Category: Europe

Operation Sindoor: From strategic restraint to sovereign retaliation

Source: Government of India

Source: Government of India (4)

India’s military response to the April 22, 2025, Pahalgam terror attack marked not merely a tactical action, but a fundamental shift in its strategic doctrine. Operation Sindoor, the codename for a bold retaliatory air campaign, shattered the long-standing tenets of India’s restraint-driven security posture. This was not just about responding to a cross-border provocation it was a calculated assertion of sovereign will, combining military strikes with economic countermeasures and an unapologetic geopolitical stance. The Indian Air Force struck deep into Pakistani territory, hitting eleven military installations, including the highly sensitive Nur Khan airbase near Islamabad a key node in Pakistan’s air defence and nuclear command infrastructure. These strikes were not reactionary outbursts; they were precisely timed, meticulously planned, and unilaterally executed. The choice of targets reflected not only the resolve to punish terror networks, but to decapitate the infrastructure that shields and enables them under the garb of nuclear deterrence. India, for the first time, did not blink in the face of Pakistan’s nuclear threats. It called the bluff and did so with devastating precision.

What followed was unprecedented. The international community, which once scrambled to de-escalate tensions in South Asia, remained eerily silent. Washington, London, Brussels, and even Beijing offered no real condemnation. The world had no playbook for this new India an India that acted without seeking permission, validation, or multilateral endorsement. The traditional scripts were obsolete. This quietude wasn’t diplomatic oversight it was stunned recalibration. India had crossed the Rubicon and declared that its security calculus would no longer be bound by Cold War legacies or post-colonial deference. Strategic restraint, once considered a virtue of mature statecraft, had evolved into a liability. Operation Sindoor rewrote the doctrine as ‘sovereign retaliation’ became the new normal. This retaliatory strike wasn’t just a military action; it was a geopolitical signal, a declaration of strategic independence.

What made this moment historic wasn’t just the airstrikes. Within days, India struck in the economic domain, announcing retaliatory tariffs worth $1.9 billion on U.S. exports, sanctioned by the WTO. While officially framed as a response to American tariffs on Indian steel and aluminium, this move carried deeper implications. It was a direct indictment of Washington’s double standards. Despite its rhetoric of partnership through platforms like the Quad, the U.S. continued to bankroll Pakistan through IMF bailouts, the latest of which came on May 9, 2025 at a time when India & Pakistan were engaged in a military standoff. Washington remained ambivalent, offering neither support nor criticism. Worse, it failed to pressure its NATO ally Turkey to halt drone transfers to Pakistan and made no effort to leverage its defence ties with Pakistan to prevent further escalation. India responded not with pleading, but with policy. The WTO move was not only about trade but also about establishing a doctrine of economic deterrence where tariffs serve as diplomatic instruments just as missiles serve as military ones.

India’s shift did not occur in a vacuum. It was built on a decade of foundational reforms strategic autonomy in defence procurement, diversified energy and trade partners, and a strengthening of indigenous technological platforms. In 1971, then Prime Minister Indira Gandhi after a big military victory in the Bangladesh war made a strategic retreat from West Pakistan giving up the gains, handing back 93,000 Pakistani POWs and affording Pakistan army an Off-Ramp to save its honour at Shimla Accord. Prime Minister Modi’s India on other hand in 2025 stood sovereign in policy and posture. There were no Nixon-era backchannels to arm-twist India, no Chinese diversionary threats in Ladakh, no economic leverages to constrain action. This was a state that had absorbed the lessons of the past and finally acted with the strategic decisiveness it long possessed but rarely deployed. Operation Sindoor was not about conquest; it was about calibrated decapitation. It struck hard enough to cripple, but restrained enough to avoid collapse. It was punitive, not escalatory a textbook demonstration of escalation dominance.

The military phase of Operation Sindoor saw coordinated precision strikes across a range of Pakistani targets including Bahawalpur, Muridke, Kotli, Muzaffarabad, and Skardu etc targeting the terror camps and infrastructure on 7^th May 2025. On May 10th, 2025 in response to Pakistani escalation by way of Turkish drones, targeting religious places, civilians and Indian military installations; the Indian Airforce struck Pakistani airbases like Rafuqui, Murid, Rahim Yar Khan, Sukkur, Chunian, Jacobabad, Nur Khan, Sargodha and Bholari airbases. These were not token air raids but deep-penetration missions utilizing BrahMos cruise missiles, targeting air defence systems, radar systems, electronic jammers, and bunkers. The Nur Khan Airbase strike sent shockwaves not just through Rawalpindi, but across global defence communities. The base’s proximity to Islamabad and its criticality to Pakistan’s nuclear logistics underscored India’s new resolve. The IAF’s rapid execution within 90 minutes disabled Pakistan’s air defence grid and neutralized its early-warning capabilities. It was a surgical dismantling of Pakistan’s conventional deterrence. The world watched, waited, but did not intervene. The silence was deafening.

India’s leadership under Prime Minister Narendra Modi did not seek applause or permission. Unlike previous governments that lobbied for global sympathy post-Kargil or after the 2008 Mumbai attacks, Modi’s government acted decisively and let its actions speak. There were no diplomatic pilgrimages to world capitals, no speeches at the UN, no dossier handovers. The message was simple, India will defend itself without intermediaries and if that means targeting strategic installations of a nuclear state, then so be it. Pakistan’s nuclear doctrine had long shielded it from Indian retaliation. That shield was dismantled not just through bombs, but through boldness. It was a psychological strike as much as a physical one.

While Pakistan bore the immediate brunt, the real targets of India’s message were China and the United States. Beijing, deeply invested in Pakistan through CPEC and military-industrial collaboration, refrained from open escalation. Even as Chinese-built drones and radars were destroyed, Beijing chose silence, perhaps wary of jeopardizing its broader trading relationship with India amidst tensions in Taiwan and trade war with USA. The United States, meanwhile, struggled with its strategic schizophrenia. India’s actions conflicted with the expectations Washington had long harboured that India would remain a “responsible stakeholder” and junior partner in the Indo-Pacific architecture. But Operation Sindoor, and the WTO retaliation that followed, made it abundantly clear that India no longer played by G2 rules. It would not be managed, moderated, or manipulated.

India’s challenge to the informal U.S.-China duopoly has now become structural. For over a decade, the G2 logic where Washington and Beijing informally co-managed global affairs has sidelined emerging powers. But India’s unilateralism broke that frame. It did not consult either power before acting militarily. It did not apologize for retaliating economically. It neither sought validation nor acknowledged criticism. That defiance is what defines India’s rise not as a “balancing power” but as a disruptor, a sovereign pole in a genuinely multipolar world. Its model of statecraft is rooted in pre-modern civilizational confidence, not post-modern liberal anxieties. It invokes Dharma, not doctrine; sovereignty, not subservience.

For Washington, this presents a strategic conundrum. Should it try to rein India in through pressure and conditionality? Or should it accept India’s autonomy and recalibrate the partnership? The Trump administration has oscillated, unable to decide whether India is a rebellious ally or an indispensable partner. But India has made its position clear it will not compromise on national interests, and certainly not under duress. There will be no compromise disguised as cooperation. India’s economic sovereignty, military autonomy, and civilizational narrative are now core to its foreign policy, and no partnership that demands dilution of these values will be entertained.

This transformation is not without risks. India’s assertiveness threatens entrenched interests. Both the U.S. and China, despite their rivalry, will seek to manage or constrain India’s ascent. Turkey’s deepening drone alliance with Pakistan is one such pressure point. The hybrid warfare against India via drones, trade barriers, and information warfare is likely to intensify. America’s willingness to offer off-ramps to Pakistan and equate Indian retaliation with Pakistani provocation betrays a strategic myopia. India must now navigate this terrain with agility escalating when necessary, de-escalating on its terms, and retaliating across all domains.

The day India launched its strikes on Pakistani airbases, Washington and Beijing came to an agreement on a tentative trade deal an act that reinforced the enduring G2 instinct. But in doing so, they also acknowledged the emerging reality that the future will not be defined by their binary logic alone. India’s assertion has introduced a third pole, one that neither seeks to dominate nor to align, but to act independently. That is the defining hallmark of multipolarity within bipolarity. India has entered this arena not as a substitute power, but as an original force a civilizational state that finally acts in accordance with its historical identity and strategic destiny. Operation Sindoor, in that sense, is not a finite event. It is the inaugural move of a long game, a game where India leads not just in South Asia, but influences the very grammar of global order. The world must now learn to engage with a new India one that retaliates, redefines, and refuses to retreat.

(Navroop Singh is an Intellectual Property Attorney in New Delhi and a geopolitical analyst with the ‘Niti Shastra’ platform. He has co-authored three books and writes on foreign policy, law, history, and public affairs.)

May 14, 2025
MIL-OSI United Kingdom: Highland Council awards new contract for road repairs

Source: Scotland – Highland Council

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

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

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

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

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

Works are due to begin in summer 2025.

14 May 2025

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May 14, 2025
MIL-OSI United Kingdom: Water scarcity and Council support for private water supplies users

Source: Scotland – Highland Council

Following an unusually dry start to 2025, Scotland has been placed on an “early warning” for water scarcity by the Scottish Environmental Protection Agency (SEPA).

Considering this warning, Highland Council’s Environmental Health Team is recommending that consumers on private water supplies use water responsibly, to check the water system for any indications of leaks or contamination risks and think about other options if your water supply is potentially in shortage. A property without a Scottish Water mains water connection is considered to have a private water supply. Typically, these supplies are found in rural regions.

As a preventive public health measure, you should also boil your water before consuming, cooking, and brushing your teeth if your private water supply is untreated or you are currently unable to maintain your water treatment system.

To help people acquire safe drinking water during this growing period of water scarcity, Highland Council, in collaboration with Scottish Water and the Scottish Government, has announced the establishment of an Emergency Bottled Water Scheme. As part of the scheme, the Council may provide consumers of domestic properties who are eligible, a temporary supply of free bottled water. Commercial buildings, farms, equestrian facilities, and other livestock are not included in the scheme however SEPA may be able to offer support for farmers.

For support or advice regarding your private water supply, please phone the Environmental Health team on 01349 886606 or email envhealth@highland.gov.uk.

Patricia Sheldon, Highland Council’s Senior Environmental Health Officer said: “It’s very reassuring that with the help of the Scottish Government, the Council can provide bottled water to support our communities and individuals who are experiencing water scarcity problems with their domestic private water supplies.

“We have recently received a number of calls from vulnerable persons and families concerned about their water supplies. We should all strive to use water responsibly, especially if you get your water from a private water source. To address short-term solutions to their water consumption demands and to consider longer-term solutions to improve the supply, I would encourage anyone who has concerns about their private water supply to contact us. The Council is helping where we can.”

Further information:

Scottish Government – Private Water Supplies

Drinking Water Quality Inspector – Private Water Supply Information

SEPA – Water Scarcity

Scottish Water – Water Saving Advice

MIL OSI United Kingdom –

May 14, 2025
MIL-OSI United Kingdom: England athletics announces new partnership with launch event at Coventry school

Source: City of Coventry

England Athletics, the development body for running and athletics in the England, as well as its official charity partner, the Personal Best Foundation has announced a new partnership with Citroën.

The partnership comes on the back of research by Citroën to parents that found on average, British children spend 4.75 hours a week exercising, while the Chief Medical Officers recommend at least 60 minutes every day.

The partnership was announced at Sowe Valley Primary school, Coventry with Team GB Paralympian and Personal Best Foundation Ambassador, Hannah Cockroft CBE, where pupils took part in a morning of sports and activities with the organisations.

Cllr Dr Kindy Sandhu, Cabinet Member for Education and Skills, said: “This event was a wonderful example of what happens when education and sport come together to inspire young people. Giving every child, regardless of background or ability, the opportunity to be active, confident and included is at the heart of what we aim for in Coventry’s schools. It’s especially meaningful to see inclusive sport embedded in learning and I’m proud that our city is leading the way with programmes like this.”

Cllr Kamran Caan, Cabinet Member for Public Health and Sport, said: “It was fantastic to see the energy and excitement at Sowe Valley Primary School as children took part in inclusive athletics led by Hannah Cockroft. Initiatives like this are exactly what we need to tackle inactivity and the health inequalities that affect so many of our communities. Encouraging active lifestyles from an early age is key to improving long-term physical and mental health across Coventry and this partnership is a powerful step in the right direction.”

England Athletics’ purpose is to inspire individuals of all ages, abilities and backgrounds to take up running and athletics, fulfil their potential and develop a lifelong love of the sport.

According to Sport England’s annual Active Lives survey 2023/24, only 47% of children are meeting the UK’s Chief Medical Officer’s recommended daily activity levels**, with children from low-income families and underserved communities the least likely to be active.

According to Citroen’s own research, it found that a lack of time and interest were cited by over a third of parents as the main barriers to getting their children to exercise. Around one in eight toddlers and primary school-aged children in England are categorised as obese.

In year 6, the prevalence of obesity alone in children is 22.7% and for those living in the most deprived areas this increases to 30.2%.

The UK has some of the poorest child mental health outcomes globally, with the cost of living crisis further limiting opportunities for physical activity. Inequality and poverty put the opportunity for organised exercise and activity beyond the reach of around 4 million children and young people across the UK.

The partnership between Citroën, England Athletics and Personal Best Foundation will help to change this, as initially 15 primary schools – prioritising those with the greatest need and children most at risk of inactivity – in Coventry, Warwickshire and Ellesmere Port, close to Citroen Headquarters, will benefit from free weekly after-school athletics programmes. In addition, free training for the teachers in the schools will allow the programme to be continued and ensure that running, jumping and throwing have a place in the curriculum.

The partnership will also support young, up and coming athletes in England through England Athletics’ National and Age group championships and its Talent Pathway Programme, which aims to help gifted young athletes progress to be the international athletics stars of the future.

England Athletics, Chief Executive Officer, Chris Jones, said: “We are proud to welcome Citroën into the England Athletics family. This partnership supports our shared commitment to sustainability and making athletics more accessible for young people. Through our Personal Best Foundation, Citroën’s support will help young people in schools across England experience athletics and will open the doors of opportunity for some of the most disadvantaged children and young people in England.

“Citroën’s backing of our national events and talent programmes – supported by Citroën’s electric vehicles – aligns with our drive for a more sustainable future and our approach to encourage our network of athletes and clubs to adopt more sustainable practices.”

Chris Theobold, Sales and Operations Director, Citroën UK, added: “We’re proud that our partnership with England Athletics will give young people access to sport and exercise, help improve young people’s lives and offer support to the next generation of talent.

“The statistics on childhood inactivity and health is very concerning and we are very happy to be able to make running, jumping and throwing more accessible, just as we are making electric vehicles accessible to all. In partnering with England Athletics and its official charity, we believe we can help make a difference and give school children in some of the country’s less fortunate areas the chance to enjoy the benefits of athletics, be active and have fun. Whilst also supporting elite talent on the pathway to success.”

Hannah Cockroft CBE, Personal Best Foundation Ambassador and England Athletics Sustainability Ambassador, said: “It’s fantastic to be part of this exciting new partnership between England Athletics, the Personal Best Foundation, and Citroën. It’s a privilege to meet the school children today and see first-hand how powerful sport can be in changing lives and helping young people discover what they are truly capable of.

“I passionately believe that every young person should have the access and the opportunities to experience the physical and mental benefits of sport irrespective of their background or personal circumstances. It’s also great to see a partnership with a real commitment to sustainability, promoting a healthier, more active, and more responsible future.”

You can find out more about the partnership and England Athletics at englandalthetics.org.

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May 14, 2025
MIL-OSI United Kingdom: UK-EU summit ‘should be the start, and not the end of strengthening ties with Europe’ – Plaid Cymru

Source: Party of Wales

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

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

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

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

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

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

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

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

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

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

Llinos Medi MP continued:

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

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

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

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

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May 14, 2025
MIL-OSI United Kingdom: Students must not be abandoned by Housing Bill

Source: Scottish Greens

14 May 2025 Housing

Students in Scotland need afforable housing

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

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

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

Ms Chapman said:

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

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

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

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

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

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

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May 14, 2025
MIL-OSI United Kingdom: Glasgow Pride: A statement from Patrick Harvie MSP

Source: Scottish Greens

14 May 2025 LGBTQ+

Mr Harvie responds to the suspension of political parties at Pride.

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Following the announcement by Glasgow’s Pride that all political parties and related groups are currently suspended from attending the event, Scottish Greens co-leader Patrick Harvie MSP issued a response.

The Glasgow event organisers are taking the same action as many of their counterparts across England, who earlier this week suspended political parties from participating in Pride events this year.

Event organisers say this has stemmed from a lack of action and delay of comment from politicians following the UK Supreme Court decision, with organisers concerned about the impact on LGBTQIA+ community members.

Any elected officials who wish to attend must do so as individuals on behalf of local communities, not on behalf of the party they represent.

Green MSP for Glasgow, Mr Harvie said:

“As both a politician and someone who has been out since before my first election and has never shied away from standing up to prejudice, I feel ashamed of how politics in this country is letting down my own community.

“I am of course disappointed at this decision, but the betrayal of our human rights by most political parties is the cause of this horrendous situation, and I fully respect the right of Pride organisers to make this decision.

“Greens have stood solid against the current wave of prejudice, and will continue to do so. But it is now abundantly clear that the community has lost trust in political parties more broadly, and I urge those in leadership positions across the spectrum, and members of all parties who do support LGBTQ+ people’s human rights, to put their house in order.

“Even at the lowest point of the political weaponization of homophobia in the 80s and 90s, Pride events never felt the need to take this step. But even in those worst of times, the Government wasn’t actually imposing segregation of public spaces as is happening now to trans people. The culture war against us needs to end.”

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May 14, 2025
MIL-OSI United Kingdom: Greens call for SNP to provide urgent update on support for Israel’s arms dealers

Source: Scottish Greens

14 May 2025 Peace

More in Peace

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

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

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

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

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

Scottish Green Co-leader Lorna Slater said:

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

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

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

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

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

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

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

Text of letter from Lorna Slater to DFM Kate Forbes

Dear DFM Forbes

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

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

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

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

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

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

MIL OSI United Kingdom –

May 14, 2025
MIL-OSI Russia: Knowledge Front: How the Polytechnic Library Worked During the War Years

Translation. Region: Russian Federal

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

To mark the 80th anniversary of our country’s victory in the war, a virtual exhibition has opened on the portal of the SPbPU Information and Library Complex “The Fundamental Library of LPI during the Great Patriotic War”The project is not just a tribute to memory, but a digital archive dedicated to the selfless work of the librarians of the Leningrad Polytechnic Institute during the most difficult years.

During the siege of Leningrad, the library staff did not stop working for a single day. Without heating, by the light of kerosene lamps, in conditions of constant threat to life, they continued to provide students and teachers with access to knowledge. The library served as both an academic and psychological refuge.

We couldn’t abandon books. This was our second front – the front of knowledge, – one of the library employees recalls in an archival interview.

The exhibition presents unique documents, photographs, letters and memoirs – evidence of an unbroken spirit. One of the exhibits is a list of books given out on the eve of the heaviest bombing, with “returned” marks for almost every reader.

Even in the winter of 1942, students came for textbooks. The reading room became the only warm place for many, says a note from the head of the library at that time.

The project emphasizes that the library is not just a building with books, but a cultural and spiritual front that contributed to the Victory.

Today, when archives are becoming digital and memory is interactive, the virtual exhibition takes on special significance. It is not just a memory of the past – it is a living story told in the language of facts, documents and personal tragedies. Every scan, every photograph on the portal is a reminder that even in the most terrible times, people continued to believe in the power of knowledge.

The exhibition will be of particular interest to students, researchers and anyone interested in the history of Leningrad and Russian education. This is a rare opportunity to look into the past – through the eyes of those who stood firm and won.

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

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May 14, 2025
MIL-OSI Russia: Sobyanin told how Karamyshevskaya embankment will be transformed after renovation

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

A large-scale reconstruction of Karamyshevskaya Embankment is beginning in the North-West Administrative District of the capital. This was reported by Sergei Sobyanin in his telegram channel.

“We will create a modern and comfortable space so that residents and visitors of the city can enjoy spending their free time there,” wrote the Mayor of Moscow.

Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

The work will take place on the section from Zhivopisny Bridge to Shenogina Street. Here, the bank will be strengthened, the pier will be reconstructed, and bicycle and running paths will be built. The reconstruction is planned to be completed in 2027.

In addition, the renovation of nearby streets is being completed: the understudy of Marshal Zhukov Avenue, Salyam Adil Street, and a section of Karamyshevskaya Embankment with an exit to Narodnogo Opolcheniya Street.

Sobyanin names sites in northwest Moscow that will be improved this year

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

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

https: //vv.mos.ru/mayor/tkhemes/12750050/

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May 14, 2025
MIL-OSI Russia: New US sanctions against Iran incompatible with nuclear talks – Iranian Foreign Ministry spokesman

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

TEHRAN, May 14 (Xinhua) — The U.S.’s new sanctions against Tehran are in conflict with bilateral nuclear talks, Iran’s ISNA News Agency reported, Iranian Foreign Ministry spokesman Esmail Baghaei said at the 36th Tehran International Book Fair in the Iranian capital on Tuesday, commenting on the U.S.’s imposition of new sanctions against Iran amid indirect talks between the two countries brokered by Oman.

He criticized US officials for making “contradictory” statements about the goals they seek to achieve in the talks, stressing that the other side should “organize its thoughts” and refrain from making contradictory statements.

E. Baghaei noted that Iran’s positions are “resolute, clear and unchangeable” in the talks, adding that Iran approaches the talks with all seriousness, since “we have always negotiated with the aim of achieving results, and not using them as a tool to waste time.”

He stressed that in the negotiations, Iran seeks to preserve its nuclear achievements, “based on national needs,” and also to achieve the lifting of the “cruel” sanctions imposed on the Iranian people.

On Monday, the US State Department announced sanctions against three Iranian individuals and one Iranian entity “associated with the Defense Research and Innovation Organization of Iran.”

The new sanctions came as Iranian and US delegations held a fourth round of proximity talks on Tehran’s nuclear programme and the lifting of US sanctions in the Omani capital Muscat on Sunday.

The first and third rounds took place in Muscat on 12 and 26 April, and the second in Rome on 19 April. –0–

MIL OSI Russia News –

May 14, 2025
MIL-OSI Russia: Improvement of Profsoyuznaya Street and 60th Anniversary of October Avenue has begun

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

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

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

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

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

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

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

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

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

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

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

MIL OSI Russia News –

May 14, 2025
MIL-OSI United Kingdom: Standing Up to Divisive Politics

Source: Liberal Democrats UK

They closed down safe and legal routes for refugees, putting more power in the hands of traffickers. They allowed the asylum backlog to balloon on their watch, trapping asylum seekers in limbo for months or even years. And they threatened the fundamental right to asylum with their cruel Illegal Migration Act and failed Rwanda scheme.

Now, the Labour government has a real opportunity to fix this mess and start building a more compassionate, effective system. But sadly, they have so far failed to bring forward the positive change that people deserve.

I’m deeply proud of our party’s history of standing up for people fleeing war and persecution in particular. From getting new visas introduced for Hong Kongers coming to the UK, to ending the previous Labour Government’s practice of detaining children for immigration purposes, Liberal Democrats have long been at the forefront of securing change.

I’m determined that we continue in this proud tradition – which is why I’ve been making these same arguments as the Border Security, Asylum and Immigration Bill passed through Parliament.

First and foremost, that means pushing for more safe and legal routes for refugees. Whether that’s establishing new humanitarian travel permits, or continuing Lib Dem peer Sally Hamwee’s tireless efforts to extend family reunion rights. This will be crucial for taking power out of the hands of the criminal trafficking gangs responsible for dangerous crossings in the Channel.

At the same time, we need an asylum system that makes decisions fairly and swiftly – which is why we’ve been calling to tackle the backlog by establishing a dedicated unit to improve the speed and quality of asylum decision-making.

And we will keep pushing Labour to take the action that’s needed. If they really cared about improving integration, they would have backed our amendment this week that would have scrapped the ban on asylum seekers working. But our party won’t give up, and will now take this fight to the House of Lords.

In the face of divisive and destructive politics, it is more important than ever that the Liberal Democrats continue to offer a liberal alternative. One that is kind and compassionate – standing up for the rights of refugees and asylum seekers, and ensuring all migrants are treated with dignity and respect like they deserve.

I am determined to do everything in my power to ensure this is the case.

MIL OSI United Kingdom –

May 14, 2025
MIL-OSI Asia-Pac: LCQ2: Work on attracting enterprises and investments

Source: Hong Kong Government special administrative region

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

Question:

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

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

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

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

Reply:

President,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI Asia Pacific News –

May 14, 2025
MIL-OSI Russia: Double Degree in the South of Russia: GUU and KubSAU Launched a Unique Educational Program

Translation. Region: Russian Federal

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

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

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

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

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

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

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

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

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

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

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

Photos taken from the official website of KubSAU.

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

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

MIL OSI Russia News –

May 14, 2025
MIL-OSI Russia: Polytechnic and Iranian universities unite to train specialists of the future

Translation. Region: Russian Federal

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

Peter the Great St. Petersburg Polytechnic University, Iran University of Science and Technology and Pardis Technopark signed a memorandum of understanding aimed at establishing a Joint Institute for Technological Leadership in Iran. The new educational project will be implemented at Pardis Technopark, the largest in Western Asia, in cooperation with an alliance of leading Iranian universities, including Sharif University of Technology, Iran University of Science and Technology and Shahid Beheshti University.

The parties agreed to jointly develop master’s programs in key areas such as energy, construction and information technology. Particular attention will be paid to training specialists in the field of renewable energy, power engineering and intelligent control systems. Students will be able to undergo training and research practices at the Pardis Technopark, which will allow them to gain not only theoretical knowledge, but also practical experience in a high-tech environment.

This agreement will be the next step in the development of Russian-Iranian cooperation after the signing of a comprehensive strategic partnership between our countries in January of this year. For Iran, the project is important in terms of attracting Russian technologies and expertise, especially in solving problems related to the energy balance. Russia, in turn, is strengthening its scientific and educational presence in the region and expanding cooperation with Iran’s leading educational centers.

Vice-Rector for International Affairs at SPbPU Dmitry Arsenyev noted that the project opens up new opportunities for students and researchers from both countries, combining academic traditions and innovative approaches.

We are starting with master’s programs in energy and IT, but this is just the start. Our goal is for students from Iran and Russia to design real solutions together. There will be no educational projects, only tasks from Technopark Pardis and our industrial partners. Our graduates will come to enterprises with skills, not just a diploma, – commented Dmitry Arsenyev.

Vice President for Innovation Development Mojtaba Jabaripour emphasized that the technopark is actively developing international cooperation, and the partnership with SPbPU will be an important element of this strategy. The Iranian side is interested in the experience of Russian specialists to solve key technological problems.

In the near future, the parties plan to detail the terms of cooperation and begin developing joint master’s programs, after which it is planned to sign an agreement on the launch of the Joint Institute of Technological Leadership.

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

MIL OSI Russia News –

May 14, 2025
MIL-OSI Russia: Young professionals and big challenges: results of the IT Tournament at Gazprom Neft

Translation. Region: Russian Federal

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

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

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

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

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

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

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

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

MIL OSI Russia News –

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

Source:

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

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

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

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

END

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

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May 14, 2025

MIL OSI Asia Pacific News –

May 14, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

Company Webcast

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

1×1 Meetings

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

About the Banle Group

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

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

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

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

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

The MIL Network –

May 14, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

Highlights

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

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

Dr. Sean Guest, President and CEO commented:

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

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

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

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

Financial and Operating Results Summary

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

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

Financial Update

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

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

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

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

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

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

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

Operations Update and Outlook

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

Jasmine/Ban Yen

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

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

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

Nong Yao

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

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

Wassana

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

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

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

Manora

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

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

Türkiye

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

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

Webcast

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

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

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

Conference ID: 239 311 896 799

Dial-in numbers:

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

For further information, please contact:

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

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

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

About the Company

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

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

Non-IFRS Financial Measures and Ratios

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

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


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

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

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

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


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

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

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

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


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


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

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


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

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

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


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

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


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

Advisory and Caution Regarding Forward-Looking Information

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

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

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

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

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

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

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

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

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

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

The MIL Network –

May 14, 2025

MIL-OSI Europe: EU external borders: Irregular crossings down a quarter in first 4 months of 2025

Source: Frontex

The number of irregular border crossings into the European Union fell by 27% in the first four months of 2025 to nearly 47 000, according to preliminary data collected by Frontex*.

Declines continue on all major migratory routes into the EU, ranging from 58% on the Western Balkans route to 3% on the Central Mediterranean route.

Frontex currently has 3 200 officers deployed along the EU’s external borders, working together with the national authorities safeguard the Europe’s borders and save lives at sea.

In the Central Mediterranean, 15 718 irregular crossings were registered in the first four months of 2025. This is roughly in line with the figures registered in the corresponding period last year. After a sharp year-on-year drop in March, improved weather conditions in April led to an increase of almost 40% (y/y).

Bangladeshi nationals are the main nationality reported on this route so far this year. The smuggling networks involved in the smuggling of Bangladeshis organise the entire journey, making arrangements such as flights and visa applications. The total cost of the journey is reported to be between EUR 9 500 and EUR 13 000.

The Eastern Mediterranean is the second most active route on entry into the EU in the January-April this year with over 12 200 crossings. The number of the registered arrivals dropped by nearly a third from a year ago.

On the Western African route, the number of arrivals dropped by over a third to 10 400. The top nationalities on this corridor were Malian, Senegalese and Guinean.

Many risk their lives to reach Europe, embarking on the perilous journey across the Mediterranean in unseaworthy boats. The International Organization for Migration estimates that in just the first four months of this year alone, 555 people lost their lives at sea. For the whole of last year, this tragic figure reached 2 300.

On the Channel route, the number of migrants attempting to cross into the United Kingdom increased by 5% compared to last year to18 100.

* Note: The preliminary data presented in this statement refer to the number of detections of irregular border crossing at the external borders of the European Union. The same person may cross the border several times in different locations at the external border.

MIL OSI Europe News –

May 14, 2025

MIL-OSI United Kingdom: Swindon Borough Council fails to meet RSH’s consumer standards

Source: United Kingdom – Executive Government & Departments

Press release

Swindon Borough Council fails to meet RSH’s consumer standards

The Regulator of Social Housing has today issued five new regulatory judgements.

Swindon Borough Council has failed to meet the outcomes in the consumer standards and has been given a C3 grading from the Regulator of Social Housing, as part of a range of regulatory judgements published today.

An inspection was brought forward after the council made a self-referral over health and safety issues and its repairs service.

RSH’s inspection found that Swindon Borough Council:

Was unable to report accurately on the presence of smoke and carbon monoxide detectors.
Was unable to track or monitor faults from electrical safety checks.
Has more than 800 overdue fire safety actions, the majority of which were overdue by more than a year.
Was not actively tracking, monitoring, or reporting open damp and mould cases, though there was evidence that reports are followed up effectively.
Was unable to demonstrate how tenants’ views have been considered in its decision making, with no evidence of actively encouraging participation from under-represented groups.

Swindon Borough Council has demonstrated that it understands the issues and is taking action towards rectifying the failures identified.

RSH is continuing to engage with the landlord to make sure the necessary improvements are made.

Separately, three housing associations – Housing 21, Torus62 and Sovereign Network – received C2/G1 gradings following inspections. This means that they meet the governance requirements but there are some weaknesses in their delivery of the outcomes of the consumer standards and improvement is needed.

All three housing associations meet the viability requirements with Housing 21 and Torus62 retaining V1 gradings, and Sovereign Network Group retaining its V2 grading.

While both V1 and V2 landlords meets the viability requirements and have the financial capacity to deal with a reasonable range of adverse scenarios, V2 landlords need to manage material risks to ensure continued compliance.

RSH also published interim G1/V1 gradings for Bromford Flagship, after Flagship Housing Group became a subsidiary of Bromford Housing Group in February this year.

Kate Dodsworth, Chief of Regulatory Engagement at RSH, said: 

“We take health and safety very seriously and expect all landlords to make sure tenants are not at risk in their homes.

“We also want to see better data management from landlords, to demonstrate they understand their homes and tenants. Self-referrals are a good indicator that a landlord not only understands our requirements, but that they are taking accountability.

“Lastly, our scrutiny of housing associations’ governance and viability remains vital for delivering more and better homes for tenants.”

Notes to Editors

Provider	Consumer grade	Governance grade	Viability grade	Process
Bromford Flagship Limited	Not assessed yet	G1 (Interim Grading)	V1 (Interim Grading)	Merger Activity
Housing 21	C2	G1	V1	Inspection
Torus62 Limited	C2	G1	V1	Inspection
Sovereign Network Group	C2	G1	V2	Inspection
Swindon Borough Council	C3	–	–	Inspection

RSH regulates housing associations and other private registered providers against its full set of standards. Councils are regulated against the consumer and rent standards only.
More information about RSH’s responsive engagement and programmed inspections is also available on its website.  is also available on its website.  
RSH promotes a viable, efficient and well-governed social housing sector able to deliver more and better social homes. It does this by setting standards and carrying out robust regulation focusing on driving improvement in social landlords, including local authorities, and ensuring that housing associations are well-governed, financially viable and offer value for money. It takes appropriate action if the outcomes of the standards are not being delivered. 
RSH’s gradings are listed below. More information is available on its website. Governance

Grading	Description
G1	Our judgement is that the landlord meets our governance requirements.
G2	Our judgement is that the landlord meets our governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance.
G3	Our judgement is that the landlord does not meet our governance requirements. There are issues of serious regulatory concern and in agreement with us the landlord is working to improve its position.
G4	Our judgement is that the landlord does not meet our governance requirements. There are issues of serious regulatory concern, and the landlord is subject to regulatory intervention or enforcement action.

Viability

Grading	Description
V1	Our judgement is that the landlord meets our viability requirements and has the financial capacity to deal with a wide range of adverse scenarios.
V2	Our judgement is that the landlord meets our viability requirements. It has the financial capacity to deal with a reasonable range of adverse scenarios but needs to manage material risks to ensure continued compliance.
V3	Our judgement is that the landlord does not meet our viability requirements. There are issues of serious regulatory concern and in agreement with us the landlord is working to improve its position.
V4	Our judgement is that the landlord does not meet our viability requirements. There are issues of serious regulatory concern, and the landlord is subject to regulatory intervention or enforcement action.

Consumer

Grading	Description
C1	Our judgement is that overall the landlord is delivering the outcomes of the consumer standards. The landlord has demonstrated that it identifies when issues occur and puts plans in place to remedy and minimise recurrence.
C2	Our judgement is that there are some weaknesses in the landlord delivering the outcomes of the consumer standards and improvement is needed.
C3	Our judgement is that there are serious failings in the landlord delivering the outcomes of the consumer standards and significant improvement is needed.
C4	Our judgement is that there are very serious failings in the landlord delivering the outcomes of the consumer standards. The landlord must make fundamental changes so that improved outcomes are delivered.

For general enquiries email enquiries@rsh.gov.uk. For media enquiries please see our Media Enquiries page.

Published 14 May 2025

MIL OSI United Kingdom –

May 14, 2025

MIL-OSI United Kingdom: Leader announces new Cabinet for 2025/26
Source: City of Oxford

Published: Wednesday, 14 May 2025

Councillor Susan Brown, Leader of Oxford City Council, has announced her Cabinet for 2025/26.
Councillor Louise Upton is not on the Cabinet in 2025/26 because she will be serving as the Lord Mayor of Oxford.

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

The Cabinet Members are:

Councillor Susan Brown, Leader, and Cabinet Member for Partnership Working and Inclusive Economic Growth

Councillor Ed Turner, Deputy Leader (Statutory), and Cabinet Member for Finance and Asset Management

Councillor Anna Railton, Deputy Leader, and Cabinet Member for a Zero Carbon Oxford

Councillor Lubna Arshad, Cabinet Member for a Safer Oxford

Councillor Nigel Chapman, Cabinet Member for Citizen Focused Services and Council Companies

Councillor Alex Hollingsworth, Cabinet member for Planning and Culture

Councillor Chewe Munkonge, Cabinet Member for a Healthy, Fairer Oxford and Small Business Champion

Councillor Linda Smith, Cabinet Member for Housing and Communities

The responsibilities of each Cabinet Member are:

Councillor Susan Brown

Council strategy and policy delivery

Democratic Services and Member Support

Partnerships and outside bodies including

District Councils Network (Labour Vice Chair)

Fast Growth Cities (Chair)

Local Government General Assembly member

Oxford Growth Commission

Oxford Strategic Partnership

Councillor Ed Turner

Deputise for Leader as required

Financial and treasury strategy

Financial support for local residents and businesses

Links with our twin cities

Property and asset management and maintenance

Councillor Anna Railton

Deputise for Leader as required

Air Quality

Biodiversity delivery including verge and tree planting

Carbon reduction, heat decarbonisation and retrofitting

Delivery of Zero Carbon Oxford City Council by 2030

Delivery of the outcomes of the Oxford Citizens Assembly on Climate Change

Parks, Allotments, Cemeteries and Open Spaces

Renewable energy and energy planning

Sustainability

Taxi Licensing

Transport liaison with Oxfordshire County Council and Highways England and other providers

Councillor Lubna Arshad

Community safety and tackling antisocial behaviour

Safeguarding Adults and Children

Working with Thames Valley Police to tackle anti-social behaviour, child sexual exploitation, county lines, drug dealing, domestic abuse, knife crime, modern slavery, violence against women and girls and crime generally

Councillor Nigel Chapman

Business Improvement

Customer Service

Oxford Direct Services as contractor

OX Place as a company

Service delivery

Street scene, public conveniences

Tree management

Waste and recycling

Councillor Alex Hollingsworth

Car Parking Policy

City Centre Action Plan delivery

Culture, cultural partnerships and events (including St Giles Fair, Cowley Road Carnival etc.)

Development and Building Control

Infrastructure planning

Licensing Policy

Local Plan and planning policies including biodiversity

Spatial Planning and conservation

Major projects delivery

Museum of Oxford

Promotion of a thriving music and night-time economy

Tourism

Councillor Chewe Munkonge

Addressing health inequalities and public health promotion

Children and young people policies and school liaison

Leisure partnership and contract management

Local market promotions

Promotion of Oxford Living Wage

Small Business Champion

Sport and physical activity

Councillor Linda Smith

Affordable housing delivery

Community centres, pavilions and grants

Estate regeneration projects

Homelessness services including prevention

Housing allocations and strategy

Regulation of the Private Rented Sector

Tenancy management and sustainment

Tenant and Resident involvement

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

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

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

Councillor Susan Brown, Leader of Oxford City Council
MIL OSI United Kingdom –
May 14, 2025
MIL-Evening Report: Caitlin Johnstone: Israel admits it bombed a hospital to kill a journalist for doing journalism

Report by Dr David Robie – Café Pacific. –

COMMENTARY: By Caitlin Johnstone

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

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

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

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

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

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

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

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

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

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

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

❖

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

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

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

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

❖

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

❖

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

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

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

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

❖

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

— Caitlin Johnstone (@caitoz) May 10, 2025

❖

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

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

❖

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

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

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

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

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

This article was first published on Café Pacific.

MIL OSI Analysis – EveningReport.nz –

May 14, 2025
MIL-OSI Russia: Future engineers demonstrated their knowledge of hydraulics

Translation. Region: Russian Federal

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

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

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

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

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

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

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MIL OSI Russia News –

May 14, 2025
MIL-OSI Russia: Eagles, seagulls and the mythical gamayun: we go looking for birds in Moscow architecture

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

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

Soaring Falcon and Console Owls

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

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

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

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

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

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

Birds of Moscow railway stations

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

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

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

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

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

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

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

Herons and bats

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

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

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

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

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

Birds of Paradise of the Ancient Slavs

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

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

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

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

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

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

Showcase of gypsum decor: the Khlodov-Panteleev house on Zemlyanoy Val has been restored 734 objects in Moscow recognized as architectural monuments in 14 years Moscow Restoration in Examples: How the Capital’s Architectural Monuments Are Gaining New Life

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MIL OSI Russia News –

May 14, 2025
MIL-OSI Russia: More than three thousand city residents took part in the environmental study

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

Scientists from the Institute of Public and Municipal Administration of the National Research University Higher School of Economics studied the environmental preferences of Muscovites. More than three thousand city residents over 18 years old, living in different administrative districts of the capital, took part in the study.

“The study covered a wide range of issues related to the assessment by city residents of key environmental factors: noise, air purity, the state of green areas and others. In addition, experts studied in detail the influence of environmental factors on the choice of a house, place of residence, work and recreation. The results obtained will help us make effective management decisions, improve processes and achieve the goals of environmental policy to maintain a favorable environmental situation in the capital in the interests of our final beneficiaries – city residents,” said

Julia Urozhaeva, Head of the Department of Nature Management and Environmental Protection of the City of Moscow.

The experts used various assessment tools and carefully collected quantitative and qualitative data. The respondents were divided into 13 groups, and then the preferences of each were analyzed and environmental portraits were compiled. The survey showed that 78 percent of city residents want to improve their level of environmental literacy.

Women aged 26 to 35 demonstrated high involvement in the environmental agenda. Sports enthusiasts were singled out as a separate group. They noted the need for clean air and water bodies in the city.

Respondents also emphasized the importance of spending time in green areas. At the same time, within the city limits, most Muscovites prefer the development of eco-trails and a road-path network so that walks in nature are accessible and comfortable for everyone, including the elderly and parents with small children.

The results of the study were presented at a scientific seminar with the participation of members of the expert council for the protection and use of green space in the city of Moscow.

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

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MIL OSI Russia News –

May 14, 2025
MIL-OSI Russia: Children’s Arts Festival “Nebo” to be held in Muzeon Park

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

On May 31 and June 1, the Moscow Children’s Arts Festival “Nebo” will be held in the capital’s Muzeon Park. It will bring together creative groups from Moscow, St. Petersburg, Nizhny Novgorod, Perm, Voronezh, Krasnoyarsk, Tobolsk and Kaliningrad. This was reported by Natalia Sergunina, Deputy Mayor of Moscow.

“For two days, the park will become a large playground and educational area. 600 participants will perform for the audience – these are theater actors, circus performers, musicians and dancers. The program will include more than 90 events, including premiere performances and master classes,” said Natalia Sergunina.

On the main stage, graduates of the Moscow Art Theatre School, the troupe of the Krasnoyarsk State Opera and Ballet Theatre named after D.A. Hvorostovsky, the capital’s Praktika Theatre and many others will present their leading productions.

Premieres will also be presented here, including the work “Aibolit Hurries to the Rescue” by director Alexei Frandetti. The action will unfold to the music of accordionist and composer Petr Dranga, accompanied by a symphony orchestra. Another new production is an interactive performance by the State Street Theater of Kartonia, based on the fairy tale “The Adventures of Cipollino”.

The festival site will be divided into thematic zones. In one of them, children’s book readings will be organized, in another, they will talk about environmental projects. Specialists from the Polytechnic Museum will conduct educational master classes explaining physical phenomena. Flash mobs of modern choreographers and stage movement classes will be held at the Music and Dance site. In the quiet zone, parents with children will be able to listen to audio fairy tales.

Fans of bright illustrations will be interested in the exhibition-game “Augmented Landscape”, and the exhibition-walker will introduce city residents and tourists to the stories of the sculptures of the Muzeon Park.

In the evenings, colorful processions of street artists with the participation of orchestras will take place along the alleys and squares of the park.

The festival is organized by Moscow Department of Cultureand Gorky Park. The artistic director of the festival is People’s Artist of Russia Evgeny Mironov.

Entry to the event will be free for everyone.

Get the latest news quicklyofficial telegram channelthe city of Moscow.

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MIL OSI Russia News –

May 14, 2025
MIL-OSI Russia: In the Southern Administrative District, residents of 90 houses are moving or have completed moving to new residential complexes under the renovation program

Translation. Region: Russian Federal

Source: Moscow Government – Government of Moscow –

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

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

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

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

Vladislav Ovchinsky.

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

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

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

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

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MIL OSI Russia News –

May 14, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

Highlights

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

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

Dr. Sean Guest, President and CEO commented:

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

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

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

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

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

Wassana Field Redevelopment

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

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

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

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

Capital Investment & Development Timeline

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

Production Profile & Operating Efficiencies

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

Expansion Potential & Economic Resilience

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

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

Wassana Reserves and Resources Update

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

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

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

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

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

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

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

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

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

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

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

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

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

Guidance Update

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

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

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

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

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

Webcast

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

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

Conference ID: 239 311 896 799

Dial-in numbers:

For further information, please contact:

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

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

About the Company

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

Oil and Gas Advisories

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

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

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

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

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

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

Reserves

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

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

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

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

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

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

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

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

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

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

Contingent Resources

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Glossary

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

Advisory and Caution Regarding Forward-Looking Information

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

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

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

The MIL Network –

May 14, 2025

Category: Europe

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