

  • MIL-OSI Africa: Mauritania Shifts to Private Power with 550 Megawatt (MW) Gas Plant, Bids to Start Within Weeks

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

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

    Mauritania is accelerating its shift toward a fully privatized power generation model, with bids due in the next two to three weeks for a new independent power plant tied to the Greater Tortue Ahmeyim (GTA) gas project. The country’s Minister of Petroleum and Energy, Mohamed Ould Khaled, made the announcement at the Invest in African Energy 2025 Forum in Paris on Tuesday.

    “All new power generation projects in Mauritania will be private. State-owned companies will no longer be involved in power generation,” said the Minister. He added that two projects currently being developed as IPPs will be fueled by domestic gas and will contribute a combined 550 MW to the national grid over the next couple of years.

    The power sector reform is part of a wider transformation aimed at enabling Mauritania to harness its significant gas and renewable energy resources to power industrialization, expand electricity access and drive inclusive growth.

    “We want to develop large-scale natural gas and renewable energy resources. We want to expand affordable, clean power access to our people and industries and power inclusive economic growth, especially to unleash our mining potential.” 

    Mauritania currently has 57% energy access and aims to achieve full national coverage by 2030, according to the Minister. Gas from the GTA project – shared with Senegal – will play a central role in this transition, supplying enough fuel for a 250 MW combined-cycle power plant in each country during the project’s first phase, he said.

    The Minister described Mauritania as uniquely positioned for energy leadership on the continent and beyond, citing its combination of gas, solar, wind and strategic proximity to Europe. He also highlighted Mauritania’s position as the African leader in green hydrogen project development, backed by newly modernized regulatory frameworks.

    “Mauritania holds the largest pipeline of green hydrogen projects in Africa, which are designed not only to export molecules, but to catalyze industrialization in Mauritania and decarbonize hard-to-abate sectors. We have the potential to produce 12 million tons of green hydrogen production per year, with wind speeds of 10 meters per second and amazing solar.”

    “To support this transformation, we have completely modernized our framework,” the Minister continued. “We have opened up the electricity sector to private investments, introduced a new local content policy, and implemented new PPP and investment codes. Additionally, we have launched Africa’s first green hydrogen code, which provides clarity and long-term stability for investors.”

    Looking ahead, Mauritania’s integrated energy vision includes the expanded development of the BirAllah gas field – another major deepwater discovery – along with subsequent phases of the GTA project to reach 10 million tons of LNG per year, cross-border electricity trade with neighboring countries and further development of its mining sector.

    MIL OSI Africa –

  • MIL-OSI: Introduction to UXUY Protocol

    Source: GlobeNewswire (MIL-OSI)

    Singapore, May 14, 2025 (GLOBE NEWSWIRE) — Abstract
    The advent of crypto has created the largest ownerless asset system in human history. Under the guidance of evolving crypto narratives, assets are being minted, issued, traded, and stored at near-zero marginal cost.
    While centralized exchanges (CEXs) offer trading venues for a select number of popular assets, they can no longer meet the rapidly growing demand. It is evident that CEXs are limiting the expansion of the crypto industry.
    UXUY Protocol aims to become a new layer of on-chain infrastructure by creating a permissionless and decentralized DEX framework. By connecting multiple major blockchains, it seamlessly integrates AMMs and order books, enabling ultra-fast on-chain crypto trading. At the same time, it provides powerful tools for developers and users to foster innovation and adoption in areas such as RWA and DeFi.
    Just as Uniswap opened the door to on-chain trading, UXUY Protocol is accelerating the path toward mass adoption.

    The Explosion of Crypto Assets

    As blockchain continues to gain traction, crypto assets are rapidly emerging as one of the most disruptive and high-growth forces globally. From the “super meme cycle” to the “Trump coin” craze, and the widespread use of USD, treasuries, stablecoins, and RWAs (Real World Assets), crypto assets have evolved far beyond simple transfers and trades. They are now deeply integrating with the real world and accelerating the structural transformation of the global financial system.

    In this permissionless new system, crypto assets have created a trustless financial network with no central authority—becoming the largest and most open ownerless asset system in human history. Various cryptocurrencies, tokens, and other forms of digital assets are minted, issued, traded, and stored at nearly zero marginal cost. This enables founders, users, small dev teams, and large institutions across the globe to easily participate in this decentralized economy.

    The explosion of crypto assets calls for an entirely new infrastructure—this is where UXUY Protocol comes in.

    Permissionless Trading Infrastructure

    Existing trading infrastructure is under strain. While centralized exchanges (CEXs) provide trading for major crypto assets, their centralized nature cannot keep up with the rapidly expanding demand. CEXs have become a major bottleneck for asset discovery and adoption.

    The key to solving this lies in building a permissionless and decentralized trading infrastructure that can meet the broader needs of DeFi and multi-chain asset trading. UXUY Protocol was born to break these limitations—offering a more open, transparent, and secure decentralized trading platform.

    UXUY Protocol connects multiple leading blockchains and integrates AMM, order book, RFQ, and oracle-based solutions to provide a fast and low-cost trading environment, enabling free movement of assets across chains. This decentralized model not only improves early asset liquidity but also enhances user security and privacy.

    UXUY Protocol is pioneering a new paradigm in crypto trading—launching an entirely new category beyond CEXs and DEXs: SEX (Smart Exchange Protocol).

    Unlike traditional centralized or decentralized exchanges, SEX goes beyond mere trading. It introduces innovations such as abstract wallets, GasLess transactions, on-chain AI alerts, and one-click trading—fundamentally reshaping the on-chain trading. By making trading faster, cheaper, and smarter, it delivers truly accessible crypto finance for everyone. The first app built on SEX, UXUY APP, is non-custodial—user assets remain fully in their control without exposure to platform risks or hacks, enabling both security and self-sovereignty.

    With its innovative GasLess module, users can trade on-chain without paying gas fees. This allows both everyday users and developers to enjoy efficient decentralized trading without extra costs—accelerating the adoption of crypto assets and advancing the decentralized ecosystem.

    What Is UXUY Protocol Doing?

    UXUY Protocol’s core mission is to build a permissionless protocol that comprehensively addresses the liquidity issues of on-chain trading. By combining multiple trading mechanisms, it not only offers an efficient platform for existing crypto assets but also supports the onboarding and liquidity of emerging ones.

    The protocol uses smart routing to aggregate a variety of trading models, including AMM (Automated Market Maker), OrderBook, RFQ (Request for Quote), and oracle-based pricing solutions—providing diverse trading options to cater to the needs of users and developers.

    Whether you’re a professional trader, DeFi developer, or an institution bringing RWA onto the blockchain, UXUY Protocol offers the right trading path for you.

    Unlike traditional DEX protocols, UXUY Protocol retains the advantages of various trading models and builds on them to offer accurate pricing and lower slippage.

    AMM (Automated Market Maker)

    AMMs are the dominant trading model for traditional DEXs. Users trade assets via liquidity pools, making it ideal for long-tail and early-stage tokens. The benefits include simplicity, no need for matching engines, and inherent decentralization.

    However, AMMs face challenges such as high slippage, impermanent loss, and low capital efficiency, making them vulnerable to frontrunning and MEV attacks. Many LPs (liquidity providers) report greater losses from impermanent loss than gains from fees.

    UXUY Protocol treats AMM as a core liquidity source and uses smart routing to dynamically optimize trade paths, enhancing efficiency and cost—without being limited to AMM alone.

    OrderBook (On-Chain Order Book)

    Order books—used in traditional finance and CEXs—offer more precise price discovery than AMMs. But on-chain implementation demands higher performance and infrastructure, along with complex deployment and higher liquidity costs.

    Best suited for high-volume assets, UXUY Protocol supports high-performance on-chain order book protocols to improve price precision and depth—delivering a professional-grade experience for serious traders.

    RFQ (Request for Quote)

    RFQ is ideal for large trades where liquidity may be limited—making it the preferred choice for custom OTC deals.

    Since RFQ relies on market makers’ responses, it’s less real-time and less automated, and therefore not suitable for frequent small trades. UXUY Protocol integrates RFQ to meet institutional demands for price stability and trade privacy.

    Oracle-Based Solutions

    Oracle models provide asset pricing through high-quality data sources—ideal for RWA, stablecoins, and some derivatives. Their strength lies in transparency and authoritative pricing, though they may suffer from delays, manipulation, or feed attacks.

    UXUY Protocol leverages major oracle networks to support pricing and settlement, building a more robust trading system.

    Additionally, UXUY Protocol’s cross-chain interoperability and liquidity provide a richer infrastructure for the on-chain trading of crypto assets.

    UXUY Founder Kevin Says:

    “By integrating AMM, OrderBook, RFQ mechanisms, and oracle-powered pricing, UXUY Protocol systematically solves the liquidity challenges in crypto trading. It is also the first on-chain trading system to implement GasLess transactions—lowering the user barrier and accelerating the shift from CEX to SEX (Smart Exchange Protocol).”

    The MIL Network –

  • MIL-OSI United Kingdom: Thousands of Civil Service roles moved out of London in latest reform to the state

    Source: United Kingdom – Executive Government & Departments

    Press release

    Thousands of Civil Service roles moved out of London in latest reform to the state

    Civil servant roles, including senior leadership, will be relocated to 13 locations across the UK to develop and deliver policy closer to communities

    • Thousands of Civil Servants – including senior leaders – will be based in towns and cities across the UK to work with frontline workers and local leaders.

    • New digital and AI campus in Manchester and energy campus in Aberdeen to turbocharge local talent and expertise in these communities.

    • As part of our Plan for Change to re-wire the state, 11 central London offices will be closed including one of the largest Whitehall buildings – saving £94m per year – as the number of roles in the capital is reduced by 12,000.

    Thousands of civil service jobs will be relocated to 13 towns and cities across the country as part of our Plan for Change.

    The shake up will require more senior and policy roles to be based outside London. This will deliver and develop government policy closer to the communities it affects as part of a more productive and agile state.

    The plans will see officials working closely with frontline workers, facilitating greater understanding of the real issues facing local services and people, and how central government policy can support them.

    Changes will be introduced so talented young people from across the UK are able to progress straight from school or university into the Civil Service and rise all the way up to the most senior roles, without ever having worked in Whitehall.

    Chancellor of the Duchy of Lancaster Pat McFadden, said:

    To deliver our Plan for Change, we are taking more decision-making out of Whitehall and moving it closer to communities all across the UK.

    By relocating thousands of Civil Service roles we will not only save taxpayers money, we will make this Government one that better reflects the country it serves. We will also be making sure that Government jobs support economic growth throughout the country.

    As we radically reform the state, we are going to make it much easier for talented people everywhere to join the Civil Service and help us rebuild Britain.

    As part of the spending review, Chancellor of the Duchy of Lancaster Pat McFadden has written to all departments requiring them to relocate key roles and strengthen the Government’s presence around the UK. 

    Government departments now will submit plans for how many roles they plan to move to each of the locations as part of the spending review.

    Departments will be assessed on their commitments to the programme as part of the spending review. As well as increasing the number of officials working in Greater Manchester and Aberdeen, where two new government campuses will be created, roles will be created in Birmingham, Leeds, Cardiff, Glasgow, Darlington, Newcastle and Tyneside, Sheffield, Bristol, Edinburgh, Belfast and York.

    The changes are projected to bring £729m in local economic benefits to these areas between 2024 and 2030.

    New Regional Government Campuses

    Under the plans and to accelerate the delivery of the Missions, three major new Government campuses will be created. 

    Government campuses involve departments moving skilled roles to the same town or city to boost collaboration – bringing civil servants with different skills and expertise but the same policy or delivery focus, to solve issues and improve services for working people across the country.

    The first two of these, the new Government Digital and AI Innovation Campus and Energy Campus, will be in Manchester and Aberdeen.

    Manchester is already home to the second HQs of DSIT and DCMS, as well as a key base for GCHQ. The new campus will harness the city’s reputation as a global digital hub. 

    Aberdeen is the site of DESNZ’s second HQ, and the new HQ for Great British Energy.

    The new campuses will partner with local government and universities to deliver the government’s missions, improve the talent pipeline into Government and boost growth and opportunity. 

    Supporting Senior Civil Service Careers Outside London

    To ensure those based outside of London have equal professional growth and development opportunities, with full end-to-end careers, the Government will locate 50% of UK-based Senior Civil Servants in regional offices by 2030. 

    This will be supported by a new ambition for the Fast Stream programme to have 50% of placements offered outside of London by 2030, making it increasingly possible for future leaders and managers to progress in their careers without ever needing to work in the capital. 

    A new ‘Career Launch Apprenticeship’ programme will also open for applications this Summer, starting in 2026. The Level 3 Business Administrator apprenticeship programme will train up future civil servants based in Birmingham and Manchester, as well as London. 

    A new secondment scheme will also be developed and launched, in partnership with the Local Government Association, with Civil Servants placed directly with local authorities, building links within regions, and ensuring those delivering policy, experience first hand the work of local government and the services they provide.

    Making Savings in London

    Alongside the relocation of jobs, 11 London office buildings will be closed over the next five years and the number of London based civil servants will reduce by 12,000 by 2030 – down from 95,000 FTE staff to 83,000 – as the government focuses on saving taxpayer money and delivering better public services across all parts of the UK. 

    The move is set to deliver £94 million in savings annually by 2032, by getting rid of large, expensive London real estate. The plans include the closure of two major Westminster government buildings – 102 Petty France, one of the largest government buildings in London and home to 7,000 FTE staff, and 39 Victoria Street – which together cost tens of millions of pounds a year. 

    Updates to this page

    Published 14 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Trahan Brings Haverhill Voice to the Fight for Medicaid during Energy and Commerce Reconciliation Markup

    Source: United States House of Representatives – Congresswoman Lori Trahan (D-MA-03)

    WASHINGTON, DC – During today’s House Energy and Commerce Committee markup on reconciliation legislation, Congresswoman Lori Trahan (MA-03) forcefully opposed proposed House Republicans’ Medicaid cuts by highlighting the devastating impact they would have on people with disabilities. She shared the story of Philip, a Haverhill resident whose independence and daily care depend on Medicaid-funded programs.
    “Philip and millions of Americans across our country like him are not fat to be trimmed or waste to be rooted out by politicians in Washington. They’re hardworking Americans trying to live their lives with dignity and make their communities better,” said Congresswoman Trahan. “They’re our constituents. They need you to vote no on this bill. They need you to stand up to Donald Trump and protect Medicaid. Protect the independence of Americans with disabilities. And if you can’t do that – at least have the courage to look at the American people, people like Philip, in the eyes while you take it all away.”
    CLICK HERE or the image below to view Trahan’s remarks during the Committee’s consideration of reconciliation legislation. A transcript is embedded below.

    “For individuals like my son Philip, Medicaid is a lifeline. If funding is cut, it will devastate his life and the lives of many others who depend on these essential services. Medicaid funds the programs that allow Philip to engage in meaningful activities, such as volunteering with Meals on Wheels, helping to train service dogs, or caring for guinea pigs at the Guinea Pig Sanctuary. These programs give him the chance to contribute to society in ways that are vital for his sense of purpose and independence. Without Medicaid, these programs could disappear, and Philip would lose the opportunity to continue making a difference,” said Philip’s mother, Anne. “If Medicaid cuts happen, it won’t just impact Philip. Organizations like The Arc, which offer vital extracurricular activities such as dances, bowling, and other community events, would face significant cuts. These programs are essential for people with disabilities, providing opportunities for social interaction, independence, and personal growth – opportunities they could lose if Medicaid funding is reduced. I urge you not to dismiss this as a non-issue, because no one can guarantee that the disability community will be unaffected by Medicaid cuts. The reality is that these cuts will harm people with disabilities – including my son.”
    The House Energy and Commerce Committee is currently marking up House Republicans’ reconciliation package that, according to the Congressional Budget Office, would cut $715 billion from Medicaid and eliminate health coverage for at least 13.7 million Americans. The bill would also implement burdensome paperwork requirements that jeopardize Medicaid coverage for 954,000 Massachusetts residents, nearly half of all MassHealth enrollees in the Commonwealth, and impact another 392,790 individuals who receive coverage thanks to the expansion of the Affordable Care Act.
    ——————————————–
    Congresswoman Lori Trahan
    Remarks As Delivered
    House Energy and Commerce Committee Reconciliation Markup
    May 13, 2025
    It may be easy to sit here in Washington without having to face the people who will feel the impact of a bill that will strip millions of Americans of their health coverage – easy because you don’t have to look them in the eyes or hear their stories.
    Let’s open the doors and allow the American people who have stood in line fill the open seats, first and foremost. In the meantime, let me share just one story from my district. 
    This is a photo of Philip, a resident of Haverhill, Massachusetts. Philip has a disability, but that hasn’t stopped him from giving back – whether volunteering with Meals on Wheels, training service dogs, or caring for animals at a sanctuary. He does all this because of Medicaid. 
    Medicaid funds the programs that help Philip gain skills, stay engaged, and remain independent. Medicaid isn’t just a health care program – it’s a foundation for independence for people with disabilities like Philip, who want to live their lives with dignity.
    In Philip’s case, Medicaid funds Opportunity Works and Community Works, a program that helps folks build job skills, engage in volunteer work, and participate meaningfully in society. These initiatives don’t just keep Philip busy – they give him purpose. They help him grow, contribute to, and connect with his community.
    But here’s why I’m telling Philip’s story. This bill – this “big, beautiful bill” as Donald Trump has described it – will slash the federal Medicaid funding that Philip’s program depends on.
    And I know my Republican colleagues will say that states should make up for it – but they know that’s not possible. They know that when funds are cut, it’s initiatives like these that are always first on the chopping block.
    So what then happens to Philip? He loses a lot more than a routine. He loses access to his community, his sense of contribution, his independence.
    Mr. Chairman, Philip and millions of Americans across our country like him are not fat to be trimmed or waste to be rooted out by disingenuous politicians in Washington. They’re hardworking Americans trying to live their lives with dignity and make their communities better. They’re our constituents. They need you to vote no on this bill. They need you to protect Medicaid.
    Protect the independence of Americans with disabilities. And if you can’t do that – at least have the courage to look at the American people, people like Philip, in the eyes while you take it all away.
    I yield back.
    ###

    MIL OSI USA News –

  • MIL-OSI USA: United States and Saudi Arabia Strengthen Alliance with Energy & Critical Mineral Deals

    Source: US Department of Energy

    RIYADH, SAUDI ARABIA — U.S. Secretary of Energy Chris Wright today signed a Memorandum of Understanding (MOU) on energy cooperation and a Memorandum of Cooperation (MOC) on critical minerals with the Kingdom of Saudi Arabia’s Minister of Energy H.R.H. Prince Abdulaziz bin Salman Al Saud and H.E. Minister of Industry and Mineral Resources Bandar Alkhorayef, respectively. Secretary Wright signed the documents as a member of the United States delegation led by President Donald J. Trump. The intention to sign the MOU was announced during Secretary Wright’s trip to Saudi Arabia in April of this year. The signings coincided with President Trump’s announcement that he secured a $600 billion investment commitment from Saudi Arabia.

    “President Trump and I are excited to unveil two historic deals between the United States and the Kingdom of Saudi Arabia, advancing our shared vision of global energy addition by better developing our energy resources, growing our energy infrastructure, enhancing our research relationships, and more,” Secretary Wright said. “These deals on energy and critical minerals as well as the historic investment commitments made earlier today, forge powerful partnerships that will ensure President Trump’s vision of prosperity at home and peace abroad is fully realized.”

    “I’d like to express my sincere thank you to H.R.H. Prince Abdulaziz bin Salman and H.E. Bandar Alkhorayef for weeks of productive dialogue that have made this significant milestone possible. Together, we’re building a future of affordable, reliable, and secure energy for the United States, the Kingdom of Saudi Arabia, and our allies around the world.”

    Background:

    The MOU for energy cooperation, signed by Secretary Wright and Saudi Arabia’s Minister of Energy, H.R.H. Prince Abdulaziz bin Salman Al Saud, explores the potential for innovation, development, deployment of energy infrastructure in the two countries, and providing access to clean cooking solutions in developing countries. The MOU also highlights the intent to collaborate in various fields including petroleum refining and refined products trading, electricity generation technologies and energy storage systems, and artificial intelligence projects to accelerate deployment of energy-driven innovations.

    The two sides also outlined areas for cooperation on civil nuclear energy, including safety, security, and nonproliferation programs; vocational training and workforce development; U.S. Generation III+ advanced large reactor technologies and small modular reactors; uranium exploration, mining, and milling; and safe and secure nuclear waste disposal. 

    The United States and Saudi Arabia also signed a MOC creating a framework for cooperation to strengthen and secure supply chains for critical minerals mining and processing. The two intend to explore joint ventures and investment opportunities, including in refining and processing facilities, and in workforce and research institutions that will ensure continued innovation related to mineral exploration, extraction, and processing. This MOC was signed by Secretary Wright and H.E. Minister of Industry and Mineral Resources, Bandar Alkhorayef.

    MIL OSI USA News –

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Africa –

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

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

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

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

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

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

    Competitiveness Starts at the Wellhead

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

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

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

    Infrastructure-First Approach

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

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

    Local Support Critical to Long-Term Success

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

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

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

    MIL OSI Africa –

  • MIL-OSI Russia: Improvement of Profsoyuznaya Street and 60th Anniversary of October Avenue has begun

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Specialists from the city services complex have begun landscaping Profsoyuznaya Street and 60th Anniversary of October Avenue in the southwest of the capital. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Landscaping Petr Biryukov.

    “The main task is to add modernity, ensure the connectivity of the territory, while preserving its important transit function. The project also provides for a clearer division of space into transit and recreational zones,” said Petr Biryukov.

    The overhead lines will be removed into a cable duct with a length of more than 35 kilometers. This will improve the visual appearance of the territory and ensure the safety of communications.

    Specialists will locally widen the sidewalks and replace their surfaces; the pedestrian area will be 225 thousand square meters. 332.5 thousand square meters of asphalt will be renewed on the roadway.

    For public transport passengers, 18 outdated bus stops will be replaced with new, modern ones, and one additional one will be installed. Energy-saving lamps will appear on the streets, and unregulated crossings will be equipped with contrast lighting supports with bright white light.

    Landscaping is a mandatory component of all capital improvement projects. More than one thousand mature trees will be planted on the territory and over 668 thousand square meters of lawn will be laid out.

    Quickly find out the main news of the capital in the official telegram channel the city of Moscow.

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

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

    https: //vv.mos.ru/nevs/ite/153825073/

    MIL OSI Russia News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Highlights

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

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

    Dr. Sean Guest, President and CEO commented:

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

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

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

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

    Financial and Operating Results Summary

        Three months ended
    Mar 31, 2025    		   Three months ended
    Dec 31, 2024    		 Delta (%)   Three months ended
    Mar 31, 2024    		 Delta (%)
    Oil Production(1) (‘000 bbls) 2,147   2,402 -11 %   1,991 8 %
    Average Daily Oil Production(1) (bbls/d) 23,853   26,109 -9 %   21,882 9 %
    Average Realised Price (US$/bbl) 78.7   76.7 3 %   84.6 -7 %
    Oil Volumes Sold (‘000 bbls) 1,881   2,948 -36 %   1,765 7 %
    Oil Revenue (US$’000) 148,081   226,148 -35 %   149,408 -1 %
    Net Income (US$’000) 14,073   213,983 -93 %   19,418 -28 %
    Adjusted EBITDAX(2) (US$’000) 87,216   132,402 -34 %   88,721 -2 %
    Adjusted Pre-Tax Cashflow from Operations(2) (US$’000) 74,384   133,612 -44 %   72,088 3 %
    Adjusted Cashflow from Operations(2) (US$’000) 73,954   107,134 -31 %   47,855 55 %
    Operating Expenses (US$’000) 38,852   55,607 -30 %   41,788 -7 %
    Adjusted Opex(2) (US$’000) 51,684   54,668 -5 %   52,264 -1 %
    Operating Expenses per bbl (US$/bbl) 18.1   23.2 -22 %   21 -14 %
    Adjusted Opex per bbl(2) (US$/bbl) 24.1   22.8 6 %   26.2 -8 %
    Adjusted Capex(2) (US$’000) 32,899   38,870 -15 %   29,257 12 %
    Weighted average shares outstanding – basic (‘000 shares) 106,532   106,955 0 %   103,229 3 %
                     
        As at
    Mar 31, 2025    		   As at
    Dec 31, 2024    		 Delta (%)   As at
    Mar 31, 2024    		 Delta (%)
    Cash & Cash equivalents(3) (US$’000) 238,871   259,354 -8 %   193,683 23 %
    Adjusted Net Working Capital(2) (US$’000) 253,511   205,735 23 %   141,877 79 %
    Shareholder’s Equity (US$’000) 538,137   528,283 2 %   304,318 77 %
                         

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

    Financial Update

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

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

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

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

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

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

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

    Operations Update and Outlook

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

    Jasmine/Ban Yen

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

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

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

    Nong Yao

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

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

    Wassana

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

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

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

    Manora

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

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

    Türkiye

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

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

    Webcast

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

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

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

    Conference ID: 239 311 896 799

    Dial-in numbers:

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

    For further information, please contact:

    Valeura Energy Inc. (General Corporate Enquiries)
    Sean Guest, President and CEO
    Yacine Ben-Meriem, CFO
    Contact@valeuraenergy.com    		 +65 6373 6940
       
    Valeura Energy Inc. (Investor and Media Enquiries)
    Robin James Martin, Vice President, Communications and Investor Relations
    IR@valeuraenergy.com    		 +1 403 975 6752 / +44 7392 940495
       

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

    About the Company

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

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

    Non-IFRS Financial Measures and Ratios

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

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

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

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

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

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

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

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

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

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

           
        Three months ended  
        Unaudited Unaudited  
        March 31, March 31,  
    US$’000    2025   2024    
    Oil revenues   148,081   149,408    
    Adjusted opex   (51,684 ) (52,264 )  
    Royalties   (17,062 ) (18,639 )  
    Recurring G&A costs   (4,951 ) (6,417 )  
    Adjusted pre-tax cashflow from operations   74,384   72,088    
    Income tax / PITA tax   (407 ) (24,233 )  
    SRB   (23 ) –    
    Adjusted cashflow from operations   73,954   47,855    
    Production during the period   2,147   1,991    
    Adjusted cashflow from operations per barrel (US$/bbl)   34.4   24.0    
           
        Three months ended  
        Unaudited Unaudited  
        March 31, March 31,  
    US$’000    2025   2024    
    Cash generated from operating activities   27,175   81,143    
    Change in non-cash working capital   48,330   (6,033 )  
    Non-cash items   55,514   55,659    
    Adjusted opex   (51,684 ) (52,264 )  
    Recurring G&A costs   (4,951 ) (6,417 )  
    Adjusted pre-tax cashflow from operations   74,384   72,088    
    Income tax / PITA tax   (407 ) (24,233 )  
    SRB   (23 ) –    
    Adjusted cashflow from operations   73,954   47,855    
    Production during the period   2,147   1,991    
    Adjusted cashflow from operations per barrel (US$/bbl)   34.4   24.0    
                 

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

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

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

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

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

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

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

    Advisory and Caution Regarding Forward-Looking Information

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

    Forward-looking information in this news release includes, but is not limited to, the ability to optimise use of tax loss carry-forwards; the Company’s ability to weather volatile markets better than many of its competitors; the Company being in a prime position to pursue its growth ambitions; the Company’s expectations about meeting it’s guidance range for the full year 2025; timing to complete the Jasmine field drilling programme; timing for the Jasmine low-BTU gas generator to be fully operational and online and the potential for savings in operating expenses and reduced greenhouse gas emissions thereafter; timing for the Wassana redevelopment project and start of production from a newly built facility; expectations for future drilling on the Manora field; and the potential for further extensions of the Thrace basin leases and licences.

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI Russia: Future engineers demonstrated their knowledge of hydraulics

    Translation. Region: Russian Federal

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

    The IV Polytechnic Olympiad in Hydraulics was held at the Institute of Civil Engineering of SPbPU. 20 second-year undergraduate and specialist students of the Institute of Civil Engineering participated in it.

    The children had to solve four problems on hydrostatics, the Bernoulli equation, and also perform hydraulic calculations for pipelines.

    Victoria Kozhevnikova and Zlata Maksimova completed the tasks best, Anna Andreeva came in second, and Ilya Spiridonov and Daniil Golyatin came in third. High results in the Olympiad give the students advantages when applying for a master’s degree.

    Diplomas and prizes were presented by Deputy Director for Academic and Methodological Work at ISI Maxim Terekh, Associate Professor of the Higher School of Hydraulic Engineering and Energy Construction Elena Loktionova and Assistant of the Higher School of Hydraulic Engineering and Energy Construction Anna Dontsova.

    “The Olympiad format of involving students in solving non-standard hydraulic problems not only increases interest in studying engineering disciplines, but also helps them adapt to future professional activities,” noted Elena Loktionova, associate professor at the Higher School of Hydraulic and Power Engineering. “Whether it is construction, ecology, water supply, sanitation, heat supply, ventilation, oil and gas production, mechanical engineering, metallurgy or other related industries – there are many hydraulic problems everywhere. And the introduction of modern materials and technologies into practice adds new questions. Of course, they all have their own specifics, but they are based on the general base mastered by students at the university.”

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

    MIL OSI Russia News –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Highlights

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

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

    Dr. Sean Guest, President and CEO commented:

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

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

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

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

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

    Wassana Field Redevelopment

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

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

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

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

    Capital Investment & Development Timeline

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

    Production Profile & Operating Efficiencies

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

    Expansion Potential & Economic Resilience

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

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

    Wassana Reserves and Resources Update

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

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

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

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

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

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

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

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

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

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

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

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

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

    Guidance Update

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

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

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

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

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

    Webcast

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

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

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

    Conference ID: 239 311 896 799

    Dial-in numbers:

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

    For further information, please contact:

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

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

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

    About the Company

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

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

    Oil and Gas Advisories

    Reserves and contingent resources disclosed in this news release are based on an independent evaluation conducted by the incumbent independent petroleum engineering firm, NSAI with an effective date of December 31, 2024 and a preparation date of May 14, 2025 post-FID and February 13, 2025 pre-FID. The NSAI estimates of reserves and resources were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The reserves and contingent resources estimates disclosed in this news release are estimates only and there is no guarantee that the estimated reserves and contingent resources will be recovered.

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

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

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

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

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

    Reserves

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

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

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

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

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

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

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

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

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

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

    Contingent Resources

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

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

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

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

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

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

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

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

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

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

    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development On Hold)    		 Chance of Development (%)
    Unrisked Risked
    Gross (mbbls) Net (mbbls) Gross (mbbls) Net (mbbls)
    Contingent Low Estimate (1C) Development Not Viable 1,715.7 1,617.1 1,544.2 1,455.4 90%
    Contingent Best Estimate (2C) Development Not Viable 0.0 0.0 0.0 0.0 90%
    Contingent High Estimate (3C) Development Not Viable 0.0 0.0 0.0 0.0 90%
    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development Unclarified)    		 Chance of Development (%)
    Unrisked Risked
    Gross (mbbls) Net (mbbls) Gross (mbbls) Net (mbbls)
    Contingent Low Estimate (1C) Development Not Viable 4,294.9 4,047.9 1,937.8 1,826.4 10-60%
    Contingent Best Estimate (2C) Development Not Viable 6,072.4 5,723.3 2,583.4 2,434.9 10-60%
    Contingent High Estimate (3C) Development Not Viable 9,221.9 8,691.6 3,378.2 3,183.9 10-60%
    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development Not Viable)    		 Chance of Development (%)
    Unrisked Risked
    Gross (mbbls) Net (mbbls) Gross (mbbls) Net (mbbls)
    Contingent Low Estimate (1C) Development Not Viable 493.2 464.9 74.0 69.7 15%
    Contingent Best Estimate (2C) Development Not Viable 85.8 80.9 12.9 12.1 15%
    Contingent High Estimate (3C) Development Not Viable 58.5 55.1 8.8 8.3 15%

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

    Glossary

    bbl                barrels of oil
    mbbl            thousand barrels of oil
    mmbbl         million barrels of oil

    Advisory and Caution Regarding Forward-Looking Information

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

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

    In addition, statements related to “reserves” and “resources” are deemed to be forward-looking information as they involve the implied assessment, based on certain estimates and assumptions, that the resources can be discovered and profitably produced in the future.

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI China: Central Cordoba edge toward Libertadores knockout stage

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

    Gaston Veron scored late as Argentina’s Central Cordoba moved closer to securing a place in the Copa Libertadores round of 16 with a 2-1 away win over Venezuela’s Deportivo Tachira on Tuesday.

    The hosts were reduced to 10 men in the 12th minute when teenage defender Edicson Tamiche was shown a straight red card for a deliberate handball.

    It didn’t take long for the visitors to capitalize on their numerical advantage, and Jonathan Galvan gave his side the lead by heading home from a corner.

    Deportivo equalized against the run of play as Carlos Sosa’s superb through ball allowed Bryan Castillo to tap home from the edge of the six-yard box 15 minutes from time.

    But Central Cordoba restored its lead almost immediately through Gaston Veron, who fired a first-time effort into the far corner after Fernando Martinez’s cut-back from the right corner flag.

    The result leaves Central Cordoba top of Group C with 11 points from five outings, while Deportivo Tachira is yet to register a point.

    In other Copa Libertadores fixtures on Tuesday, Universidad de Chile won 4-0 at home to Carabobo, Atletico Bucaramanga held Fortaleza to a goalless home draw, and Cerro Porteno edged to a 1-0 away win over Sporting Cristal. 

    MIL OSI China News –

  • MIL-OSI Economics: NTT Anode Energy and Panasonic Complete the Implementation of a Hydrogen Supply Chain Model at the Expo 2025 Site

    Source: Panasonic

    Headline: NTT Anode Energy and Panasonic Complete the Implementation of a Hydrogen Supply Chain Model at the Expo 2025 Site

    The content in this website is accurate at the time of publication but may be subject to change without notice.Please note therefore that these documents may not always contain the most up-to-date information.Please note that German, French and Chinese versions are machine translations, so the quality and accuracy may vary.

    MIL OSI Economics –

  • MIL-OSI USA: Beyer Opening Remarks In Ways & Means Markup Of Republican Tax Cut For The Wealthy

    Source: United States House of Representatives – Representative Don Beyer (D-VA)

    Congressman Don Beyer (D-VA) today delivered the following remarks during the opening stages of the House Ways and Means Committee’s markup of Republicans’ legislation to lower taxes for the wealthy while making the largest cut to Medicaid in history:

    Top-heavy tax cuts paid for by low-income benefit cuts.

    President Trump and the Republican majorities in Congress were narrowly elected – by little more than one percent – with the simple hope from the American people that they would lower costs.

    The President himself declared he would “bring prices down on day one.”

    Trump and Republicans are now breaking that promise.

    In fact, thanks in part to the unprecedented taxes Trump has imposed on the American people through his nonsensical tariff plan, prices remain high, and consumer inflation expectations have surged.

    Americans are seeing the evidence of his broken promise everywhere.

    When you buy a cup of coffee, or a used car, or a dozen eggs, we’re paying more now than we did before Trump took office.

    On top of that, under Trump’s reckless leadership, our economy took a nosedive in the first quarter of this year, the first time it’s contracted in years.

    Many other indicators are flashing red. Economic uncertainty is at a [long] time high, and the conversations around the kitchen table and in small businesses are the same: everybody’s scared.

    And that brings us to today.

    My Republican friends are hoping this multi trillion-dollar giveaway to the wealthy will somehow dig them out the hole the President has gotten them into.

    If history is any guide, more tax breaks for the rich won’t do much, if anything, to put the economy on firmer footing or provide lasting assistance for working- and middle-class Americans.

    Their model is the 2017 Tax Cuts and Jobs Act. Trump and the Republicans want to extend it here, but look at it: it failed across the board.

    Wages didn’t rise any faster, the economy didn’t grow any faster, and the bill definitely didn’t pay for itself. It just exploded our national debt.

    And just like last time, dollar for dollar, the benefits in this bill overwhelmingly skew towards the ultra-wealthy.

    It’s nice to have my friends talk about the tax cuts on tips and the tax cuts on overtime, but this is a tiny part of this bill – a distraction from what’s really going on.

    They are trying to pull a fast one on the American people, by delivering massive, long-term benefits to millionaires and billionaires, while throwing a few temporary – temporary – tax breaks to working people, timed to help them get through one election cycle.

    The folks getting the most help in this legislation are the same folks who don’t bat an eye when prices go up at the grocery store or they buy a new car or they go on vacation, or they’re affected by the tariffs that cost average Americans at least $2,800 a year, according to Yale.

    The ultra-wealthy are the very last people that need a boost on their tax returns.

    And yet, my Republican colleagues closely attend to their needs in this bill, ensuring that their rates stay low, and estates worth tens of millions of dollars don’t get taxed, and the folks who manage hedge funds keep their special carried interest tax loophole.

    Making the legislation even worse is how my Republican friends plan on offsetting its eye-watering price tag.

    They want to undermine America’s fastest-growing, most affordable energy sources, and jack up utility bills for working families, and do their friends in Big Oil a big favor in the process.

    They want to cut food assistance programs for the poorest Americans, and they’re planning on ripping health insurance away from 14 million Americans, including kids, seniors, and people with disabilities.

    I have a constituent, Chris McCauley, with spastic quadriplegia, and he uses a wheelchair.

    Medicaid pays for his equipment and support programs during the day.

    Without the help of his dedicated caregivers, and the support Medicaid provides his mother, she wouldn’t have been able to work full-time and support her family as a single mom for the past 20 years.

    These are the kinds of families that this legislation will harm.

    All to help give their rich donors a tax break they don’t need, and that won’t change their lives at all.

    Trump and the Republicans have shown what their priorities are.

    At every turn, they choose to the help the rich, often by taking money directly out of the pockets of working Americans.

    This bill will be a disaster for the American people, and will further divide our society between the thoughtlessly-comfortable and the yearning discouraged.

    Top-heavy tax cuts paid for by low-income benefit cuts.

    I urge all of my colleagues to vote no.

    MIL OSI USA News –

  • MIL-OSI USA: EPA Grants Davids’ Request, Issues Emergency Fuel Waiver to Lower Gas Prices

    Source: United States House of Representatives – Congresswoman Sharice Davids (KS-3)

    Sale of E15 fuel lowers costs at the gas pump and supports Kansas’ agricultural professionals

    This week, the Environmental Protection Agency (EPA) fulfilled Representative Sharice Davids’ request by issuing a national emergency fuel waiver to allow the sale of E15 – fuel blended with 10.5 to 15 percent ethanol – during the 2025 summer season in Kansas.

    Ethanol, made from locally grown crops, is a more affordable alternative to unblended gasoline. This waiver, which has been granted multiple times in recent years, will help lower gas prices for Kansans, support local farmers, and strengthen domestic supply chains.

    “I’m glad the EPA responded to my call to help lower costs for Kansans at the pump,” said Davids. “This emergency waiver will provide some immediate relief, support our local ag producers, and reduce reliance on foreign oil. It’s the right step for now — and I’ll keep working on long-term solutions to bring costs down.”

    For multiple years, Davids has urged the EPA — and sponsored federal legislation — to guarantee the sale of this E15 not only during the summer but also year-round. This would reduce our reliance on foreign oil, build U.S. energy security, and support Kansas agriculture and manufacturing.

    Davids previously visited East Kansas Agri-Energy (EKAE), a Garnett-based renewable ethanol producer, as part of her Farm Bill listening tour. EKAE, which received federal funding to assist with business operations during the COVID-19 pandemic, has around 40 full-time employees and relies heavily on Kansas corn producers to supply the crops needed to make the biofuel.

    Davids has taken additional actions to lower gas prices for Kansans by:

    • Voting for the Year-Round Fuel Choice Act, which allows retailers the ability to sell higher ethanol-blended fuels year-round,
    • Leading the Nationwide Consumer and Fuel Retailer Choice Act, a bipartisan, bicameral bill that expands access to lower-cost, homegrown fuel,
    • Helping to pass legislation that promotes sustainable aviation fuel, a liquid fuel that achieves significant emissions reduction compared to fossil-based jet fuel,
    • Supporting legislation that expands biofuels infrastructure, opening up new market opportunities for sustainable fuel sources and lowering energy costs for Kansas families,
    • Pushing the President to suspend the federal gas tax, providing immediate relief to Kansans at the gas pump.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: LCQ10: Non-compliant electrical products

    Source: Hong Kong Government special administrative region

    Following is a question by the Hon Shiu Ka-fai and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (May 14):
     
    Question:
     
    Under the Hong Kong legislation, electrical products supplied in Hong Kong are required to carry a certificate of safety compliance, and energy labels are required to be shown on certain prescribed products supplied in Hong Kong. In the case of regulated electrical equipment, suppliers of such equipment are even required to register with the Environmental Protection Department (EPD) as registered suppliers and pay a recycling levy (the levy) to the EPD for the regulated electrical equipment distributed by them. However, it is learnt that quite a number of electrical products purchased online in Hong Kong through cross-border e-commerce platforms have not complied with the requirements of the aforesaid legislation, thus posing potential safety hazards to Hong Kong consumers and causing unfairness to local law-abiding merchants. In this connection, will the Government inform this Council:
     
    (1) of the measures taken by the authorities to intercept the import of non-compliant electrical products into Hong Kong in each of the past three years;

    (2) as it has been reported that some cross-border e-commerce platforms intend to set up physical shops in Hong Kong, whereby goods are displayed for customers to experience in person, and customers may conduct transactions on online platforms and have the goods delivered directly by manufacturers outside Hong Kong, whether the authorities have studied if such selling approach has circumvented the existing laws of Hong Kong or if there are grey areas; if it has studied, of the details; if not, the reasons for that; 
    Reply:
     
    President, 
    (1) Since 2019, a Cross-border E-commerce Working Group (the Working Group) was established under the Cooperation Arrangement on Electrical and Mechanical Products Safety and Energy Efficiency between the EMSD and the General Administration of Customs of the People’s Republic of China. The Working Group focuses on controlling the risks arisen from cross-border e-commerce platforms, including the reporting of unsafe electrical products supplied through these platforms. Upon receiving notifications, the Mainland Authority will conduct follow-up actions according to the case merits, including proactive measures like order interception and product delisting to prevent unsafe electrical products from entering Hong Kong. The EMSD also co-organises annual policy and regulation briefings with the relevant Mainland Authority to explain to cross-border e-commerce platform businesses, electrical product manufacturers, and testing personnel the relevant laws and instructions for the supply of electrical products in Hong Kong, enhancing their understanding of regulations related to exporting household electrical products to Hong Kong. To date, 12 such briefings have been conducted.
     
    Besides, the EMSD has conducted sample checks on 16 types for 180 household electrical products supplied in Hong Kong in the past three years. It also engages third party testing and certification bodies to conduct testing on the relevant safety standards. Around 160 prescribed products were also checked for compliance with the energy efficiency information on the energy label over the same period. If the relevant products are suspected to be in violation of the Regulation or the Energy Efficiency (Labelling of Products) Ordinance, the EMSD will conduct follow-up investigations.
     
    The EMSD also conducts inspections at retail stores supplying household electrical products, local e-commerce platforms, and their suppliers. Prosecutions will be carried out against non-compliant products. In the past three years, around 14 000 inspections were conducted, uncovering about 230 cases of violations of the Regulations or the Energy Efficiency (Labelling of Products) Ordinance, which have resulted in fines totalling at around $500,000.
     
    (2) and (3) Regarding the situation described in question (2), the EMSD has maintained communication with cross-border e-commerce platforms in the Mainland to remind them that household electrical products supplied in Hong Kong must comply with the local legal requirements. The EMSD will continue to monitor the operations of these platforms in Hong Kong, consult the Department of Justice regarding potential violations of the Regulations and the Energy Efficiency (Labelling of Products) Ordinance, and take further actions including prosecution as necessary.
     
    Regarding the recycling levy arrangement, the EPD has noted recent operational models of certain cross-border e-commerce platform may involve the distribution or sale of regulated electrical equipment in Hong Kong. The EPD has approached the relevant platform to understand the situation and explain the relevant regulations. The platform concerned has also submitted to the EPD the applications for supplier registration endorsement of removal service plan. The EPD will continue to monitor the operational models of these platforms in Hong Kong and follow up on suspected violations.
     
    The EPD and the EMSD have established a communication mechanism since 2024 to exchange intelligence on suspected offences relating to the Regulation, the Mandatory Energy Efficiency Labelling Scheme and WPRS. A joint enforcement operation was conducted in July 2024, resulting in prosecutions for violations that led to convictions and fines totalling at $22,500 in February 2025. Meanwhile, the EPD regularly inspects suppliers, sellers, and collectors under the WPRS, and has conducted over 1 600 inspections in the past three years, with summons issued to prosecute 28 non-compliant cases.
     
    (4) Over the past three years, the EMSD has not received any reports on unregistered electrical workers installing household appliances arranged by cross-border e-commerce platforms. The EMSD will communicate with cross-border e-commerce platforms about the situation, and will follow up and investigate in accordance with the Electricity Ordinance as necessary.
     
    (5) Having considered the relevant regulatory arrangements in other regions and the need to balance the actual enforcement situations with the prevailing business environment, the Government currently has no plan to amend the relevant regulations to cover the purchase of imported electrical products from cross-border e-commerce platforms and products imported in person. The EMSD will continue to take enforcement actions under a “risk-based” approach, and enhance public awareness of electrical products safety and energy efficiency through education and promotion. The EPD and the EMSD will continue to monitor market developments, review the implementation of the relevant regulations and enhance the enforcement arrangements in response to changing business models.

    MIL OSI Asia Pacific News –