Category: Energy

MIL-Evening Report: Farmers, investors, miners and parents: how unconventional climate advocates can reach new audiences

Source: The Conversation (Au and NZ) – By Xiongzhi Wang, Postdoctoral Research Fellow in Environmental Social Science, Australian National University

Max Acronym/Shutterstock

When you think about climate advocates, you’ll likely picture left-leaning environmentalists who live in cities. This group has contributed to building public support for climate action worldwide, through protests, petitions, lobbying and so on.

While a majority of Australians understand that climate change is happening and that humans are the main cause, there are still holdout groups. Acceptance of the fact that climate change is largely caused by humans sits at 60% of Australians, well below other countries.

Holdout groups in Australia can include people associated with political conservatism, the business sector, farming, the resource sector, some religious groups and some sports fans. For these groups, climate advocacy by left-leaning environmentalists may be limited in its effectiveness.

How do you reach these groups? Our new research points to one solution: unconventional climate advocates. That is, those not from the stereotypical background and who belong to holdout groups. Think of groups such as Farmers for Climate Action and the Investor Group on Climate Change.

These individuals and groups can play a crucial role in expanding the base of the climate movement – without necessarily working with mainstream climate groups. Better still, we found these unconventional advocates tend to receive more sympathetic media coverage.

Who are these unconventional advocates?

We distinguish two types of unconventional climate advocates –role-based and bridge-builders.

Role-based advocates come from groups not typically associated with climate advocacy, such as Australian Parents for Climate Action, Doctors for the Environment, Vets for Climate Action and Australian Firefighters Climate Alliance. These advocates broaden our perception of who engages in climate advocacy.

Bridge-builders come from groups with a history of tension with environmentalists and environmental issues. They can often span the divide between their group and the broader climate movement. These groups include Farmers for Climate Action, Investor Group on Climate Change, Hunter Jobs Alliance and Australian Religious Response to Climate Change.

Why do they matter?

Unconventional advocates are vital because they can reach a broader section of the population. This is because we are more likely to listen to insiders: people from groups we identify with who share our values and beliefs. We also pay more attention to messages when they come from a surprising source and when they go against perceived interests.

A farmer advocating for climate action is more likely to resonate with other farmers than city-based environmentalists, for instance. Similarly, if you expect farmers to be opposed to climate action, you’re more likely to pay attention to their message than if it came from an environmentalist.

Our research shows these groups are not mainstream environmentalists. They exist on the periphery of the climate movement.

Using social network analysis, we mapped the connections between more than 3,000 climate advocacy groups in Australia. This showed us unconventional advocates are less connected to traditional environmental groups such as Greenpeace Australia Pacific or the Australian Conservation Foundation.

This distance may actually be advantageous. By maintaining a degree of independence from the mainstream environmental movement, unconventional advocates can avoid being dismissed as “greenies” – an unpopular group for some people in rural areas. Farmers advocating for climate action may be more effective if they’re not seen as aligned with environmentalists who might be viewed with suspicion in rural communities.

Does unconventional advocacy work?

By one metric, unconventional advocacy does work. These individuals and groups broadly receive more sympathetic media coverage.

In recent research, we analysed more than 17,000 Australian media articles published between 2017 and 2022 mentioning unconventional and more stereotypical environmentalist climate advocacy groups.

We found Greenpeace Australia Pacific and other established groups received the most media coverage overall. Disruptive groups such as Extinction Rebellion tended to be framed negatively, with a focus on conflict and arrests. The negativity was most pronounced in articles published by News Corp, owned by the conservative media figure Rupert Murdoch.

Unconventional advocates received less media coverage than other types of advocates. When they did receive coverage, it was generally more sympathetic. Articles tended to focus on their achievements and to use less confrontational language, even from conservative-leaning media outlets.

This suggests unconventional advocates are well positioned to shift public opinion in holdout groups and build a broader base of support for climate action.

Unconventional advocates for unprecedented times

In Australia and in many other countries, climate action has become politicised – often along party lines. Holdout groups are a minority, but a large minority. To actually respond to the increasing threat of climate change will require building a bigger base of support.

Unconventional advocates offer a way to disrupt hardened divides, expand the range of voices in the movement and engage communities and groups often left out of the conversation.

Xiongzhi Wang works as a postdoc with his salary coming from the Australian Research Council (project DP220103155) which funds the research related to this article.

Kelly Fielding received funding from Australian Research Council DP220103155 for the research related to this article. She currently donates to Greenpeace Australia.

Rebecca Colvin serves on advisory/research committees/panels for: the Australian Museum’s Climate Solutions Centre; The Climate Risk Group; The Blueprint Institute; RE-Alliance; the NSW Environmental Trust. She is a non-executive member of the Board of the NSW Government’s EnergyCo. She receives funding from The Australian Research Council (DP220103155 and DE230101151).

Robyn Gulliver receives funding from the Climate Social Science Network. She has worked for and volunteers for a range of environmental advocacy groups.

Winnifred Louis receives funding from the Australian Research Council (project DP220103155) for the research related to this article. She has been a longstanding advocate for environmental and climate action but is not affiliated with any groups mentioned here.

– ref. Farmers, investors, miners and parents: how unconventional climate advocates can reach new audiences – https://theconversation.com/farmers-investors-miners-and-parents-how-unconventional-climate-advocates-can-reach-new-audiences-249949

MIL OSI Analysis – EveningReport.nz –

February 25, 2025

MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Angola

Source: IMF – News in Russian

February 24, 2025

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Angola.

Angola’s economy recovered in 2024 as the oil sector rebounded. GDP growth is estimated to have reached 3.8 percent, surpassing earlier projections, and the recovery broadened to the non-oil sector. The public debt-to-GDP ratio declined in 2024, benefiting from higher nominal GDP growth and sustained primary surpluses. However, fiscal consolidation efforts waned, and buffers built during the 2018–21 EFF—supported program are being eroded by fiscal slippages from higher capital expenditures and a slower fuel subsidy reform.

Inflation remained elevated driven by exchange rate pressures and higher food prices. The central bank raised monetary policy rate by 150 bps in 2024 and streamlined liquidity management, resulting in a better alignment of the interbank rate with the policy rate. The currency depreciated by over 10 percent against the U.S. dollar in 2024. Adverse market expectations and a high external debt service continue to weigh on the exchange rate. The government’s active cash and debt management helped mitigate liquidity pressures.

The recovery is expected to continue but risks to the outlook remain high. Growth is expected to remain at 3 percent in 2025 while inflation is projected to ease with the fading of cost-push factors. The resolution of maintenance bottlenecks in key extraction blocks and government-led efforts to incentivize production should help sustain oil production. However, high external debt service constrains development spending, and oil dependence remains a drag on sustainable growth. Liquidity risk could intensify should financing conditions deteriorate, further crowding out social spending, and exerting pressures on the exchange rate. Moreover, with presidential elections scheduled for 2027, an early start of the political cycle risks slowing down the implementation of economic reforms. On the upside, higher oil prices, positive spillovers from further global monetary policy easing, and stronger non-oil FDIs, including through the Lobito Corridor development, could improve the medium-term outlook.

Executive Board Assessment[2]

“Executive Directors agreed with the thrust of the staff appraisal. While welcoming the economic recovery, they highlighted the continued risks from oil price volatility and debt vulnerabilities. Against this background, Directors emphasized the urgency of accelerating structural reforms to strengthen macroeconomic and financial stability and foster diversified and inclusive growth.

“Directors stressed that returning to a fiscal consolidation path is critical to strengthen buffers and create space for development needs. They emphasized the importance of fully implementing fuel subsidy reforms accompanied by mitigating measures to protect the most vulnerable and intensifying non‑oil revenue mobilization efforts. Directors also advised rationalizing public investment and improving spending efficiency in line with the 2019 PIMA recommendations, strengthening public financial management, including the procurement framework and SOE reforms, and improving cash and debt management to mitigate liquidity risks and support a timely return to markets.

“Directors stressed the need for monetary policy to maintain a tightening bias to ensure durable disinflation. They called on the authorities to strictly adhere to the ceiling on government loans to safeguard international reserves and contain inflationary pressures. Directors welcomed the authorities’ efforts to streamline liquidity management to enhance monetary policy transmission, as well as to improve foreign exchange market functioning and exchange rate flexibility as part of the transition toward an inflation‑targeting framework.

“Directors underlined the need to continue addressing financial sector vulnerabilities. They called on the authorities to address AML/CFT weaknesses to achieve swift removal from the FATF grey list. Directors emphasized the importance of effectively implementing new supervisory regulations and developing a robust financial stability framework, including strengthened safety nets. They advised addressing remaining vulnerabilities from the sovereign‑bank nexus, high NPLs, and problem banks, and looked forward to the upcoming FSAP assessment.

“Directors supported the authorities’ National Development Plan to achieve more diversified and resilient growth. A key focus should be on market‑friendly policies to streamline business regulations, enhance governance, fight corruption, develop human capital, and deepen financial inclusion. Stronger statistical capacity is also needed to support sound policy making.

It is expected that the next Article IV consultation with Angola will be held on the standard 12‑month cycle.”

Angola: Selected Economic Indicators, 2023–25
	2023	2024	2025
		Prel.	Proj.
Real economy (percent change, except where otherwise indicated)
Real gross domestic product	1.0	3.8	3.0
Oil sector	-2.4	3.2	0.3
Non-oil sector	2.2	3.9	3.4
Nominal gross domestic product (GDP)	14.6	33.3	24.3
Oil sector	9.5	33.7	17.4
Non-oil sector	15.5	33.2	25.6
GDP deflator	13.4	28.5	20.8
Non-oil GDP deflator	14.4	28.2	21.3
Consumer prices (annual average)	13.6	28.2	21.0
Consumer prices (end of period)	20.0	27.5	18.9

Central government (percent of GDP)
Total revenue	17.4	16.6	16.0
Of which: Oil-related	10.3	10.0	9.7
Of which: Non-oil tax	6.1	5.6	5.0
Total expenditure	19.2	17.6	17.3
Current expenditure	15.2	14.1	12.4
Capital spending	4.1	3.6	4.9
Overall fiscal balance	-1.9	-1.0	-1.3
Non-oil primary fiscal balance	-6.4	-5.7	-7.2

Money and credit (end of period, percent change)
Broad money (M2)	37.8	30.6	38.5
Percent of GDP	20.8	20.4	22.7
Velocity (GDP/M2)	4.8	4.9	4.4
Velocity (non-oil GDP/M2)	4.1	4.1	3.8
Credit to the private sector (annual percent change)	28.8	28.1	27.0

Balance of payments
Trade balance (percent of GDP)	19.9	19.7	17.0
Exports of goods, f.o.b. (percent of GDP)	33.6	33.1	31.5
Of which: Oil and gas exports (percent of GDP)	31.6	30.9	28.6
Imports of goods, f.o.b. (percent of GDP)	13.8	13.4	14.5
Terms of trade (percent change)	-19.3	-4.0	-10.4
Current account balance (percent of GDP)	3.8	4.1	2.4
Gross international reserves (end of period, millions of U.S. dollars)	14,727	15,227	15,277
Gross international reserves (months of next year’s imports)	7.3	7.3	7.3

Exchange rate
Official exchange rate (average, kwanzas per U.S. dollar)	685	876	…
Official exchange rate (end of period, kwanzas per U.S. dollar)	829	924	…

Public debt (percent of GDP)
Public sector debt (gross)¹	71.4	62.4	63.3
Of which: Central Government debt	67.9	60.4	61.9

Oil
Oil and gas production (millions of barrels per day)	1.205	1.262	1.266
Oil and gas exports (billions of U.S. dollars)	34.7	35.4	31.5
Angola oil price (average, U.S. dollars per barrel)	80.6	78.5	70.3
Brent oil price (average, U.S. dollars per barrel)	82.3	80.0	71.4
Sources: Angolan authorities; and IMF staff estimates and projections.
¹ Includes debt of the Central Government, external debt of state oil company Sonangol and state airline company TAAG, and guaranteed debt.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Tatiana Mossot

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/02/24/pr-2541-angola-imf-executive-board-concludes-2024-article-iv-consultation

MIL OSI

MIL OSI Russia News –

February 25, 2025

MIL-OSI Africa: U.S. Secretary of Energy Chris Wright to Deliver Keynote Address at 10th Powering Africa Summit

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

LONDON, United Kingdom, February 24, 2025/APO Group/ —

Secretary Chris Wright, U.S. Department of Energy, has been confirmed as a speaker and guest of honour at the 10^th Powering Africa Summit (PAS), taking place at JW Marriott Washington, D.C. across March 6-7. This is an important step to provide an answer to the question that all of African energy is now asking: how will the new Administration approach the strategic energy relationship between the U.S. and Africa?

Under the Summit theme, The Future of the US & Africa Energy Partnership, U.S. Secretary of Energy Chris Wright will deliver a keynote address at the 10^th annual Powering Africa Summit. Wright will be joined by representatives from the U.S. Department of State: Ambassador Troy Fitrell, Senior Bureau Official, Bureau of African Affairs; Kimberly Harrington, Acting Principal Deputy Assistant Secretary, Bureau of Energy Resources; and Stephen Banks, Acting Deputy Assistant Secretary for Energy Diplomacy, Bureau of Energy Resources. All will share their vision for this future relationship between African countries and the US-based investors that are so vital to realizing their energy ambitions.

“As Secretary of Energy, I am committed to unleashing all forms of affordable, reliable and secure energy here at home and advancing that mission of energy security around the world – and nowhere is that more critical than the continent of Africa. I look forward to joining the Summit to reaffirm the strategic energy partnership between the U.S. and Africa and share my vision for advancing innovation and removing barriers to energy access, both at home and around the world,” Secretary Wright said.

Ministers and governments from 19 African countries will arrive in Washington D.C., where the Africa Welcome Address will be given by H.E. Honourable Adebayo Adelabu, Minister of Power, Nigeria. Together with H.E. Honourable Jeremiah Kpan Koung, Vice President, Liberia; H.E. Honourable Dr. Dele Alake, Minister for Solid Minerals Development, Nigeria; H.E. Honourable Mahmoud Mustafa Esmat, Minister of Electricity & Renewable Energy, Egypt; H.E. Honourable Karim Badawi, Minister of Petroleum & Mineral Resources, Egypt; H.E. Honourable Bogolo Joy Kenewendo, Minister of Minerals & Energy, Botswana; H.E. Honourable Alex Wachira, Principal Secretary, Ministry of Energy & Petroleum, Kenya; and Amina Benkhadra, Director General, Office National des Hydrocarbures et des Mines (ONHYM), Morocco, he will meet distinguished Ministers and leaders from South Africa, Senegal, Ethiopia, Zimbabwe, Togo, Sierra Leone and more to drive energy development across the continent.

Flagship ministerial boardrooms and regional energy cooperation sessions will discuss and debate derisking projects, South Africa’s energy future, the need for West African regulatory reforms, and the role of hydrogen in North Africa. New areas of opportunity such as bitcoin mining and data centers will be discussed through an East African lens. The Mission 300 initiative, set to provide electricity access to 300 million people in sub-Saharan Africa by 2030, is also high on the agenda.

The 10^th Anniversary Gala Drinks Reception sponsored by Genesis Energy, will celebrate International Women’s Day, ahead of March 8.

Critical to the week’s discussions will be a host of private players including Alliant Insurance Services, GE Vernova, ARM-Harith Infrastructure Investment, Globeleq, Africa50, Nextracker, Schneider Electric, Newmarket Capital and the summit’s general sponsor, Sun Africa, who are looking to a new future for the U.S.-Africa relationship.

Sun Africa CEO, Adam Cortese said: “We are seeing a sea change in how the U.S. participates in foreign infrastructure development and our unique model of development is an excellent illustration of how U.S. energy companies can thrive in emerging markets on a strictly commercial basis. Sun Africa remains committed to harnessing Africa’s immense energy resources through innovative structures, state-of-the-art technology and strong alliances while maintaining our long-standing market-based approach to development. At Sun Africa, we believe energy development on the continent truly represents an opportunity for win-win partnerships and look forward to sharing our experience.”

Simon Gosling, MD of EnergyNet added: “This summit has always been about bringing together African countries seeking investment with U.S.-based investors who see the vast potential on the continent. It is more important than ever to establish the crucial energy projects that Africa needs. PAS25 will put the continent center stage and make sure that both sides have a future relationship to be excited about.”

Media Credentials Requited for Powering Africa Summit

The Secretary will open the Summit on 6 March, delivering a Keynote Speech at 09:45, followed by a Fireside Chat with Mission 300 Accelerator CEO, Andrew Herscowitz.

MIL OSI Africa –

February 25, 2025
MIL-OSI USA: Rosen, Cortez Masto Demand Transparency Regarding Termination of NNSA Personnel

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)

WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) and Catherine Cortez Masto (D-NV) sent a letter to President Trump’s Department of Energy (DOE) and National Nuclear Security Administration (NNSA) regarding recent terminations of NNSA personnel. Given the NNSA’s role in maintaining and modernizing the American nuclear stockpile, largely done at the Nevada National Security Sites (NNSS), the senators expressed grave concern that the chaotic terminations could harm American national security.
“NNSA personnel possess highly specialized expertise that is not easily replaceable, and any disruption to their work could have far-reaching consequences for U.S. national security and global nuclear stability,” wrote the Senators. “Reductions in staff, particularly among senior leadership and technical experts, could compromise the continuity of critical programs, modernization, and weaken the ability of the U.S. to respond to emerging nuclear threats.”
“Adding to these concerns, there are reports the NNSA is now attempting to rehire the terminated employees but has been unable to contact some of them,” they continued. “The fact that the agency is struggling to restore essential personnel suggests these firings were premature, mismanaged, or not conducted with full consideration of the potential impacts on national security operations.”
The senators asked that the following information about the terminations be made public:

The total number of National Nuclear Security Administration employees who were terminated, including those in Nevada.
Any planned future rounds of firings, including those in Nevada.
The specific positions and responsibilities of these employees.
How many employees, if any, have been successfully rehired.
A detailed explanation of the rationale behind these terminations, including any financial, policy, or strategic considerations that led to these decisions.
How the hiring freeze, put in place by the current administration, impacts the mission at NNSA.
A detailed assessment on how these firings and then rehirings impact any future recruitment at the NNSA.

The full text of the letter can be found here.
Senators Rosen and Cortez Masto are champions for strengthening American national security, especially at sites like the NNSS. They have consistently voted to deliver critical funding to the NNSS. They also have a strong history of opposing nuclear waste disposal at Yucca Mountain and have introduced legislation to ensure the Secretary of Energy obtains written consent from state, local, and tribal leaders before allowing construction of a nuclear waste repository.

MIL OSI USA News –

February 25, 2025
MIL-OSI Canada: A just and lasting peace for Ukraine
Source: Government of Canada – Prime Minister

Three years ago today, Russia launched an illegal full-scale invasion of Ukraine that has left hundreds of thousands dead and forced millions to flee. In the face of unimaginable hardship, Ukrainians have persevered and have fought for freedom and democracy. Canada has supported and will continue to support Ukraine in achieving just and lasting peace.

The Prime Minister, Justin Trudeau, visited Kyiv today to reaffirm Canada’s unwavering support for Ukraine.

During this visit, the Prime Minister highlighted the recent conclusion of negotiations between Canada and Ukraine on the terms of Canada’s $5 billion contribution to the G7 Extraordinary Revenue Acceleration (ERA) Loans mechanism. Canada will disburse the first half of its contribution, totalling $2.5 billion, in the coming days, with the remainder to follow soon. Announced last year at the G7 Summit in Apulia, Italy, the ERA Loans will bring forward the future revenues from frozen Russian sovereign assets. This initiative will provide Ukraine with approximately $69 billion (US$50 billion).

To maintain pressure on Russia, Prime Minister Trudeau announced new sanctions targeting 76 individuals and entities providing support for the Kremlin’s military industrial base, involved in the unlawful deportation or forced transfer of Ukrainian children, or supporting the Kremlin’s information operations capabilities, as well as senior Russian government officials and oligarchs who support Putin’s regime. In total, Canada has sanctioned more than 3,000 individuals and entities who are complicit in the violation of Ukraine’s sovereignty and territorial integrity and in gross and systematic human rights violations. The Prime Minister also announced that Canada is taking action against Russia’s shadow fleet by sanctioning 109 vessels based on their involvement in the transfer of sanctioned goods, including hydrocarbons whose revenue fuels Russia’s war machine.

In response to Russia’s renewed attacks on Ukraine’s energy infrastructure, which have left millions of civilians deprived of electricity, water, and heat, the Prime Minister also announced a $50 million contribution to help support Ukraine’s urgent efforts to repair and replace damaged energy equipment and critical infrastructure, in partnership with the Energy Community Secretariat. This builds on the $20 million in funding Canada announced last year in support of this initiative at the Summit on Peace in Ukraine, in Lucerne, Switzerland.

During a bilateral meeting with the President of Ukraine, Volodymyr Zelenskyy, Prime Minister Trudeau noted progress on Canada’s assistance commitments, including the delivery of military training and critical equipment, such as armoured combat vehicles and infantry fighting vehicles, ammunition, and F-16 landing systems and simulators.

Building on the $3.02 billion announced in the Agreement on Security Cooperation between Canada and Ukraine last year, the Prime Minister announced that $40 million of the total $3.02 billion in funding will be allocated to deliver urgently needed capabilities to the Armed Forces of Ukraine through the Danish Model and another $15 million toward supporting Canadian companies seeking to operate and invest in Ukraine’s defence sector.

The Prime Minister announced new assistance measures for Ukraine totalling $118.5 million, including:
- $92.3 million in development assistance to strengthen local community building, support small-scale livelihood recovery projects that address community needs, reduce poverty and break down barriers to women’s full participation, address food security issues, and support the return of deported children and missing persons by improving the resilience of Ukraine’s government, communities, civil society, and private sector.
- $14 million in humanitarian assistance, including for the provision of food, shelter, water, sanitation, hygiene services, and mental health and psycho-social support to those in need.
- $8 million for weapons threat reduction to provide critical personal protective equipment to Ukrainians facing chemical, biological, radiological, and nuclear threats, and to strengthen nuclear security in the country.
- $4.25 million to support peace and stabilization operations, including assisting regional women’s rights organizations and ensuring representatives from civil society and media can work safely.
- $82,000 for local initiatives that will support the physical and mental health of former Ukrainian prisoners of war.
In total, Canada has committed over $19.7 billion in multifaceted assistance for Ukraine since the beginning of Russia’s full-scale invasion in February 2022.

In Kyiv, Prime Minister Trudeau joined President Zelenskyy and international partners to discuss the situation on the ground as well as Ukraine’s needs for military, financial, humanitarian, recovery, and other assistance. During a plenary session on the theme of “Defence and Security Strategy of Unity: Action Plan”, he delivered remarks commending the Ukrainian people for their bravery and resilience in the face of unjustified and brutal violence. He reaffirmed Canada’s position as an unshakeable ally who will continue to work with partners around the world to provide Ukraine with security and defence support – allowing it to recover, rebuild, and prosper.

The Prime Minister also convened his G7 counterparts and President Zelenskyy for a hybrid meeting to further discuss support for Ukraine. He underlined the importance of G7 unity in supporting a just and lasting peace in Ukraine as well as Ukraine’s reconstruction and economic recovery, noting that these would be priorities for Canada throughout our G7 Presidency this year.

The Prime Minister also attended a candle-lighting ceremony where he paid tribute to all those whose lives have been lost since the start of Russia’s aggression. Throughout his visit, he reiterated that Canada will always stand with Ukrainians as they continue to fight for freedom, justice, and democracy. We will defend a future for Ukraine that’s written by Ukrainians. We will defend a Ukraine that is strong and free. And we will be with Ukraine in this fight until a just and lasting peace is reached.

Quotes

“For three years now, Ukrainians have fought with courage and resilience against Russia’s brutal war of aggression. Their fight for democracy, freedom, and sovereignty is a fight that matters to us all. Today, in Kyiv, my message to Ukraine and Ukrainians is loud and clear: Canada will continue to stand with you in achieving just and lasting peace. We are strengthening our commitments, providing additional support, and working with our partners to secure peace and freedom for Ukraine. Slava Ukraini!”

“Canada remains steadfast in its support for Ukraine and will continue to leverage sanctions to weaken Russia’s ability to wage its illegal war. By targeting its military-industrial base, exposing those responsible for crimes and abuses in occupied Ukrainian territories, and disrupting the oligarchs’ confidants and shadow fleet supporting the Russian regime, we are holding Russia accountable. For three years, Canada has stood with Ukraine, and we will stand by its side for as long as it takes.”

“Since the start of Russia’s unprovoked, full-scale invasion of Ukraine three years ago, Canada has stood with the Ukrainian people. We remain unwavering in our commitment to continue providing Ukraine with critical military assistance to defend itself against Russia’s brutal aggression. Together with our Allies and partners, we will ensure Ukraine has the support it needs in the fight to safeguard its sovereignty and territorial integrity.”

Quick Facts
- This was Prime Minister Trudeau’s fourth visit to Ukraine since the start of Russia’s full-scale invasion on February 24, 2022. For this visit, the Prime Minister was accompanied by the Minister of National Defence, Bill Blair.
- In Ukraine, the Prime Minister held bilateral meetings with the President of Ukraine, Volodymyr Zelenskyy, and the Prime Minister of Spain, Pedro Sánchez.
- During his visit, the Prime Minister also welcomed a new partnership with the NATO Science for Peace and Security project through which Natural Resources Canada will receive $2.1 million in funding to help create tools, establish key performance indicators, and identify opportunities for the reduction of fossil fuel dependency in military operations.
- The sanctions announced today against Russia’s shadow fleet include 92 oil tankers involved in transferring Russian oil to third countries, nine liquefied natural gas (LNG) tankers involved in transferring Russian LNG to third countries, and eight vessels involved in moving arms and related material to Russia from Iran and North Korea. Canada is also adopting new measures that will prohibit a wider range of sensitive goods and technologies from being exported from Canada to Russia.
- The measures announced today build on other recent announcements, including:
  - Providing $440 million in military assistance for Ukraine, including funding for the procurement and delivery of large-calibre ammunition and various calibres of ammunition from Canadian industry, the production of military drones by Ukraine’s domestic defence industry, the delivery of high-resolution drone cameras, and the donation of winter gear, such as sleeping bags and winter boots.
  - Providing $15 million in funding to the Innovative Mine Action for Community Recovery in Ukraine project, to help enhance Ukraine’s national mine action capacity, reduce the threat of explosive ordinance, and promote economic recovery. Canada also announced $2.2 million for the Cybersecurity Assistance Project, to provide essential cybersecurity support services, equipment, and training urgently needed by Ukraine to combat malicious cyber activities.
  - Marking the first anniversary of the launch of the International Coalition for the Return of Ukrainian Children, which 41 states and the Council of Europe have joined in a collective commitment to bringing Ukrainian children home. With the help of Coalition Member States and other key international partners, Ukraine has successfully facilitated the safe return of nearly 600 children since the launch of the Coalition, and over 1000 to date. The Coalition is co-led by Canada and Ukraine.
  - Signing a Memorandum of Understanding between Canada and Ukraine to share information and expertise that will help members of Ukraine’s security and defence forces and their families have access to resources to transition to life after service.
- Since the beginning of 2022, Canada has committed $19.7 billion in multifaceted support to Ukraine. This includes:
  - Over $12.4 billion in direct financial assistance, the highest in the G7 on a per capita basis.
  - $4.5 billion in military assistance, such as M777 howitzers, Leopard 2 main battle tanks, armoured combat support vehicles, hundreds of thousands of rounds of ammunition, high-resolution drone cameras, thermal clothing, body armour, fuel, and more.
  - Over $529 million in development assistance, including support to Ukraine’s energy system.
  - $372.2 million in humanitarian assistance, including support for emergency health interventions, protection services, and essentials such as shelter, water, sanitation, and food. Programming also addresses child protection, mental health support, and prevention and response to sexual and gender-based violence.
  - Nearly $225 million in security and stabilization assistance.
- In Kyiv, the Prime Minister highlighted the ongoing work of members of the Canadian Armed Forces in the United Kingdom and Poland under Operation UNIFIER. Since 2015, they have provided training on a range of military skills to over 40,000 Ukrainian troops. He noted that Canada continues to engage closely with Ukraine, Allies, and partners on how best to enhance support through Operation UNIFIER to help Ukraine defend itself.
- Last year, on February 24, Prime Minister Trudeau and President Zelenskyy signed the historic Agreement on Security Cooperation between Canada and Ukraine, establishing a new strategic security partnership between our two countries. This included $3.02 billion in critical financial and military support to Ukraine for 2024.
- As part of the 2024 Fall Economic Statement, the federal government announced last year its intention to double down on our efforts to support Ukraine, including through proposed legislative changes that will ensure profits from frozen Russian assets are used to rebuild Ukraine.
- Since the start of Russia’s full-scale invasion of Ukraine, Canada has welcomed more than 220,000 Ukrainians. We are helping Ukrainian families find a safe, temporary home and have put support services in place for their arrival. This includes temporary financial assistance and access to federally funded settlement services, such as language training and employment-related services.
- Canada and Ukraine have long been steadfast partners and close friends. In 1991, Canada became the first Western country to recognize Ukraine’s independence. Today, 1.3 million people of Ukrainian descent call Canada home – the largest Ukrainian diaspora in the Western world. In 2022, total bilateral trade between our two countries was valued at over $421 million.
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MIL OSI Canada News –
February 25, 2025
MIL-OSI: NANO Nuclear Energy Announced as Two Star Partner of the Institute for Defense and Government Advancement’s Operational Energy Summit with CEO James Walker Scheduled to Present
Source: GlobeNewswire (MIL-OSI)

The Operational Energy Summit will be held at the Bethesda Marriot Hotel on February 25-26, 2025

New York, N.Y., Feb. 24, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that it is a Two Star Partner of the 17^th annual Operational Energy Summit, hosted by the Institute for Defense and Government Advancement in Bethesda, Maryland at the Bethesda Marriot Hotel on February 25 -26, 2025.

On Tuesday, February 25^th, Chief Executive Officer and Head of Reactor Development, James Walker, will lead a keynote presentation titled, “The role of innovative nuclear technology to support the defense industry and military operations”, at 1:30 PM. Thereafter, he will also present, “Industry insight session hosted by NANO Nuclear Energy Inc.” at 3:30 PM.

For over two decades, the Institute for Defense and Government Advancement (IDGA) has served as a non-partisan event and thought leadership organization connecting the Defense and Security communities interested in solving high-level challenges. Through its industry-leading conferences, networking events and online community portal, IDGA supports and coordinates the participation of leading stakeholders across the Government, Military, and associated defense industry partners.

For its 17th year, the IDGA Operational Energy Summit will bring together operational and installation energy leaders from the U.S. Department of Defense, Department of Energy, allied military, industry, and academia to discuss the current state of military energy and the path forward. This year’s summit will focus on addressing the emerging threat landscape, contested environments, the role of innovative technology, and the challenges and gaps in defense energy to ensure support of military operations. Guided by thought leaders, the summit will explore alternative energy sources, including nuclear and solar power, along with microgrids and technologies for enhancing grid security. As the demand for energy increases to support both current and future weapon systems and technologies, the topics of discussion will include strategies for achieving energy resilience, security, reliability, and sufficiency.

“The IDGA is at the forefront of efforts to address the U.S. armed forces’ most urgent challenges, particularly in understanding operational and installation energy,” said John G. Vonglis, Executive Director of Global Government Affairs of NANO Nuclear Energy. “This summit will bring together some of the nation’s foremost experts, united by a shared mission to provide service members with robust, reliable, and resilient next-generation energy solutions, with nuclear set to play a key role in discussions.”

Figure 1 – NANO Nuclear Energy Inc. Announced as the Two Star Partner of the Institute for Defense and Government Advancement’s Operational Energy Summit on February 25-26, 2025.

“The growing emphasis on nuclear-based energy systems within the U.S. military creates exciting opportunities to deliver reliable, carbon-neutral power to the country’s service members,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “This summit provides a valuable platform to connect with key operational leaders throughout the military complex, and I look forward to discussing the future of nuclear energy with all attendees.”

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR^™ Energy System and space focused, portable LOKI MMR^™.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR^™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For more corporate information please visit: https://NanoNuclearEnergy.com/

For further NANO Nuclear information, please contact:

Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206

PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

NANO Nuclear Energy LINKEDIN

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Cautionary Note Regarding Forward Looking Statements

This news release, the conference presentation described herein, and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Attachment
- NANO Nuclear Energy Inc.
The MIL Network –
February 25, 2025
MIL-OSI: Risk Strategies Appoints Craig D. Simon Managing Director, Private Equity

Source: GlobeNewswire (MIL-OSI)

BOSTON, Feb. 24, 2025 (GLOBE NEWSWIRE) — Risk Strategies, a leading North American specialty insurance brokerage and risk management and consulting firm, today announced it has hired Craig D. Simon as Managing Director in its National Private Equity Practice. In his role, Simon will be responsible for brokering, servicing, and program administration for clients in the private equity sector.

Based in New York City, Simon brings over 25 years of experience to the Risk Strategies private equity practice. Simon is an expert in designing and implementing non-traditional and alternative risk management programs. He is a well-respected industry expert whose opinion with clients and leading trade and business publications, is frequently sought.

“Bringing Craig on board is a real win for this practice,” said Neil Krauter Sr., National Private Equity Practice Leader, Risk Strategies. “His reputation as both an industry expert and team leader are well deserved, and we are excited to see the difference he will make for our clients and our business.”

Prior to joining Risk Strategies, Simon was a Team Leader for U.S. Energy & Power at Marsh. He also served as Senior Managing Director at Crystal & Company (now Alliant) for over 15 years, overseeing the firm’s liability insurance placement and brokering operations. Simon previously led the U.S. liability insurance brokering as the National Casualty Practice Leader for Willis North America (now Willis Towers Watson).

“I’m excited to join the practice at Risk Strategies and work with a team of true specialists,” said Simon. “Over my career, I have seen the power that focused industry expertise has for clients. Risk Strategies has built its success on this approach, and I’m excited to help grow this business.”

A graduate of Hofstra University, Simon holds a Master of Business Administration in finance as well as a Bachelor of Arts in economics.

About Risk Strategies

Risk Strategies, part of Accession Risk Management Group, is a North American specialty brokerage firm offering comprehensive risk management services, property and casualty insurance and reinsurance placement, employee benefits, private client services, consulting services, and financial & wealth solutions. The 9th largest U.S. privately held broker, we advise businesses and personal clients, have access to all major insurance markets, and 30+ specialty industry and product line practices and experts in 200+ offices – Atlanta, Boston, Charlotte, Chicago, Dallas, Grand Cayman, Kansas City, Los Angeles, Miami, Montreal, Nashville, New York City, Philadelphia, San Francisco, Toronto, and Washington, DC. RiskStrategies.com

Media Contact
Alana Bannan
Senior Account Executive
360-975-1812
Rsc@matternow.com

The MIL Network –

February 25, 2025
MIL-OSI: CBAK Energy’s 32140 Cells Capture 19% of Global Market Share, Report Shows

Source: GlobeNewswire (MIL-OSI)

DALIAN, China, Feb. 24, 2025 (GLOBE NEWSWIRE) — CBAK Energy Technology, Inc. (NASDAQ: CBAT) (“CBAK Energy” or the “Company”), a leading manufacturer of lithium-ion and sodium-ion batteries and electric energy solutions in China, today announced its significant global market share in the rapidly growing large cylindrical battery segment, which saw remarkable growth in 2024.

According to the latest report from Start Point Institute of Research (“SPIR Report”), global shipments of Series 32 large cylindrical batteries, which includes the Company’s 32140 cylindrical cells, surged to 102 million units in 2024, with a year-over-year increase of 14.29%. CBAK Energy played a pivotal role in this growth, delivering 19.42 million units of its 32140 large cylindrical batteries, capturing approximately 19% of the global market share of Series 32 batteries.

The SPIR Report further noted that total global shipments of large cylindrical batteries, encompassing both Series 32 and Series 40 cylindrical cells, reached 175 million units in 2024. Of this total, CBAK Energy’s 32140 cylindrical cells accounted for an estimated 11.1% of combined global shipments, underscoring the Company’s substantial contribution to this fast-growing market.

In addition, the SPIR Report highlighted that shipments of other cylindrical battery series, including Series 26, 46, 60, and 66, totaled 500 million units globally in 2024, with Series 26 likely comprising the largest portion. CBAK Energy also made significant strides in this segment, shipping approximately 32.04 million units of its 26650 and 26700 cylindrical batteries in 2024, which represents around 6.4% of the combined global market share.

The global cylindrical battery market as a whole saw impressive growth in 2024, with total shipments reaching 14.61 billion units, marking a 10.9% year-over-year increase, as reported by SPIR. This surge was driven by the growing demand for large cylindrical batteries across a variety of applications, including new energy vehicles, electric two- and three-wheelers, portable power stations, power tools, and drones. CBAK Energy’s commanding market share in Series 32 batteries and large cylindrical batteries highlights the Company’s leadership in providing high-performance, reliable energy storage solutions. To meet the rising demand, both of CBAK Energy’s production lines for 32140 batteries are operating at full capacity. The Company’s 40135 cylindrical cells, classified under the Series 40 battery category, are set to be launched in 2025.

“We are encouraged by our performance in the large cylindrical battery market in 2024,” said Zhiguang Hu, Chief Executive Officer of CBAK Energy. “The significant growth in this segment, driven by increased adoption in electric two-wheelers and portable power solutions, highlights our ability to meet the evolving needs of our customers. Our strong market share reflects our ongoing commitment to innovation, quality, and delivering exceptional energy storage solutions.”

About CBAK Energy
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium batteries and raw materials for use in manufacturing high power lithium batteries. The applications of the Company’s products and solutions include electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing and Shaoxing, as well as a large-scale R&D and production base in Dalian.

For more information, please visit ir.cbak.com.cn.

Safe Harbor Statement
This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.

The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

For further inquiries, please contact:
In China:
CBAK Energy Technology, Inc.
Investor Relations Department
Email: ir@cbak.com.cn

The MIL Network –

February 25, 2025
MIL-OSI: EnerPure Announces Successful Completion of SDTC Project

Source: GlobeNewswire (MIL-OSI)

Winnipeg, MB, Feb. 24, 2025 (GLOBE NEWSWIRE) — EnerPure Inc. (“EnerPure” or the “Company”), a recycling and energy transition company, is pleased to announce the successful completion of its SDTC project and receipt of its final payment under the funding agreement.

“We are incredibly grateful to Sustainable Development Technology Canada (SDTC) for their support during the critical final stages of our technology development and the development of our market rollout plans. We set some lofty goals back in 2019 when we first entered into the agreement with SDTC, they kept us accountable to delivering into those goals while also providing financial support throughout the pandemic. The submission of the final report and receipt of the final grant installment provides further validation and confirmation of our readiness to commercially deploy our recycling plants,” commented Todd Habicht, Chairman, CEO and Founder.

The project funding provided by SDTC enabled EnerPure to optimize and complete the development of its technology, and to advance the company’s goal of deploying 21 recycling plants in six years (our 21/6 goal). The achievement of this goal will result in the cumulative reduction of one million tonnes of GHG emissions during this six-year period. In total, STDC contributed $3.47 million in funding to the project. This SDTC funding, in conjunction with other provincial and federal grants, and our own fund-raising initiatives has resulted in ~$40m in investment over the last 15 years into the development of our state-of-the-art technology for recycling Used Motor Oil (UMO). This technology produces marine fuel that has a carbon intensity 14.6% lower than other petroleum-based marine fuels available in the market and has a sulphur content of less than 0.1%.

On January 16, 2025, EnerPure announced the results of its recent environmental benefits study, completed as a part of our SDTC project, wherein it was noted that each EnerPure recycling plant would deliver annual GHG emission reductions of 36,315 tonnes and the elimination of 437 tonnes of CACs (Criteria Air Contaminants) per recycling plant. We remain excited about the prospects for 2025 and beyond as we work towards the deployment of our first full-scale commercial plant in Canada’s oil and gas heartland, Alberta.

About EnerPure – https://enerpure.tech

“We recycle Used Motor Oil (UMO) to reduce GHG emissions while producing a lower carbon-intensive marine fuel.”

With an estimated 17 billion litres of UMO¹ burned or dumped (~70% of total UMO) around the world each year, the improper disposal of UMO is a growing environmental and societal problem. EnerPure sees a tremendous opportunity to solve this problem through the deployment of its micro-scale recycling plants using its patented technology to convert UMO into high-quality marine fuel.

Our micro-scale recycling plants have a significantly lower capex (approximately 5% of traditional solutions) which provides localized solutions for the recycling of UMO while significantly reducing the cost of collection.

Our technology has been proven via our pilot plant with 1.6 million litres processed and validated through fuel sales of over 1.2 million litres. Our marine fuel is in high demand in this growing market due to meeting and exceeding the exacting requirements of the ISO 8217 marine fuel standard while delivering a 14.6% lower carbon intensity. Annually each recycling plant can reduce greenhouse gas (“GHG”) emissions and criteria air containments (“CAC”) by 36,315 and 437 tonnes, respectively.

With EnerPure’s solution, environmental need meets strong economic returns to enable regional recycling of the disseminated UMO problem; we believe that recycling will fuel the energy transition.

¹UMO is defined as any petroleum-based or synthetic lubricating oil that cannot be used for its original purpose due to contamination.

Disclosure and Caution

This press release may contain certain disclosures that may constitute “forward-looking statements” within the meaning of Canadian securities legislation. In making the forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements are subject to numerous risks, uncertainties and other factors, including but not limited to economic, capital expenditures and engineering projections, that may cause future results to differ materially from those expressed or implied in such forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

The MIL Network –

February 25, 2025
MIL-OSI: Baker Hughes Appoints Ahmed Moghal Chief Financial Officer
Source: GlobeNewswire (MIL-OSI)
- Experienced Baker Hughes finance leader will play key role in driving next phase of strategic transformation and growth
HOUSTON and LONDON, Feb. 24, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (NASDAQ: BKR) (“Baker Hughes” or the “Company”) on Monday announced that Ahmed Moghal, a highly experienced finance leader who currently serves as chief financial officer (CFO) of our Industrial & Energy Technology (IET) business, has been appointed CFO of the Company, effective immediately. Prior to IET, Moghal held senior positions in various business and corporate roles. In this role, he succeeds Nancy Buese, who, by mutual agreement with the Company, ceased to serve as CFO effective today.

Lorenzo Simonelli, Baker Hughes chairman and chief executive officer, said, “The news we are announcing today reflects the substantial progress Baker Hughes has made in executing our strategic transformation. Reflecting on the financial successes achieved during Horizon 1, we drove record results last year while taking key actions across the Company to significantly expand margins. As we progress into the next horizon, our focus remains on driving profitable growth across the Company as we further exploit our versatile IET portfolio, leverage growth across the natural gas and LNG value chain, scale our new energy and digital businesses, and drive enhanced growth in mature assets solutions.”

He continued, “As we embark on this next phase of growth, it is crucial to have a CFO with deep-domain knowledge across both business segments, a track record of fostering collaboration and strong financial performance, and a comprehensive understanding of our growth strategy. As part of his previous roles in Baker Hughes, and as well as currently leading free cash flow efforts across the Company, Moghal has developed unique insights into our business and broad portfolio that will ensure we efficiently allocate capital to drive profitable growth while remaining focused on continuous margin improvement. We are confident he is the right person to help us deliver on our financial objectives and support a culture of innovation and a growth mindset across the Company.”

The Company reaffirmed its first-quarter and full-year 2025 outlook shared during its 2024 fourth-quarter and full-year earnings conference call on Jan. 31, 2025. This includes projecting another solid year of EBITDA growth, achieving a 20% EBITDA margin for its OFSE segment in 2025 and the IET segment in 2026, and committed to returning 60% to 80% of free cash flow to shareholders.

With Moghal’s appointment, Buese will move to a strategic adviser role and will depart the Company on April 30, 2025.

Simonelli added, “We are grateful to Nancy for the important role she played in executing on key pillars of the first phase of our transformation, including driving operational efficiency and achieving cost reduction objectives to deliver enhanced margin growth and shareholder returns. We wish her all the best in her future endeavors.”

Moghal has served as senior vice president & CFO of the Industrial and Energy Technology business of Baker Hughes since 2023. Prior to this role, he was appointed as the financial planning & analysis leader at the time of the merger of Baker Hughes and GE Oil & Gas in 2017. In his more than two decades of experience, Moghal has worked in several industries globally, driving performance across multiple business models and cycles. He started his career in GE in the Financial Management Program and subsequently Corporate Audit Staff.

About Baker Hughes:

Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Investor Relations

Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

Media Relations

Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com

The MIL Network –
February 25, 2025
MIL-OSI USA: Solar, battery storage to lead new U.S. generating capacity additions in 2025

Source: US Energy Information Administration

In-brief analysis

February 24, 2025

We expect 63 gigawatts (GW) of new utility-scale electric-generating capacity to be added to the U.S. power grid in 2025 in our latest Preliminary Monthly Electric Generator Inventory report. This amount represents an almost 30% increase from 2024 when 48.6 GW of capacity was installed, the largest capacity installation in a single year since 2002. Together, solar and battery storage account for 81% of the expected total capacity additions, with solar making up over 50% of the increase.

Solar. In 2024, generators added a record 30 GW of utility-scale solar to the U.S. grid, accounting for 61% of capacity additions last year. We expect this trend will continue in 2025, with 32.5 GW of new utility-scale solar capacity to be added. Texas (11.6 GW) and California (2.9 GW) will account for almost half of the new utility-scale solar capacity addition in 2025. We expect five other states (Indiana, Arizona, Michigan, Florida, and New York) each to account for more than 1 GW of added solar capacity in 2025 and collectively account for 7.8 GW of planned solar capacity additions.

Battery storage. In 2025, capacity growth from battery storage could set a record as we expect 18.2 GW of utility-scale battery storage to be added to the grid. U.S. battery storage already achieved record growth in 2024 when power providers added 10.3 GW of new battery storage capacity. This growth highlights the importance of battery storage when used with renewable energy, helping to balance supply and demand and improve grid stability. Energy storage systems are not primary electricity sources, meaning the technology does not create electricity from a fuel or natural resource. Instead, they store electricity that has already been created from an electricity generator or the electric power grid, which makes energy storage systems secondary sources of electricity.

Wind. In 2025, we expect 7.7 GW of wind capacity to be added to the U.S. grid. Last year, only 5.1 GW was added, the smallest wind capacity addition since 2014. Texas, Wyoming, and Massachusetts will account for almost half of 2025 wind capacity additions. Two large offshore wind plants are expected to come online this year: the 800-megawatt (MW) Vineyard Wind 1 in Massachusetts and the 715-MW Revolution Wind in Rhode Island.

Natural gas. Developers plan to build 4.4 GW of new natural gas-fired capacity in the United States during 2025: 50% from simple-cycle combustion turbines and 36% from combined-cycle power blocks. Utah, Louisiana, Nebraska, North Dakota, and Tennessee account for more than 70% of these planned natural gas additions. The two largest natural gas plants expected to come online in 2025 are the 840-MW Intermountain Power Project in Utah and the 678.7-MW Magnolia Power in Louisiana. The natural gas capacity additions at the Intermountain Power Project will replace 1,800 MW of coal-fired capacity at the plant, which is scheduled to be retired in July.

Principal contributor: Office of Energy Statistics staff

MIL OSI USA News –

February 25, 2025
MIL-OSI Banking: Samsung hits the runway with E.L.V. DENIM to showcase sustainable fashion

Source: Samsung

LONDON, UK – Samsung Electronics Co., Ltd is making its London Fashion Week debut as part of E.L.V. DENIM’s first ever presentation titled ‘The Journey’.

The British luxury brand, dedicated to crafting timeless fashion pieces from 100% upcycled materials, created ‘The Journey’ to trace its evolution from the first pair of jeans in 2018 to a full ready-to-wear collection, including shirting, tailoring, leather, and evening wear.

Set to a backdrop of Samsung’s Series 6 Washing Machines and Tumble Dryers – which offer a range of features that help reduce energy consumption[1] as well as decreasing the amount of harmful plastic microfibers clothes shed[2] – the show portrays E.L.V.’s commitment to upcycling, local manufacturing, and true sustainability by exploring the six core elements of E.L.V. DENIM’s production: sourcing, washing, grading, pairing, cutting & sewing.

Dan Barfield, Director of Digital Appliances, Samsung UK & Ireland, comments: “We’re proud to be a part of E.L.V. DENIM’s London Fashion Week debut. The presentation showcases both brand’s dedication to innovation, making our products the perfect backdrop to the first fully upcycled show on-schedule.

“This collaboration is a powerful statement towards responsible consumption. While E.L.V. DENIM transforms garments otherwise destined for landfill into high-end fashion, our laundry innovations help extend the life of clothing by delivering a deep clean using less water and energy. We’re committed to building products and providing consumers with options that put responsible practices at the forefront of fashion.”

Anna Foster, Founder & Designer, E.L.V. DENIM, comments “From the very beginning, we believed—and still believe—that we make the best jeans in the world. Our commitment to upcycling, local manufacturing, and true sustainability sets us apart. Some might call that a bold statement, but we have the processes to prove it. That’s why we’ve created a fully transparent presentation that shows exactly how we do it.

“We welcome questions and interaction—our team is here to share everything. Only by being completely open can we prove who we are, and what we’re striving to become. Today, E.L.V. DENIM is the only brand in the world producing high-end garments at scale entirely from 100% upcycled post-consumer waste. We are not just making jeans; we are rewriting the rules of fashion.”

Samsung offers innovative solutions to help consumers reduce water and energy usage. Various Samsung washing machines have AI energy mode[3] that can reduce your energy consumption by up to 70%[4], whilst ecobubble technology can wash effectively at cooler temperatures.

Samsung also offers the Less Microfiber cycle that works to make clothes shed less microplastics, which are discharged into the drain water. By adjusting the motor’s revolution speed and washing intensiveness, the Less Microfiber cycle reduces the amount of microfiber released into the drain by up to 54%[[5]].

Top Tips: How to Make Your Laundry More Eco-Friendly

Embrace energy-saving tech to cut down on water and energy use
While it is a staple to our daily lives, electricity production generates the second largest share of greenhouse gas emissions, making it vital we explore how to cut our energy consumption. Our washing machines with AI energy mode can reduce your energy consumption by using sensors to detect the weight of your laundry before calculating and dispensing the optimal amount of water needed for the load. [3+4]

Less is more when it comes to detergent
Many laundry detergents contain microplastics—harmful plastic microfibres that make it into the ocean[6]. That’s why Samsung developed the new Less Microfiber Filter, an external washing machine filter designed to significantly reduce plastic microfiber emissions during laundry cycles.

Designed with inspiration from apparel maker Patagonia and expertise from the global ocean conservation organisation Ocean Wise, the filter captures 98%[[7]] of microplastics released during laundry from escaping into the ocean, equivalent to eight 500ml plastic bottles per year when used four times a week[8].

To manage the amount of detergent we use to avoid damaging the planet, our clothes and the machine itself over time, Samsung’s Auto Dispense feature automatically adds the right amount of detergent and softener into the washer, taking the guesswork out of every wash.

Don’t be afraid of the cold (wash)
Using hot water during a laundry cycle uses a substantial amount of energy—in fact, 75% of the energy required during a hot wash cycle is used just to heat up the water[9]. With Samsung’s EcoBubble technology, you need not worry that a colder wash will result in a less effective clean.

Even at a cold wash setting of 15°C, EcoBubble technology will still effectively dissolve detergent and mix it with air and water to create bubbles that thoroughly penetrate clothes so as to remove even the toughest stains.

Choose appliances that are built to last
A final tip for making your laundry as eco-friendly as possible is to opt for appliances that are sure to last for a long time, a decision that contributes to the reduction of landfill waste, the conversation of resources, the prevention of environmental contamination by toxic materials, and the reduction of greenhouses gases created in the production of new materials.

Samsung’s washers and dryers have been designed for long-term use, coming with industry-leading warranties for both product and parts so that users can rest assured that their appliance decisions are the best ones for the environment.

About E.L.V. DENIM

E.L.V. DENIM is a pioneering British luxury brand dedicated to handcrafting timeless fashion pieces from 100% upcycled materials. Breathing a second life into garments that could otherwise be destined for landfill, E.L.V. DENIM transforms loss into luxury.

In a world of over-consumption, E.L.V. DENIM challenges convention. It’s fabric-first curated sourcing of pre-loved garments ensures every piece is unique and innovative designs create pieces to last a lifetime. Founder and Creative Director Anna Foster launched E.L.V. DENIM to redefine the perfect fit in denim, ensuring every pair of ‘off the rack’ jeans feels like it is tailor made. In addition, it is the first denim brand to launch a jean that can adapt to the wearer’s life with built-in seam allowances for effortless tailoring.

In 2023 the brand extended beyond denim and into new categories; upcycling corduroy, shirting, tailoring, leather and cotton, helping to protect the environment for future generations and proving that a completely circular fashion model can be a success.

All production takes place in East London, minimising carbon footprint and supporting our local
community of ateliers. The brand has a holistic approach to sustainability and zero-waste, all parts of the jeans are used to make new products, scraps are constructed into sheets of patchwork fabrics and the smaller threads are turned into denim paper.

[1] Our washing machines with AI energy mode* can reduce your energy consumption by up to 70%** * Available on Android and iOS devices. A Wi-Fi connection and a Samsung account are required. ** Based on internal testing on the WW7000D models on a Cotton 40 degrees wash with the AI Energy Mode turned on compared to not using AI Energy Mode.

[2] The Less Microfiber cycle works to make clothes shed less microplastics, which are discharged into the drain water. By adjusting the motor’s revolution speed and washing intensiveness, the Less Microfiber cycle reduces the amount of microfiber released into the drain by up to 54%. Based on testing by the Ocean Wise Plastics Lab using a 2kg load of 100% polyester hoodies, comparing the Synthetics cycle on a Samsung conventional model WW4000T and the Less Microfiber cycle on the WW7000B. Results may vary depending on the actual clothes and usage conditions.

[3] Available on Android and iOS devices. A Wi-Fi connection and a Samsung account are required.

[4] Based on internal testing on the WW7000D models on a Cotton 40 degrees wash with the AI Energy Mode turned on compared to not using AI Energy Mode.

[5] Tested with 2kg load of 100% polyester hoodies, comparing Synthetics cycle on Samsung Conventional model WW4000T and the Less Microfiber Cycleon WW9400B. The results may be different depending on the clothes and environment. Tested at the Ocean Wise Plastics Lab. Newsroom post here.

[6] “Fashion’s tiny hidden secret”, United Nations Environment Programme (unep.org/news-and-stories/story/fashions-tiny-hidden-secret).

[7] Tested at Ocean Wise Plastics Lab on the WW90T734DWH model (using Synthetic cycle, approximately 2kg load of synthetic textile laundry) comparing the amount of microfiber released with and without the Less Microfiber Filter installed. The amount is calculated by filtering drain water through a 50um filter. Results may vary depending on clothes and environment.

[8] Tested at Ocean Wise Plastics Lab on the WW90T734DWH model (using Synthetic cycle, approximately 2kg load of synthetic textile laundry) comparing the amount of microfiber released with and without the Less Microfiber Filter installed. The amount is calculated by filtering drain water through a 50um filter. One wash cycle’s reduction amount of 0.627g is based on a 5kg load (0.125g/kg x 5kg). Annual reduction amount (132g) is calculated based on 210 cycles (4 times a week, 52 weeks) and 5kg load on each cycle. 500㎖ bottle weight (15.4g) is based on the Korea Ministry of Environment’s guideline on plastic bottles.

[9] Data source: https://www.euronews.com/living/2019/07/14/eco-washing-your-way-to-a-cleaner-planet

MIL OSI Global Banks –

February 25, 2025
MIL-OSI: Houston American Energy Corp. Enters Definitive Agreement to Acquire Abundia Global Impact Group, Expanding into Renewable Fuels and Chemicals

Source: GlobeNewswire (MIL-OSI)

HOUSTON, TX, Feb. 24, 2025 (GLOBE NEWSWIRE) — Houston American Energy Corp. (NYSE American: HUSA) (“HUSA” or the “Company”) today announced that it has entered into a definitive agreement to acquire Abundia Global Impact Group, LLC (“AGIG”), a company specializing in converting waste into high value fuels and chemicals. The acquisition supports HUSA’s strategy to diversify its portfolio, expand its global footprint and execute its comprehensive strategy aimed at driving shareholder value through innovation in the renewable energy sector. The agreement is subject to HUSA shareholder approval and standard closing conditions.

Under the terms of the agreement, HUSA will acquire 100% of AGIG’s issued and outstanding units from AGIG’s members and HUSA will issue to AGIG’s members a number of shares of HUSA common stock which shall equal 94% of HUSA’s aggregate issued and outstanding common stock at the time of the Closing. AGIG is preparing to build its first advanced plastic recycling facility in Cedar Port, Texas. The facility represents the first phase of a structured, capital-efficient growth plan aimed at scaling and deploying AGIG’s suite of technologies for producing renewable fuels and chemicals from waste.

Building a Scalable, Sustainable Business in Renewable Fuels

“The AGIG acquisition aligns with our strategy to position HUSA into the multi-billion dollar renewable energy market” said Peter Longo, CEO of Houston American Energy Corp. “AGIG has developed a commercially ready project for converting waste into valuable fuels and chemicals, and this transaction gives HUSA shareholders a ready-made platform and project pipeline for future value generation. We are witnessing the growing momentum of the fuel and chemical industry’s transformation into alternative solutions like recycled chemical alternatives and the highly publicized sustainable aviation fuel market.”

A Structured Path to Growth

AGIG’s Cedar Port facility will serve as the hub for its five-year development plan in the US. This facility will be designed to scale production capacity while maintaining capital discipline. The company’s proven upgrading processes, strategic technology partnerships, and established industry relationships are expected to provide a clear path to commercialization.

“The consummation of this transaction represents a major milestone for AGIG, demonstrating our commitment to drive shareholder value through strategic commercial opportunities,” said AGIG CEO Ed Gillespie. “We are excited to use this platform to support the deployment and development of our suite of technologies that will assist in the evolution of fuel, chemical and waste markets, providing commercial alternatives and sustainable products.”

Looking Ahead

HUSA and AGIG will continue working toward a structured integration and execution plan, with additional updates expected in the coming months as the acquisition advances toward closing and AGIG further develops its business. HUSA expects to close on the AGIG acquisition early in the second quarter.

About HUSA

HUSA is an independent oil and gas company focused on the development, exploration, exploitation, acquisition, and production of natural gas and crude oil properties. Our principal properties, and operations, are in the U.S. Permian Basin and the South American country of Colombia. Additionally, we have properties in the Louisiana U.S. Gulf Coast region. For more information, please visit: https://houstonamerican.com/

About AGIG

AGIG develops scalable technologies for converting plastic and biomass waste into renewable fuels and chemicals. AGIG’s focus on commercial readiness, capital efficiency, and strategic industry partnerships supports a disciplined path to growth in sustainable energy markets.

Important Information About the Proposed Acquisition and Where to Find It

For additional information on the proposed transaction, see HUSA’s Current Report on Form 8-K, which will be filed concurrently with this press release. In connection with the proposed acquisition, HUSA intends to file relevant materials with the SEC, including a proxy statement, and will file other documents regarding the proposed acquisition with the SEC. HUSA’s stockholders and other interested persons are advised to read, when available, the proxy statement and documents incorporated by reference therein filed in connection with the proposed acquisition, as these materials will contain important information about AGIG and HUSA and the acquisition. HUSA will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the meeting relating to the approval of the acquisition and other proposals set forth in the proxy statement. Before making any voting or investment decision, investors and stockholders of HUSA are urged to carefully read the entire proxy statement, when available, and any other relevant documents filed with the SEC, as well as any amendments or supplements thereto, because they will contain important information about the proposed acquisition. The documents filed by HUSA with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov, or by directing a request to HUSA at 801 Travis Street, Suite 1425, Houston, Texas 77002.

Participants in the Solicitation

HUSA and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from HUSA’s stockholders in connection with the proposed transaction. A list of the names of those directors and executive officers and a description of their interests in HUSA will be included in the proxy statement for the proposed acquisition when available at www.sec.gov. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement pertaining to the proposed acquisition when it becomes available. These documents can be obtained free of charge from the source indicated above.

AGIG and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of HUSA in connection with the proposed acquisition. A list of the names of such directors and executive officers and information regarding their interests in the proposed acquisition will be included in the proxy statement for the proposed acquisition.

Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement filed with the SEC. Stockholders, potential investors, and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

Cautionary Note Regarding Forward-Looking Information:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is based on management’s current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release may include, but are not limited to, statements with respect to (i) AGIG’s growth prospects and market size; (ii) AGIG’s projected financial and operational performance; (iii) new product and service offerings by AGIG may introduce in the future; (iv) the potential acquisition, including the likelihood and ability of the parties to consummate the potential acquisition successfully; (v) the risk the proposed acquisition may not be completed in a timely manner or at all, which may adversely affect the price of HUSA’s securities; (vi) the failure to satisfy the conditions to the consummation of the proposed acquisition, including the approval of the proposed acquisition by the stockholders of HUSA (vii) the effect of the announcement or pendency of the proposed acquisition on HUSA’s or AGIG’s business relationships, performance and business generally; (viii) the outcome of any legal proceedings that may be instituted against HUSA or AGIG related to the proposed acquisition or any agreement related thereto; (ix) the ability to maintain the listing of HUSA on NYSE American; (x) the price of HUSA’s securities, including volatility resulting from changes in the competitive and regulated industry in which AGIG operates, variations in performance across competitors, changes in laws and regulations affecting AGIG’s business; (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed acquisition and identify and realize additional opportunities; and (xii) other statements regarding HUSA’s or AGIG’s expectations, hopes, beliefs, intentions and strategies regarding the future.

In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties.

With respect to the forward-looking information contained in this news release, the company has made numerous assumptions. While the company considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing our business is disclosed in our Annual Report on Form 10-K and other filings with the SEC on www.sec.gov. You should carefully consider those risks and uncertainties, as well as those described in the “Risk Factors” section of HUSA’s proxy statement relating to the proposed acquisition, which is expected to be filed by HUSA with the SEC, other documents filed by HUSA from time to time with SEC, and any risk factors made available to you in connection with HUSA, AGIG, and the proposed acquisition. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of HUSA and AGIG) and other assumptions, that may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements. HUSA and AGIG caution that the foregoing list of factors is not exclusive.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

No Offer or Solicitation

This press release relates to a proposed acquisition between HUSA and AGIG, and does not constitute a proxy statement or solicitation of a proxy and does not constitute an offer to sell or a solicitation of an offer to buy the securities of HUSA or AGIG, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

For additional information, view the company’s website at www.houstonamerican.com or contact Houston American Energy Corp. at (713) 222-6966.

The MIL Network –

February 25, 2025
MIL-OSI: Orca Energy Group Inc. Announces Prepayment of International Finance Corporation Loan, Settlement of Supplementary Gas Sales Agreement and Judgment of the Tanzanian High Court

Source: GlobeNewswire (MIL-OSI)

TORTOLA, British Virgin Islands, Feb. 24, 2025 (GLOBE NEWSWIRE) — Orca Energy Group Inc. (“Orca” or the “Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces that it has permanently prepaid the US$60 million investment (the “Loan“) made by International Finance Corporation (“IFC“) in the Company’s operating subsidiary, PanAfrican Energy Tanzania Limited (“PAET“), pursuant to a loan agreement dated October 29, 2015 among IFC, PAET and the Company (the “Loan Agreement“). To effect the foregoing prepayment, the Company paid to IFC US$30.6 million, representing the aggregate outstanding principal of the Loan together with all accrued interest thereon and all other amounts owing in connection with the Loan as of February 21, 2025.

As of the date hereof, the annual variable participating interest granted by PAET to IFC under the terms of the Loan Agreement remains outstanding.

In addition, Orca announces PAET has reached an agreement with Tanzania Petroleum Development Corporation (“TPDC“) and the Tanzania Portland Cement Company Limited (“TPCC“) in respect to the SGSA (defined below). In 2008, PAET, TPDC and TPCC signed a Gas Sale Agreement (“2008 GSA“) for the supply of Additional Gas (defined below) to TPCC’s Wazo Hill plant (“Wazo Hill“). At the same time, TPDC supplied Protected Gas (defined below) to Wazo Hill. In anticipation of the cessation of Protected Gas on July 31, 2024, PAET and TPCC negotiated a Supplementary Gas Sales Agreement (“SGSA“) to supply to Wazo Hill increased volumes of gas to replace Protected Gas. The SGSA is arranged to operate alongside the original 2008 GSA.

The price of natural gas sold to TPCC is based on the contracted prices as set out in the Amendment Agreement No 2 to the 2008 GSA agreed to in October 2017, plus an estimation of the Songas transportation tariff as determined by the energy regulator, Energy and Water Utilities Regulatory Authority. The gas price under the SGSA is lower than that of the 2008 GSA, affording TPCC a commercially viable blended gas price across the two contracts. Initially, TPDC opposed the SGSA, but an agreement was reached with TPDC in January 2025 and the SGSA was executed, effective August 1, 2024.

“Additional Gas” and “Protected Gas” as used in the 2008 GSA and SGSA are defined in the Songo Songo Production Sharing Agreement between TPDC, the Government of Tanzania and PAET and the Gas Agreement between the Government of Tanzania, TPDC, Songas Limited (“Songas“) and PAET.

In addition, Orca announces it has received a judgment (the “Judgment“) from the Tanzanian High Court (Commercial Division) (the “Court“) for a claim brought by a contractor against PAET. The claim was brought by the contractor for losses arising from PAET’s termination of a contract relating to the Company’s 3D seismic acquisition program. The contract was signed in 2022 and works were due to be completed by the end of 2022. However, work only commenced in 2023 and was never completed. Pursuant to the Judgment, the Court ordered specific and general damages in the aggregate of US$23,100,451, plus legal costs and interest at a rate of 7% per annum be paid by PAET to the contractor. PAET respectfully disagrees with the Judgment and is currently preparing to launch an appeal. It is likely PAET will be required to post-security for the full amount of the judgment until the appeal is resolved.

Jay Lyons, Chief Executive Officer, commented:

“We are pleased to have successfully prepaid our US$60 million loan with the IFC. We are grateful to the IFC for their financial support with developing the Songo Songo Field for the benefit of the nation of Tanzania. While we acknowledge the Judgment awarded by the Commercial Court regarding the claim by the contractor, we intend to seek a review of the decision and appeal the Judgment, as the Board remain of the view that the Company’s actions with regard to termination of the contract for the 3D seismic program were legally fair and just.

Taking into account these recent events, Orca continues to possess a robust cash position and is performing in line with previous guidance operationally.”

Orca Energy Group Inc.

Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.

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

Forward-Looking Information

Certain information regarding Orca set forth in this news release, including but not limited to Orca’s ability to continue regular distributions to shareholders constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. The words “may”, “will”, “would”, “should”, “could”, “expects”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “predicts”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking information. More particularly, this news release contains, without limitation, forward-looking information pertaining to the following: timing as to when PAET will submit it appeal; that PAET will be required to post-security in respect of the appeal and the timing of such security; the assessment by the Company of the merits of the seeking the appeal; the Company’s liabilities pursuant to the appeal; and that the Company will continues to be in a robust cash position and will continue to perform operationally in line with previous guidance. Forward-looking information, by its very nature, involves inherent risks and uncertainties and is based on several assumptions, both general and specific. Orca cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors which may cause the actual results or performance of Orca to be materially different from the outlook or any future results or performance implied by such information.

The forward-looking information contained in this news release is provided 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 so required by applicable Canadian securities laws.

The MIL Network –

February 25, 2025

MIL-OSI: Gran Tierra Energy Inc. Announces 2024 Fourth Quarter & Year-End Results

Source: GlobeNewswire (MIL-OSI)

Record Fourth Quarter Production of 41,009 BOEPD
Realized 2024 Net Income of $3 Million ($0.10 per Share, Basic) and 2024 Adjusted EBITDA¹of $367 Million
Delivered Net Cash Provided by Operating Activities of $239.3 million, up 5% from 2023
Generated 2024 Funds Flow from Operations¹of $225 Million and Achieved 2024 Average Working Interest Production of 34,710 BOEPD, up 6% from 2023
Sixth Consecutive Year of 1P Total Company Reserves Growth
Highest Year-End Total Company Reserves in Company History – 167 MMBOE 1P, 293 MMBOE 2P and 385 MMBOE 3P and Achieved 702% 1P, 1,249% 2P and 1,500% 3P Reserves Replacement
Net Asset Value per Share³of $35.22 Before Tax and $19.51 After Tax (1P), and $71.14 Before Tax and $41.03 After Tax (2P)
Achieved Company’s Best Safety Performance on Record in 2024

CALGARY, Alberta, Feb. 24, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced the Company’s financial and operating results for the fourth quarter (“the Quarter”) and year ended December 31, 2024.³ All dollar amounts are in United States (“U.S.”) dollars and all reserves and production volumes are on an average working interest before royalties (“WI”) basis unless otherwise indicated. Production is expressed in barrels of oil equivalent (“boe”) per day (“boepd”), and reserves are expressed in boe or million boe (“MMBOE”), unless otherwise indicated. Gran Tierra’s 2024 year-end reserves were evaluated by the Company’s independent qualified reserves evaluator McDaniel & Associates Consultants Ltd. (“McDaniel”) in a report with an effective date of December 31, 2024 (the “GTE McDaniel Reserves Report”). All reserves values, future net revenue and ancillary information contained in this press release have been prepared by McDaniel and calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook (“COGEH”) and derived from the GTE McDaniel Reserves Report, unless otherwise expressly stated. The following reserves categories are discussed in this press release: Proved Developed Producing (“PDP”), Proved (“1P”), 1P plus Probable (“2P”) and 2P plus Possible (“3P”).

FOURTH QUARTER AND FULL-YEAR 2024 OPERATIONAL AND FINANCIAL HIGHLIGHTS

Message to Shareholders

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “2025 is set to be a transformational year for Gran Tierra as we advance exploration drilling in Ecuador, fulfilling all our commitments in the country while integrating our new entry into Canada. We ended 2024 at record highs across all reserve categories and production, setting a solid foundation for the future. While 2024 was dedicated to investing in resource capture, 2025 and beyond will be focused on execution—unlocking the full potential of our extensive, oil-weighted portfolio, which holds over 293 million BOE of 2P reserves. We are also pleased to confirm that Gran Tierra successfully met its average production guidance target for 2024. Furthermore, in 2024, Gran Tierra demonstrated its confidence in the Company’s future prospects by repurchasing 6.7% of our outstanding shares⁴ of common stock through our normal course issuer bid (“NCIB”) program, showing our dedication to long-term shareholder value creation. With a current before tax 1P net asset value of $35.23 per share, repurchases remain a strategic and efficient way to return capital to our shareholders, while reinforcing our commitment to long-term value creation.

We are excited about the prospects of our 2025 exploration initiatives in Ecuador and Colombia, where we are set to drill between 6 to 8 high-impact exploration wells in our base case. These prospects have the potential to be significant catalysts in our commitment to unlock new reserves and drive sustainable growth. On the development front, we look forward to further appraising our Ecuador discoveries, commencing development of the large Cohembi field, drilling wells in the Montney and appraisal wells in the Clearwater and Central Alberta. With a robust and diverse portfolio of assets, Gran Tierra is poised to capitalize on emerging opportunities and deliver value to all our stakeholders. As we continue to profitably advance our operational and financial goals, we remain deeply committed to the well-being of our employees and the communities where we operate, recognizing their essential role in our success.”

Operational:

Production:
- Gran Tierra achieved 2024 average WI production of 34,710 boepd, representing a 6% increase from 2023, as a result of positive exploration results in Ecuador and two months of production from Canadian operations acquired on October 31, 2024, partially offset by lower production in the Acordionero field caused by downtime related to workovers and deferred production from blockades in Suroriente during the Quarter.
- Building on the Company’s successful development drilling in 2024 and integrating its recently acquired Canadian assets, Gran Tierra expects 2025 production of 47,000-53,000 boepd, as previously forecast. This projected 2025 production increase is expected to result from the Company’s previously forecast 2025 development drilling program of 5-7 gross wells in Suroriente, 2-3 appraisal wells in Ecuador, as well as 6 development wells in Canada. Gran Tierra also plans to drill 6-8 exploration wells in South America in 2025.
2024 Year-End Reserves and Values^3,6:

Before Tax (as of December 31, 2024)	Units	1P	2P	3P
Reserves	MMBOE	167	293	385
Net Present Value at 10% Discount (“NPV10”)	$ million	1,950	3,242	4,517
Net Debt¹	$ million	(683)	(683)	(683)
Net Asset Value (NPV10 less Net Debt) (“NAV”)	$ million	1,267	2,559	3,834
Outstanding Shares	million	35.97	35.97	35.97
NAV per Share	$/share	35.23	71.14	106.62

After Tax (as of December 31, 2024)	Units	1P	2P	3P
Reserves	MMBOE	167	293	385
NPV10	$ million	1,385	2,159	2,930
Net Debt¹	$ million	(683)	(683)	(683)
NAV	$ million	702	1,476	2,247
Outstanding Shares	million	35.97	35.97	35.97
NAV per Share	$/share	19.51	41.03	62.46

As of December 31, 2024, Gran Tierra achieved⁶:
- Before Tax NAV of $1.3 billion (1P), $2.6 billion (2P), and $3.8 billion (3P)
- After Tax NAV of $0.7 billion (1P), $1.5 billion (2P), and $2.2 billion (3P)
- Strong reserves replacement ratios of:
  - 702% 1P, with 1P reserves additions of 89 MMBOE.
  - 1,249% 2P, with 2P reserves additions of 159 MMBOE.
  - 1,500% 3P, with 3P reserves additions of 191 MMBOE.
- NAV per share of $35.23 Before Tax and $19.51 After Tax (1P), and $71.14 Before Tax and $41.03 After Tax (2P). Gran Tierra’s current share price trades at significant discounts across all of the Company’s NAV per share categories.
- Finding, development and acquisition costs (“FD&A”), including change in future development costs (“FDC”), on a per boe basis of $9.74 (1P), $8.11 (2P) and $6.92 (3P).
- FD&A costs excluding change in FDC, on a per boe basis of $4.49 (1P), $2.52 (2P) and $2.10 (3P).
- Canada now represents 46% of 1P and 51% of 2P reserves compared to Gran Tierra’s total reserves.

Financial:

2024 Net Income: Gran Tierra realized a net income of $3.2 million or $0.10 per share (basic and diluted), compared to net loss of $6.3 million, or $(0.19) per share (basic and diluted) in 2023.
2024 Adjusted EBITDA¹: The Company realized Adjusted EBITDA¹ of $366.8 million, a decrease of 8% from $399.4 million in 2023, commensurate with the decrease in the Brent oil price.
2024 Net Cash Provided by Operating Activities: The Company generated net cash provided by operating activities of $239.3 million, an increase of 5% from $228.0 million in 2023.
2024 Funds Flow from Operations¹: Gran Tierra realized funds flow from operations¹ of $224.9 million, compared to $276.8 million in 2023.
2024 Capital Expenditures: Capital expenditures increased by $7.7 million or 3% to $234.2 million compared to 2023 due to a higher number of wells drilled in 2024, which was predominately funded by the Company’s 2024 net cash provided by operating activities of $239.3 million.
Key Metrics During the Quarter: The Company realized net income of $34.2 million, Adjusted EBITDA¹ of $76.2 million, and funds flow from operations¹ of $44.1 million, compared with $1.1 million, $92.8 million, and $60.3 million, respectively, in third quarter 2024 (“the Prior Quarter”). The Company recognized record high quarterly production of 41,009 BOEPD.
Cash Balance: The Company had $103.4 million in cash and cash equivalents as at December 31, 2024 an increase compared to a cash balance of $62.1 million as at December 31, 2023.
Share Buybacks: Since January 1, 2022, through its NCIB programs, the Company has re-purchased 6.8 million shares of Common Stock representing about 19% of shares outstanding as of December 31, 2024.
2024 Operating Costs: Total operating expenses were $202.3 million, compared to $186.9 million in 2023, representing an 8% increase while operating expenses per boe were $16.14, 2% higher when compared to 2023. This increase in 2024 was primarily as a result of higher workovers, and removal of diesel subsidies and higher gas and electricity costs in Colombia, partially offset by lower operating costs in Ecuador as a result of production ramp-up in 2024.
2024 Cash General and Administrative Costs: The Company’s gross cash general and administrative (“G&A”) costs decreased to $3.18 per boe from $3.38 per boe in 2023. Total cash G&A costs were $39.9 million, a decrease of 1% from $40.1 million in 2023, due to lower business development, legal and consulting costs compared to 2023, offset by the addition of two months of G&A from the newly acquired Canadian operation.
Oil, Natural Gas and Natural Gas Liquids (“NGL”) Sales:
- 2024: Gran Tierra’s oil, natural gas and NGL sales decreased 2% to $621.8 million, compared to $637.0 million in 2023. This decrease was primarily driven by a 3% decrease in Brent price and a 6% decrease in sales volumes in Colombia, offset by an increase in sales volumes in Ecuador and two months of production in Canada and lower differentials.
- The Quarter: Gran Tierra generated oil, natural gas and NGL sales of $147.3 million, a decrease of 3% or $4.1 million from the Prior Quarter, primarily driven by a 6% decrease in the Brent oil price, offsetting a 31% increase in production. Oil, natural gas and NGL sales were $39.73 per boe, a 22% decrease from the Prior Quarter primarily as a result of low natural gas prices in Canada.
Operating Netback¹:
- 2024: Gran Tierra’s operating netback¹ of $31.99 per boe was down 13% from $36.72 in 2023.
- The Quarter: The Company’s operating netback¹ of $22.19 per boe was lower by 38% from the fourth quarter 2023 and a decrease of 35% from the Prior Quarter due to increased weighting to natural gas in Canada and lower oil price.

Operational Update

Colombia:
- Suroriente Block: The first well on the Cohembi North pad spud on February 10, 2025, with production expected by the end of the first quarter of 2025.
Ecuador:
- Iguana Block: Gran Tierra is currently drilling the first exploration well in its 6-8 well program with the Iguana SUR-B1 exploration well which was spud on February 4, 2025.
Canada:
- Simonette: The development plan with our new joint venture partner, Logan Energy Corp., has commenced with the first two horizontal wells being drilled. Both wells are planned to be stimulated by the end of February and onstream by the end of the first quarter 2025.
- Central: Gran Tierra has drilled and completed a well in the Nisku with a horizontal lateral length of over 3,000 meters; testing has commenced.
- Clearwater: Gran Tierra has drilled 5 new wells in the Clearwater at East Dawson and Walrus. The program has confirmed the quality of our acreage in the Clearwater play. These wells are expected to come on-stream in the first quarter 2025. A pilot waterflood at Marten Hills will commence with the drilling of a multilateral injector in the first quarter 2025.

Gran Tierra’s Commitment to Go “Beyond Compliance” with Safe and Sustainable Operations

2024 was the Company’s safest year on record. GTE has accumulated a total of 27.8 million person-hours without a Lost Time Injury (LTI), and in 2024, the Company’s Total Recordable Incident Frequency (TRIF) was 0.03, placing Gran Tierra in the top quartile for safety performance across its operating regions.
2024 was another exciting year for the NaturAmazonas project, a partnership founded by Conservation International and Gran Tierra Energy in 2017. The high-quality cocoa produced through this program garnered international attention resulting in a signed commercial agreement with KAOKA, one of the largest buyers of organic cocoa worldwide, to export 12.5 tons of organic deforestation free cocoa. This outcome means additional markets and incomes for producers in Putumayo.
To date, the NaturAmazonas program has seen over 3,500 hectares of the Amazonian rainforest restored including over 1.6 million trees planted. The meliponiculturists (stingless beekeepers) from our Sustainable Productive Landscapes program, own Colombia’s largest number of hives, which is estimated to be 6,000 hives. Their bees contribute to pollination across approximately 24,000 hectares of native forests and cultivated plantations.
The NaturAmazonas project has also benefited more than 4,200 families from the departments of Putumayo, Caquetá and Cauca, who have been trained in conservation techniques and supported the implementation of sustainable economic opportunities such as the production of organic cocoa, honey and açaí.
Gran Tierra has been accepted by the Voluntary Principles Initiative (VPI) as an official member of the Voluntary Principles for Security and Human Rights world-wide initiative.

Corporate Presentation:

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

Financial and Operational Highlights⁵(all amounts in $000s, except per share and boe amounts)

	Year Ended						Three Months Ended
	December 31,			December 31,			December 31,			December 31,			September 30,
		2024			2023			2024			2023			2024
Net Income (Loss)	$	3,216		$	(6,287	)	$	(34,210	)	$	7,711		$	1,133
Net Income (Loss) Per Share – Basic	$	0.10		$	(0.19	)	$	(1.04	)	$	0.24		$	0.04
Net Income (Loss) Per Share – Diluted	$	0.10		$	(0.19	)	$	(1.04	)	$	0.23		$	0.04

Oil, Natural Gas and NGL Sales	$	621,849		$	636,957		$	147,290		$	154,944		$	151,373
Operating Expenses		(202,331	)		(186,864	)		(60,770	)		(47,637	)		(46,060	)
Transportation Expenses		(18,464	)		(14,546	)		(4,279	)		(3,947	)		(3,911	)
Operating Netback¹	$	401,054		$	435,547		$	82,241		$	103,360		$	101,402

G&A Expenses Before Stock-based Compensation	$	39,912		$	40,124		$	8,672		$	11,072		$	9,491
G&A Expenses (Recovery) Stock-Based Compensation		9,707			5,722			3,331			1,974			(3,145	)
G&A Expenses, Including Stock-Based Compensation	$	49,619		$	45,846		$	12,003		$	13,046		$	6,346

EBITDA¹	$	355,690		$	377,550		$	65,247		$	83,634		$	97,365

Adjusted EBITDA¹	$	366,758		$	399,355		$	76,168		$	92,964		$	92,794

Net Cash Provided by Operating Activities	$	239,321		$	227,992		$	26,607		$	69,027		$	78,654

Funds Flow from Operations¹	$	224,941		$	276,785		$	44,129		$	84,663		$	60,338

Capital Expenditures	$	234,236		$	226,584		$	70,413		$	35,826		$	49,779

Free Cash Flow¹	$	(9,295	)	$	50,201		$	(26,284	)	$	48,837		$	10,559

Average Daily Volumes (BOEPD)
Working Interest Production Before Royalties		34,710			32,647			41,009			31,309			32,764
Royalties		(6,820	)		(6,548	)		(7,327	)		(6,417	)		(6,776	)
Production NAR		27,890			26,099			33,682			24,892			25,988
(Decrease) Increase in Inventory		(454	)		(152	)		(712	)		57			(523	)
Sales		27,436			25,947			32,970			24,949			25,465
Royalties, % of WI Production Before Royalties		20	%		20	%		18	%		20	%		21	%

Per boe⁵
Brent	$	79.86		$	82.16		$	74.01		$	82.85		$	78.71
Quality and Transportation Discount		(17.93	)		(14.91	)		(25.45	)		(15.34	)		(14.10	)
Royalties		(12.33	)		(13.55	)		(8.83	)		(13.47	)		(13.58	)
Average Realized Price	$	49.60		$	53.70		$	39.73		$	54.04		$	51.03
Transportation Expenses		(1.47	)		(1.23	)		(1.15	)		(1.38	)		(1.32	)
Average Realized Price Net of Transportation Expenses	$	48.13		$	52.47		$	38.58		$	52.66		$	49.71
Operating Expenses		(16.14	)		(15.75	)		(16.39	)		(16.61	)		(15.53	)
Operating Netback¹	$	31.99		$	36.72		$	22.19		$	36.05		$	34.18
Cash G&A Expenses		(3.18	)		(3.38	)		(2.34	)		(3.86	)		(3.20	)
Severance Expenses		(0.12	)		—			(0.41	)		—			—
Transaction Costs		(0.47	)		—			(1.20	)		—			(0.49	)
Realized Foreign Exchange Gain (Loss)		0.07			(1.43	)		0.07			(0.34	)		0.34
Cash Settlement on Derivative Instruments		0.09			—			0.30			—			—
Interest Expense, Excluding Amortization of Debt Issuance Costs		(5.38	)		(4.21	)		(5.40	)		(5.35	)		(5.65	)
Interest Income		0.29			0.17			0.34			0.10			0.23
Other Cash Gain		0.12			—			0.40			—			—
Net Lease Payments		0.07			0.16			0.07			0.13			0.07
Current Income Tax (Expense) Recovery		(5.53	)		(4.70	)		(2.12	)		2.80			(5.13	)
Cash Netback¹	$	17.95		$	23.33		$	11.90		$	29.53		$	20.35

Share Information (000s)
Common Stock Outstanding, End of Period		35,972			32,247			35,972			32,247			33,288
Weighted Average Number of Common – Basic		32,043			33,470			34,333			32,861			33,287
Weighted Average Number of Common – Diluted		32,043			33,470			34,333			32,921			33,350

	As at December 31
($000s)		2024		2023	% Change
Cash and cash equivalents	$	103,379	$	62,146	66

Credit facility	$	—	$	36,364	(100	)

Senior Notes	$	786,619	$	536,619	47

Additional information on 2024 expenses:

Quality and Transportation Discount: increased in 2024 to $17.93 per boe compared to $14.91 per boe in 2023.
Transportation Expenses: increased by 20% to $1.47 per boe in 2024 from $1.23 per boe in 2023 primarily due to higher sales volumes transported in Ecuador, two months transportation of sales volumes in Canada through pipelines, and an increase in trucking tariffs for Acordionero volumes in 2024.
Royalties: decreased to $12.33 per boe in 2024, from $13.55 per boe in 2023. This decrease was driven by the 3% decrease in the Brent oil price in 2024 relative to 2023.

_{¹ Operating netback, EBITDA, Adjusted EBITDA, funds flow from operations, net debt, free cash flow, and cash netback, are non-GAAP measures and do not have a standardized meaning under GAAP. Cash flow refers to the GAAP line item “net cash provided by operating activities”. Refer to “Non-GAAP Measures” in this press release for descriptions of these non-GAAP measures and reconciliations to the most directly comparable measures calculated and presented in accordance with GAAP.}
_{² NAV per share is calculated as NPV10 (before or after tax, as applicable) of the applicable reserves category minus net debt, divided by the number of shares of Gran Tierra’s common stock issued and outstanding.}
_{³ All dollar amounts are in United States dollars and production and reserves volumes are on an average WI before royalties basis, unless otherwise indicated. Per boe amounts are based on WI sales before royalties. Production is expressed in boepd and reserves are expressed in boe or MMBOE, unless otherwise indicated. For per boe amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Annual Report on Form 10-K filed February 24, 2025}
_{⁴ Outstanding shares based on December 31, 2023 balance of 32,246,501 shares}
_{⁵ Per boe amounts are based on WI sales before royalties. For per boe amounts based on NAR production, see Gran Tierra’s Annual Report on Form 10-K filed on February 24, 2025.}
_{⁶ The after-tax net present value of the Company’s oil and gas properties reflects the tax burden on the properties on a stand-alone basis. It does not consider the corporate tax situation, or tax planning. It does not provide an estimate of the value at the Company level which may be significantly different. The Company’s financial statements should be consulted for information at the Company level.}

Conference Call Information

Gran Tierra will host its fourth quarter and full year 2024 results conference call on Monday, February 24, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time, and 4:00 p.m. Greenwich Mean Time. Interested parties may register for the conference call by going to the following link: https://register.vevent.com/register/BI73eac887f1ea473fb403e3c298d6860c. Please note that there is no longer a general dial-in number to participate and each individual party must register through the provided link. Once parties have registered, they will be provided a unique PIN and call-in details. There is also a feature that allows parties to elect to be called back through the “Call Me” function on the platform. Interested parties can also continue to access the live webcast from their mobile or desktop devices by going to the following link: https://edge.media-server.com/mmc/p/6sr4wvg8, which is also available on Gran Tierra’s website at https://www.grantierra.com/investor-relations/presentations-events/.

About Gran Tierra Energy Inc.

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

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

Contact Information

For investor and media inquiries please contact:

Gary Guidry, President & Chief Executive Officer

Ryan Ellson, Executive Vice President & Chief Financial Officer

Tel: +1.403.265.3221

For more information on Gran Tierra please go to: www.grantierra.com.

Forward Looking Statements and Legal Advisories:

This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward- looking statements”), which can be identified by such terms as “believe,” “expect,” “anticipate,” “forecast,” “budget,” “will,” “estimate,” “target,” “project,” “plan,” “should,” “guidance,” “outlook,” “strives” or similar expressions are forward-looking statements. Such forward-looking statements include, but are not limited to, the Company’s strategies and expectations, capital program, drilling plans, cost saving initiatives, future sources of funding for capital expenditures and other activities, future planned operations and production estimates, forecast prices, and the Company’s plans to benefit the environment or communities in which it operates. Statements relating to “reserves” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, including that the reserves described can be profitably produced in the future.

The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, the ability of Gran Tierra to successfully integrate the assets and operations of i3 Energy or realize the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates), rig availability, the risk profile of planned exploration activities, the effects of drilling down-dip, the 5-year weighted-average Brent forecast, the effects of waterflood and multi-stage fracture stimulation operations, the extent and effect of delivery disruptions, and the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions in Canada, Colombia and Ecuador and areas of potential expansion, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned. Gran Tierra believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

Among the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements in this press release are: our operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from a global health crisis, geopolitical events, including the ongoing conflicts in Ukraine and the Gaza region, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil and natural gas prices and oil and natural gas consumption more than we currently predict, which could cause further modification of our strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; our ability to execute our business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that we do not receive the anticipated benefits of government programs, including government tax refunds; our ability to comply with financial covenants in its credit agreement and indentures and make borrowings under any credit agreement; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2024 filed February 24, 2025 and its other filings with the SEC. These filings are available on the SEC website at http://www.sec.gov and on SEDAR+ at www.sedarplus.ca. Although the current guidance, capital spending program and long term strategy of Gran Tierra are based upon the current expectations of the management of Gran Tierra, should any one of a number of issues arise, Gran Tierra may find it necessary to alter its business strategy and/or capital spending program and there can be no assurance as at the date of this press release as to how those funds may be reallocated or strategy changed and how that would impact Gran Tierra’s results of operations and financial position. Forecasts and expectations that cover multi-year time horizons or are associated with 2P reserves inherently involve increased risks and actual results may differ materially.

All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

The estimates of future production, future net revenue and certain expenses or costs set forth in this press release may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective operational and financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational and financial information for 2025. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra’s operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective operational and financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

Non-GAAP Measures

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

Net Debt, as presented as at December 31, 2024 is comprised of $787 million (gross) of senior notes outstanding less cash and cash equivalents of $103 million, prepared in accordance with GAAP. Management believes that net debt is a useful supplemental measure for management and investors in order to evaluate the financial sustainability of the Company’s business and leverage. The most directly comparable GAAP measure is total debt.

Operating netback, as presented is defined as oil, natural gas and NGL sales less operating and transportation expenses. Operating netback per boe, as presented is defined as average realized price per boe less operating and transportation expenses per boe. Cash netback, as presented, is defined as net income or loss adjusted for depletion, depreciation and accretion (“DD&A”) expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gains or losses, other non-cash gains or losses and other financial instruments gains or losses. Cash netback per boe, as presented, is defined as cash netback over WI sales volumes. Management believes that operating netback and cash netback are useful supplemental measures for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra’s principal business activities prior to the consideration of other income and expenses. See the table entitled Financial and Operational Highlights above for the components of operating netback and operating netback per boe. A reconciliation from net income or loss to cash netback is as follows:

	Year Ended						Three Months Ended
	December 31,						December 31,						September 30,
Cash Netback – Non-GAAP Measure ($000s)		2024			2023			2024			2023			2024
Net (loss) income	$	3,216		$	(6,287	)	$	(34,210	)	$	7,711		$	1,133
Adjustments to reconcile net (loss) income to cash netback
DD&A expenses		230,619			215,584			63,406			52,635			55,573
Deferred tax (recovery) expense		(27,888	)		56,759			4,444			13,517			5,550
Stock-based compensation expense (recovery)		9,707			5,722			3,331			1,974			(3,145	)
Amortization of debt issuance costs		12,918			5,831			3,743			2,437			3,109
Non-cash lease expense		5,923			4,967			1,759			1,479			1,370
Lease payments		(5,035	)		(3,018	)		(1,495	)		(1,100	)		(1,171	)
Unrealized foreign exchange (gain) loss		(7,893	)		(5,085	)		(223	)		2,729			(2,081	)
Other non-cash loss		—			2,312			—			3,281			—
Unrealized derivative instruments loss		3,374			—			3,374			—			—
Cash netback (non-GAAP)	$	224,941		$	276,785		$	44,129		$	84,663		$	60,338

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

	Year Ended						Three Months Ended
	December 31,						December 31,						September 30,
EBITDA – Non-GAAP Measure ($000s)		2024			2023			2024			2023			2024
Net (loss) income	$	3,216		$	(6,287	)	$	(34,210	)	$	7,711		$	1,133
Adjustments to reconcile net (loss) income to EBITDA and Adjusted EBITDA
DD&A expenses		230,619			215,584			63,406			52,635			55,573
Interest expense		80,466			55,806			23,752			17,789			19,892
Income tax expense		41,389			112,447			12,299			5,499			20,767
EBITDA (non-GAAP)	$	355,690		$	377,550		$	65,247		$	83,634		$	97,365
Non-cash lease expense		5,923			4,967			1,759			1,479			1,370
Lease payments		(5,035	)		(3,018	)		(1,495	)		(1,100	)		(1,171	)
Foreign exchange loss		(8,808	)		11,822			(496	)		3,696			(3,084	)
Unrealized derivative instruments loss		3,374			—			3,374			—			—
Transaction costs		5,907			—			4,448			—			1,459
Other non-cash gain		—			2,312			—			3,281			—
Stock-based compensation expense (recovery)		9,707			5,722			3,331			1,974			(3,145	)
Adjusted EBITDA (non-GAAP)	$	366,758		$	399,355		$	76,168		$	92,964		$	92,794

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

	Year Ended						Three Months Ended
	December 31,							December 31,						September 30,
Funds Flow From Operations – Non-GAAP Measure ($000s)		2024			2023				2024			2023			2024
Net (loss) income	$	3,216		$	(6,287	)		$	(34,210	)	$	7,711		$	1,133
Adjustments to reconcile net (loss) income to funds flow from operations
DD&A expenses		230,619			215,584				63,406			52,635			55,573
Deferred tax (recovery) expense		(27,888	)		56,759				4,444			13,517			5,550
Stock-based compensation expense (recovery)		9,707			5,722				3,331			1,974			(3,145	)
Amortization of debt issuance costs		12,918			5,831				3,743			2,437			3,109
Non-cash lease expense		5,923			4,967				1,759			1,479			1,370
Lease payments		(5,035	)		(3,018	)			(1,495	)		(1,100	)		(1,171	)
Unrealized foreign exchange (gain) loss		(7,893	)		(5,085	)			(223	)		2,729			(2,081	)
Other non-cash loss		—			2,312				—			3,281			—
Unrealized derivative instruments loss		3,374			—				3,374			—			—
Funds flow from operations (non-GAAP)	$	224,941		$	276,785			$	44,129		$	84,663		$	60,338
Capital expenditures	$	234,236		$	226,584			$	70,413		$	35,826		$	49,779
Free cash flow (non-GAAP)	$	(9,295	)	$	50,201			$	(26,284	)	$	48,837		$	10,559

DISCLOSURE OF OIL AND GAS INFORMATION

Gran Tierra’s Statement of Reserves Data and Other Oil and Gas Information on Form 51-101F1 dated effective as at December 31, 2024, which includes disclosure of its oil and gas reserves and other oil and gas information in accordance with NI 51-101 and COGEH forming the basis of this press release, is available on SEDAR+ at www.sedarplus.ca. All reserves values, future net revenue and ancillary information contained in this press release as of December 31, 2024 are derived from the GTE McDaniel Reserves Report.

Estimates of net present value and future net revenue contained herein do not necessarily represent fair market value of reserves. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by McDaniel in evaluating Gran Tierra’s reserves and future net revenue will be attained and variances could be material. See Gran Tierra’s press release dated January 23, 2025 for a summary of the price forecasts employed by McDaniel in the GTE McDaniel Reserves Report and other information regarding the disclosed future net revenue.

All evaluations of future net revenue contained in the GTE McDaniel Reserves Report are after the deduction of royalties, operating costs, development costs, production costs and abandonment and reclamation costs but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. It should not be assumed that the estimates of future net revenue presented in this press release represent the fair market value of the reserves. There are numerous uncertainties inherent in estimating quantities of crude oil and natural gas reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth in the GTE McDaniel Reserves Report are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided therein.

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

References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium, heavy crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids for which there is no precise breakdown since the Company’s sales volumes typically represent blends of more than one product type. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.

Future Net Revenue

Future net revenue reflects McDaniel’s forecast of revenue estimated using forecast prices and costs, arising from the anticipated development and production of reserves, after the deduction of royalties, operating costs, development costs and abandonment and reclamation costs and taxes but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. The estimate of future net revenue below does not necessarily represent fair market value.

Consolidated Properties at December 31, 2024
Proved (1P) Total Future Net Revenue ($ million)
Forecast Prices and Costs
Years	Sales Revenue	Total Royalties		Operating Costs		Future Development Capital		Abandonment and Reclamation Costs		Future Net Revenue Before Future Taxes	Future Taxes		Future Net Revenue After Future Taxes*
2025-2029 (5 Years)	5,139	(981	)	(1,385	)	(1,025	)	(27	)	1,721	(491	)	1,230
Remainder	3,617	(578	)	(1,549	)	(4	)	(377	)	1,109	(370	)	739
Total (Undiscounted)	8,756	(1,559	)	(2,934	)	(1,029	)	(404	)	2,830	(861	)	1,969
Total (Discounted @ 10%)										1,950	(565	)	1,385

Consolidated Properties at December 31, 2024
Proved Plus Probable (2P) Total Future Net Revenue ($ million)
Forecast Prices and Costs
Years	Sales Revenue	Total Royalties		Operating Costs		Future Development Capital		Abandonment and Reclamation Costs		Future Net Revenue Before Future Taxes	Future Taxes		Future Net Revenue After Future Taxes*
2025-2029 (5 Years)	6,620	(1,297	)	(1,583	)	(1,438	)	(25	)	2,277	(791	)	1,486
Remainder	8,685	(1,529	)	(2,967	)	(371	)	(420	)	3,398	(1,082	)	2,316
Total (Undiscounted)	15,305	(2,826	)	(4,550	)	(1,809	)	(445	)	5,675	(1,873	)	3,802
Total (Discounted @ 10%)										3,242	(1,083	)	2,159

Consolidated Properties at December 31, 2024
Proved Plus Probable Plus Possible (3P) Total Future Net Revenue ($ million)
Forecast Prices and Costs
Years	Sales Revenue	Total Royalties		Operating Costs		Future Development Capital		Abandonment and Reclamation Costs		Future Net Revenue Before Future Taxes	Future Taxes		Future Net Revenue After Future Taxes*
2025-2029 (5 Years)	7,490	(1,467	)	(1,672	)	(1,563	)	(25	)	2,763	(1,015	)	1,748
Remainder	13,422	(2,598	)	(4,106	)	(519	)	(439	)	5,760	(1,907	)	3,853
Total (Undiscounted)	20,912	(4,065	)	(5,778	)	(2,082	)	(464	)	8,523	(2,922	)	5,601
Total (Discounted @ 10%)										4,517	(1,587	)	2,930

Definitions

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

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

Possible reserves are those additional reserves that are less certain to be recovered than Probable reserves. It is unlikely that the actual remaining quantities recovered will be greater or less than 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 Proved plus Probable plus Possible reserves.

Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities (“CSA Staff Notice 51-324”) and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be.

Oil and Gas Metrics

This press release contains a number of oil and gas metrics, including NAV per share, FD&A costs, operating netback, cash netback, and reserves replacement which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

NAV per share is calculated as the applicable NPV10 (before or after-tax, as applicable) of the applicable reserves category minus estimated net debt, divided by the number of shares of Gran Tierra’s common stock issued and outstanding. Management uses NAV per share as a measure of the relative change of Gran Tierra’s net asset value over its outstanding common stock over a period of time.
FD&A costs are calculated as estimated exploration and development capital expenditures, including acquisitions and dispositions, divided by the applicable reserves additions both before and after changes in FDC costs. The calculation of FD&A costs incorporates the change in FDC required to bring proved undeveloped and developed reserves into production. The aggregate of the exploration and development costs incurred in the financial year and the changes during that year in estimated FDC may not reflect the total FD&A costs related to reserves additions for that year. Management uses FD&A costs per boe as a measure of its ability to execute its capital program and of its asset quality
Operating netback and cash netback are calculated as described in this press release. Management believes that operating netback and cash netback are useful supplemental measures for the reasons described in this press release.
Reserves replacement is calculated as reserves in the referenced category divided by estimated referenced production. Management uses this measure to determine the relative change of its reserves base over a period of time.

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

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

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

The Company believes that the presentation of NPV10 is useful to investors because it presents (i) relative monetary significance of its oil and natural gas properties regardless of tax structure and (ii) relative size and value of its reserves to other companies. The Company also uses this measure when assessing the potential return on investment related to its oil and natural gas properties. NPV10 and the standardized measure of discounted future net cash flows do not purport to present the fair value of the Company’s oil and gas reserves. The Company has not provided a reconciliation of NPV10 to the standardized measure of discounted future net cash flows because it is impracticable to do so.

The MIL Network –

February 25, 2025

MIL-OSI Africa: Mergers and Acquisitions (M&As) Reflect Growing Global Interest in African Mining

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

CAPE TOWN, South Africa, February 24, 2025/APO Group/ —

International mining stakeholders are increasing their access to Africa’s mineral resources through joint ventures, acquisitions and stakes in local projects. Meanwhile, African countries and operators are leveraging these partnerships to enhance capital, accelerate project development and meet ambitious production targets.

The upcoming African Mining Week (AMW), taking place in Cape Town this October, will spotlight mergers and acquisitions (M&A), offering African projects a platform to showcase opportunities and providing global investors the stage to present growth strategies for Africa’s expanding mining sector.

Recent research by the Economist Intelligence Unit indicates that foreign investment in Africa’s mining industry is poised for significant growth in 2025, building on strong momentum established in 2024. Several key transactions highlight this trend. Earlier this month, UK-based Altona Rare Earths finalized its acquisition of an 85% stake in Botswana’s Sesana Copper-Silver Project from Ignate Minerals, committing significant capital to accelerate exploration and mine development. In December 2024, Australian mining firm Patriot Lithium acquired a 90% stake in Zambia’s Kitumba Copper Large Scale Exploration License from Newlight Nominees Zambia, enabling increased funding for exploration and production activities. Similarly, in October 2024, Jubilee Metals, a UK-based company, acquired Project G, its second open-pit copper asset in Zambia, as part of a strategy to boost investments and raise copper output to 25,000 tons per year.

Recent M&A activity in Africa’s mining sector is reshaping the industry, improving operational efficiencies and creating new pathways for innovation and technology transfer. For African nations, these investments bring new opportunities for job creation, infrastructure development and access to global markets, fueling economic growth. Additionally, the influx of foreign capital and expertise enhances local capabilities, enabling African countries to harness their natural resources more effectively while addressing challenges like underdeveloped supply chains and limited financing for exploration.

In South Africa, M&A activity reached $10 billion between June 2023 and 2024, with 32 deals closed, compared to 24 year-on-year, according to PwC. Among the notable deals, Kenya’s Marula Mining secured a 51% stake in South Africa’s Mansera Kruisrivier Cobalt Holding Company in July 2024, funding feasibility and aerial studies to advance the project. Meanwhile, China’s Baowu Steel Group acquired stakes in Guinea’s Simandou Project, the world’s largest untapped iron ore deposit, in June 2024. In Mali, Ganfeng Lithium secured an operational stake in the Goulamina Lithium Mine in a $342.7-million deal with Australia’s Leo Lithium in May 2024. The UAE-based International Resource Holdings also entered the market, acquiring Zambia’s Mopani Copper Mines for $1.1 billion in May 2024, enhancing exploration and production capabilities at one of the country’s largest copper facilities.

As African nations focus on boosting mineral production to drive economic growth, M&A activity is expected to intensify, with global partners seeking greater stakes in the continent’s abundant resources. Against this backdrop, the upcoming AMW will play a crucial role in shaping Africa’s M&A landscape by facilitating project showcases, fostering partnerships and advancing deal signings that will define the future of the mining sector.

African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energy 2025 conference (https://AECWeek.com/) from October 1 -3. in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com

MIL OSI Africa –

February 25, 2025
MIL-OSI United Nations: Environmental Impact Assessment Review (Elsevier)
Source: UNISDR Disaster Risk Reduction

Mission
Environmental Impact Assessment Review (EIA Review) is a refereed, interdisciplinary journal serving a global audience of practitioners, policy-makers, regulators, academics and others with an interest in the field of impact assessment (IA) and management. Impact assessment is defined by the International Association for Impact Assessment (www.iaia.org) as the process of identifying the future consequences of a current or proposed action.

The focus of EIA Review is on innovative theory and practice that encompasses any of the above mentioned impacts and activities. In other words, EIA Review covers the following topics (the list is not exhaustive):
- Development of IA theory and concepts;
- IA legislation, procedure and practice;
- IA Governance;
- IA Methods, for example, forecasting, indicators, systems-based approaches, ecosystem services assessment, cost benefit analysis, algorithms, network-based approaches, among others;
- Life Cycle Assessment, Carbon Footprinting, Energy Analysis, Emergy Analysis, and Integrated Product Policy;
- Environmental Management Systems.
MIL OSI United Nations News –
February 25, 2025
MIL-OSI Africa: APO Group Founder Nicolas Pompigne-Mognard Invited as a Special Guest to Attend the Elective General Assembly of the Association of National Olympic Committees of Africa (ANOCA) in Algeria

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

APO Group Founder Nicolas Pompigne-Mognard Invited as a Special Guest to Attend the Elective General Assembly of the Association of National Olympic Committees of Africa (ANOCA) in Algeria APO Group has been a strategic partner of ANOCA since 2022, supporting its mission to promote the Olympic values and strengthen the development of sports in Africa ALGIERS, Algeria, February 24, 2025/APO Group/ — APO Group (www.APO-opa.com), the leading award-winning pan-African communications consultancy and press release distribution service, is glad to announce that its Founder and Chairman, Nicolas Pompigne-Mognard (www.Pompigne-Mognard.com), has been invited as a special guest to attend the Elective General Assembly of the Association of National Olympic Committees of Africa (ANOCA), taking place on March 14-15, 2025, in Algiers, Algeria. The invitation, extended by ANOCA President Mr. Mustapha Berraf, underscores the strong partnership between APO Group and ANOCA, as well as Mr. Pompigne-Mognard’s influential role in advancing the Olympic movement and sports development across Africa. In a letter of invitation, ANOCA expressed its honor to welcome Mr. Pompigne-Mognard, stating: “As the founder and Chairman of APO Group, we are more than honored to welcome you among us as a special guest of the ANOCA Elective General Assembly.” The event, to be held at the International Conference Center in Algiers, will bring together key stakeholders from the African Olympic community to discuss the future of sports on the continent and elect new leadership. APO Group has been a strategic partner of ANOCA since 2022, supporting its mission to promote the Olympic values and strengthen the development of sports in Africa. Reflecting on the invitation, Nicolas Pompigne-Mognard said: “I am deeply honored to be invited to this prestigious event. The partnership between APO Group and ANOCA is a testament to our shared commitment to advancing the Olympic movement in Africa. I look forward to contributing to the discussions and supporting ANOCA’s vision for the future of African sports.” Nicolas Pompigne-Mognard (www.Pompigne-Mognard.com) was named among Africa’s Top 100 Most Influential People in 2023 and in 2024. His wholly owned company, APO Group, serves as the Pan-African public relations agency for the NBA, the Basketball Africa League (BAL), the World Football Summit, and as the press release distribution service for YallaVamos 2030 – the joint bid by Morocco, Portugal, and Spain to host the 2030 FIFA World Cup™. APO Group is also the Official Public Relations Partner and Sport Marketing Agency for Rugby Africa, Strategic Partner of the Association of National Olympic Committees of Africa (ANOCA), and a Partner of the International Sports Press Association (AIPS), positioning the company as a key player in African sports communications. APO Group was the Pan-African PR agency for FIFA from 2020 to 2024. Nicolas also sits on the Advisory Board of the World Football Summit and serves as Special Advisor to the President of Rugby Africa. In 2022, FIFA Secretary General Fatma Samoura appointed Nicolas as a member of the FIFA-CAF Task Force for Infrastructure Development in Africa. For more information about the strategic partnership between APO Group and ANOCA, please visit: https://apo-opa.co/43eWx8d Distributed by APO Group on behalf of APO Group. Media contact: marie@apo-opa.com About APO Group: Founded in 2007, APO Group (www.APO-opa.com) is the leading award-winning pan-African communications consultancy and press release distribution service. Renowned for our deep-rooted African expertise and expansive global perspective, we specialise in elevating the reputation and brand equity of private and public organisations across Africa. As a trusted partner, our mission is to harness the power of media, crafting bespoke strategies that drive tangible, measurable impact both on the continent and globally. Our commitment to excellence and innovation has been recognised with multiple prestigious awards, including the PRovoke Media Global SABRE Award and multiple PRovoke Media Africa SABRE Awards. In 2023, we were named the Leading Public Relations Firm and the Leading Pan-African Communications Consultancy in Africa in the World Business Outlook Awards, and the Best Public Relations and Media Consultancy of the Year in 2024 in the same awards. In 2025, Brands Review Magazine acknowledged us as the Leading Communications Consultancy in Africa for the second consecutive year. They also named us the Best PR Agency and the Leading Press Release Distribution Platform in Africa in 2025. APO Group’s esteemed clientele, which includes global giants such as Canon, Nestlé, Western Union, the UNDP, Network International, African Energy Chamber, Mercy Ships, Marriott, Africa’s Business Heroes, and Liquid Intelligent Technologies, reflects our unparalleled ability to navigate the complex African media landscape. With teams on the ground in numerous African countries, we offer unmatched insights and reach across the continent. APO Group is dedicated to reshaping narratives about Africa, challenging stereotypes, and bringing inspiring African stories to global audiences, with our expertise in developing and supporting public relations campaigns worldwide uniquely positioning us to amplify brand messaging, enhance reputations, and connect effectively with target audiences.

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MIL OSI Africa –

February 24, 2025
MIL-OSI Asia-Pac: Schools participate in Anti-“Space Oil Drug” Week campaign (with photos)

Source: Hong Kong Government special administrative region

The Anti-“Space Oil Drug” Week campaign, co-organised by the Narcotics Division (ND) of the Security Bureau and the Education Bureau (EDB), is being held in all schools in Hong Kong this week from February 24 to 28. The campaign aims to enhance the correct understanding among students of the harm of the “space oil drug” and strengthen their resolve to stay away from drugs. Diverse learning activities will be held in schools, including talks, anti-drug videos and drama shows, as well as dissemination of anti-“space oil drug” messages in class.

A spokesperson from the ND said, “The EDB has produced and uploaded anti-‘space oil drug’ life event examples and a music video entitled ‘Building Our Dreams – Let’s Knock Drugs Out’, and has issued a circular informing schools of the relevant resources produced by various government departments for reference and deployment. The ND has also provided anti-‘space oil drug’ publicity materials to schools. Following the campaign, the Government will continue to incorporate knowledge about combating the ‘space oil drug’ in preventive education and publicity in schools. We also welcome schools to arrange visits for students to the Hong Kong Jockey Club Drug InfoCentre.”

A spokesperson from the EDB emphasised, “The EDB has always attached importance to the cultivating of correct values and positive life attitudes among students, guiding them to practice lawful and appropriate behavior, and establishing healthy lifestyles. We encourage schools to teach students to stay away from the ‘space oil drug’ through learning activities of the campaign, and work together to protect our next generation from the harm of drugs. We also urge teachers, school social workers and parents to work hand in hand. If they notice any signs of drug use among students, they should refer the students to suitable counselling and treatment programmes.”

Action Committee Against Narcotics member Dr Rizwan Ullah, who is also an education worker, agreed that schools must take actions to remind students of the harm of the “space oil drug” and educate students in ways to resist drug temptations in schools. Dr Ullah said, “Drug problems may appear in any school, and the school sector must take the initiative to deal with it. The Anti-‘Space Oil Drug’ Week provides an opportunity for schools to intensively educate their students about the harm of drugs and the benefits of a healthy lifestyle. I noticed that some schools are actively holding activities under the campaign, and also joining hands with others in the community to safeguard schools from drugs. Indeed, everyone can make a contribution to the anti-drug cause.”

Students or others who face issues related to the “space oil drug” or have other drug problems can contact professional social workers for information or assistance through WhatsApp or WeChat at 98 186 186, or call the 24-hour hotline at 186 186.

MIL OSI Asia Pacific News –

February 24, 2025
MIL-OSI Asia-Pac: Two-Day National Startup Festival organised by CSIR-IIIM concludes

Source: Government of India (2)

Posted On: 24 FEB 2025 10:55AM by PIB Delhi

CSIR-Indian Institute of Integrative Medicine (IIIM) Jammu successfully concluded the National Startup Festival on sunday, showcasing remarkable success stories in startup promotion, innovation and entrepreneurial growth across Jammu & Kashmir.

The two-day festival, which concluded today, was inaugurated on 22^nd February, Saturday by the Chief Guest, Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences; Minister of State in the Prime Minister’s Office, Personnel, Public Grievances, Pensions, Department of Atomic Energy, and Department of Space; and Vice President of CSIR in presence of Satish Sharma, J&K UT Cabinet Minister for Food, Civil Supplies & Consumer Affairs, Transport, Science & Technology, Information Technology, Youth Services & Sports, and ARI & training departments, Padma Shri Prof. Vinod K. Singh, Chairperson, Recruitment & Assessment Board (RAB), CSIR and Institute Chair Professor of Chemistry at IIT Kanpur, Dr. Zabeer Ahmed, Director, CSIR-IIIM, Dr. Prabodh Kumar Trivedi, Director, CSIR-CIMAP, Lucknow, Dr. Ajit Kumar Shasany, Director CSIR-NBRI, Lucknow, Dr. Sudesh Kumar Yadav, Director, CSIR-IHBT, Palampur, Dr. Jatinder Kumar, Managing Director, DBT-BIRAC and Dr. N. Zaheer Ahmed, Director General, CCRUM. Recognizing the innovative works of the startup they showcased during the event, Dr. Zabeer Ahmed, Director, CSIR-IIIM awarded the certificates to 45 startups.

The two days mega event held at Government Women College, Gandhi Nagar which on day 2 also attracted huge crowd of students drawn from various degree colleges and schools of Jammu region to provide a platform to the entrepreneurs, investors, industry leaders, scientists, researchers, bio-incubators, manufacturers, regulators and members of civil society to witness the technologies and innovation showcased during the festival.

In a press handout, it was stated that an overwhelming response of visitors has been seen today as well, more than 800 visitors visited the exhibition and witnessed the demonstration of innovations driven ideas some startups and the products and technologies developed by few of them.

Dr. Zabeer Ahmed, Director, CSIR-IIIM who is spearheading the institute’s resolute to
nurture the startup ecosystem in the region, while addressing the startup and exhibitors during closing ceremony said that besides the institute’s forte in the pre-clinical drug discovery, under the mentoring of Union Minister of S&T and Vice President, Dr. Jitendra Singh, IIIM has equally galvanised agri- entrepreneurship and set up two incubators for incubation support to the startup. To set up a new Incubator at Industrial Biotech Park, Ghatti, Kathua, the Grant-in-aid Letter Agreement (GLA) was also signed yesterday by Director, CSIR-IIIM and MD, BIRAC in the presence of the Union Minister, Dr. Jitendra Singh, he added.

A spokesperson informed that a total of 45 StartUps participated from all over India. Students from various Government Degree Colleges of Jammu district also actively participated in the event.

Some of the prominent StartUps those took part in the Expo were- M/s Herbal Aura, M/s Gaurico, M/s One Veda, M/s Happico, M/s Gleen Biotech, M/s Himalayan Essential Oils Producer Company Ltd., M/s JK Aroma Ltd. Samast Eco Alternatives Pvt. Ltd. M/s SRANAS POC Pvt Ltd M/s Chenab Valley Zaitoon Tel ltd M/s Katyani Metal works and the farmers led by Dr. Hygina from Meghalaya. The stalls were also put by young innovators of Jammu district school. The event was organised under the overall supervision of Dr. Zabeer Ahmed, Director CSIR-IIIM, assisted by his team of HoDs and Scientists, including Er. Abdul Rahim, Dr. Asha Chaubey, Dr. Dhiraj Vyas, Dr. Shashank Singh, Dr. Sumit Gandhi, Dr. Naveed Qazi, Dr. Suphla Gupta, Dr. Saurabh Saran, Dr. Raj Kishore, Vikram Singh, Sr. COA, Ajay Kumar, CoFA, Dilip Gehlot, SPO and Rajesh Gupta, AO.

****

NKR/PSM

(Release ID: 2105703) Visitor Counter : 29

MIL OSI Asia Pacific News –

February 24, 2025
MIL-OSI Video: MINISTER KGOSIENTSHO RAMOKGOPA PROVIDES A STATUS UPDATE ON ELECTRICITY GENERATION PERFORMANCE

Source: Republic of South Africa (video statements-2)

MEDIA ADVISORY

FOR IMMEDIATE RELEASE

TO: ALL MEDIA/NEWS EDITORS

DATE: SUNDAY, 23 FEBRUARY 2025

MINISTER KGOSIENTSHO RAMOKGOPA TO PROVIDE A STATUS UPDATE ON
ELECTRICITY GENERATION PERFORMANCE

Members of the media are hereby invited to a media briefing where the Minister of Electricity
and Energy, Dr Kgosientsho Ramokgopa and Eskom will provide an update on the status of
South Africa’s electricity generation performance.

DETAILS ARE AS FOLLOWS:

DATE: Sunday , 23 February 2025

TIME: 11:00 (Setting up from 10:00)

VENUE: GCIS, Tshedimosetso House, corner Francis Baard and Festival streets, Hatfield

For media enquiries:
Tsakane Khambane, Spokesperson in the Ministry of Electricity and Energy on 082 084 5566 /
Tsakane.Khambane@dmre.gov.zaDaphe Mokwena, Eskom Spokesperson on 082 441 6501 / daphne.mokwena@eskom.co.za

ISSUED BY THE MINISTRY OF ELECTRICITY AND ENERGY OF THE REPUBLIC OF SOUTH AFRICA

https://www.youtube.com/watch?v=0fblWKnCs_U

MIL OSI Video –

February 24, 2025
MIL-OSI Australia: Allens advises Pacific Green on development and sale of Limestone Coast North BESS project

Source: Allens Insights

Allens has advised Pacific Green on the development and sale of the Limestone Coast North Energy Park battery energy storage system (BESS) to Intera Renewables, a wholly owned subsidiary of Palisade Partners.

The 250MW/500MWh BESS is located in the Limestone Coast region of South Australia and is expected to commence commercial operations in early 2027.

‘The development of the Limestone Coast North BESS represents a trend we are seeing across Australia in terms of the important role standalone BESS will play in Australia’s energy transition. It is also great to see Pacific Green, as a new entrant in the Australian market, achieve this milestone,’ said Partner and energy sector leader Kate Axup.

‘Large-scale energy storage assets are an attractive acquisition target for fund managers like Palisade Partners and we hope to be involved in many more transactions like this one this year,’ said M&A Partner Chelsey Drake.

The firm advised on all aspects of the transaction including the project documents, connection arrangements, offtake, the sale process and financing.

Allens has recently been involved in a number of notable battery projects, including advising the lenders on Australia’s largest standalone BESS financing, ZEN Energy on new battery and solar investment platform and ENGIE on virtual battery offtake agreement.

Allens legal team

Projects

Kate Axup (Partner), David Donnelly (Partner), Michael Graves (Partner), Naomi Bergman (Partner), Ben van Weel (Managing Associate), Skye Kirby (Managing Associate), Luisa Colosimo (Senior Associate), Amy Ryan (Senior Associate), Dennis Smith (Senior Associate), Tina Tran (Senior Associate), Madeleine George (Associate), Grace Vipen (Associate), Alisha Arora (Associate), Penny Hollingdale (Lawyer), Alice Warner (Lawyer), Harrison Philp (Lawyer)

M&A and Capital Markets

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MIL OSI News –

February 24, 2025
MIL-Evening Report: How Whyalla can be upgraded to green steel and why we need to keep steel production in Australia

Source: The Conversation (Au and NZ) – By Daniel Rossetto, Adjunct, Institute for Sustainability, Energy and Resources, University of Adelaide

Financial challenges at the Whyalla steelworks in South Australia have reignited debate about the nation’s steel industry and its future.

Australians should have access to quality steel at competitive prices. The domestic steel production industry employs tens of thousands of people.

The state and federal governments have stepped in, however, announcing a A$1.9 billion support package for Whyalla, together with a new $1 billion green iron investment fund. Half of the new fund will be allocated to Whyalla to support its transition to green steel production. That’s a large amount of money for a privately owned business.

So, are the new packages going to be money well spent? To answer that question, let’s examine the priorities.

A national priority

Steel is an industry in which securing sovereign production capability is crucial. Sovereign capability means ensuring an industry can survive external shocks such as interruptions to shipping routes or disputes with other countries in the supply chain.

Steel is a vital input for defence industries such as ship and submarine building. What could be said of a country’s autonomy – or its sovereign capability – if it relies on others for the steel needed for its defence?

Whyalla is one of the two largest steelworks in Australia, the other being BlueScope’s Port Kembla plant. At least at first glance, the green iron investment fund seems to deal with the sovereign capability criterion well enough. Whyalla appears an ideal candidate.

However, the public subsidy is large. The subsidised plant’s ability to operate in an economically competitive manner needs to be examined. Further, while the Whyalla plant began its life as a supplier to an adjacent shipbuilding operation, its share of the current domestic defence industry steel market is unclear.

Environmentally friendly steel?

Production of steel using iron ore and coking coal is a greenhouse gas emissions intensive process. It can result in as many as 2.5 tonnes of greenhouse gas per tonne of steel.

The plan for Whyalla has long been to replace its coal-fired blast furnace with an electric arc furnace. This could, in turn, be supplied with low-emission sources of energy and consume scrap steel. While there is no globally agreed definition, this kind of approach would likely qualify as green steel.

Sanjeev Gupta’s GFG, the owner of the plant, had originally wanted this furnace to be operating by 2025, potentially using solar among its energy supply. The plan would have cut its emissions dramatically. The timeline later slipped to 2027.

The longer term plan for Whyalla appears based around production of green hydrogen to replace coking coal. As the world charges toward net zero emissions by 2050, the belief is that Australia can capture a good part of the green metals market.

The challenge is that green hydrogen is expensive and not widely used around the world. It’s hard to find signs that the global steel market is willing to pay a premium in the absence of sectoral emissions pricing. The strategy could therefore be seen as a bet on the future. If the bet went wrong, who would absorb the losses? It would, most likely, be the taxpayer.

The United States leads the way in low-emissions steel production. Firms there use electric arc furnaces to recycle scrap steel with energy from low-emission sources. This technology is proven and operates at industrial scale. It has a fraction of the emissions intensity but relies on the availability of scrap steel.

Can we add value?

Australia is a major world supplier of two key materials crucial for most steel making. These are iron ore and coking coal.

The countries to which we sell those raw materials then do the processing and manufacture, capturing profit that is arguably lost to the Australian economy. Whyalla is already an example of domestic value-adding. It uses iron ore from mines in the adjacent area, and domestic coking coal.

For Australia, however, this is going to be tricky. Australia is effectively signalling to its international customers that, one day, it hopes to compete with them in the global steel markets. In other words, this creates an incentive for the country’s customers to look for alternatives to buy iron ore.

Whether Australia increases steel production ahead of its customers finding new sources of iron ore elsewhere in the world is a risky race with an uncertain result.

Focus on government spending

So, back to the question: is the new funding going to be money well spent? Perhaps the most solid justification among the priorities examined, is sovereign capability.

The government probably needs to provide more information on how the new fund differs through from Future Made in Australia or the National Reconstruction Fund. Is this old funding with a new name? The nation is entering federal election season. Focus on government spending efficiency is likely to increase.

Daniel Rossetto is the owner of Climate Mundial Limited, a private company that does consulting work but is currently inactive. He does ad hoc private consulting through various consulting platforms. He is also the owner and host of a new private and independent YouTube channel called Climate Mundial’s Energy and Climate Weekly. He is on the editorial board of the Discover Sustainability journal published by Springer Nature.

– ref. How Whyalla can be upgraded to green steel and why we need to keep steel production in Australia – https://theconversation.com/how-whyalla-can-be-upgraded-to-green-steel-and-why-we-need-to-keep-steel-production-in-australia-250402

MIL OSI Analysis – EveningReport.nz –

February 24, 2025
MIL-OSI China: China’s Shandong makes efforts to develop future-oriented industries

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

China’s Shandong makes efforts to develop future-oriented industries

Updated: February 24, 2025 08:55 Xinhua

Staff work in a wind power equipment production workshop of Sany Renewable Energy (Rizhao) Wind Power Equipment Manufacturing Co., Ltd. in Rizhao, east China’s Shandong Province, Feb. 22, 2025. In recent years, local authorities in Rizhao have made efforts to assist traditional advantageous industries in innovating and develop an array of emerging and future-oriented industries. [Photo/Xinhua]

A staff member works in a wind power equipment production workshop of Sany Renewable Energy (Rizhao) Wind Power Equipment Manufacturing Co., Ltd. in Rizhao, east China’s Shandong Province, Feb. 22, 2025. [Photo/Xinhua]

A staff member patrols near a production line of Asia Symbol (Shandong) Pulp and Paper Co., Ltd. in Rizhao, east China’s Shandong Province, Feb. 22, 2025. [Photo/Xinhua]

Staff work in the crawler harvester production workshop of Rizhao Liying Machinery Manufacturing Co., Ltd in Rizhao, east China’s Shandong Province, Feb. 22, 2025. [Photo/Xinhua]

Staff process the products in Shandong Xingchen Aluminum Technology Co., Ltd. in Rizhao, east China’s Shandong Province, Feb. 22, 2025. [Photo/Xinhua]

A staff member works in a wind power equipment production workshop of Sany Renewable Energy (Rizhao) Wind Power Equipment Manufacturing Co., Ltd. in Rizhao, east China’s Shandong Province, Feb. 22, 2025. [Photo/Xinhua]

A staff member works in a crawler harvester production workshop of Rizhao Liying Machinery Manufacturing Co., Ltd in Rizhao, east China’s Shandong Province, Feb. 22, 2025. [Photo/Xinhua]

A staff member works at a production line of Asia Symbol (Shandong) Pulp and Paper Co., Ltd. in Rizhao, east China’s Shandong Province, Feb. 22, 2025. [Photo/Xinhua]

A staff member assembles a tractor in Rizhao Liying Machinery Manufacturing Co., Ltd. in Rizhao, east China’s Shandong Province, Feb. 22, 2025. [Photo/Xinhua]

A staff member calibrates an engraving machine in Rizhao Huiming Machinery Equipment Co., Ltd. in Rizhao, east China’s Shandong Province, Feb. 22, 2025. [Photo/Xinhua]

MIL OSI China News –

February 24, 2025
MIL-OSI Asia-Pac: Minister Hardeep Singh Puri Highlights Delhi University’s Legacy at Lit Fest Panel Discussion

Source: Government of India (2)

Posted On: 22 FEB 2025 8:17PM by PIB Delhi

Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, participated in a panel discussion on the sidelines of Delhi University’s Lit Fest today, where he spoke about the evolution of Delhi University over the years and its significant contributions to academia and society. The panel included distinguished personalities such as Smt Lakshmi Puri, acclaimed author of the best-seller “Swallowing the Sun”, Shri Sanjeev Sanyal, a member of the Economic Advisory Council to the Prime Minister, and Shri Raian Karanjawala, managing partner at Karanjawala & Co.

During the discussion, Shri Puri elaborated on the rich legacy of Delhi University, underscoring how its faculty, students, and administrators have shaped it into one of India’s premier educational institutions. He emphasized that universities must continually adapt to new developments in fields such as artificial intelligence and machine learning while maintaining their traditional academic excellence.

A key highlight of the discussion was the book “Delhi University – Celebrating 100 Glorious Years”, edited by Shri Puri himself. The anthology brings together essays from eminent scholars and alumni, capturing the university’s vibrant culture and its profound influence on generations of students. The book includes a foreword by legendary actor Shri Amitabh Bachchan, whose reflections add to the narrative of the institution’s illustrious history.

Shri Puri shared insights into the diverse contributions featured in the book, recounting how various essayists provided anecdotal yet scholarly perspectives on their experiences at Delhi University. He noted that these essays collectively trace the institution’s journey over the past century, showcasing its role in nurturing leaders across various fields, including literature, law, and governance.

He also highlighted the inspiring stories of notable alumni, ranging from prominent literary figures to influential policymakers. He mentioned contributions from authors, journalists, and legal experts, each offering unique perspectives on the university’s influence on their personal and professional growth.

Shri Puri further announced that the proceeds from the book’s sales would be directed towards a charitable cause, encouraging alumni and well-wishers to support the initiative.

Speaking during the discussion, Smt. Lakshmi Puri highlighted how Delhi University, particularly Lady Shri Ram College, became a symbol of feminism and gender empowerment. She spoke about how DU played a crucial role in challenging patriarchal norms and fostering independent thinking among women. The environment at LSR encouraged students (especially women) to break societal constraints, embrace modernity, and cultivate a strong sense of self-reliance.

She also reflected on how DU in the 1970s was influenced by the second wave of feminism that was sweeping across Europe and the United States. Despite the absence of social media and instant connectivity, ideas of gender equality, women’s rights, and self-empowerment permeated university spaces, creating an intellectual awakening among students. She noted how DU became a hub for feminist thought, redefining the role of women in society and opening doors to leadership opportunities that were previously inaccessible.

Shri Sanjeev Sanyal provided a historical overview of DU’s establishment in 1922 and its journey in becoming a premier institution.

Shri Rajan Karanjawala recounted his days at SRCC and his active involvement in student politics. He reflected on the electrifying atmosphere of DU during the Emergency period, when student activism played a crucial role in resisting authoritarianism.

The panel discussion, held at Shri Ram College of Commerce, saw enthusiastic participation from students, faculty, and literature enthusiasts. The interactive session allowed students to engage with the panelists, discussing issues ranging from academic excellence to policy reforms and the need for preserving DU’s intellectual legacy.

The DU Lit Fest 2025, an annual celebration of literature, academia, and discourse, continues to be a vibrant platform for intellectual engagement. Shri Hardeep Singh Puri’s reflections on Delhi University’s enduring legacy set the stage for a deeper appreciation of the institution’s role in shaping India’s socio-political landscape.

*****

MONIKA

(Release ID: 2105563) Visitor Counter : 16

MIL OSI Asia Pacific News –

February 24, 2025
MIL-OSI Asia-Pac: Union Minister Dr. Jitendra Singh appeals youth to give up “Sarkari Naukri” mindset

Source: Government of India

Union Minister Dr. Jitendra Singh appeals youth to give up “Sarkari Naukri” mindset

Dedicates National Startup Festival 2025 to the Youth of Jammu & Kashmir

“Festival Aims to Spur Innovation and Entrepreneurship Among Young Minds,” says Dr. Singh

Purple Revolution- Lavender Cultivation Transforms J&K: 3,000+ Youth Earning in Lakhs

MoU between AIIMS, IIM, IIT, IIIM, GMC Jammu for sharing Co-guide in Post graduation for integrated research informs Dr. Singh

Posted On: 22 FEB 2025 7:33PM by PIB Delhi

Union Minister of State (Independent Charge) for Science & Technology, MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy, and Space, Dr. Jitendra Singh, today appealed youth to give up “Sarkari Naukri” mindset.

Inaugurating 2-day “National Startup Festival”, organized by CSIR-India Institute of Integrative Medicine at Government College for Women, Gandhi Nagar, here, the Minister dedicated the festival to the youth of Jammu & Kashmir, emphasizing the importance of innovation, entrepreneurship, and early industry linkages in ensuring startup success.

Dr. Jitendra Singh highlighted the immense potential of agriculture-based startups in the region, particularly the Purple Revolution, which has enabled over 3,000 youth in Jammu & Kashmir to earn in lakhs through lavender StartUp initiative. He encouraged young minds to recognize their aptitudes and pursue entrepreneurial ventures, rather than solely focusing on government jobs.

The Minister further emphasized that Jammu & Kashmir’s agri-startup ecosystem is thriving, with lavender cultivation in Bhaderwah, Doda district, putting the region on the global startup map. The Minister urged greater inclusion of urban areas in agri-startups, with a focus on expanding lavender cultivation and other high-value agricultural ventures.

With two lakh StartUps currently operating in India, the country has secured the third position in the global startup ecosystem. The S&T Minister noted that startups are not only boosting economic growth but also providing lucrative employment opportunities, particularly for women and Self-Help Groups (SHGs).

He stressed the critical role of industry linkages and market research in ensuring the long-term sustainability of startups, encouraging young entrepreneurs to study market dynamics at the outset.

Dr. Jitendra Singh hailed India’s space economy’s rapid growth, attributing its success to collaboration between the public and private sectors. He also celebrated the contributions of women-led teams in major space missions, including Chandrayaan-2 and Aditya L1.

On the education front, Dr Jitendra Singh commended Prime Minister Narendra Modi’s National Education Policy (NEP) 2020, which has revamped India’s education system by creating a level playing field and ensuring digital inclusivity. The Minister urged students to spend at least 30 minutes daily learning about government schemes and leveraging available opportunities.

The Science and Technology Minister also shared that after his guidance an MoU has been signed between AIIMS, IIIM, IIT, IIM, GMC Jammu for sharing co-guide for Post graduate students for integrated research.

During the festival, Dr. Jitendra Singh visited 45 startup stalls, engaging with budding entrepreneurs and students showcasing their innovations. He applauded their efforts in contributing to India’s startup ecosystem and encouraged them to continue innovating.

The National Startup Festival 2025 is a step toward making Jammu & Kashmir a hub of innovation, self-reliance, and economic empowerment.

******

NKR/PSM

(Release ID: 2105549) Visitor Counter : 15

MIL OSI Asia Pacific News –

February 24, 2025
MIL-OSI Asia-Pac: Prime Minister to Release 19th Instalment of PM-KISAN at Bhagalpur, Bihar on 24th February 2025

Source: Government of India (2)

Prime Minister to Release 19th Instalment of PM-KISAN at Bhagalpur, Bihar on 24th February 2025

Over 9.8 Crore Farmers to Benefit from Direct Transfers Exceeding ₹22,000 Crore

Formation of the 10,000th FPO under the Formation and Promotion of 10,000 FPOs scheme

Inauguration of the Regional Center of Excellence (CoE) for Indigenous Breeds at Motihari with an investment of ₹33.80 Cr. under Rashtriya Gokul Mission

Inauguration of Milk Product Plant at Barauni build with investment of ₹113.27 Cr.

Inauguration of the Warisaliganj–Nawadah–Tilaiya Rail Section Doubling (36.45 km) build with investment of ₹526 crore

Inauguration of Ismailpur – Rafiganj Road Over Bridge build with investment of ₹47 crore

Posted On: 22 FEB 2025 1:19PM by PIB Delhi

Union Minister for Agriculture and Farmers’ Welfare addressed the media on Friday regarding the upcoming release of the 19th instalment under the PM-KISAN scheme. PM Kisan Samman Nidhi (PM-KISAN) Yojana, a Central Sector Scheme launched on 24th February 2019, provides annual financial assistance of Rs. 6,000/- per eligible farmer family. So far, more than Rs. 3.46 lakh crores have been disbursed to more than 11 Cr. farmer families in the country through 18 instalments.

Union Minister Shri Shivraj Singh Chouhan mentioned that Farmer welfare is the top priority of the Modi government. The aim is to increase production, reduce the cost of production, ensure fair prices for produce, compensate for crop losses, diversify agriculture, and reduce costs through important schemes like the PM Kisan Samman Nidhi scheme, which was started by Prime Minister Narendra Modi in 2019. Shri Chouhan said that he is pleased to inform that the 19th instalment of the PM Kisan Samman Nidhi will be transferred by the Prime Minister Shri Narendra Modi with a single click into the accounts of farmers from Bhagalpur on February 24, 2025. This release will symbolize six years of successful implementation of the PM-Kisan scheme, which continues to strengthen the financial well-being of farmers across the country. He mentioned that a “Kisan Samman Samaroh” in this regard will be organised by the Ministry of Agriculture, Government of India in coordination with the Department of Animal Husbandry and Dairying (AH&D), Government of India, Ministry of Railways, Government of India and Government of Bihar at Bhagalpur, Bihar.

Shri Shivraj Singh Chouhan stated that during the 18th instalment release of PM-KISAN, the instalment was released to about 9 crore 60 lakh farmers. The Ministry of Agriculture has been actively making sustained efforts to add any eligible farmers who have been missed out and through these efforts the number of farmers who will receive the 19th instalment has gone up. More than 9.8 crore farmers including 2.41 crore female farmers across the country will be benefitted through the 19^th instalment release, receiving direct financial assistance exceeding ₹22,000 crore through Direct Benefit Transfer (DBT) without involvement of any middlemen, reinforcing the Government’s commitment to farmer welfare and agricultural prosperity.

He mentioned that Bihar alone has received more than ₹25,497 crores through previous instalments, benefiting more than 86.56 lakh farmers in the state. In the 19th instalment, about 76.37 lakh farmers will benefit from more than ₹1,591 crores, bringing the total benefit amount transferred to beneficiaries in Bihar to around ₹27,088 crores. In Bhagalpur only, so far over ₹813.87 crore have been transferred to around 2.82 Lakh beneficiaries under 18 instalments of PM KISAN. In the 19th instalment around 2.48 lakhs beneficiaries will receive benefits of over ₹51.22 crore. With this the total amount will reach around ₹865.09 crores.

Shri Chouhan mentioned that in this program in Bhagalpur, the Prime Minister Shri Narendra Modi will be accompanied by the Governor of Bihar, Shri. Arif Mohammad Khan, the Chief Minister of Bihar, Shri Nitish Kumar, the Minister of Micro, Small and Medium Enterprises, Shri Jitan Ram Manjhi, the Minister of Panchayati Raj, and the Minister of Fisheries, Animal Husbandry, and Dairy, Shri Lalan Singh, among other dignitaries. He mentioned that the event will not only be organized in Bihar but is being organized at every level. The state governments will parallelly organize events at the state, district, block and gram panchayat level.

Union Minister Shri Shivraj Singh Chouhan mentioned that Programs will also be organized in 731 Krishi Vigyan Kendras (KVKs) across the country. The day of the release will be celebrated as “Kisan Samman Samaroh” to create awareness about the schemes of the central and state governments. Agriculture ministers, MPs, and MLAs from the states will join the program in their respective areas. He mentioned that during the program, the honoured guests will also distribute agricultural machinery and seed kits under the Oilseed Mission, Agriculture Infrastructure Fund (AIF), Per Drop More Crop (PDMC), and Prime Minister Crop Insurance Scheme (PMFBY). In addition, exhibitions focused on natural farming, organic farming, and Geographical Indication (GI)-tagged products will be organized at the state and district levels led by FPOs and KVKs. These exhibitions will help promote innovation and sustainable agricultural practices and will continue for 2 to 3 days after the main event to increase awareness and adoption of sustainable agricultural technologies.

Shri Chouhan told the press that the 19th instalment release event will be broadcasted live on DD Kisan, webcast on MyGov, YouTube, Facebook, and in more than 5 lakh common service centres across the country. Approximately two and a half crore farmers will join the program physically and virtually.

Union Minister said that the Kisan Samman Nidhi has changed the lives of small farmers. Under this scheme, ₹6,000 is given directly in three instalments. About 3.46 lakh crores have been deposited into farmers’ accounts. With the release of the 19th instalment, a total of 3.68 lakh crores will reach the farmers’ accounts. He mentioned that small farmers used to face difficulties in buying seeds and fertilizers at the time of sowing and had to take loans at interest to meet their needs, but now they are able to meet the necessary agricultural expenses from this fund. He mentioned that the IFPRI conducted an independent study of PM-KISAN, which found that the funds received under this scheme have helped farmers overcome debt barriers and increased their risk-taking capacity. Shri Chouhan also mentioned that the farmers used to get a maximum of 3 lakh rupees on the Kisan Credit Card but now that limit has been increased to 5 lakh rupees.

Talking about the event, the Union Minister said that in addition to this program, the Prime Minister Shri Narendra Modi will also launch some other initiatives in Bhagalpur. In Barauni, Bihar, Barauni Dairy will start a state-of-the-art dairy product plant developed with an investment of ₹113.27 crore and with a milk processing capacity of about 2 lakh litres. This is a program of the Department of Animal Husbandry and Dairy. The Prime Minister Shri Narendra Modi will also inaugurate the Regional Center of Excellence (CoE) at Motihari under the Rashtriya Gokul Mission with an investment of ₹33.80 crore, to enhance cattle breeding and dairy productivity.

Shri Chouhan mentioned that the Prime Minister Shri Modi will inaugurate the 10,000th Farmer Producer Organization (FPO) in Bihar, marking the achievement of the 10,000-FPO target set under the scheme launched in 2020. This milestone will signify the successful culmination of the initiative aimed at strengthening farmers’ bargaining power and improving market access. The scheme was launched by Prime Minister Shri Narendra Modi on 29th February 2020 with budget outlay of ₹6,865 Crore till 2027-28. Since the launch of the scheme, ₹254.4 Crore in equity grants has been released to 4,761 FPOs and credit guarantee cover worth ₹453 Cr. has been issued to 1,900 FPOs.

Shri Shivraj Singh Chouhan mentioned that alongside the above initiatives, the Prime Minister Shri Narendra Modi will also inaugurate significant infrastructure projects aimed at enhancing connectivity and facilitating smoother transportation in the region. One of the projects to be inaugurated is the doubling of the Warisaliganj–Nawadah–Tilaiya rail section build with an investment of ₹526 crore, and covering a stretch of 36.45 km. This expansion will improve rail capacity, reduce congestion, and ensure the seamless movement of passengers and goods. It will enhance the connectivity of key areas, benefiting local commuters, traders, and businesses by providing faster and more efficient rail services.

Additionally, the Ismailpur–Rafiganj Road Over Bridge build with an investment of ₹47 crore will be inaugurated, addressing traffic congestion and improving road safety in the area. Shri Chouhan told the press that makhana is a major crop in Bihar. To energize makhana producers, a decision has been made to establish a Makhana Board. He said that he will arrive in Bihar on the 23rd and will discuss directly with the makhana producers on how to provide more facilities to makhana-producing farmers. He mentioned that the discussion will not take place in a hall but by the ponds. Shri Chouhan concluded the press conference, emphasizing that the government’s primary focus is the welfare of farmers of the country.

A farmer-centric digital infrastructure has ensured the benefits of the scheme reach all the eligible farmers across the country without any involvement of the middlemen. The scheme started on a trust-based system based on the farmer’s self-certification of eligibility and its verification by the State Government. Further, the subsequent and gradual use of available digital systems in the country for electronically verifying and validating beneficiaries has ensured last-mile delivery and greater efficiency and transparency in the scheme’s implementation. These include integration with the PFMS portal, UIDAI portal, Income Tax portal, etc. In order the improve the quality of the data in the PM KISAN following mandatory checks has been implemented in the PM KISAN scheme.

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MG/RN

(Release ID: 2105462) Visitor Counter : 28

MIL OSI Asia Pacific News –

February 24, 2025
MIL-OSI Australia: Sudden oil supply outages creating turbulence for airline industry

Source: University of South Australia

24 February 2025

UniSA researchers are encouraging airlines to explore sustainable fuel options.

Unplanned oil supply outages caused by geopolitical instability, military conflicts, natural disasters and technical issues are throwing airline stock markets into chaos and making it more expensive to fly.

That’s the conclusion from Australian aviation experts in a new paper published in Energy Economics examining the links between unforeseen oil supply disruptions and airline stock prices.

University of South Australia researchers argue that because fuel accounts for 30% of an airline’s total expenses, the industry is especially sensitive to any sudden fluctuations in the crude oil market, particularly from non-OPEC countries that are more volatile.

Major airlines such as United Airlines, Delta Airlines and American Airlines are the most affected.

UniSA aviation lecturer Dr Yifei Cai, who led the study, says the unpredictability of oil supply shocks provides compelling evidence why alternative energy sources are needed, including biofuels and hydrogen.

“Global airline operations rely heavily on stable fuel supplies, and unexpected oil supply outages make it very difficult for them to predict their costs,” Dr Cai says.

Co-author, UniSA Aviation Professor Shane Zhang, says that unplanned oil supply outages have a significant impact on oil prices as they can disrupt the balance between oil supply and demand, creating shortages and driving up prices.

“Our findings suggest that airlines may need to rethink their risk management strategies and fuel hedging practices to mitigate potential financial turbulence caused by such outages,” Prof Zhang says.

The oil price war between Saudi Arabia and Russia in March 2020, for example, triggered a significant shift in oil prices and was recognised as a pivotal factor in the stock market crash of 2020.

The study highlights the potential impact on investment strategies, stock market stability and long-term financial planning in the aviation sector.

The researchers claim that diversifying fuel supply sources would reduce reliance on a single region or supplier.

Investing in fuel-efficient aircraft and sustainable initiatives such as biofuels and hydrogen would also lessen dependence on traditional jet fuels and their price fluctuations.

Prof Zhang says that more than 90% of Australian oil is imported from overseas markets, for example, and it would “make sense” to grow the domestic sustainable aviation fuel industry to reduce the reliance on the overseas supply for traditional jet fuels in the long term.

Future research will investigate the impacts of unplanned oil supply outages at country levels.

Notes for editors

“Accessing the influence of unplanned oil supply outages on airline stock connectedness” is authored by researchers from Wuchang University of Technology and the University of South Australia.
DOI: 10.1016/j.eneco.2024.108145

…………………………………………………………………………………………………………………………

Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au
Researcher contact: Prof Shane Zhang E: shane.zhang@unisa.edu.au

Other articles you may be interested in

MIL OSI News –

February 24, 2025
MIL-OSI: Proposed Combination of Saipem and Subsea7
Source: GlobeNewswire (MIL-OSI)

Milan, Luxembourg, 23 February 2025 – Saipem and Subsea7 announce that today they have reached an agreement in principle on the key terms of a possible merger of the two companies¹ (the “Proposed Combination”) through the execution of a memorandum of understanding (the “MoU”). The Proposed Combination is expected to create a global leader in energy services.

Highlights
- The combination of Saipem and Subsea7 (the “Combined Company”) will be renamed Saipem7, and will have a combined backlog of €43 billion², Revenue of approx. €20 billion³ and EBITDA in excess of €2 billion⁴
- A global organisation of over 45,000 people, including more than 9,000 engineers and project managers
- Highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies that will benefit the Combined Company’s global client base
- Saipem and Subsea7 shareholders will own 50% each of the share capital of the Combined Company
- Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held. Subsea7 will distribute an extraordinary dividend for an amount equal to €450 million immediately prior to completion
- Transaction expected to deliver material value creation for the shareholders of both Saipem and Subsea7. Annual synergies of approximately €300 million are expected to be achieved in the third year after completion, with one-off costs to achieve such synergies of approximately €270 million
- The Combined Company will be listed on both the Milan and Oslo stock exchange
- Siem Industries, reference shareholder of Subsea7, as well as Eni and CDP Equity, reference shareholders of Saipem, have expressed their strong support and intend to vote in favour of the transaction
- Completion anticipated to occur in the second half of 2026
The management of both Saipem and Subsea7 share the conviction that there is compelling logic in creating a global leader in energy services, particularly considering the growing size of clients’ projects. Saipem and Subsea7 are highly complementary in terms of market offerings and geographies. The combination would enhance value for shareholders, and all stakeholders, both in the current market and in the long term.

CDP Equity, Eni and Siem Industries have entered into a separate Memorandum of Understanding, undertaking to support the Proposed Combination and agreeing on the terms of a Shareholders Agreement, to be effective from completion of the Proposed Combination. As part of this, it is intended that the Combined Company’s Chairman will be designated by Siem Industries and that the Combined Company’s CEO will be designated by CDP Equity and Eni. In addition, it is currently envisaged that Mr Alessandro Puliti will be appointed as CEO of the Combined Company⁵ while it is currently envisaged that Mr John Evans will be the CEO of the entity that will manage the Offshore business of the Combined Company. Such Offshore business will comprise all of Subsea7 and Saipem’s Offshore Engineering & Construction activities.

The by-laws of the Combined Company are expected to provide for loyalty shares (double votes).

Strategic Rationale of the Proposed Combination

The Proposed Combination would be beneficial to the clients of both Saipem and Subsea7, bringing together the respective strengths of both companies:
- Comprehensive Solutions for Clients: a full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimise project schedules for clients in oil, gas, carbon capture and renewable energy
- World-class Expertise and Experience: a talented, global workforce of over 45,000 people, including more than 9,000 engineers and project managers, in more than 60 countries, contributing to deliver solutions unlocking value for clients
- Global Reach and Diversified Fleet: an expanded and diversified fleet of more than 60 construction vessels enhancing the Combined Company’s ability to undertake a wide range of projects, from shallow water to ultra-deepwater operations, utilising a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services and market-leading wind turbine, foundation and cable lay installation capabilities
- Innovation and Technology: combined expertise to foster innovation in offshore technologies, ensuring cutting-edge solutions for complex projects
The transaction would create significant shareholder value through:
- Synergies: expected annual synergies of approximately €300 million in the third year after completion, driven by fleet optimisation, procurement, sales and marketing, and process efficiencies
- A More Efficient Capital Investment Programme: optimised allocation of capital across a broader, complementary vessel fleet
- An Attractive Shareholder Remuneration Policy: post-completion, Saipem7 is expected to pay a dividend of at least 40% of Free Cash Flow⁶ after repayment of lease liabilities
- Enhanced Capital Structure: a solid balance sheet that is expected to support an investment grade credit rating
- Greater Scale in Both Equity and Debt Capital Markets: access to a wider investor base and to more diversified sources of capital
Transaction Structure and Ownership
- The Combined Company would be created by way of an EU cross-border statutory merger carried out by way of incorporation of Subsea 7 into Saipem, with the latter to be renamed “Saipem7”. The Combined Company would be headquartered in Milan and have its shares listed on both the Milan and the Oslo stock exchanges
- Siem Industries (being the largest shareholder of Subsea7) would then own approximately 11.9% of the Combined Company’s capital, while Eni and CDP Equity (being the largest shareholders of Saipem) would own approximately 10.6% and approximately 6.4%, respectively
Transaction Terms
- Subsea7 shareholders would receive 6.688 new Saipem7 shares for each Subsea7 share held
- Assuming all Subsea7 shareholders participate in the merger, the share capital of the Combined Company will be held 50-50% by the current shareholders of Saipem and Subsea7
- Immediately prior to completion of the Proposed Combination, Subsea7 shareholders would receive an extraordinary cash dividend of €450 million⁷
Organisational Structure of the Combined Company
- The Combined Company will be structured in four businesses: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructures and Offshore Drilling
- The Offshore Engineering & Construction business will be incorporated in an operationally autonomous company, named Subsea7 and branded as “Subsea7 – a Saipem7 Company”, and it is currently envisaged that it will be led by Mr John Evans. It will comprise all of Subsea7’s business and the Asset Based Services business of Saipem, representing approximately 83% of the combined group’s EBITDA of the last 12 months as of 30 September 2024. The company will be headquartered in London
- In line with Saipem’s previous strategy, the Onshore Engineering & Construction will be run with a focus on reducing overall risk and maximising profitability. The Sustainable Infrastructures business will aim to consolidate its presence in the Italian market with potential expansion overseas. The Offshore Drilling division will seek to continue to maximise its EBITDA and cash flow
Shareholder Remuneration
- The MoU allows Saipem and Subsea7 to make shareholder distributions of up to $350 million each in 2025, in the form of dividends⁸^,⁹
- In 2026, if the Proposed Combination is not completed before the approval of the full year 2025 results of Saipem and Subsea7, the two companies could each distribute by way of dividends¹⁰^,¹¹ at least $300 million
- Following completion of the Proposed Combination, the Combined Company is expected to distribute to shareholders at least 40% of Free Cash Flow¹² after repayment of lease liabilities
Shareholders Agreement

The Memorandum of Understanding amongst Siem Industries, CDP Equity and Eni provides for, inter alia, a three-year shareholder lock-up and standstill obligation and the submission of a common slate for the appointment of the majority of the members of the board of directors of the Combined Company.

Timing, Conditions Precedent and Approvals

The entering into and signing of binding definitive documents in respect of the Proposed Combination is conditional, inter alia, on the successful completion of confirmatory due diligence by the parties, the execution of a mutually satisfactory merger agreement (the “Merger Agreement”) and the approval of the final terms of the Proposed Combination by the Board of Directors of Saipem and Subsea7. The parties will also engage with the relevant works council consultations required by the applicable laws.

Saipem and Subsea7 have undertaken mutual exclusivity obligations in connection with the negotiations of the Proposed Combination.

Moreover, completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, approval by the shareholders’ meetings of both Saipem and Subsea7, the former to be also passed with the so-called whitewash majorities for the purposes of the mandatory takeover bid exemption¹³, and obtaining the required Italian government approval and customary regulatory clearances.

Until such conditions precedent are satisfied, there can be no certainty that the Proposed Combination will occur.

The MoU also provides for termination rights for each of Saipem and Subsea7 in connection with material findings in the context of the confirmatory due diligence, or upon payment of a break-up fee, should any of the companies wish to terminate the negotiations at its discretion before entering into the Merger Agreement.

The parties currently envisage to submit the final terms of the Proposed Combination to their respective Board of Directors for approval and to enter into the Merger Agreement around mid-2025. Completion is currently anticipated to occur in the second half of 2026.

Conference Call

On Monday 24 February 2025, at 10:00 CET, the top management of Saipem and Subsea7 will present the transaction in a dedicated conference call, which can be followed by connecting to the below URL:

https://edge.media-server.com/mmc/p/az2o9ou7/

The document that will be presented by Saipem and Subsea7 top management will be available on the two respective websites (www.saipem.com and www.Subsea7.com). A replay of the call will be available on the two companies’ websites.

Advisers

Goldman Sachs International is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem in particular as to matters of Italian, English, US and Luxembourg law, while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law.

Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen S.A. and Advokatfirmaet Wiersholm AS are serving as legal counsels as to matters of Luxembourg and Norwegian law, respectively.

Enquiries

Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialised Solutions. The company has 6 fabrication yards and an offshore fleet of 21 construction vessels (of which 17 owned and 4 owned by third parties and managed by Saipem) and 15 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 120 nationalities.

Subsea7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energies.

+++

No Offer or Solicitation

This communication and the information contained in it are provided for information purposes only and are not intended to be and shall not constitute a solicitation of any vote or approval, or an offer to sell or solicitation of an offer to buy, or an invitation or recommendation to subscribe for, acquire or buy securities of Saipem, Subsea 7 or the combined company following the proposed merger of Saipem and Subsea 7 (the “Proposed Business Combination Transaction“) or any other financial products or securities, in any place or jurisdiction, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

Forward-looking Statements

This communication contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the Proposed Business Combination Transaction. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Except as required by applicable law, neither Saipem nor Subsea7 undertake any obligation to update any forward-looking information or statements.

Important Additional Information about the Proposed Business Combination Transaction

This communication is not a substitute for a registration statement or for any other document that Saipem or Subsea7 may file with the U.S. Securities and Exchange Commission (“SEC”) in connection with the Proposed Business Combination Transaction. In connection with the Proposed Business Combination Transaction, Saipem and Subsea7 are filing relevant materials with the SEC, which, to the extent Saipem’s shares will be required to be registered under the U.S. Securities Act, may include a registration statement on Form F-4 that contains a prospectus. If an exemption from the registration requirements of the U.S. Securities Act is available, the shares issued in connection with the Proposed Business Combination Transaction will be made available within the United States pursuant to such exemption and not pursuant to an effective registration statement on Form F-4.

SAIPEM AND SUBSEA7 URGE INVESTORS AND SHAREHOLDERS TO READ ANY SUCH REGISTRATION STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SAIPEM AND SUBSEA7, THE PROPOSED BUSINESS COMBINATION TRANSACTION AND RELATED MATTERS.

Investors and shareholders can obtain free copies of the prospectus and other documents filed by Saipem and Subsea7 with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Shareholders of Subsea7 are urged to read the prospectus, if and when available, and the other relevant materials when they become available, as well as any supplements and amendments thereto, before making any voting or investment decision with respect to the Proposed Business Combination Transaction and will receive information at an appropriate time on how to obtain these transaction-related documents for free from the parties involved or a duly appointed agent.

Use of Non-IFRS Financial Measures

This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Net debt. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.

Presentation of Financial Information

This communication includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7. The presentation of information in any registration statement that Saipem may file with the SEC may be different than the financial data included herein as the financial data included in any registration statement will be required to comply with the rules and regulations of the SEC. Further, any financial data contained herein representing the combination of Saipem and Subsea7 has not been prepared in accordance with the rules and regulations of the SEC, including the pro forma requirements of Regulation S-X. Accordingly, pro forma financial data contained in any registration statement filed with respect to the Proposed Business Combination Transaction may differ from the pro forma financial data contained herein, and such differences may be material. Any combined company financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position that would have been reported had the Proposed Business Combination Transaction been completed as of October 1^st, 2024, and should not be taken as representative of the companies’ future consolidated results of operations or financial position had the Proposed Business Combination Transaction occurred as of such date. These estimates are based on financial information available at the time of the preparation of this communication.

¹ Merger by way of incorporation of Subsea7 into Saipem
² Combined backlog for Saipem and Subsea7 as of 30 September 2024
³ Combined Revenue for Saipem and Subsea7 as per last 12 months as of 30 September 2024
⁴ Combined EBITDA for Saipem and Subsea7 as per last 12 months as of 30 September 2024
⁵ Subject to approval by the Shareholders’ Meeting and the Board of Directors of the Combined Company
⁶ Free Cash Flow is defined as Cash Flow from Operations less Capital Expenditure plus Divestments
⁷ Subject to approval by the Shareholders’ Meeting
⁸ Subject to approval by the Shareholders’ Meeting and the Board of Directors
⁹ The dividend paid by Saipem will be qualified as ordinary in nature
¹⁰ Subject to approval by the Shareholders’ Meeting and the Board of Directors
¹¹ The dividend paid by Saipem will be qualified as ordinary in nature
¹² Free Cash Flow is defined as Cash Flow from Operations less Capital Expenditure plus Divestments
¹³ Pursuant to Art. 49, paragraph 1, letter g) of Consob Regulation 11971/99

Attachment
- SUBC Proposed Combination of Saipem and Subsea7
The MIL Network –
February 24, 2025
MIL-OSI United Kingdom: Prime Minister announcement on Grangemouth
Source: United Kingdom – Executive Government & Departments

Press release

Prime Minister announcement on Grangemouth

Sir Keir Starmer announces £200 million investment to propel long term future for Grangemouth
Transformational commitment to support investment in Grangemouth community through National Wealth Fund.

Project Willow to report shortly on long-term future of industrial site.

Grangemouth Training Guarantee to support refinery workers into new jobs – as part of the Plan for Change.

The National Wealth Fund will provide £200 million of investment to new opportunities in Grangemouth as part of a major intervention to ensure the long-term future of the industrial site, the Prime Minister announced today [Sunday 23 February].

The funding will be available for co-investment with the private sector to help unlock Grangemouth’s full potential and secure our clean energy future.

The UK Government is also providing a ‘training guarantee’ for all Grangemouth refinery staff to ensure that any worker who would like skills training at the local college is supported, with funding provided by the UK Government – this will help workers into new, good jobs with local employers.

Prime Minister Keir Starmer said:

“My government has already taken decisive action to protect good British jobs in industries that are vital for our economic security: saving Harland and Wolff, investing in the future of Hitachi in North-East England, a new plan for an electric arc furnace at Port Talbot – secured this week.

“We will grasp the opportunities at Grangemouth, work alongside partners to develop viable proposals and team up with business to get new industries off the ground.

“And to attract private investment into the partnership we need we will allocate £200 million from the National Wealth Fund for investment in Grangemouth – an investment in Scotland’s industrial future.”

The announcement comes on top of existing investments from the UK Government, in partnership with the Scottish Government, to ensure the long-term economic future of the area. These investments are a strong commitment to people in the central belt, and include:

The £100 million Falkirk and Grangemouth Growth Deal, delivered jointly with the Scottish Government, to support the community and its workers by investing in local energy projects to create new opportunities for growth in the region.

Joined-up support from DWP and DESNZ to provide tailored career and skills support for refinery workers to assist in finding new employment.

The £1.5 million Project Willow feasibility study, jointly funded with the Scottish Government, to identify credible long-term industrial options for the Grangemouth site.

The Prime Minister has also reiterated the UK Government’s commitment to working in partnership with the Scottish Government to identify a viable, low carbon industrial future for the Grangemouth site.

Energy Secretary Ed Miliband said:

“We have always said that we will leave no stone unturned in seeking a sustainable industrial future for Grangemouth and its workers.

“Alongside our ongoing support for affected workers, this investment will help unlock the site’s long-term potential, with the backing of the private sector. This will create good jobs in vital new industries and drive growth and investment in the local community as part of our Plan for Change.”

Scottish Secretary Ian Murray said:

“The UK Government has been working at speed to ensure a long-term future for Grangemouth and the National Wealth Fund allocation announced today demonstrates our commitment to this.

“We remain committed to working closely with the Scottish Government and other partners to support the refinery workers and ensure the long-term future of this site.”

Project Willow, the co-funded initiative which is examining the green-energy future of the industrial site, is expected to produce its report in the spring.

ENDS

Notes to editors:

Any National Wealth Fund investment will be subject to investible propositions and the Fund’s criteria – the proposition must deliver a positive return, drive regional and economic growth or support activity to tackle climate change, invest in key sectors, and crowd in private finance.

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Published 23 February 2025
MIL OSI United Kingdom –
February 24, 2025

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