Category: Finance

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

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

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

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

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

Trump and the CDC

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

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

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

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

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

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

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

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

Lessons from the pandemic

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

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

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

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

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

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

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

MIL OSI – Global Reports –

January 26, 2025
MIL-OSI Canada: Updated fiscal statutes benefit Albertans
Source: Government of Canada regional news

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

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

Nate Horner, President of Treasury Board and Minister of Finance

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

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

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

Searle Turton, Minister of Children and Family Services

Other changes in the proposed bill include:
- Standardizing indexation rates across government. Government is also introducing a system to enable a more consistent and flexible approach for these annual enhancements. This change ensures Albertans continue to receive annual cost-of-living increases to personal income taxes and important support programs.
- Amendments to the Fuel Tax Act to implement an electric vehicle tax of $200 annually. This is in line with what drivers of a typical internal combustion engine vehicle pay in fuel tax and is a fair way for all drivers to contribute to public services, such as keeping our roads and highways safe and smooth.
- Technical changes to align Alberta’s taxation of multi-jurisdictional tax filers who have a split income with that of other provinces in order to meet the requirements of the federal-provincial Tax Collection Agreement.
Related information
- Updating financial laws
- Bill 32: Financial Statutes Amendment Act, 2024
Multimedia
- Watch the news conference
- Listen to the news conference
MIL OSI Canada News –
January 26, 2025
MIL-OSI USA: Virginia Company and Two Senior Executives Charged with Illegally Exporting Millions of Dollars of U.S. Technology to Russia

Source: US State Government of Utah

Eleview International Inc., Oleg Nayandin, 54, of Fairfax, Virginia, and Vitaliy Borisenko, 39, of Vienna, Virginia, made their initial appearance today in the Eastern District of Virginia pursuant to a now unsealed complaint charging them with conspiracy to violate the Export Control Reform Act.

“As alleged, the defendants — a Virginia company and two of its senior executives — conspired through three evasion schemes to circumvent the export restrictions imposed on Russia following its invasion of Ukraine,” said Assistant Attorney General Matthew G. Olsen of the Justice Department’s National Security Division. “U.S. companies are responsible for complying with laws that protect our national security. The National Security Division is committed to holding accountable individuals and companies who violate these laws and place financial profit over our collective security.”

“This company allegedly used not one, not two, but three different schemes to illegally transship sensitive American technology to Russia,” said Assistant Secretary for Export Enforcement Matthew S. Axelrod of the Department of Commerce, Bureau of Industry and Security (BIS). “Today’s charges, against both the company and two top executives, are a prime example of our work to bring to justice both the companies and the corporate executives alleged to have circumvented our rules in search of a fatter bottom line.”

“We must not allow critical systems and technologies to be transferred to anyone who may use them against America and our global partners,” said U.S. Attorney Jessica D. Aber for the Eastern District of Virginia. “Guarding against these transfers is imperative, and violations of the laws that protect our national security will be met with ardent prosecution.”

“Export control evasion schemes put the American public at risk by concealing the true recipient,” said Special Agent in Charge Derek W. Gordon of Homeland Security Investigations Washington, D.C. “In this instance, HSI, working in partnership with our colleagues at Department of Commerce’s Office of Export Enforcement, uncovered this scheme was supporting a sanctioned country, thus threatening our national security and the safety of other countries. HSI is dedicated to preventing technology with military applications from falling into the wrong hands.”

According to the complaint, between approximately March 2022 and June 2023, Eleview International Inc. (Eleview), allegedly a Virginia-based company that operated a freight consolidation and forwarding business; Nayandin, the owner, president, and CEO of Eleview; and Borisenko, who oversaw the day-to-day operations of Eleview’s freight forwarding business, conspired to illegally export goods and technology from the United States to Russia by transshipping them through three countries bordering or near Russia.

As alleged, the defendants operated an e-commerce website that allowed Russian customers to order U.S. goods and technology directly from U.S. retailers, who shipped the items to Eleview’s warehouse in Chantilly, Virginia. The defendants then consolidated the packages before shipping them to the Russian customers, often using other freight forwarders as intermediaries, in exchange for a fee. After the Department of Commerce imposed stricter export controls in response to Russia’s further invasion of Ukraine in February 2022, the defendants began shipping items to purported end users in Turkey, Finland, and Kazakhstan, knowing that the items were ultimately destined for end users in Russia. To facilitate these illegal exports, the defendants made numerous false statements to the Department of Commerce and other freight forwarders about the end users and ultimate consignees of the items in these shipments.

As part of the conspiracy, the defendants engaged in three export-control evasion schemes, each specific to a different intermediary country. In the Turkey scheme, the defendants exported about $1.48 million worth of telecommunications equipment to a false end user in Turkey, knowing that the equipment was intended for a Russian telecommunications company that supplied the Russian government, including the Federal Security Service, or FSB. The telecommunications equipment that the defendants illegally exported as part of the Turkey scheme had military applications, including use by the Russian military to create and expand communication networks in its war effort against Ukraine.

In the Finland scheme, the defendants exported about $3.45 million worth of goods purchased to Russia through Eleview’s e-commerce website to a false end user in Finland that neither purchased nor sold goods. Before consolidating the packages into larger pallets for shipment to Finland, the defendants affixed to each package a label with a Russian postal service tracking number so that the Russian postal service could easily ship the package to the customer in Russia. The goods that the defendants illegally exported as part of the Finland scheme included “high priority” items that the Department of Commerce has identified as particularly significant to Russian weaponry, including the same type of electronic component found on Russian “suicide” drones used to destroy Ukrainian tanks and jets.

In the Kazakhstan scheme, the defendants exported about $1.47 million worth of goods to Russia through an entity in Kazakhstan that advertises its ability to deliver goods to Russia. The goods that the defendants illegally exported as part of the Kazakhstan scheme included controlled dual-use items.

If convicted, Nayandin and Borisenko each face a maximum penalty of 20 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The BIS and Homeland Security Investigations are investigating the case.

Assistant U.S. Attorneys Gavin R. Tisdale and Amanda St. Cyr for the Eastern District of Virginia and Trial Attorney Garrett Coyle of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case with past assistance provided by then-First Assistant U.S. Attorney Raj Parekh.

The case is being coordinated through the Justice and Commerce Departments’ Disruptive Technology Strike Force and the Justice Department’s Task Force KleptoCapture. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Justice and Commerce Departments designed to target illicit actors, protect supply chains, and prevent critical technology from being acquired by authoritarian regimes and hostile nation states. Task Force KleptoCapture is an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions and economic countermeasures that the United States has imposed, along with its allies and partners, in response to Russia’s unprovoked military invasion of Ukraine.

A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL OSI USA News –

January 26, 2025
MIL-OSI: Questor Announces Departure of Vice President of Operations and Engineering

Source: GlobeNewswire (MIL-OSI)

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

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

ABOUT QUESTOR TECHNOLOGY INC.

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

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

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

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

Investor Relations Contact

Aly Sumar – Chief Financial Officer

investor@questortech.com

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

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

The MIL Network –

January 26, 2025
MIL-OSI China: Cambodia, China eye stronger digital economy cooperation

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

PHNOM PENH, Nov. 4 — The 2024 China-Cambodia Digital Economy Cooperation Forum was convened here in Phnom Penh, capital of Cambodia, on Monday, exploring ways to boost stronger digital economy cooperation between the two countries.

In an opening speech, Cambodian Minister of Economy and Finance Aun Pornmoniroth said the forum was vital to further promoting cooperation between Cambodia and China, especially in the fields of technology, innovation, and digital economy.

“For Cambodia, the development of the digital economy is considered an important driver in the process of economic development,” he told the forum with approximately 250 participants.

Pornmoniroth, who is also a Cambodian deputy prime minister, said the development of digital technology is one of the top priorities in the Cambodian government’s Pentagonal Strategy Phase 1 and that digital technology will help Cambodia achieve its vision of becoming a high-income country by 2050.

“In recent years, digital technology has been rapidly developed, becoming a new stand for supporting and ensuring economic resilience,” he said.

“The digital technology has spurred new innovations that contribute to value added creation, productivity increase, and work efficiency, as well as become a catalyst for global trade and economic connectivity,” he added.

Pornmoniroth said Cambodia and China have been working closely to promote digital economy and that the Southeast Asian country has collaborated with Alibaba to boost e-commerce and with UnionPay International and Ant International’s Alipay+ to bolster cross-border QR code payments.

At the event, the Digital Economy Professional Association of the Chinese Chamber of Commerce in Cambodia was launched.

Pornmoniroth hopes that the association will play a leading role in promoting digital innovations, producing digital talents, and enhancing the use of digital technology.

Chinese Ambassador to Cambodia Wang Wenbin praised Cambodia for its rapid development of digital economy, and was amazed by the significant rise of mobile payments with smartphones.

He was pleased to see that China-Cambodia digital economy cooperation has progressed well, saying that China will continue to help Cambodia achieve the goal of 100 percent high-speed Internet coverage in urban areas and 70 percent coverage in rural areas by 2025.

“Chinese companies in Cambodia have fully utilized their own technological advantages to promote emerging technologies such as artificial intelligence, cloud technology, and mobile payments in Cambodia, helping the kingdom improve its digital level and promote digital transformation,” he said.

Lin Shiqiang, president of the China Chamber of Commerce in Cambodia, said China Unicom, Huawei and other companies have played a crucial role in constructing Cambodia-China submarine cable, providing strong support for the deep integration and connectivity of the digital economy of the two countries.

Joseph Matthews, a senior professor at the BELTEI International University in Phnom Penh, said China has been a great supporter of digitalization of Cambodia, gradually transforming Cambodia’s present system into digitalization.

“China has a policy. They are sharing their wealth and their technology with countries and with their friends like Cambodia,” he told Xinhua.

MIL OSI China News –

January 26, 2025
MIL-OSI Australia: ASEAN-Australia Centre inaugural Advisory Board appointments
Source: Australian Government – Minister of Foreign Affairs

Today, I am pleased to announce the inaugural Advisory Board of the ASEAN-Australia Centre.

The establishment of the ASEAN-Australia Centre was announced by Prime Minister Anthony Albanese at the ASEAN-Australia Special Summit and commenced operations earlier this year.

The Centre replaces the Australia-ASEAN Council and will strengthen people-to-people links, increase ties with national cultural institutions, support emerging leaders, drive business engagement, and deepen Australia’s trade and investment links under Invested: Australia’s Southeast Asia Economic Strategy to 2040.

The following individuals have been appointed to the Advisory Board of the ASEAN-Australia Centre:
- Ms Louise Adams, Chief Operating Officer, Aurecon
- Professor Nicholas Farrelly, Pro Vice-Chancellor, University of Tasmania
- Professor Sango Mahanty, Crawford School of Public Policy, Australia National University
- Ms Audra Morrice, chef, author, television presenter and sustainability tourism champion in Southeast Asia and the Pacific
- Mr Tarun Nagesh, Curatorial Manager, Asian and Pacific Art, Queensland Art Gallery, Gallery of Modern Art
- Ms Su-Lin Ong, Managing Director and Chief Economist, RBC Capital Markets
- Professor Sharon Pickering, Vice-Chancellor and President, Monash University
- Ms Kate Russell, Chief Executive Officer, Supply Nation
- Ms Hayley Winchcombe, Engagement Manager, Mandala
- Mr John Hopkins, (ex officio) Managing Director and CEO, Export Finance Australia
- Ms Michelle Chan, (ex officio) Deputy Secretary and Head of the Office of Southeast Asia, Department of Foreign Affairs and Trade
The Chair of the Advisory Board will be announced early next year.

I would like to thank outgoing Chair Mr Glenn Keys AO and board member Ms Caroline Chan for their contributions in advancing the Australia-ASEAN Council’s work.

MIL OSI News –
January 26, 2025
MIL-OSI Economics: Q&A: Default and Loss Data by ADB and Other MDBs
Source: Asia Development Bank

Article | 05 November 2024
Read time: 5 mins

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Robust credit data are fundamental to lending volume and pricing decisions, capital adequacy assessment, and overall strategic decisions to catalyze private investors to invest more in emerging markets.

ADB’s report on sovereign default and loss rates demonstrates the low credit risk in ADB’s sovereign operations, with an average default rate of 0.54% over the last 34 years and zero new defaults from 2010 to 2021.

By making their own credit data publicly available, MDBs are empowering private and public investors with valuable insights into the actual creditworthiness indicators of borrowers in developing countries.

On 10 October 2024, ADB published a comprehensive report detailing its sovereign default and loss rates over a 34-year period. This report, made in keeping with ADB’s commitment to data transparency, shows the remarkable credit performance of loans to its developing member countries (DMCs). On 15 October 2024, the GEMs Consortium—a group of 26 multilateral development banks (MDBs) and development finance institutions (DFIs)—published two reports that provide insights on the performance of credit portfolios and credit risk in emerging markets and developing economies (EMDEs) based on the group members’ investment experiences.

Stephen O’Leary, Head, Office of Risk Management, ADB

What prompted major MDBs to disclose their proprietary data, such as credit data, to the public?

Unlike in developed economies, there is a deficit of reliable data on credit performance in the emerging markets where MDBs operate. This leads to misconceptions about the level of risk in those regional debt markets. Therefore, major MDBs have decided to disclose their aggregated detailed default and recovery statistics at a more granular level in response to shareholders’ demand for greater transparency.

By making their own credit data publicly available, MDBs are empowering private and public investors with valuable insights into the actual creditworthiness indicators of borrowers in developing countries. This information is crucial for investors who often perceive these markets as high risk due to a lack of data. The MDBs are playing a key role in changing this perception.

How significant are the data being shared?

The published data have additional granularity which may help refine credit models. Robust credit models are fundamental to lending volume and pricing decisions, capital adequacy assessment, and overall strategic decisions to operate in specific markets. MDB’s private sector data should also catalyze private investors to invest more in emerging markets.

What are the key insights from the recent GEMs publication of private sector defaults and recoveries?

To underscore the reliability of the insights, it should first be highlighted that the GEMs report has one of the biggest populations of approximately 2000 private sector defaults. For comparison, the S&P’s Emerging and frontier markets corporate default summary showcases around 500 default instances since 1997.

The GEMs report reveals that private-sector lending in EMDEs has a historical average default rate of 3.56%, which implies S&P Corporates’ B rating. The annual default rates were surprisingly stable and slightly below the historical average for the past 20 years. The fact that lending in frontier markets did not result in high default rates is a remarkable finding, especially given that the MDBs prioritize development goals over profitability.

The data also highlight that financials comprise 36% of MDBs and IFIs borrowers, while utilities comprise approximately 14%. The financials have the lowest default rate among all sectors. Such MDBs’ sectoral concentration facilitates credit transmission into the economies of developing countries via financial intermediaries. While lending to renewable energy and sustainable utilities infrastructure simultaneously reduces climate risk.

What steps has GEMs Consortium taken to improve the data?

GEMs Consortium continuously improves the data to increase their usability and credibility among investors and stakeholders. The consortium has already updated its methodology documentation, providing detailed explanations of data collection processes and sources. Additionally, GEMs Consortium invests in streamlined data collection technologies to ensure more timely and granular updates, facilitating better decision-making in fast-changing market conditions.

How can sovereign data disclosures help the borrowers?

Disclosing sovereign default and recovery data is important as they detail the performance of an MDB sovereign lending in a specific country. Such disclosures should help investors enter cofinancing agreements with an MDB. For example, ADB’s report on sovereign default and loss rates demonstrates the low credit risk in ADB’s sovereign operations, with an average default rate of 0.54% over the last 34 years and zero new defaults from 2010 to 2021. The data underscore the strength of ADB’s relationship with its developing member countries and the preferred creditor treatment accorded to ADB.

The recent strides made by MDBs in enhancing credit data disclosures are a testament to their commitment to transparency and accountability. These efforts, when continued, will ensure that stakeholders, including governments, civil society, and the public, have access to reliable and comprehensive data. This, in turn, will contribute to sustainable development and financial stability on a global scale.

In conclusion, the true utility of data is realized only when there is widespread global awareness of their free availability. While collecting and publishing data are essential steps, effective dissemination is key to maximizing their impact. The MDB community can significantly enhance the development benefits by engaging independent market participants to review, comment on, and utilize credit data. This collaborative approach not only enriches the value of the data but also fosters broader participation, ultimately driving meaningful outcomes.

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Subjects

ADB administration and governance

Public sector (Sovereign) financing

Finance sector development
MIL OSI Economics –
January 26, 2025

MIL-OSI Economics: Money Market Operations as on November 04, 2024

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	550,223.53	6.12	5.00-6.50
I. Call Money	7,899.89	6.41	5.10-6.50
II. Triparty Repo	396,114.85	6.08	5.41-6.25
III. Market Repo	145,225.79	6.22	5.00-6.50
IV. Repo in Corporate Bond	983.00	6.40	6.40-6.41
B. Term Segment
I. Notice Money**	296.85	6.39	6.20-6.50
II. Term Money^@@	657.00	–	6.50-6.90
III. Triparty Repo	790.00	6.21	5.50-6.36
IV. Market Repo	831.61	6.53	6.35-6.67
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo	Mon, 04/11/2024	3	Thu, 07/11/2024	74,000.00	6.49
3. MSF^#	Mon, 04/11/2024	1	Tue, 05/11/2024	5,231.00	6.75
4. SDF^Δ#	Mon, 04/11/2024	1	Tue, 05/11/2024	193,522.00	6.25
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-262,291.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo	Thu, 31/10/2024	14	Thu, 14/11/2024	24,697.00	6.49
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
5. On Tap Targeted Long Term Repo Operations^€	Mon, 15/11/2021	1095	Thu, 14/11/2024	250.00	4.00
5. On Tap Targeted Long Term Repo Operations^€	Mon, 27/12/2021	1095	Thu, 26/12/2024	2,275.00	4.00
6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£	Mon, 15/11/2021	1095	Thu, 14/11/2024	105.00	4.00
	Mon, 22/11/2021	1095	Thu, 21/11/2024	100.00	4.00
	Mon, 29/11/2021	1095	Thu, 28/11/2024	305.00	4.00
	Mon, 13/12/2021	1095	Thu, 12/12/2024	150.00	4.00
	Mon, 20/12/2021	1095	Thu, 19/12/2024	100.00	4.00
	Mon, 27/12/2021	1095	Thu, 26/12/2024	255.00	4.00
D. Standing Liquidity Facility (SLF) Availed from RBI^$				7,458.51
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				-13,698.49
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-275,989.49
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		November 04, 2024		1,026,975.35
(ii) Average daily cash reserve requirement for the fortnight ending		November 15, 2024		1,011,562.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		November 04, 2024		0.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		October 18, 2024		402,348.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^£ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/1428

MIL OSI Economics –

January 26, 2025

MIL-OSI Asia-Pac: Speech by SJ at Second Legal Forum on Interconnectivity and Development (English only)

Source: Hong Kong Government special administrative region

Following are the closing remarks by the Secretary for Justice, Mr Paul Lam, SC, at the Second Legal Forum on Interconnectivity and Development under the Hong Kong Legal Week 2024 today (November 5):

Your excellencies, distinguished guests, ladies and gentlemen,

Thank you very much again for participating in this year’s Second Legal Forum on Interconnectivity and Development. I would first like to express my gratitude to the Commissioner’s Office of China’s Foreign Ministry in the Hong Kong SAR (OCMFA) for co-organising this forum with the Department of Justice (DoJ) of the Hong Kong SAR. OCMFA’s support and contribution are invaluable to the success of this event.

I would also like to extend my sincere thanks to the Asian Infrastructure Investment Bank (AIIB) and especially to their General Counsel, Mr Alberto Ninio, who delivered an impactful keynote address on promotion of good governance and high-quality development under international law earlier this morning. Hong Kong, China became a member of AIIB in 2017. Our arrangement for secondment of DoJ counsel to the legal department of AIIB in the past few years has been conducive to enhancing our collaboration with AIIB and strengthening the development of Hong Kong international legal and dispute resolution services, especially in the financial fields.

Following the keynote address from AIIB, the two Panel Sessions examined the critical importance of legal connectivity in our increasingly globalised landscape, as well as its impact across various fields, from international trade and commerce, dispute resolution, sanctions to emerging domains such as the governance of artificial intelligence (AI). The experience and practice of Hong Kong in connecting with high-standard international legal rules provide a good illustration for our discussion. Allow me to reflect briefly on today’s discussions and Hong Kong’s role in these vital developments.

Cross-border legal connectivity and China’s foreign-related rule of law

Legal connectivity transcends borders, bringing jurisdictions closer and promoting shared prosperity. As President Xi Jinping has noted, the fundamental purpose of advancing foreign-related rule of law is to better safeguard the interests of the country and the people, promote the progress of international rule of law and the development of a community with a shared future for mankind. China’s institutional opening-up progresses alongside its development of foreign-related legal frameworks. The rule of law forms the foundation of a favourable business environment.

The first session explored Hong Kong’s evolving legal landscape, where, under the “one country, two systems” framework, it serves as a strategic nexus for trade and commerce and dispute resolution, regionally in the Guangdong-Hong Kong-Macao Greater Bay Area, as well as internationally. In this era of ever-changing global business norms, as China’s institutional opening-up progresses, Hong Kong serves not only as a “super-connector” but also provides unique legal services under its legal and international arbitration framework.

Rule of law to safeguard sustainable development

On the importance of the rule of law to mitigate risks and to safeguard Hong Kong’s and national sustainable development, the learned speakers have shared their insights into the global developments in financial sanctions and anti-sanctions, as well as legislative trends on anti-interference in major western countries.

As AI rapidly advances, it transforms industries and economies in a revolutionary way. This also brings with it complex global regulation and governance issues and related risks. As the final report on this subject by the United Nations Secretary-General appointed panel concludes, “the very nature of the technology itself – transboundary in structure and application – necessitates a global approach”. The discussions on this topic today are timely and relevant as we consider how to safeguard sustainable development in an increasingly inter-connected world with AI.

As President Xi stressed during the 16th BRICS Summit, “as the world becomes more turbulent, it is even more important to uphold the banner of peace, development, co-operation and win-win outcomes”. It is my sincere hope that the discussions in today’s forum could bring out a spirit of co-operation and collaboration in traditional fields like economy and trade, as well as emerging areas like artificial intelligence, with our sustainable development safeguarded by the rule of law.

Hong Kong as a global legal and dispute resolution hub

On co-operation and development, aligned with Hong Kong’s development of “eight centres” as outlined in the National 14th Five-Year Plan, the Department of Justice has taken forward policies to strengthen Hong Kong’s role as a leading legal and dispute resolution hub.

The staunch support of the Central People’s Government in strengthening the city as a centre for international legal and dispute resolution services in the Asia-Pacific region under the National 14th Five-Year Plan can be demonstrated by the establishment of the International Organization for Mediation (IOMed) Preparatory Office last year. The IOMed Preparatory Office has successfully facilitated the conclusion of negotiations on the Convention on Establishment of the IOMed last month. A decision has also been made by all the negotiating parties that a signing ceremony of the Convention will be held in Hong Kong next year and the IOMed headquarters will also be situated in Hong Kong once the Convention has entered into force.

As the world’s first intergovernmental international legal organisation dedicated to resolving international disputes through mediation, IOMed is important for the implementation of settling international disputes by peaceful means as set out in the United Nations Charter. Upon its establishment, the IOMed will provide friendly, flexible, economical and efficient mediation services, thereby building Hong Kong as a capital for international mediation.

Apart from exciting development on IOMed, we also continue to enhance our collaboration with prominent law-related international organisations, such as the International Institute for the Unification of Private Law (UNIDROIT), with which we co-organised this year’s Asia-Pacific International Private Law Summit yesterday. We are also in active discussion with UNIDROIT for the possible establishment of its liaison office in Hong Kong in the near future. These forms of collaborations enable Hong Kong to contribute to and align with international standards, thus enhancing its appeal as a global hub for dispute resolution.

In addition, with the support of the Central People’s Government and the assistance of the OCMFA, the Department of Justice has put in place programmes to second local legal talents to several law-related international organisations including the UNIDROIT. Through participating in the work of such international organisations, local legal professionals can enhance their knowledge of international legal matters and develop global vision. Nurturing Hong Kong’s legal talents is crucial for the sustainable development of the legal community, for consolidating our position as a leading international legal and dispute resolution services centre and for the long-term development of the rule of law, matters to which the Central Authorities and the HKSAR Government have attached great importance.

Fostering legal talent: Hong Kong International Legal Talents Training Academy

Following the announcement in the Chief Executive’s 2024 Policy Address, the Hong Kong International Legal Talents Training Academy will be officially launched on this Friday, Day five of Hong Kong Legal Week. To make good use of Hong Kong’s bilingual common law system and international legal status, the Training Academy will regularly organise practical training courses, seminars, international exchange programmes and more to promote exchanges among talents in regions along the Belt and Road region. It will also provide training for talents in the practice of foreign-related legal affairs for the country, and cultivate legal talents to be familiar with international law, common law, civil law, national legal systems and other legal areas. In future, our Department will make use of this capacity building platform to enable practitioners from different jurisdictions to exchange ideas on promoting the culture of harmony.

Looking ahead: Hong Kong’s future role as an international legal hub

Looking to the future, we are reminded of the traditional Chinese saying by Confucius, in Chinese is “å�›å�å’Œè€Œä¸�å�Œ and in English “a gentleman seeks harmony, not uniformity”. This philosophy encourages us to pursue a shared vision despite our differences, and is crucial for enhancing interconnectivity and development in building a community of shared future for mankind. In our interconnected world, such harmony through diversity is essential for achieving lasting success and mutual respect across boundaries. Hong Kong’s dedicated efforts in aligning with and contributing to international legal standards, its experience in international dispute resolution, as well as its commitment to legal capacity-building could leave a positive impact as the world navigates through complex challenges. As China moves towards deeper institutional opening-up, Hong Kong has a significant role to play in facilitating international engagement and promoting the progress of international rule of law.

In closing, my sincere thanks to all speakers, participants, supporting organisations, colleagues at the OCMFA and the DoJ for making this forum a success. I look forward to your support for the Third Legal Forum on Interconnectivity and Development next year. Thank you very much.

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI: Capital Southwest Announces Pricing of Convertible Notes Offering

Source: GlobeNewswire (MIL-OSI)

DALLAS, Nov. 05, 2024 (GLOBE NEWSWIRE) — Capital Southwest Corporation (Nasdaq: CSWC) (“Capital Southwest”) today announced the pricing of $200,000,000 principal amount of 5.125% Convertible Notes due 2029 (the “notes”) in an underwritten offering (the “offering”). Capital Southwest also granted the underwriters of the notes an option to purchase up to an additional $30,000,000 principal amount of notes, solely to cover over-allotments. The sale of the notes is expected to close on November 8, 2024, subject to customary closing conditions.

The notes will be senior unsecured obligations of Capital Southwest and will accrue interest payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on February 15, 2025 at a rate of 5.125%. The notes will mature on November 15, 2029, unless earlier converted, redeemed or repurchased.

Noteholders may convert their notes at their option at any time prior to the close of business on the business day immediately preceding the maturity date.

Upon conversion, Capital Southwest will pay or deliver, as the case may be, cash, shares of Capital Southwest’s common stock or a combination of cash and shares of Capital Southwest’s common stock, at Capital Southwest’s election. The conversion rate will initially be 40.0000 shares of Capital Southwest’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of $25.00 per share of Capital Southwest’s common stock). The initial conversion price of the notes represents a premium of approximately 12% over the last reported sale price of Capital Southwest’s common stock on the Nasdaq Global Select Market on November 4, 2024. The conversion rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the maturity date or if Capital Southwest delivers a notice of redemption, Capital Southwest will, in certain circumstances, increase the conversion rate for a noteholder who elects to convert its notes in connection with such a corporate event or notice of redemption, as the case may be.

Capital Southwest may not redeem the notes prior to November 20, 2027. Capital Southwest may redeem for cash all or any portion of the notes (subject to certain limitations), at Capital Southwest’s option, on a redemption date on or after November 20, 2027 and on or before the 45th scheduled trading day immediately prior to the maturity date if the last reported sale price of Capital Southwest’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Capital Southwest provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the notes.

If Capital Southwest undergoes a fundamental change, then, subject to certain conditions, noteholders may require Capital Southwest to repurchase for cash all or any portion of their notes at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

Capital Southwest estimates that the proceeds from the offering will be approximately $193.6 million (or approximately $222.7 million if the underwriters exercise their option to purchase additional notes in full), after deducting underwriting discounts and commissions and estimated expenses payable by Capital Southwest. Capital Southwest expects to use the net proceeds from the offering to redeem in full its 4.50% Notes due 2026, to repay a portion of the outstanding indebtedness under its senior secured revolving credit facility with ING Capital LLC, and for general corporate purposes.

Oppenheimer & Co. is acting as sole book-running manager for the offering.

The proposed offering is being conducted pursuant to Capital Southwest’s automatic shelf registration statement on Form N-2, including a base prospectus, that was filed with the Securities and Exchange Commission (the “SEC”) on October 29, 2024 and became effective upon filing. A preliminary prospectus and accompanying prospectus relating to the proposed offering were filed with the SEC and are available for free on the SEC’s website located at http://www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the proposed offering will be filed with the SEC and will be available for free on the SEC’s website located at http://www.sec.gov. Copies of the final prospectus supplement relating to this offering and the accompanying prospectus may be obtained, when available, from: Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at (212) 667-8055, or by email at EquityProspectus@opco.com.

This press release, the pricing term sheet, the preliminary prospectus supplement and the accompanying prospectus are neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall they constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Capital Southwest

Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.5 billion in investments at fair value as of September 30, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

Forward-Looking Statements

This press release contains “forward-looking” statements, as that term is defined under the federal securities laws, including statements concerning the closing of the offering of the notes, the anticipated use of proceeds from the offering, the potential impact of the foregoing or related transactions on dilution to holders of Capital Southwest’s common stock or the market price of Capital Southwest’s common stock or the notes. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Capital Southwest’s control. Capital Southwest’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to whether Capital Southwest will consummate the offering of notes on the expected terms or at all, which could differ or change based upon market conditions or for other reasons, and the other risks detailed in Capital Southwest’s Form 10-K filed with the SEC for the year ended March 31, 2024, in Capital Southwest’s quarterly report on Form 10-Q for the quarter ended September 30, 2024 and in other filings and reports that Capital Southwest may file from time to time with the SEC. The forward-looking statements included in this press release represent Capital Southwest’s views as of the date of this press release. Capital Southwest anticipates that subsequent events and developments will cause Capital Southwest’s views to change. Capital Southwest undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Capital Southwest’s views as of any date subsequent to the date of this press release.

Investor Relations Contact:

Michael S. Sarner, Chief Financial Officer
214-884-3829

The MIL Network –

January 26, 2025
MIL-OSI: VTR Biotech Unveils Upgraded National Technology and Innovation Center：A Leap Forward in Biotech Innovation

Source: GlobeNewswire (MIL-OSI)

CHINA, ZHUHAI, Nov. 05, 2024 (GLOBE NEWSWIRE) — Recently, VTR Biotech proudly announces the comprehensive upgrade of its National Enterprise Technology Center, a landmark achievement reflecting its commitment to advancing the biotechnology sector. The history of VTR Biotech began in the early 1990s when the company was founded with a vision to revolutionize the biotechnology landscape in China. From its inception, VTR Biotech has prioritized innovation and scientific excellence, rapidly establishing itself as a leader in the field. In the years that followed, the company made significant strides in research and development, resulting in groundbreaking advancements in biotechnology solutions.

The upgraded center features five state-of-the-art technology platforms: the Genetic Engineering Platform, High-Throughput Screening Platform, Biosynthesis Platform, Technology Transfer Platform, and Technical Support Platform. These platforms are designed to enhance VTR Biotech’s R&D capabilities, paving the way for groundbreaking advancements in biotechnology.

Key investments in high-performance artificial intelligence computing servers, advanced microbial selection robots, liquid handling workstations, and an expanded fully automated fermentation tank system are poised to enhance VTR Biotech’s independent R&D capabilities. These improvements aim to increase research efficiency and facilitate the practical application of research outcomes, ensuring that VTR Biotech remains at the forefront of biotechnological innovation.

“The upgrade of our National R&D Center is a monumental achievement for VTR Biotech,” said Mr. Chen, Chairman of the company. “We are proud to lead a global team of scientists and engineers working on transformative biotechnology solutions in life sciences, including genetic modification, microbiology, biosynthesis technology, and enzyme engineering. This upgrade elevates our R&D capabilities and strengthens our ability to provide innovative solutions to the global market.”

VTR Biotech’s National Enterprise Technology Center is recognized as one of China’s most prestigious enterprise technology innovation platforms, evaluated jointly by the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration. This recognition underscores VTR Biotech’s significant contribution to technological advancement in China.

In recent years, VTR Biotech has demonstrated its dedication to research and development by employing over 200 professional R&D personnel, more than 30% of whom hold postgraduate degrees. The center also boasts a team that includes 15 PhDs and 10 senior engineers. Collaborative projects with leading research institutions such as the University of Sydney, South China University of Technology, and South China Agricultural University further emphasize VTR Biotech’s commitment to transforming scientific discoveries into practical applications for the global market.

The company has undertaken four national key R&D program projects and four key R&D projects in Guangdong Province, in addition to establishing 15 national, industry, and group standards. VTR Biotech has been recognized for its innovative efforts, receiving the China Patent Excellence Award for five consecutive years.

As VTR Biotech embarks on this new chapter with the upgraded National Enterprise Technology Center, the company is poised to set new standards in the biotechnology industry, driving innovation and delivering cutting-edge solutions that meet the evolving needs of its customers. For more information about VTR Biotech and its upgraded National Enterprise Technology Center, please visit www.vtrbiotech.com

About VTR Biotech

VTR Biotech is a leading biotechnology company dedicated to advancing the field through innovative research and development. With a commitment to scientific excellence and sustainability, VTR Biotech aims to deliver high standard biosolutions that address the challenges faced by the biotechnology industry.

Media Contact

Brand Name: VTR Biotech

Contact Person: Marketing Team

Email: vtrbiotech@vtrbio.com

Tele: +86-756-8676888

Website: www.vtrbiotech.com

SOURCE: VTR Biotech

The MIL Network –

January 26, 2025
MIL-OSI: CoinShares Announces Q3 2024 Results
Source: GlobeNewswire (MIL-OSI)

5^thNovember 2024 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares” or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), the leading European investment company specialising in digital assets, has today published its results for the quarter ending 30^th September 2024.

Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:

“In Q3 2024, we concentrated on executing our strategy and preparing for a promising Q4 and the upcoming year. A key achievement was the change in our accounting policy for digital assets. We now record movements on digital assets at fair value through profit and loss, enhancing the transparency of our financial statements. This change enables a wide range of investors to have a better understanding of CoinShares’ financial performance and health.

We have concurrently implemented bitcoin as a treasury management instrument, thus demonstrating our commitment to our investment thesis. Consequently, we now rank among the select few publicly traded companies globally that have opted to maintain bitcoin holdings (78 BTC at the end of Q3) on our balance sheet.”

Q3 2024 financial highlights
- Total Revenue, Gains & Other Income for Q3 2024 of £25.8 million (Q3 2023: £15.2 million)
- EBITDA for Q3 2024 of £15.4 million (Q3 2023: £8.3 million)
- Net profit for Q3 2024 of £14.2 million (Q3 2023: £6.7 million)
Q3 2024 operational highlights
- Asset Management: The CoinShares Physical ETP platform closed the quarter with nearly $80 million in net flows, marking its second-largest quarterly inflow since 2021. We launched a new multi-asset ETP in partnership with finanzen.net to enhance our visibility in the German retail market. In the United States, the CoinShares-Valkyrie business line had its second-best quarter, achieving $61 million in net inflows, mainly from BRRR and WGMI products. Integration of this business line into the wider CoinShares Group is largely complete, and we anticipate it becoming a meaningful contributor to overall Group value, with full stride expected in 2025.
- Capital Markets & Hedge Fund Solutions: Following the successful rollout of our algorithmic trading platform, MATRIX, our development team is optimising its performance and connectivity, enabling signal ingestion from multiple sources and opening doors to new collaborations. This allows our quantitative research team to focus on new alpha generation strategies to drive future performance for our Capital Markets and Funds divisions. Concurrently, our Hedge Fund Solutions division is preparing to launch an equity long-short fund focused on crypto equities, leveraging our BLOCK Index expertise; the product is ready to launch pending market demand, currently being assessed by our sales teams in the United States and Europe.
- Principal Investments: Despite a decrease of approximately £1.9 million in the Group’s Principal Investment portfolio during Q3—primarily due to an extension of the CS2 fund’s life that delays the receipt of our recognized carried interest and results in a corresponding discount—we have observed positive developments in some of our smaller investments. These include the conversion of one of our SAFEs (Station 70) and the change in status of GTSA to that of an Electronic Money Institution.
- Accounting Policy Change: An important development this quarter concerns our accounting policies for digital asset holdings; historically, our financial statements were distorted by classifying digital assets as intangibles under IFRS, resulting in profit or loss after tax figures that differed markedly from our total comprehensive income and impacting the readability of our accounts. As our organisation has evolved and our activities have diversified significantly, we are now able to classify our digital assets so that their fair value movements are taken through profit and loss, allowing us to present financial statements that provide a more understandable view of our financial performance—easily reconciled to our EBITDA—a transition we’ve been eager to make and are pleased to have finally achieved.
Full details of the Q3 results, inclusive of financial information on each of the Group’s business units, are included within the full report, available here.

Download the Swedish Executive Summary here.

ABOUT COINSHARES

CoinShares is the leading European investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

This information is information that CoinShares International Limited (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act.

The information was submitted for publication, through the agency of the contact person set out above, at 07:00 CEST on November 5, 2024.

PRESS CONTACT

CoinShares
Benoît Pellevoizin
bpellevoizin@coinshares.com

M Group Strategic Communications
Peter Padovano
press@coinshares.com

Attachment
- COINSHARES_2024_Q3_Final
The MIL Network –
January 26, 2025

MIL-OSI: WISe.ART Announces “MINDREAMER” Exhibition from Ylan Anoufa

Source: GlobeNewswire (MIL-OSI)

WISe.ART Announces “MINDREAMER” Exhibition from Ylan Anoufa

Exhibition accompanied by Ylan Anoufa art sales benefiting foundation for childhood education

Geneva, Switzerland – November 5, 2024: WISeKey International Holding Ltd. (“WISeKey” or the “Company”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) innovations, today announced that its subsidiary WISe.ART is proud to support Ylan Anoufa’s upcoming “MINDREAMER’ exhibition and new collection of twin phygital art packages. The exhibition is set to premiere November 13 at Geneva-based gallery Gallery Re Source. Proceeds from sale of the packages will benefit Ylan’s foundation for childhood education.

“MINDREAMER” at Gallery Re Source

Internationally renowned French contemporary artist Ylan Anoufa captivates the art world with his bold and socially engaged works. For the first time in Switzerland, his creations, including his famous AnoufaBear, will be showcased in the groundbreaking exhibition “MINDREAMER”.

An Immersive and Interactive Exhibition

After conquering cities such as New York, Tokyo, Hong Kong, Nice, Marbella, Monaco, and Paris, Ylan Anoufa will unveil “MINDREAMER” in Geneva’s Old Town from November 13, 2024, to February 10, 2025.

The exhibition will feature several editions of his iconic AnoufaBear, a symbol of unity and strength, alongside a selection of ultra-dynamic and powerful urban and pop art pieces. By pushing the boundaries of traditional art, Ylan invites the public to dive into a universe oscillating between vulnerability and collective strength, while addressing contemporary issues and celebrating the beauty of human diversity.

Performances, Digital Art, and Education

As part of the exhibition, Ylan Anoufa will present a live art performance titled “REALOVE,” offering the audience a unique and captivating experience that combines emotion and interaction.

Additionally, he will unveil his digital creativity through a series of NFT artworks. To further explore the digital realm, Gallery Re Source and WISe.ART will host two conferences dedicated to blockchain and NFTs during the exhibition.

Committed to passing on his knowledge, Ylan also plans to lead AnoufaBear creation workshops for children at the Gallery, fostering artistic expression and creativity from an early age. “MINDREAMER” promises to be a participatory experience.

AnoufaBears & The Digital Revolution
In collaboration with WISeKey subsidiaries WISe.ART and SEALSQ, AnoufaBears are part of an exciting project set to embrace the digital realm of art. Through incorporation of the SEALSQ VaultIC155 semiconductor, a contactless solution designed to ward off counterfeiting, AnoufaBears will boast features like Open Detection and Privacy mode.

WISe.ART’s CEO Carlos Moreira, commented “We believe in a future where digital assets are as valuable, if not more so, than physical ones. Our mission at WISe.ART is to ensure that this future is authentic, secure, and accessible to all.”

Ylan Anoufa – An Artist on the Rise

Ylan Anoufa’s talent continues to make waves in the contemporary art world. In January 2024, he was named Artist of the Year at the WISe.ART Excellence Awards during the prestigious World Economic Forum week in Davos. This accolade comes in addition to being named NFT Artist of the Year, cementing his status as a major player in the digital art world.

His works, now fetching record prices at auctions, reflect growing interest from collectors and art enthusiasts worldwide. His unique approach and commitment to social causes have earned him increasing international recognition, making him one of the most influential emerging artists of our time.

Ylan Anoufa is set to participate in several upcoming major international events, including Art Together at the Tel Aviv Museum of Art on November 18, the Telethon on November 30, and Art Basel Miami from December 2 to 15.

About Gallery Re Source
Nestled in Geneva’s Old Town, Gallery Re Source is a space dedicated to contemporary art and design, regularly hosting artistic, cultural, and holistic events. The “MINDREAMER” exhibition, enriched with workshops, performances, and conferences, aligns with the co-founders’ vision to make art a living and accessible experience for all.

Stay connected with Gallery Re Source on social media to follow the latest updates and discover upcoming surprises.

About Ylan Anoufa: The Maestro Behind AnoufaBears
Ylan, born in 1980, is an embodiment of perpetual evolution. His art, found across global cities from Paris to Hong Kong, beams with modernity, humour, and a thought-provoking narrative. With a heart that radiates positivity, Ylan’s artwork becomes a vibrant fusion of colour, harmony, space, and form. Combining his stylistic finesse in painting and sculpture, Ylan’s graphics are a testament to his poetic inspiration. His collaborations with music legends like Lenny Kavitz and the Rolling Stones, as well as commercial endorsements with brands such as Porsche and Barbie, further enhance his global statue.

About WISeKey
WISeKey is a Swiss-based computer infrastructure company specializing in cybersecurity, digital identity, blockchain, Internet of Things (IoT) solutions, and post-quantum semiconductors. As a computer infrastructure company, WISeKey provides secure platforms for data and device management across industries like finance, healthcare, and government. It leverages its Public Key Infrastructure (PKI) to ensure encrypted communications and authentication, while also focusing on next-generation security through post-quantum cryptography.

WISeKey’s work with post-quantum semiconductors is aimed at future-proofing its security solutions against the threats posed by quantum computing. These advanced semiconductors support encryption that can withstand the computational power of quantum computers, ensuring the long-term security of connected devices and critical infrastructure. Combined with its expertise in blockchain and IoT, WISeKey’s post-quantum technologies provide a robust foundation for secure digital ecosystems at the hardware, software, and network levels.

About WISe.ART

Established in September 2020, our marketplace is a forward-thinking digital art platform pioneering the intersection of blockchain technology and artistic and/or visionary creativity. With a strong commitment to democratizing access and ownership to unique innovative products, WISe.ART provides a vibrant marketplace for buying, selling, preserving, and discovering original digital creations. By embracing blockchain and NFT technology, WISe.ART ensures provenance, artist recognition, heritage preservation and secure, transparent transactions.

WISe.ART platform leverages WISeKey’s strong cybersecurity expertise, digital identity technology. As a part of our mission to empower creators and collectors, the launch of the WISe.ART token marks a significant milestone in our journey. By creating a unique digital currency, we aim to foster an inclusive, engaging, and rewarding ecosystem that transcends traditional boundaries of the art world.

Press and Investor Contacts

WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com

WISeKey Investor Relations (US)
Contact: The Equity Group Inc.

Lena Cati
Tel: +1 212 836-9611
lcati@equityny.com

Katie Murphy

Tel: +1 212 836-9612 / kmurphy@equityny.com

Gallery Re Source
Véronika Saporta Tel: +41 78 227 32 70
Stéphanie Jacob Tel: +41 76 508 03 99
Instagram.com/lagalleryresource
lagallery.ch
info@lagallery.ch
Gallery Re Source – rue Etienne-Dumont, 5 – 1204 Geneva, Switzerland

Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

The MIL Network –

January 26, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

Q3 2024 Business Highlights

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

Q3 2024 Financial Highlights

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

Reserves and Resources

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

2024 Annual Guidance

Full year 2024 average net production guidance range maintained at 46,000 to 48,000 boepd.⁽¹⁾
Full year 2024 operating costs guidance revised to below USD 18 per boe.⁽³⁾
Full year 2024 OCF guidance estimated at between MUSD 335 and 342, assuming Brent USD 70 to 80 per barrel for the remainder of 2024.⁽³⁾
Full year 2024 capital and decommissioning expenditures guidance forecast maintained at MUSD 437.
Full year 2024 FCF guidance estimated at between MUSD -140 and -133 (between MUSD 222 and 229 pre-Blackrod Phase 1 project funding), assuming Brent USD 70 to 80 per barrel for the remainder of 2024.⁽³⁾

	Three months ended September 30			Nine months ended September 30
USD Thousands	2024		2023	2024		2023
Revenue	173,200		257,366	598,659		655,446
Gross profit	39,505		93,429	167,397		210,559
Net result	22,875		71,681	101,804		143,269
Operating cash flow ⁽³⁾	72,589		119,142	263,831		279,414
Free cash flow ⁽³⁾	(38,269	)	34,703	(74,021	)	67,379
EBITDA ⁽³⁾	68,313		123,054	259,304		284,334
Net cash/(debt) ⁽³⁾	(157,228	)	83,097	(157,228	)	83,097

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

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

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

Third Quarter 2024 Highlights and Full Year 2024 Guidance

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

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

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

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

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

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

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

Blackrod Phase 1 Project

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

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

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

Stakeholder Returns: Normal Course Issuer Bid

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

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

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

Environmental, Social and Governance (ESG) Performance

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

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

Notes:

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

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

For further information, please contact:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

¹ Item is not shown in the Financial Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

Supplemental Information regarding Product Types

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

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

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

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

The MIL Network –

January 26, 2025

MIL-OSI: Sampo plc’s share buybacks 4 November 2024

Source: GlobeNewswire (MIL-OSI)

Sampo plc, stock exchange release, 5 November 2024 at 8:30 am EET

Sampo plc’s share buybacks 4 November 2024

On 4 November 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:

Sampo plc’s share buybacks	Aggregated daily volume (in number of shares)	Daily weighted average price of the purchased shares*	Market (MIC Code)
	3,246	41.34	AQEU
	37,786	41.36	CEUX
	1,804	41.33	TQEX
	48,472	41.35	XHEL
TOTAL	91,308	41.35

*rounded to two decimals

On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.

After the disclosed transactions, the company owns in total 9,963,604 Sampo A shares representing 1.81 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

Details of each transaction are included as an appendix of this announcement.

On behalf of Sampo plc,
Morgan Stanley

For further information, please contact:

Sami Taipalus
Head of Investor Relations
tel. +358 10 516 0030

Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
Nasdaq Copenhagen
London Stock Exchange
The principal media
FIN-FSA
DEN-FSA
www.sampo.com

Attachment

Sampo_share_buyback_04_11_2024

The MIL Network –

January 26, 2025

MIL-OSI: Atos signs binding agreement to sell Worldgrid to ALTEN for an enterprise value of €270 million
Source: GlobeNewswire (MIL-OSI)

Press Release

Atos signs binding agreement to sell Worldgrid to ALTEN for an enterprise value of €270 million

Paris, France – November 5, 2024 – Following its press release dated June 11, 2024, Atos, a global leader in digital transformation, high-performance computing and information technology infrastructure, today announces that it has signed a Share & Asset Purchase Agreement with ALTEN SA (“ALTEN”) for the sale of its Worldgrid business unit for an enterprise value of €270 million.

Worldgrid provides consulting and engineering services to energy and utility companies. The business currently employs close to 1,100 employees and, in 2023, it generated revenue of circa €170 million from a diverse and longstanding client base.

ALTEN is a well-recognized IT and engineering player with expertise and product offerings in the energy and utilities industry. The contemplated transaction would ensure full continuity of service for Worldgrid’s strategic clients and employees.

Relevant social processes with employee representative bodies are completed and approvals from regulators have been received. The transaction is expected to close before the end of 2024.

***

About Atos

Atos is a global leader in digital transformation with circa 82,000 employees and annual revenue of circa €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

Contacts

Investor relations:
David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96
Sofiane El Amri | investors@atos.net | +33 6 29 34 85 67

Individual shareholders: 0805 65 00 75

Press contact: globalprteam@atos.net

Attachment
- PR – Binding agreement to sell Worldgrid to ALTEN – November 5 2024
The MIL Network –
January 26, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

Dr. Sean Guest, President and CEO commented:

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

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

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

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

For further information, please contact:

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

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

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

About Valeura

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

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

Advisory and Caution Regarding Forward-Looking Information

Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this news release includes, but is not limited to: the potential to optimise various operational and financial aspects, relating to such matters as ongoing contracting and procurement, as well as the pooling of future costs and historical tax loss carry-forwards associated with these assets and statements with respect to the growth opportunities inherent in the Company’s Thailand portfolio and the Company seeking new ways to provide further value.

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

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

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

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

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

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

The MIL Network –

January 26, 2025

MIL-OSI Asia-Pac: Year End Review 2024: Department of Water Resources, River Development and Ganga Rejuvenation,

Source: Government of India (2)

Posted On: 25 JAN 2025 10:14AM by PIB Delhi

The Department of Water Resources, River Development and Ganga Rejuvenation, Ministry of JalShakti has been working relentlessly towards achieving the vision and mission of making India a ‘Water Secure Country’ as envisioned by Prime Minister, Shri Narendra Modi. The Ministry of Jal Shakti, formed in 2019 by bringing together all water related departments and organizations under one umbrella Ministry, has been playing a pivotal role in implementation of a focused strategy towards making India ‘Water Secure’ while ensuring optimal utilization of precious and scarce water resources across the nation. During the year2024, the Department of Water Resources, River Development and Ganga Rejuvenation has undertaken several new initiatives and achieved significant outcomes/milestones. Following is some of the key achievements of the Department in 2024:

National Mission forClean Ganga (NMCG)

National Mission for Clean Ganga, in the year 2024, completed 25 projects which resulted in the completion of a cumulative total of 303 projects, sofar, and also sanctioned 39 new projects amounting to ₹ 2,056 crore, bringing the cumulative total to 488 projects sanctioned worth ₹ 39,730 crore. In sewerage infrastructure, 12 projects for the creation/ rehabilitation of 305 MLD sewage treatment capacity have been sanctioned between January to December 2024. In the same period, 16 projects for the creation/ rehabilitation of 750 MLD sewage treatment capacity have been completed. Till date, a total of 203 sewerage infrastructure projects have been sanctioned in the Ganga Basin for the creation of 6,255 MLD sewage treatment capacity and the laying of a 5,249 km sewer network.

Other key achievements during the year 2024 are as follows:

(A) Inauguration and Laying of Foundation Stones Sewerage infrastructure projects by Hon’ble Prime Minister (Under Nirmal Ganga)

On 25^thJanuary 2024, the Hon’ble Prime Minister inaugurated the following projects with a cumulative cost of ₹ 790.5 Crores from Bulandshahr, Uttar Pradesh.

Construction of 30 MLD STP at Masani, Mathura (under Hybrid Annuity-basedPPP (HAM) model under Namami Gange Program), Rehabilitation of existing (30 MLD at Trans Yamuna and 6.8 MLD STP at Masani, Mathura) total 36.8 MLD and Construction of 20 MLD TTRO plant (Tertiary Treatment and Reverse Osmosis Plant), Masani, Mathura

Construction of 58 MLD STP with 264 km and sewerage Network at Moradabad

On 1st March 2023, the Hon’ble Prime Minister inaugurated three projects worth
₹ 575 crore from Hooghly, West Bengal. These projects include, 40 MLD STP work with Interception & Diversion at Bally, West Bengal, 60 MLD STP work with Interception & Diversion at Kamarhati and Baranagar Municipalities, West Bengal and 65 MLD STP work with Interception & Diversion at Howrah.

On 2^nd March 2024, the Hon’ble Prime Minister inaugurated twelve projects worth ₹ 2,189 crore from Aurangabad, Bihar. These projects include 60 MLD STP and 162 km sewerage network at Saidpur, Patna, 60 MLD STP at Pahari, Patna, 93 km sewerage network at Pahari Zone IVA (S), Patna, 116 km sewerage network at Pahari Zone V, Patna, 180 km sewerage network at Beur, Patna, 96 km sewerage network at Karmalichak, Patna, 11 MLD STP at Barh, Patna, 10 MLD STP at Sultanganj, Bhagalpur, 9 MLD STP at Naugachia, Bhagalpur, 3.50 MLD STP at Sonepur, Saran, 32 MLD STP at Chhapra, Saran.

On 10^th March 2024, the Hon’ble Prime Minister inaugurated three sewage projects worth ₹ 1,114 crore from Azamgarh, Uttar Pradesh. These projects include 72 MLD STP and I&D network work at Naini (District-G, 42 MLD), Phaphamau (District-F, 14 MLD) and Jhunsi (16 MLD), Prayagraj, 30 MLD STP and I&D network work at Jaunpur and 45 MLD STP and I&D network work at Etawah.

On 2^nd October 2024, the Hon’ble Prime Minister inaugurated and laid the foundation stone for ten sewage treatment plant (STP) projects with a total cost of ₹ 1,555 crore. Among these, five projects worth ₹ 534.25 crore were inaugurated across Uttar Pradesh and Bihar. Additionally, laid the foundation stone for five more projects across Bihar, Jharkhand, and Uttar Pradesh, amounting to ₹ 1,021 crore.

(B) Inauguration and Laying of Foundation Stones Sewerage infrastructure projects by Hon’ble Union Minister of Jal Shakti (Under Nirmal Ganga)

On 4^th January 2024, the Hon’ble Union Minister for Jal Shakti inaugurated 14 MLD Sewage Treatment Plant (STP) with a 2.4 km Interception & Diversion (I&D) Network worth ₹ 77.36 crores in Baghpat, Uttar Pradesh.

On 18^th January 2024, the Hon’ble Union Minister for Jal Shakti laid the foundation stone for the 220 MLD Meerut sewage treatment plant (STP) with interception and diversion (I&D) project worth ₹ 370 crore in Meerut, Uttar Pradesh.

Training on Occupational Health & Safety Audit

NMCG organized 9 virtual safety training program and trained more than 1,500 officials on “Occupational Health and Safety Audit (OHSA)” From January 2024 to December 2024, to ensure workplace safety and compliance.

Activities Under Biodiversity Conservation (Under Aviral Ganga)

The programme has sanctioned projects focused on protecting and rehabilitating fishery, turtles, crocodiles, and dolphins. Projects Sanctioned in the year 2024 are as under :

Advancing Rescue System for the protection of stranded Ganges river Dolphins.
Conservation, Reintroduction, and Rehabilitation of threatened Turtles along ganga basin.

· Expanding Conservation Breeding Programme of Freshwater Turtle and Gharial at Kukrail Rehabilitation Centre, Lucknow

NMCG, in partnership with CIFRI, has successfully implemented fish ranching programs for Indian Major Carps and other species. In 2024, notable achievements include – Ranching of Indian Major Carps (IMC): 49.25 lakhs, Mahseer: 7,370, Hilsa: 42,117 and Hilsa tagging: 1,387 nos.

Important Activities (under Jan Ganga)

Launch of Namami Niranjana Abhiyan: NMCG launched the “Namami Niranjana Abhiyan” on 20^th February 2024, aimed at ensuring the perennial flow of the Niranjana (Falgu) river and bolstering the ongoing efforts of the “Niranjana (Falgu) River Recharge Mission”. The Falgu river, revered as Niranjana in Bodhgaya and Falgu in Gaya, originates from Belgadda in the Simaria block of Chatra district, Jharkhand, holding profound significance in the Hindu Sanatan religion. Pilgrims partake in rituals such as PindDaan and Tarpan for their ancestors using water from the Falgu river.
Celebration of International Day of Yoga: On the occasion of the International Day of Yoga, the National Mission for Clean Ganga (NMCG) organized ‘Ghat Par Yoga’ at BSF Camp, Zero Pushta, Sonia Vihar in Delhi on the bank of River Yamuna on 21^st June, 2024. Over 1,000 people participated in the event including officials and staff from the NMCG, NGOs under the Yamuna Action Plan (YAP-III) of the Delhi Jal Board (DJB), the Border Security Force (BSF), Ganga Vichar Manch, various other NGOs, as well as students and children.
8^thIndia Water Week 2024: The 8^th edition of India Water Week (IWW) 2024 was held during 17-20 September 2024, in New Delhi, on the theme “Partnerships and Cooperation for Inclusive Water Development and Management.” This prestigious international event has become a key platform for collaboration in water resource management. The event was inaugurated by the President of India, alongside Hon’ble Union Minister of Jal Shakti, and Hon’ble Minister of State for Jal Shakti.

Ganga Utsav- A River Festival 2024: On 4^th November 2024, the 8th edition of Ganga Utsav was organized by NMCG at scenic Chandi Ghat in Haridwar to promote the conservation of the Ganga River, emphasize its cultural and spiritual importance, and raise public awareness about cleanliness. The event was inaugurated by Hon’ble Union Minister of Jal Shakti in the august presence of the Hon’ble Union Minister of State for Jal Shakti, Hon’ble Uttarakhand Minister for Women & Child Welfare, Secretary, DoWR, RD & GR, Ministry of Jal Shakti, and DG, NMCG. This eighth edition of the event was the first time held on the riverbank, with celebrations extending across more than 110 districts in the Ganga basin states.The event featured participants from diverse spheres, including students, scientists, spiritual leaders, and more.
9^th India Water Impact Summit: The 9^th India Water Impact Summit (IWIS) & 2^nd Climate Investments and Technology Impact Summit were organised jointly by NMCG & c-Ganga from 4^th to 6^th December 2024 at Bharat Mandapam, New Delhi.

International Collaboration

Meeting with German Delegates: On 9^th May 2024, a meeting was held with the Deputy Head of the Economic Division, German Embassy to discuss the current status of projects aimed at rejuvenating the Ganga River, supported through bilateral cooperation between India and Germany.
Workshop on Strengthening Quality Infrastructure for Water Monitoring of the Ganges River II: NMCG in association with Physikalisch- Technische Bundesanstalt (PTB) under Indo-German Technical Cooperation Programme organised a 6-day training programme from 22^nd July to 31^st July 2024.
Inception Workshop for District Ganga Plans: On 5^th July 2024, NMCG in association with GIZ organized an inception workshop for the District Ganga Plans. The workshop aimed to create comprehensive District Ganga Plans (DGPs) based on a River Basin Management approach, which has been prepared for four pilot districts.
Smart Laboratory for Clean Rivers (SLCR): The Smart Lab for Clean Rivers (SLCR) has been set up under the Green Strategic Partnership between India and Denmark to bring global solutions on current challenges in the field of clean river water, conduct collaborative research and development to fit in real environment through Living lab approach and creation of platform between Government authorities, academic institutions and technology providers for knowledge sharing and co-creation to achieve clean river water.
Meeting of the Joint Review Committee: On 9^th October 2024, the first meeting of the Joint Review Committee (JRC) under the India-Israel Memorandum of Understanding (MoU) was held under the chairmanship of DG, NMCG, to address priority areas such as reducing non-revenue water, urban water management through IoT and AI, wastewater treatment, and sewage sludge management.

Development of knowledge products (Under Gyan Ganga)

The ‘River Atlas for Ganga Main Stem Districts’, an in-house developed knowledge product of the GKC was launched by the Hon’ble Minister of Jal Shakti on 09^thDecember 2024 during the 13th Empowered Task Force Meeting. The atlas comprises maps of River Ganga and its tributaries, covering five main stem states in the Ganga basin – Uttarakhand, Uttar Pradesh, Bihar, Jharkhand, and West Bengal. This comprehensive Atlas is essential for the effective implementation of policies and programs and accurate planning and informed decision-making.

National Water Mission (NWM)

MoU with Girganga Parivar Trust (Girganga) has been signed on 22.10.2024 on Pro bono basis. They have committed to build 11,111 bore well recharge and 11,111 check dams.
MoU with Sarkaritel.com/jalprahari.in has been signed on 13.12.2024 on Pro bono basis. They have committed for generating awareness on Water Conservation in the public.
MoU with Vyakti Vikas Kendra India (VVKI), the Art of Living has been signed on 16.12.2024 on Pro bono basis. They have committed for creating of Water recharge structure with the help of implementing many River Rejuvenation Programs through Government scheme MGNREGA

Central Water and Power Research Station, Pune
Central Soil and Material Research Station, New Delhi
National Institute of Hydrology, Roorkee
Central Water Commission, New Delhi

Publication of research/ technical reports – 281 Nos.
Organisation of Trainings and workshops – 94 Nos.
Training of people for capacity building- 2623 persons
Publication of high impact technical report & research papers – 18 Nos.

13 new research schemes has been recommended by Standing Advisory Committee and approved by Secretary (WR).
The research project “Hydro-geological Assessment and Socio-Economic implications of Depleting Water Resources in tourist towns of Uttarakhand” has been completed.
The research project “Irrigation Efficiency Improvement through On–farm Water Management” has been completed.
The research project “Dynamic Downscaling to study Climate Change Impacts on
Water Resource in India” has been completed.

National Water Development Agency (NWDA): Inter-Linking of Rivers Project

Under National Perspective Plan (NPP) formulated by Government of India, 30 inter-basin water transfer links (16 Peninsular and 14 Himalayan component) have been identified by National Water Development Agency for preparation of Feasibility Reports. Detailed Projects Reports (DPRs) of 11 links, Feasibility Reports (FRs) of 26 links and Pre-Feasibility Reports (PFRs) of all the 30 links have been prepared. The Inter-Linking River (ILR) Programme has been taken up on high priority by Government of India. The works related to ILR projects are already in progress. Five links have been identified as priority links by Govt. of India viz., Ken-Betwa Link Project (KBLP), Modified Parbati-Kalisindh-Chambal Link Project (MPKC) and Godavari-Cauvery (G-C) Link Project (comprising of 3 link systems).

System studies of four link projects viz.; Manas-Sanksoh-Teesta-Ganga (MSTG) link, Ganga-Damodar-Subernarekha (GDS) link, Subernarekha-Mahanadi (SM) link and Farakka-Sunderbans (FS) link have been initiated and the work of these four links has been awarded to IIT, Guwahati, NIT, Patna, NIT, Warangal and NIH, Roorkee respectively. Inception Reports have been submitted in June, 2023 by all the four Institutes. The draft final reports of MSTG and GDS have been submitted by the respective Institutes. The system studies of Mahanadi-Godavari link have been completed by NIH, Roorkee and the Final Report has been submitted in May, 2023. Awarding of work for system studies of southern linkage initiated, however, it may be taken up after finalization of quantity of water that can be transferred from MSTG, GDS, FS and SM link projects to Mahanadi river, as per system studies.

Ken-Betwa Link Project (KBLP): is the first inter-linking of rivers (ILR) project for which implementation has been initiated. The project will be of immense benefit to the water starved Bundelkhand Region, spread across the States of Madhya Pradesh and Uttar Pradesh which includes districts of Panna, Tikamgarh, Niwari, Chhatarpur, Sagar, Damoh, Datia, Vidisha, Shivpur&Raisen and Banda, Mahoba, Jhansi & Lalitpur respectively. The status of KBLP is as given below:

Subsequent to signing of tripartite agreement in year, 2021, Govt. of India approved implementation of the project in December, 2021 at an estimated cost of Rs. 44,605 Crore with central support of Rs. 39,317 Crore.
With allocation of budget under RE of FY 2021-22, the implementation of the project has started.
Steering Committee and Ken-Betwa Link Project Authority (KBLPA) were been constituted vide Gazette Notification dated 11.02.2022.
KBLPA HQ Office is set up at Bhopal with three more offices at Chhatarpur, Panna and Jhansi, which are fully functional with regular CEO/ACEOs, Director (Fin.) and other officials.
Six meetings of Steering Committee and Six meetings of KBLPA have been held so far.
Initially the focus is on land acquisition, R&R, fulfilling the compliances to the conditions of forest clearance and wildlife clearance.
Greater Panna Landscape Council (GPLC) under Chief Secretary, Govt. of MP has been constituted for implementation of Landscape Management Plan through various stakeholders. Its first meeting was held on 05.09.23. Sub-Committee of GPLC was constituted on 16.10.2023 and its 1^st& 2^nd meetings were held on 17.10.2023 & 29.11.2023 respectively.
Planning for an Integrated Research and Learning Centre (IRLC) at Panna has already been initiated by WII.
The Monitoring Committee for R&R works of KBLP under Secretary, DoLR, MoRD has been constituted.
Collector, Chhattarpur has made payment of Rs. 197.23 Crore to the affected Families. Whereas, Collector Panna has made payment of Rs.76.82 Crore to the affected families of Panna. The remaining Land Acquisition Payment for Private land in both the districts are in Progress.
The work for engagement of Project Management Consultant (PMC) is in process. 9 bids were received for PMC, Result of Technical Evaluation of Bids was published on the CPP Portal on 22.08.2024. The Financial Proposals of the 5 technically qualified firms were opened on 10.09.2024. 20 meetings of Consultancy Evaluation Committee (CEC) for hiring PMC have been held so far. 20^th meeting of CEC was held on 11.09.2024 for financial evaluation of bids. After financial and technical evaluation of bids received, recommendations of the CEC have been submitted to DoWR,RD&GR, MoJS for approval on 13.09.2024.
A Technical Advisory Group for KBLP (TAG-KBLP) for KBLPA has been constituted to review and advise KBLPA on various planning and technical matters on implementation of various components of the link project. 10 meetings of TAG have been held so far.
The tender document for the main component of the project i.e. Daudhan dam and its Appurtenant works (EPC mode) was finalized by Technical Advisory Group of KBLP and the Tender Evaluation Committee (TEC) and floated on CPP portal on 11.08.2023. The complete proposal of technical and financial evaluation of bids was sent to Ministry of Jal Shakti that has been approved by Ministry. Subsequently, KBLPA has issued Letter of Acceptance to M/s NCC Limited for the work of Daudhan dam on 28.11.2024.
Stage–II Forest Clearance for diversion of 6017.00 ha of forest land for development of KBLP has been accorded by MoEF& CC on 03.10.2023.
The draft tender for EPC execution of Ken-Betwa Link Canal is prepared in two packages and circulated to State Governments of MP and UP for their comments/suggestions. Suggestions from Govt. of UP have been received.
PTR has accepted total 6017 ha non-forest land Transferred/ Mutated. Notification of 6017 ha has been completed by Forest Department under section-29 of Indian Forest Act-1927 and has been published.
Land in submergence: 3239 ha (Govt. Land: 1784.67 ha + Private Land 1454.33 ha) of land is coming under submergence area of Daudhan Dam. Private land of 1454.33 ha and Government land of 1604.429 ha has been mutated in favour of WRD, MP. Balance 180.241 ha Government land is likely to be transferred to WRD, MP soon.
Land Acquisition for Ken Betwa Link canal (99 villages of MP and 10 villages of UP) is under progress.
The work on State specific components like Lower Orr, Kotha Barrage and Bina Complex Multipurpose Project is already in progress. Head Works of Lower Orr has been completed whereas Head Works for Kotha & Bina are ongoing.

Cumulative Progress (%) upto December, 2024

Lower Orr : 67.00
Kotha Barrage: 59.00
Bina Complex: 50.20

The preparation of DPRs of components of UP likes two barrages, renovation and modernization of Tanks of Mahoba district, renovation and modernization of three weirs and ken command system is in progress.
Hon’ble Prime Minister Shri Narendra Modi Ji laid the Foundation Stone of KBLP on 25.12.2024 at Khajuraho (Madhya Pradesh).
The project is planned to be completed in 8 years by March, 2030.

Modified Parbati-Kalisindh-Chambal Link Project (MPKC):

PFR has been circulated to concerned States. The work of DPRs is under progress.
Memorandum of Understanding (MoU) has been signed on 28.01.2024 amongst States of MP, Rajasthan and Govt. of India.
Memorandum of Agreement (MoA) of Modified Parbati-Kalisindh-Chambal link project has been signed on 05.12.2024 amongst States of MP, Rajasthan and Govt. of India. Subsequently Hon’ble Prime Minister declared the signing of the agreement on 17^th December, 2024 at Rajasthan.

Godavari-Cauvery (G-C) Link Project (comprising of 3 link systems):

Modified proposal for transfer of 4189 MCM of water from Godavari along with supplementation in Krishna basin through Bedti-Varda link (524 MCM) has been studied by NWDA.
Draft DPR of the modified /revised proposal has circulated to the concerned State/UT during Jan., 2024.
Draft MoA has been prepared for implementation of the project and circulated to concerned State/UT for perusal and observation during April, 2024.
Concerted efforts are being made for building up consensus amongst the States/UT for signing of MoA for the early implementation of this link project.

8^th India Water Week 2024:

IWW-2024 was successfully organized/held from 17^th to 20^th September, 2024 at Bharat Mandapam, Pragati Maidan, New Delhi.
The theme of the 8^th India Water Week is “Partnerships and Cooperation for Inclusive Water Development and Management”.
The mega event was inaugurated by the Hon’ble President of India.
The four-day multi-disciplinary conference comprises of Ministerial Plenary, Global Water Leaders’ Plenary (2), Country Forum (4), Water Leaders Forum (9), Practitioner’s Forum (8), Startup Forum, Youth Forum, Water Convention (18) one-day study tour and concurrently organized exhibition. Denmark, Australia and Israel were the Partner Countries. There were 15 Partner States viz.; Tamil Nadu, Odisha, Bihar, Chhattisgarh, Kerala, Haryana, Andhra Pradesh, Gujarat, J&K, Madhya Pradesh, Uttarakhand, Rajasthan, Uttar Pradesh, Karnataka and Telangana.

More than 4500 delegates from India & abroad participated in the IWW-2024. About 215 delegates from 40 countries participated in the conference. Parallel to the conference, in the exhibition 143 Exhibitors from Central, States Government, Public Sector undertakings, Private Firms, NGOs, Startups and Schools etc. showcased their technologies.

Central Water Commission (CWC)

(i) Central Water Commission has undertaken sedimentation assessment studies of selected reservoirs located in various States using Satellite Remote Sensing technique under the plan scheme “Research & Development Programme in Water Sector”. It is planned to take up the studies in respect of 80 reservoirs during 2021-26. Accordingly, the work of carrying out the study for the first batch of 40 reservoirs was outsourced. Due to non-availability of either the desired water levels or satellite data for a reservoir on date of satellite pass, study in respect of 31 reservoirs was feasible which has been completed and reports published during 2022 to 2024. Besides this sedimentation studies in respect of 30 reservoirs have been completed in-house using Remote Sensing Techniques. Furthermore, a Google Earth Engine-based tool has also been developed by CWC officers, in-house under Smart Water Resources Modelling Organization (SWRMO) – Centre for Excellence, to automate the assessment of sedimentation in the live storage zone of reservoir.

(ii) A World Bank (WB) and Asian Infrastructure Investment Bank (AIIB) team conducted the Mid-Term Review (MTR) mission for the Second Dam Rehabilitation and Improvement Project (DRIP-2) between January 17 and May 3, 2024. The mission held discussions with Implementing Agencies (IAs) in Bhubaneshwar (Odisha), Surat (Gujarat), and New Delhi and undertook field visits to selected dams in Gujarat (Ukai) and Odisha (Hirakud, Rengali). The wrap-up meeting was held in New Delhi, chaired by Joint Secretary, D/o WR, RD&GR, Ministry of Jal Shakti (MoJS) and attended by Project Director, Central Water Commission (CWC), members of the Central Project Management Unit (CPMU), the Engineering and Management Consultant (EMC), and representatives of all Implementing Agencies (IA). As part of the mission, a detailed exercise on the use of the rapid risk assessment tool for Indian dams, in compliance with the National Dam Safety Act 2021, was carried out between March 5 and May 3, 2024.

(iii) The quarterly dialogues on Coastal Area Management, initiated as per the direction of the Chairman, Central Water Commission (CWC) was held in April and May 2024.These dialogues brought together stakeholders from various levels of government, research institutions, and relevant departments to discuss pressing issues such as coastal erosion, salinity ingress, and the need for robust data collection and management. The dialogues provided a platform for sharing information, best practices, and innovative solutions from all stakeholders. As an outcome of the Quarterly Dialogue, CWC has published a report titled “Status Report on Coastal Area Management- An Indian Perspective, Region Issues & Remedial Measures”. The report provides a comprehensive overview of the challenges and initiatives related to coastal management in India. The report highlights the significant impacts of coastal erosion and salinity ingress, emphasizing the need for robust data collection, effective mitigation strategies, and increased collaboration among stakeholders.

(iv) A Smart Water Resources Modelling Organization acts as Centre of Excellence to grow as a pioneering hub for developing in-house expertise and innovation in tackling diverse problem statements and studies in water sector and directly reports to Chairman, CWC.

(v) Memorandum of Understanding (MoU) was signed on 06.06.2024between Central Water Commission (CWC) and IIT, Roorkeefor research work related to Irrigation Efficiency Assessment, Water Accounting studies, Cropped Area Mapping, Water Auditing, Urban Flood Forecasting & Risk Management, Urban Flood Inundation & Hazard Mapping, etc. These works will be carried out through mutual consultations and collaboration, leveraging the expertise and resources of both institutions.

(vi) A Memorandum of Understanding (MoU) has been signed between Central Water Commission (CWC) and Space Application Centre (SAC) in the field of hydrology and water resources management, leveraging remote sensing and collaborative research efforts for mutual benefit on 08^th July,2024.

(vii) Support for Irrigation Modernization Program (SIMP): Central Water Commission (CWC), DoWR, RD & GR has taken up an initiative Support for Irrigation Modernization Program (SIMP) with technical assistance from theAsian Development Bank (ADB) to modernize Major/ Medium Irrigation (MMI) projects in the country.

(viii) SIMP is proposed to be taken up in 4 phases. SIMP Phase-1 concluded on 31.12.2021 under which 4 MMI projects have been identified for inclusion under 1st batch of projects for preparation of Irrigation Modernization Plans (IMPs) out of the 57 proposals received from 14 States and 2 UTs. The entire process including the preparation of IMPs, Detailed Project Report (DPRs), detailed designs and final implementation/ project execution is expected to be completed by Phase-4. Implementation of the project would lie with the concerned States who would have an option to either fund it from their own resources or they can avail loan facility from ADB or any other financial institutions.

(ix) SIMP Phase-2 was initiated from November 2022. Irrigation Modernization Plan (IMP) of four projects namely VanivilasaSagara Project, Karnataka, Palkhed Project Maharashtra, Purna Project, Maharashtra and Loharu Lift Irrigation Project, Haryana have been prepared. As a 1st step for preparation of IMPs, FAO developed RAP-MASSCOTE (Rapid Appraisal Procedure-Mapping System and Services for Canal Operation Techniques) workshops were organized to assess the present status of the identified four projects. The findings of RAP MASSCOTE workshops and issues related to Batch 1 SIMP projects were discussed in a mid-term workshop organized by ADB and CWC on 09.06.2023 at New Delhi.

For capacity building under SIMP phase-II, the following activities were organized:

From 6th to 10th November 2023, a five days training on modernization and design of Pipe Distribution Networks (PDN) was organized at Panchkula/ Chandigarh. 22 Engineers from Karnataka, Maharashtra, Haryana, Punjab and CWC participated in the training.
On 15th and 20th December 2023, a Webinar on Irrigation Modernization and Design of PDN Systems was organized.
A Training on Asset Management Planning for Irrigation Schemes was held from 8^th to 12^th January 2024 at WALMI, Aurangabad.
A training on new technologies in Agriculture and Water Practices was held from 22^nd to 25^th January 2024 at HIRMI, Kurukshetra, Haryana.

The Preliminary Project Reports (PPR) of all the four projects has been submitted by ADB to the concerned project authorities. PPR of Loharu, Haryana is under process with Govt department. PPR of Palkhed and Purna, Maharashtra is under process in Planning Department of Haryana, PPR of VVS, Karnataka is under process with state finance Govt of Maharashtra.

PPRs are to be finalized by the states and submitted to DEA. After necessary approval from DEA, action for phase-3 will be taken up for preparation of DPRs.

(x) A Training program on the application of Rapid Risk Assessment tool, in association with the World Bank for the officers of the core group was held during April 22, 2024 – May 3, 2024 at Auditorium, 1st floor, CWC Library Building, Near Sewa Bhawan, Sector-1, R K Puram, New Delhi. Total 66 officials nominated by CWC, NDSA and States / DRIP IAs for taking forward the assignment of carrying out the Rapid Risk Assessment of specified dams in the country.

GLOF and Flood forecasting activities: –

CWC finalized the criteria for Risk Indexing of Glacial Lakes in the Indian Himalayan Region in September 2024, which provide a comprehensive methodology for identifying and categorizing Glacial Lakes based on factors such as Glacial Lake size, Glacial Lake type, Side slope, Snout distance from GL etc. and the potential socio-economic impacts of a Glacial Lake Outburst Flood.

In the year 2024, 2 new stations (Inflow) have started functioning. Currently CWC is providing flood forecast at 340 stations (200-level forecasting stations & 140-inflow forecasting stations). During the period from 1st April to 30.11.2024, 10415 (i.e. 7093 Level and 3322 Inflow) forecasts were issued, out of which 9947 (95.5%) forecasts were found within the accuracy limit (±0.15m for level forecast and ±20% for inflow forecast).During flood season, CWC operates the Central Flood Control Room on 24×7 basis at its headquarter in New Delhi and 36 Divisional Flood Control Rooms spread throughout the country for monitoring flood situation. On an average, about 10,000 forecasts are issued during flood season every year by the CWC. Normally, these forecasts are issued 6 to 30 hours in advance, depending upon the river terrain and location of the flood forecasting sites and their base stations. In addition to conventional flood forecasting techniques, mathematical model forecasting based on rainfall-run off methodology is being used for some areas. This has enabled CWC to issue 7-day advance flood advisory.

Automated online 7-day flood advisory for all the level and inflow forecasting stations is maintained. “Flood Situation for next seven days” in respect of stations likely to be above warning level has been added in the “Daily Flood Situation Report cum Advisory” based on the 7-day advisory.

Flood Plain Zoning

In order to have a reasonable degree of protection, floods need to be managed through both structural & non-structural measures so as to reduce the losses. Non-structural measures are planned activities to modify susceptibility due to flood related damages. These are meant to keep people away from floods. Flood Plain Zoning is one of the main non-structural measures for management of floods worldwide.

A technical committee under the chairmanship of Member (RM) was constituted during November 2022 for formulation of ‘Technical Guidelines on Flood Plain Zoning’ . After due deliberations, the committee submitted the guidelines to Ministry. The guidelines is presently under circulation to the states for their comments/review. Once implemented, these guidelines shall serve as a valuable document in guiding the states in framing their own legislation in protecting their rivers from future encroachments.

Hydrological Studies:

The success of a project is largely governed by the hydrological inputs. The success of a project is largely governed by the hydrological inputs. The Hydrological Studies Organization (HSO), a specialized unit under Design and Research (D&R) Wing of CWC, carries out hydrological studies in respect of the water resources projects in the country. The inputs in Detailed Project Report (DPR) or Pre- Feasibility (PFR) stage are made available in the form of:

Water availability/yield studies.
Design flood estimation.
Sedimentation studies.
Diversion flood studies.

The country has been divided into 7 zones and further into 26 hydro- meteorologically homogeneous sub-zones and flood estimation models are developed for each subzone to compute the design flood in ungauged catchments. So far, flood estimation reports covering 24 sub-zones have been published. During the year 2024- 25, technical examinations of hydrological aspects of DPRs in respect of 88 projects have been carried out in CWC. Out of this, 46 projects have been cleared and comments were issued for 17 projects. Rest of the projects are under examination.

Some of the major works carried out during this period are:

• Flood frequency analysis & carrying capacity of Yamuna River from Hathnikund Barrage to Delhi.

• Hydrology Chapter for Bakchachuu HEP, Ringyang HEP, &RimbiKhola HEP has been submitted.

• 100 yr& 500 yr Return Period flood of Chandrawal River under Ken Betwa Link project.

• Water Availability of the untapped catchment between alignment of feeder canal, Mahalpur barrage and Navnera Barrage Under MPKC link.

Technical Assistance / Advice tendered

HSO has provided secretariat assistance to various technical/ expert committees for undertaking special studies on various aspects related to water resources development and management. Some of the important contributions during the year 2024- 25 are as under:

Hydrological Studies for Ponnaiyar River Basin, to resolve the interstate issue between Tamil Nadu and Karnataka.
Hydrological modeling for heavy rainfall across the Yamuna River catchment in July 2023 caused significant runoff and discharge, leading to rapid water level rises. In this study estimated submergence areas for different return-period floods, analyzed embankment overtopping, and identified drainage congestion and afflux of existing structures using 2-D modeling for the river reach between 21 km upstream of Wazirabad barrage and 10 km downstream of Okhla barrage.

Hydrological modeling for tackling issues related to high intensity rainfall, riverine flood, drainage and interrelated issues in urban areas.

Planning and Design of Water Resources Projects

CWC is actively associated with design of majority of the mega water resources projects in India and neighboring countries, viz., Nepal and Bhutan by way of design consultancy or in the technical appraisal of the projects. At present CWC is provided design consultancy to 94 projects. Out of this, 31 projects (including 3 from neighboring countries) are at construction stage, 35 projects (including 2 from neighboring countries) are at DPR stage and 28 projects involve special problems.

National Committee on Seismic Design Parameters: –

The National Committee on Seismic Design Parameters (NCSDP) was constituted by MoWR Order dated 21 st October, 1991 with the objective to recommend the seismic design parameters for the proposals received from the dam owners. Member (D&R), CWC is the chairman of the committee with 12 other experts from various engineering disciplines from different technical institutions and Government organizations as its members. Director (FE&SA), CWC is the member Secretary of NCSDP. The 38th meeting of NCSDP was held on 10.05.2024 at CWC, New Delhi under the Chairmanship of Member (D&R) wherein six projects were cleared.

Further, a special meeting of NCSDP was held on 05.06.2024 wherein the Guideline for Preparation and Submission Of Site-Specific Seismic Study Report of River Valley Project To National Committee On Seismic Design Parameters was revised comprehensively to be in line with the International practices.

National Register of Large Dams:

Before enactment of Dam Safety Act 2021, Dam Safety Organisation (DSO) , CWC compiled and maintained the register of large dams across the country in the form of National Register of Large Dams (NRLD) based on information provided by State Govts. / PSUs. After enactment of Dam Safety Act 2021, the NDSA has been mandated to maintain National level database of all specified dam in the country. The National Register of Specified (Large) Dams 2023 was released by Hon’ble Vice President of India in International Conference on Dam Safety held during 14th-15th September 2023 at Jaipur. As per NRLD- 2023, there are 6138 constructed and 143 under construction dams in the country. The NRLD, 2023 is available on CWC’s website and can be accessed by l ink- https:// cwc. gov. in/ publication/nrld.

Technical Examination of Instrumentation aspects of the projects:

Hydroelectric project:-

Detailed Project Report (DPR)/ construction drawings of 29 river valley projects in various States/ countries namely Andhra Pradesh, Arunachal Pradesh, Gujarat, Himachal Pradesh, Madhya Pradesh, Meghalaya, Odisha, Sikkim Uttarakhand, West Bengal, Jammu & Kashmir, Bhutan and Nepal were examined, out of which 4 projects have been cleared with respect to instrumentation aspects and remaining 25 projects are at various stages of examination.

Pumped storage Project:-

Detailed Project Report (DPR)/ construction drawings of 42 river valley projects in various States/ countries namely Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Tamil Nadu and Uttar Pradesh were examined, out of which 6 projects have been cleared with respect to instrumentation aspects and for remaining 36 projects, clearance from instrumentation aspects is no longer required as per the latest CEA guidelines.

Standing Technical Advisory Committee of CSMRS

The Standing Technical Advisory Committee (STAC) was constituted under the Chairmanship of Member (D&R), CWC for providing an overall perspective and guidance in technical scrutiny of research schemes being undertaken at CSMRS. The STAC is composed of 11 members drawn from various public sector institutions and is headed by Member (D& R), CWC. The 39th Standing Technical Advisory Committee (STAC) meeting of CSMRS was held on 25.10.2024

Other Seismic works:

Work related to technical evaluation and critical examination of web-based tool Seismic Hazard Assessment Information System (SHAISYS) being developed by IIT Roorkee and CWPRS Pune under DRIP is being carried out. A meeting is proposed on 18th December 2024 under the chairmanship of Member (D&R), CWC with the expert of IIT Roorkee at CWC, New Delhi regarding way forward for development of SHAISYS.

CWC Activities under National Hydrology Project (NHP):

Study on “Physical based Mathematical Modelling for estimation of Sediment Rate and Sediment Transport in Seven River Basin” has been completed.

Extended Hydrological Prediction (multi week forecast) for Yamuna, Narmada and Cauvery basins is in progress.

Reservoir Sedimentation Studies using Hydrographic survey for 32 reservoirs” under Phase-I has been completed. Works of Phase II: Consists of 87 reservoirs in 10 states (Rajasthan, Gujrat, Uttar Pradesh, Uttarakhand, Madhya Pradesh, Maharashtra, Andhra Pradesh, Kerala, Telangana, and Odisha is under progress.
Supply, Installation, Testing & Commissioning (SITC) of 93 Nos. ADCP (14 + 29 + 50 in three phases) for the measurement of discharge at the HO sites of CWC has been completed. Further procurement of additional 46 no’s ADCP and 8 no’s Total station is in under progress.
Supply, Installation, Testing & Commissioning (SITC) of 32 velocity radar sensors for modernization of discharge observations has been completed.
7 no’s of Water Quality Equipment (ICP-MS and GC-MS) have been commissioned and installation & Commissioning of 3 more Water Quality Equipment (1 GC-MS and 2 ICP-MS) is under process.
Consultancy services for “Early Flood Warning System Including Inundation Forecast in Ganga Basin” is in progress.
Consultancy services for Development of Decision Support System near to real time for Integrated Reservoir Operation System of Ganga Basin” has been completed.
Real Time Data Acquisition System (RTDAS) for Narmada Control Authority (NCA) and Arunachal Pradesh comprising of network of 48 & 50 no’s hydro meteorological Stations respectively has been commissioned.
Reservoir Sedimentation Studies using Hydrographic survey for 32 reservoirs” under National Hydrology Project, Phase-I have been completed and reports published and under Phase II studies in respect of 87 reservoirs are taken up.

DAM REHABILITATION AND IMPROVEMENT PROJECT (DRIP) Phase-II and III

Dam Rehabilitation and Improvement Project (DRIP) is an externally aided project with financial assistance from the World Bank, targeting rehabilitation of some of the selected dams of the Country along with accompanying institutional strengthening component.

Dam Rehabilitation and Improvement Project (Phase-II & III):

Based on the success of DRIP Phase- I, Ministry of Jal Shakti initiated another externally funded scheme, DRIP Phase-II and Phase-III. The Union Cabinet has approved the Scheme on October 29, 2020.

The scheme has provision for rehabilitation of 736 dams located in 19 States (Andhra Pradesh, Chhattisgarh, Goa, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, West Bengal, and three Central Agencies (Central Water Commission, Bhakra Beas Management Board, and Damodar Valley Corporation). It is a State Sector Scheme with Central component, with duration of 10 years, to be implemented in two Phases i.e. Phase- II and Phase-III, each of six years duration with an overlap of two years. The budget outlay is Rs 10,211 Cr (Phase II: Rs 5107 Cr; Phase III: Rs 5104 Cr) with rehabilitation provision of 736 dams. Out of this cost, Rs. 7,000 crore is an external loan and Rs. 3,211 crores would be borne by the respective participating States and the three Central agencies. The funding pattern of scheme is 80:20 (Special Category States), 70:30 (General Category States) and 50:50 (Central Agencies). The scheme also has provision of Central Grant of 90% of loan amount for special category States (Manipur, Meghalaya and Uttarakhand). The DRIP Phase-II and III Scheme is 10 years duration, proposed to be implemented in two Phases, each of six-year duration with two years overlapping. Each Phase has external assistance of US$ 500 M. The Phase-II of the scheme is being co-financed by World Bank and Asian Infrastructure Investment Bank (AIIB), with funding of US$ 250 million each. The loan agreement by World Bank was signed on August 04, 2021 with 10 States (Gujarat, Kerala, MP, Maharashtra, Manipur, Meghalaya, Rajasthan, Odisha, Tamil Nadu, and Chhattisgarh) and became effective from 12th October, 2021. In addition to 10 States, four States (Uttarakhand, Uttar Pradesh, West Bengal and Karnataka) have been notified by World Bank for inclusion under this scheme in June 2022 and their loan declared effective in January 2023.

The loan agreement by AIIB was signed on 19th May, 2022 with 10 States (Gujarat, Kerala, MP, Maharashtra, Manipur, Meghalaya, Rajasthan, Odisha, Tamil Nadu, and Chhattisgarh) and declared effective on 29th December, 2022 by AIIB.

Inclusion of four States (Andhra Pradesh, Goa, Punjab, Telangana) and two Central Agencies (BBMB and DVC) is under process.

Important project achievements include approval of PSTs of 139 dams costing Rs 3715 Cr by the World Bank. The contract(s) amounting approximately Rs 2906 Cr have been awarded by various Implementing Agencies and an amount of Rs 1487 Cr spent as on 30.11.2024 on various project activities including dam rehabilitation, institutional strengthening and project management activities

A training on DRIP Ph-II &Ph-III was given to 40 officers of Punjab WRD on 12th June 2024 at Shahpur Kandi. Few topics were covered like Overview of DRIP Ph-II &Ph-III scheme; dam structural problems & their identification; Procurement procedures; Hydro-Mechanical structural problems; PST preparation; Financial Management of DRIP scheme etc.

A three days training on DFR organized during 8th to 10th July, 2024, in which 22 participants from seven (7) states and CWC participated.

The Management Information System (MIS-with 05 modules) was officially rolled out to SPMU on 14^th August 2024. In this regard a virtual MIS demonstration was organized on 14th August 2024 in which concerned officials of CPMU, SPMU, and EMC participated.

2^nd meeting of National Level Steering Committee (NLSC) on DRIP Phase-II and III chaired by Secretary, DoWR, RD and GR were held on 25.09.2024 at New Delhi to discuss the progress and issues of DRIP Scheme.

3^rd meeting of Technical Committee of DRIP Phase II and III was held on 18.10.2024 under the chairmanship of Member (D&R), CWC at Dehradun, Uttarakhand in which nodal officer and Project Director of DRIP IAs participated. Deliberations in respect of technical matters with regard to pertaining to implementation of the scheme were held during the meeting.

National Task Force for Integrated Water Resources Development and Management

National Task Force for Integrated Water Resources Development and Management (NTFIWRDM) has been set up by DoWR, RD & GR vide its OM dated 25.11.2024.

Sustainable development of water resources and its efficient management is the key to water security and economic growth. As a country, aspiring to be the world leader with the most powerful economy, challenges like increasing population, economic growth, industrialization and urbanization are bound to result in increased and conflicting demands for various purposes across the country. Moreover, the vagaries of climate change have already started to affect the water sector adversely. In the wake of ever-growing challenges in the water resources sector, it has become necessary to prospectively assess the projected water use for various purposes. In view of above, Department of Water Resources, RD & GR has set up a National Task Force for Integrated Water Resources Development and Management (NTFIWRDM) on 25.11.2024 under the chairmanship of Hon’ble Member, Niti Aayog with members from various Govt. Departments and experts from different organisations; thereby comprehensively covering various domains of water resources. Chief Engineer, BPMO, CWC is the Member Secretary of the NTFIWRDM. The NTFIWRDM – 2024 is expected to complete its work within 24 months, with interim reports submitted at yearly intervals.

(xxii) LIST OF IMPORTANT PUBLICATIONS OF CWC during 2024

Sl. No.	Publication	Released during
1	Water Sector at a Glance-2022	Aug-2024
2	Water & Related Statistics-2023	Sept-2024
3	Water Sector at a Glance-2023	Sept-2024
4	National Register of Major & Medium Irrigation Projects in India-2024	Sept-2024
5	Compendium on Sedimentation of Reservoirs in India	August 2024
6	Assessment of Area Affected Due to Floods in India	July 2024
7	Report on Flood Damage Statistics (1953-2022)	July 2024
8	Assessment of Area Affected Due to Floods in India [Part II: Assessment at Sub-District Level]	September 2024
9	Criteria for Risk Indexing of Glacial Lakes in Indian Himalayan Region	September 2024
10	Status Report on Coastal Area Management – An Indian Perspective, Regional Issues & Remedial Measures	September 2024

Central Ground Water Board (CGWB):

National Aquifer Mapping and Management Programme (NAQUIM)

Central Ground Water Board (CGWB) is implementing National Aquifer Mapping and Management program (NAQUIM), which envisages mapping of aquifers (water bearing formations), their characterization and development of Aquifer Management Plans to facilitate sustainable management of ground water resources. Out of 32 lakh sq km of the entire country, entire mappable area of 25 sq lakh km has been covered under this programme. NAQUIM outputs are shared with various stakeholders including the District Authorities. Building on the experiences of the NAQUIM, the NAQUIM 2.0 has been initiated from the year 2023-24 which emphasizes on detailed mapping and implementable management plans for identified priority areas. CGWB has completed 68 such studies (covering nearly 40,000 sq km) in year 2024.

In order to create infrastructure for data generation under NAQUIM, a Project has been approved by the Public Investment Board (PIB) with an outlay of Rs 805 Cr for implementation by CGWB during the period 2022-2026. As of now, tenders amounting approximately Rs. 550 Cr have been awarded.

One of the components of the project involves the construction of 7000 piezometers and the installation of Digital Water Level Recorders with telemetry devices for strengthening and automation of groundwater monitoring networks in the country. Construction of piezometers for strengthening groundwater monitoring has been initiated in 15 states (Andhra Pradesh, Telangana, Tamil Nadu, Kerala, Gujarat, Maharashtra, Rajasthan, MadhyaPradesh, Chhattisgarh, UttarPradesh, Bihar, Jharkhand, WestBengal, Odisha and Jammu&Kashmir). A total of 1796 piezometers have been constructed till 31st December 2024.

Another component of the project involves construction of 1135 Exploratory Wells (EW) and Observation Wells (OW) for completing the data gap in the NAQUIM project area for which work has been initiated under all awarded packages in 11 states (Andhra Pradesh, Karnataka, Gujarat, Rajasthan, Madhya Pradesh, Chhattisgarh, Uttar Pradesh, Bihar, West Bengal, Odisha, Assam). A total of 319 EW/OWs have been constructed till 31st December 2024.

Ground Water Resources

The Ground Water Resource Assessment for the water year 2024 was carried out jointly by Central Ground Water Board (CGWB) and States/UTs, through the web-based automated application “INDIA-GROUNDWATER RESOURCE ESTIMATION SYSTEM (IN-GRES) for the entire country. The assessment provides the state wise ground water resource scenario and insights required to adopt an integrated and sustainable ground water management in the Country.

As per the assessment, the total annual groundwater recharge in the country has been assessed as 446.90 billion Cubic Meter (BCM). The annual extractable ground water resource has been assessed as 406.19 BCM. The annual groundwater extraction for all uses is 245.64 BCM. The average stage of groundwater extraction for the country stands at 60.47 %. Out of the total 6746 assessment units (Blocks/ Mandals/ Talukas) in the country, 4951 (73.4 %) assessment units are categorized as ‘Safe’. 711 (10.5 %) assessment units are categorized “Semi-critical’’, 206 (3.05 %) assessment units, have been categorized as ‘Critical’ and 751 (11.1%) assessment units have been categorized as ‘Over-exploited’. Apart from these, there are 127 (1.8%) assessment units, which have been categorized as ‘Saline’ as major part of the ground water in phreatic aquifers in these units is brackish or saline.

Key Highlights:

Total Annual GW Recharge has increased (15 BCM) substantially and Extraction has declined (3 BCM) in 2024 from 2017 assessment. There is slight reduction in recharge and increase in extraction in the present assessment year compared to the preceding year.
Recharge from Tanks, Ponds and WCS has shown a consistent increase in the last five assessments. In the year 2024, it has increased by 0.39 BCM w.r.t. 2023.
With respect to the year 2017, there is an increase of 11.36 BCM in recharge from Tanks, Ponds & WCS (from 13.98 BCM in 2017 to 25.34 BCM in 2024).
The percentage of Assessment Units under Safe Category have increased from 62.6% in 2017 to 73.4 % in 2024 (The percentage of Safe assessment units was 73.14 % in 2023).
The percentage of Over Exploited Assessment units have declined from 17.24 % in 2017 to 11.13 % in 2024 (The percentage of OE Assessment units was 11.23% in 2023)

The Union Minister for Jal Shakti released “National Compilation of Dynamic Ground Water Resources of India 2024” on 31^st December, 2024.

High resolution aquifer mapping and management in Arid areas of India

The Central Ground Water Board (CGWB) has undertaken high resolution aquifer mapping in the arid regions of Rajasthan, Gujarat, and Haryana using advanced heliborne geophysical surveys. Under Phase I of the project, an area of 97,637 sq. km has been surveyed, covering 40,313-line km across 92 blocks in these states.
Based on the heliborne geophysical survey results, Gram Panchayat-level information of saturated/de-saturated, saline/fresh aquifers, groundwater potential zones, drilling sites, and managed aquifer recharge sites has been identified. Detailed reports have been prepared for 39 out of 92 blocks, comprising 20 blocks in Gujarat, 11 in Rajasthan, and 8 in Haryana.
A Coffee Table Book on the Summary of the findings of Heliborne Survey Phase I was released on 19.09.2024 in India Water Week-2024 at Bharat Mandapam, New Delhi by the Hon’ble Minister of State, Jal Shakti.

Artificial Recharge Activities

Groundwater augmentation through artificial recharge in identified water stressed areas of Rajasthan, comprising Jodhpur, Jaisalmer, Alwar, Jhunjhunu & Sikar districts of Rajasthan has been taken up in three phases

Phase-1: Two large dams have been constructed:
- Zoned Earth Fill Dam with Clay Core, Indroka, Mandore, Jodhpur
- Concrete Gravity Dam, Bastawa Mata, Balesar, Jodhpur.
Phase-2: 82 WHS (Stone Masonary Check Dams (MCD), Anicuts, Concrete Check Dams (CCD & Recharge shafts) have been constructed in certain water stressed blocks of Jodhpur, Jaisalmer and Sikar district.
Phase-3: 39 WHS (Check Dam, Anicut, Model Talab) have been constructed certain water stressed blocks in Jodhpur, Jaisalmer, Sikar, Jhunjhunu and Alwar districts of Rajasthan to know the concentrated effect of artificial recharge.

Regulation of Ground Water extraction

The primary role of Central Ground Water Authority (CGWA) is to regulate groundwater resource exploitation in the country. The Authority has been regulating groundwater development and management by way of issuing ‘No Objection Certificates’ for groundwater extraction to industries, infrastructure projects, Mining Projects, registration of drilling rigs etc., and framed guidelines in this connection.

Development of a new portal for NoC issuance to ground water users i.e. BhuNeer APP, which is an advanced version of the application processing software of CGWA for issuing NOC to ground water users of Industries, Infrastructure & Mining projects and Bulk Water Supply. The motto of developing this portal is to provide users a smooth experience with new features and functionalities.

Rajiv Gandhi National Ground Water Training & Research Institute (RGNGWTRI)

It is the training wing of CGWB and functions as a `Centre of Excellence’ with the national role of capacity building of Officers and Officials of CGWB, other Central Govt. Depts., State Govt. Depts., Public Sector Undertakings, Non-Governmental Organizations, Academic institutions and other stake holders through three arms -Tier I (National Level), Tier II (State Level) and Tier III (Block level) trainings.

During the last 10 years, from 2012-13 to 2024-25(As on 24.12.2024) a total of 1711 training courses (Tier-I, Tier-II & Tier-III) were organized (Male 83,330 + Female 30,369 = 1,13,699 Participants) by RGNGWTRI, Raipur.
The institute has also conducted Four trainings for foreign nationals, during the last 10 years

Development of three Indigenous Softwares as part of Smart India Hackathon (SIH) 2022- a significant step towards Atmanirbhar Bharat

Smart India Hackathon (SIH), a nationwide initiative envisioned under the leadership of Hon’ble Prime Minister is an important mega annual event among students to provide solutions through innovations for specific challenges identified by different organizations. It is an annual event organized by the Ministry of Education’s Innovation Cell, All India Council for Technical Education, along with partners. Based on problem statements shared by CGWB and under the mentorship of CGWB scientists, following three software applications were developed by engineering students as a part of Smart India Hackathon (SIH)

Hydra-Q: A Standalone desktop application for analysis, visualization and interpretation of hydrochemical data.
Aqua Probe: A Standalone desktop application for Pumping Test data analysis.
OASIS-G: Online application System for Stable Isotope Studies-Ground Water

The software applications can be accessed / downloaded from CGWB website (https://www.cgwb.gov.in/freewares-groundwater-data-analysis).

These freeware applications will be useful for students, researchers and groundwater professionals. So far, the software that are used for such kind of analysis are developed mostly in countries other than India. This is a significant step towards Atmanirbhar Bharat and is likely to reduce India’s dependence on foreign software.

Aquifer Management for Augmentation and Sustainability of Urban Water Supply- Faridabad

CGWB has taken up a study on augmentation of water supply to Faridabad city through sustainable ground water development in active Yamuna flood plain in 2024. CGWB has signed MoU with Faridabad Metropolitan Development Authority (FMDA)

Ground Water Quality Analysis

The comprehensive assessment of Ground Water Quality conducted by the Central Ground Water Board (CGWB) provides valuable insights that can guide remedial actions and inform future planning by various stakeholders. Notably, this report on Ground Water Quality is the first to implement a Standard Operating Procedure (SOP) for groundwater quality monitoring, which ensures consistency in data collection, analysis, and interpretation. Additionally, the use of internationally recognized methods significantly bolsters the credibility and technical rigor of the findings. On December 31, 2024, Sh. CR Paatil, Hon’ble Union Minister of Jal Shakti, unveiled the Annual Groundwater Quality Report, 2024.

Key Highlights:

In terms of cation chemistry, calcium dominates the ion content, followed by sodium and potassium. For anions, bicarbonate is the most prevalent, followed by chloride and sulphate. This indicates that overall water in the country is of Calcium-Bicarbonate type.
Some regions face sporadic contamination of nitrates, fluoride, and arsenic.
Seasonal trends observed in parameters like Electrical Conductivity (EC) and fluoride provide evidence of positive monsoon recharge effects, which improve water quality.
From an agricultural perspective, the analysis of Sodium Adsorption Ration (SAR) and Residual Sodium Carbonate (RSC) reinforces the generally favorable suitability of groundwater for irrigation, with over 81% of samples meeting safe thresholds. However, localized issues of high sodium content and RSC values demand targeted interventions to prevent long-term soil degradation.
100% of ground water samples in North-Eastern States are in excellent category for irrigation.

Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)

Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for 2021-26 with an outlay of ₹93,068 Crore to benefit about 22 lakh farmers

Against a target of 34.63 Lakh Ha irrigation potential of 25.80Lakh Ha (approx.74.5%) created through AIBP works of the prioritized projects during 2016-17 to 2023-24
Nine (09) new MMI projects and two (02) new National projects have been further included under PMKSYAIBP.

Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)- Accelerated Irrigation Benefit Programme (AIBP):

The Government of India on 27.07.2016 approved funding of the 99 prioritized irrigation projects (and 7 phases) with an estimated balance cost of Rs. 77,595 Crore (Central share- Rs. 31,342 crores; State share- Rs. 46,253 crores) for completion in phases. The works include both the AIBP and CAD works. Funding arrangement for both Central Assistance (CA) and State Share made through NABARD under Long Term Irrigation Fund (LTIF). Targeted Irrigation Potential to be created under the scheme is 34.63 Lakh ha. An expenditure of Rs. 68891 crore (upto March 2024) has been reported to be incurred by the concerned State Governments on these projects since 2016-17. In January 2020, Ministry of Finance conveyed the continuation of ongoing centrally sponsored scheme up-to 31.03.2021.

Physical Progress: Against the target of 34.63 Lakh Ha. Irrigation Potential of about 25.80 Lakh ha. has been created through AIBP works of the prioritized projects during 2016-17 to 2023-24. The potential created during 2024-25 shall be available only after the end of cropping season.

Project Completed under PMKSY-AIBP: AIBP works of 62 prioritized projects out of identified 99 projects (and 7 phases) were reported to be completed till date.

The Government of India has approved implementation of Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for 2021-26 with an outlay of ₹93,068 Crore on date 15-Dec-2021 to benefit about 22 Lakh farmers. The Union Cabinet has approved central support of ₹37,454 Crore to States and ₹20,434.56 Crore of debt servicing for loan availed by Government of India for irrigation development during PMKSY 2016-21. Accelerated Irrigation Benefit Programme, ‘Har Khet Ko Paani’ and Watershed Development components have been approved for continuation during 2021-26. Total additional irrigation potential creation targeted during 2021-26 under AIBP is 13.88 Lakh hectare. Apart from focused completion of 60 ongoing projects including their 30.23 lakh hectare command area development, 9 additional projects have been taken up till date. Also, two national projects, namely Renukaji Dam Project (Himachal Pradesh) and Lakhwar Multipurpose Project (Uttarakhand) have also been included for central funding of 90% of works of water component under the scheme.

Inclusion of new Major/Medium Irrigation (MMI) projects as well as funding of National Projects under AIBP.

Financial progress requirement is dropped for inclusion of a project underAIBPand only physical progress of 50% to be considered.

Advanced stage (50% physical progress) criteria are relaxed for projects having command area of 50% or more in Drought Prone Area Programme (DPAP), tribal, Desert Development Programme (DDP), Flood prone, Tribal area, Flood prone area, left wing extremism affected area, Koraput, Balangir and Kalahandi (KBK) region of Odisha, Vidarbha& Marathwada regions of Maharashtra and Bundelkhand region of Madhya Pradesh & Uttar Pradesh, as also for Extension Renovation Modernization (ERM) projects and also for States with net irrigation below national average.

Reimbursement is allowed for due central assistance in subsequent year also.

Project completion permitted with physical progress of 90% or more.

Online Management Information System (MIS) has been developed for monitoring of the projects. A nodal officer for each of the 99 priority projects has been identified who updates the physical and financial progress of the project regularly in the MIS.

GIS based Application has been developed for geo-tagging of project components. Remote Sensing Techniques have been used for digitization of the canal network of the projects. Further, the Cropped Area estimation in the command of 99 priority projects is being carried out annually through remote sensing.

To resolve the issue of Land Acquisition (LA) and increase water conveyance efficiency, use of Underground Pipeline (UGPL) has been actively promoted. Guidelines for Planning and Design ofPiped Irrigation Network were released by this Ministry in July, 2017.

Pari-passu implementation of Command area development works in the commands of these projects is envisaged to ensure that the Irrigation Potential Created could be utilized by the farmers. New Guidelines bringing focus on Participatory Irrigation Management (PIM) have been brought out. Further, transfer of control and management of irrigation system to the Water Users’ Association (WUA) has been made necessary condition for the acceptance of CADWM completion.

The Financial Progress under PMKSY-AIBP is as follows:

Funds Released	2016-17 to 2023-24	2024-25 (so far)	Total
Central Assistance for AIBP projects including special and National Projects	18550.98	629.22	19180.20
State Share	33830.83	180.60	34011.4
Total	52,381.81	809.82	53191.6

Special Package for Maharashtra: A Special Package approved on 18.07.2018 which provides Central Assistance to complete 83 Surface Minor Irrigation (SMI) projects and 8 Major / Medium Irrigation Projects in drought prone districts in Vidarbha and Marathwada and rest of Maharashtra in phases up to 2023-24 (extended till March-25). The overall balance cost of the said projects as on 1.4.2018 is estimated to be Rs.13651.61 Crore. Total CA is estimated to be Rs. 3831.41 Crore including reimbursement for expenditureduring 2017-18Balancepotentialof 3. 77 Lakh Ha would be created on completion of these schemes. CA of Rs. 2901.63 crores have been released under the scheme so far. Under the scheme, 53 SMI and 2 MMI projects have been reported to be completed by the State Government of Maharashtra. Overall irrigation potential of 1.66 Lakh ha. has been reported to be created through all these projects during 2018-19 to 2023-24. Further potential created during 2024-25 shall be available only after the end of cropping season.

Modernization of Command Area Development & Water Management (M-CADWM):

The Ministry of Jal Shakti is reviewing the CADWM programme to make it more relevant in the current context of water use efficiency and agricultural productivity. The proposed change is a proposed smart irrigation scheme which envisages transforming the existing command (whether rain fed or gravity based) to a Pressurized Piped Irrigation Command (PPIC) by providing pressurized irrigation water from Established source to Farm Gate below Minor (Tertiary) Level Network. This will make the entire command area micro-irrigation ready with robust back-end infrastructure using Surface Water. The farmers shall be empowered by creating a Water User Society, which will also be an “economic entity”.

The Scheme will develop suitable models for different Agro-Climatic zones, integrating various sources of water, and different levels of water availability, covering both areas of assured irrigation and protected irrigation. These models will pave the way for development of a National Plan for Modernization of water management in rural area in general and irrigation services in particular based on integrated, sustainable, efficient and inclusive water management.

Polavaram Irrigation Project: Polavaram Irrigation Project was declared as National Project under Section 90 of AP Reorganization Act, 2014, which came into force on 1^st March 2014. The project with 2467.50 m of earth-cum-rock fill dam and 1121.20 m long spillway aims at irrigating 2.91 Lakh ha in erstwhile East Godavari, Visakhapatnam, West Godavari and Krishna districts besides several other benefits envisaged by it. Central Government is funding 100% of the remaining cost of the irrigation component of the project, as on 01.04.2014. Government of Andhra Pradesh is executing the irrigation component of the project on behalf of Government of India. The approved cost of the Project as per Revised Cost Committee (RCC) is Rs 29,027.95 cr at 2013-14 PL and Rs 47,725.74 cr at 2017-18 PL up to FRL i.e. EL +45.72 m. After declaration as National Project, a sum of Rs. 15,605.96 cr has been released for execution of Polavaram Irrigation Project so far.

The Union Cabinet has approved the revised cost of the PIP in its meeting held on 28.08.2024, with water storage upto EL + 41.15 m at a cost of Rs. 30,436.95 cr with balance central grant for the project limited to Rs. 12,157.53 cr. Further, an amount of Rs. 2,348 cr has been released on 09.10.2024 as advance payment to GoAP on account of execution of Polavaram Irrigation Project in addition to the reimbursement of Rs 15,605.96 cr made to GoAP.

As reported by Water Resource Department, Government of Andhra Pradesh, an expenditure of Rs 18,348.84 cr has been incurred on the project works up to 30.11.2024, after declaration of Polavaram irrigation project (PIP) as National Project.

Atal Bhujal Yojana (Atal Jal)

Atal BhujalYojana (Atal Jal) is a Central Sector Scheme of Government of India with an outlay of Rs 6000 Crore, with focus on community participation and demand side interventions for sustainable ground water management in identified water stressed areas in 8203 water stressed Gram Panchayats of 229 administrative blocks/Talukas in 80 districts of seven States in the country viz. Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh. The scheme, partly funded by the World Bank, is being implemented from 1.04.2020 for a period of 6 years.

This unique scheme aims at increasing the capacity of States to manage their ground water resources and for ensuring their long-term sustainability with active participation of the local communities through a mix of top-down and bottom-up approaches. It also envisages convergence of various ongoing schemes for implementation of interventions for improving ground water availability with emphasis on demand management and also to inculcate behavioral changes in the community to ensure optimal use of available water resources.

The launch of Atal Bhujal Yojana heralds a change in the Government policy for ground water management by emphasizing the importance of community participation in planning, execution, and monitoring of scheme activities; convergence of ongoing schemes for implementing interventions aimed at improving ground water availability; focus on demand side management through improving water use efficiency and incentivizing participating States for awareness creation among the masses on the importance of ground water.

Atal Bhujal Yojana also envisages improving the capacity of States for ground water governance through strengthening of institutions dealing with ground water management, improving ground water monitoring networks, creation of awareness among the public on the importance and criticality of ground water resources and building the capacity of the grass root level stakeholders to plan and utilize the available resources in a judicious manner. It also addresses the gender perspective by making it mandatory to include women in all activities of the scheme.

Atal Bhujal Yojana is expected to improve ground water conditions in the target areas and to contribute significantly to ensure ground water sustainability for interventions planned under the Jal Jeevan Mission (JJM). It is also expected to contribute to the Hon’ble Prime Minister’s goal of doubling farmers’ income and to result in optimal use of ground water by the stakeholders in the long-run.

Further, to bridge the gap in the data availability at the GP level for better water management across India, Department of Water Resources, River Development & Ganga Rejuvenation in collaboration with Ministry of Panchayati Raj has taken the initiative to expand water budgeting exercise to non-Atal Jal areas as well by their inclusion in the Gram Panchayat Development Plans (GPDPs).

Key achievements under Atal Bhujal Yojana are as follows:

Public disclosure of data in all the Atal Jal GPs through various modes of disclosure viz., central/state web portals, display board at each GP, social media, wall paintings, distribution of pamphlets/brochure, public meetings and Atal Jal Mobile application.
States have used innovative measures like Groundwater Data Information Dissemination Centers, QR codes, social media, etc., to disseminate the groundwater related data to public.
Community led Water Budget and WSPs prepared for all the 8203 GPs and updated on yearly basis.
Groundwater monitoring system has been strengthened at GP level by providing equipment like Digital Water Level Recorders, water level indicators, rain gauges, water quality testing kits, water flow meters etc. In addition, piezometers have been constructed in GPs for monitoring of water levels.
A total of 49 State level, 410 District level, 1152 Block level and 99,406 GP level trainings have been conducted so far.
Awareness and sensitization at GP level through innovative Information Education and Communication practices like narrowcasting in Haryana, folk dances/songs in Karnataka, Jal dindis in Maharashtra, Ratri Choupals in Rajasthan have been used to drive the message of sustainable groundwater management.
Investment of Rs. 4355 Crore towards implementation of interventions proposed under WSPs through convergence.
An area of around 6.7 lakh Hectares has been brought under efficient water use practices including Drip, Sprinkler, Mulching, Crop Diversification etc.
More than 70,000 wells are being monitored for water level at GP level and shared with community.
More than 90,000 existing Water Conservation and Artificial Recharge structures have been mapped.
813 GPs in 47 Blocks have shown improvement in ground water level.
A total of Rs.3420.57 Cr. has been disbursed to the States since the inception of the scheme. A total of Rs.2863.98 Cr. has been utilized by the States since the inception of the scheme.
Sixth meeting of National Level Steering Committee (NLSC) for implementation of Atal Bhujal Yojana was held on 07 June 2024.

Minor Irrigation Statistics: Progress under the scheme “Irrigation Census”:

Minor Irrigation Census conducted quinquennially in order to create a sound and reliable database on groundwater and surface water minor irrigation schemes in the country. The Minor Irrigation Census is conducted under the centrally sponsored scheme “Irrigation Census” with 100% central funding through which State Statistical Cells constituted under different States/UTs are also supported.

The sixth Minor Irrigation Census and the first Census of Water bodies covering all water bodies in the country, both rural and urban have been completed. All India and State-wise report on 6^th Minor Irrigation Census and First Census of Water Bodies has been published and are available at the Department website ‘https://jalshakti-dowr.gov.in’. Key results have been disseminated on Bhuvan portal and the state wise unit level data has also been disseminated on Open Government Data (OGD) platform.

During 2024, the following progress under the scheme “Irrigation Census” has been achieved:

7^th Minor Irrigation Census and 2^nd Census of Water Bodies are underway, along with two new censuses: the 1^st Census of Springs and the 1^st Census of Major and Medium Irrigation Projects, with reference year 2023-24.
An all-India Workshop on these Censuses was held in 2023, with participation from all States and Union Territories. NIC has developed a mobile/web application for these censuses, with pilot testing successfully conducted in Uttarakhand, Himachal Pradesh, Odisha, and Meghalaya in month of October, 2024.
Six regional workshops for training of trainers for upcoming censuses are being conducted at regional centers in Tripura, Karnataka, Uttar Pradesh, Haryana, Rajasthan, and West Bengal from December, 2024 to January, 2025 to provide training to trainers at State level for further capacity building.
Grands-in-aid to States/UTs were released timely on receipt of proposals from eligible States/UTs.

Flood Management Wing (FM):

Flood Management and Border Areas Programme (FMBAP):

The “Flood Management Programme (FMP)” and “River Management Activities and Works related to Border Areas” (RMBA) under operation during XII Five Year Plan were merged as “Flood Management and Border Areas Programme” (FMBAP) for the period 2017-18 to 2019-20 and further extended up-to March, 2021. Cabinet further approved the continuation of FMBAP scheme during 2021-22 to 2025-26 with an outlay of Rs. 4100 Crore (FMP-Rs. 2940 Crore and RMBA – Rs. 1160 Crore).

Since the inception of FMBAP (till December 2024), Central Assistance of Rs. 7136 crores have been released to States/UTs under FMP component of Flood Management & Border Area Programme (FMBAP) scheme and Central Assistance of Rs. 1258.73 crores have been released to UTs/States under RMBA component of FMBAP scheme.

Completion of balance works of North Koel Reservoir Project: DoWR, RD & GR has taken up the long pending project for completion of balance works of North Koel Reservoir Project, Bihar and Jharkhand. In August, 2017 the Union Cabinet has approved the proposal for balance works of North Koel Reservoir Project at an estimated cost of Rs. 1622.27 crore during three financial years from the start of the project. Subsequently, at the request of both State Governments, certain other components were found necessary to be included in the project. Complete lining of Right Main Canal (RMC) and Left Main Canal (LMC) was also regarded essential from technical considerations to derive envisaged irrigation potential. Thus, the works of Gaya distribution system, lining of RMC and LMC, remodeling of enroute structures, construction of a few new structures and onetime Special Package for R&R of Project Affected Families (PAFs) were to be provided for in the updated cost estimate. Accordingly, Revised Cost Estimate of the project was prepared. Out of the cost of balance works of Rs. 2430.76 crore, the Central would provide Rs.1836.41 crore. The Cabinet Committee on Economic Affairs has given its approval to the proposal to complete the balance works of North Koel Reservoir Project at a revised Cost of Rs. 2,430.76 crore on 04.10.2023. Project will provide irrigation benefit to 114,021 hectares of land annually in drought prone areas of Aurangabad and Gaya districts of Bihar and Palamau and Garwa districts of Jharkhand. Project also has the provision for supply of 44 MCM water for drinking and industrial water supply. The execution of balance works of the project on turnkey basis by M/s WAPCOS Ltd., a CPSU under DoWR, RD & GR as Project Management Consultant (PMC). 10% works on dam & appurtenant, 100% of additional works of Mohammad Ganjbarrage, 86% works on left main canal and works on Right Main Canal in Jharkhand Portion & 18% works on Bihar portion have been completed.

India and Bangladesh Matters

A Treaty was signed by the Prime Ministers of India and Bangladesh on 12th December, 1996 for the sharing of Ganga/Ganges waters at Farakka during the lean season. As per the Treaty, the Ganga/Ganges waters is being shared at Farakka (which is the last control structure on river Ganga in India) during lean period, from 1^st January to 31^st May every year, on 10-daily basis as per the formula provided in the Treaty. The validity of Treaty is 30 years. The sharing of water as per the Treaty is being monitored by a Joint Committee headed by Members, JRC from both sides. The following India-Bangladesh Joint Committee Meetings have been convened.

The 83^rd meeting of the Joint Committee on sharing of the Ganga/Ganges waters at Farakka was held at Dhaka on 24^th January, 2024 after a visit to the joint observation site at Hardinge Bridge, on 24th January, 2024.
The 84^th meeting of the Joint Committee on sharing of the Ganga/Ganges Waters at Farakka was held at Kolkata on 7^th March, 2024 after visit to the joint observation sites at Farakka on 5^th March, 2024.
The 85^th meeting of the Joint Committee on sharing of the Ganga/ Ganges waters at Farakka was held at Dhaka (Bangladesh) on 14^th November, 2024 for the finalization of Annual Report of the lean/dry season of the year 2024.

During the 83^rd and 84^th Joint Committee meetings, the Indian delegation was led by Mr. Atul Jain, Commissioner (FM), Department of Water Resources, River Development and Ganga Rejuvenation Ministry of Jal Shakti. During the 85th Joint Committee meeting, the Indian delegation was led by Mr. Sharad Chandra, Commissioner (FM), Department of Water Resources, River Development and Ganga Rejuvenation, Ministry of Jal Shakti, Government of the Republic of India and Member, India-Bangladesh Joint Rivers Commission. The Bangladesh delegation was led by Dr. Mohammad Abul Hossen, Member, India-Bangladesh Joint Rivers Commission, Ministry of Water Resources, Government of the People’s Republic of Bangladesh.

National River Conservation Directorate (NRCD)

Cleaning of river is a continuous process and Government of India is supplementing the efforts of the State Governments in addressing the challenges of pollution of rivers by providing financial and technical assistance. Assistance is provided to State Governments for abatement of pollution in identified stretches of various rivers (excluding river Ganga and its tributaries) under the Centrally Sponsored Scheme of National River Conservation Plan (NRCP) on cost sharing basis between the Central & State Governments for taking up various pollution abatement works relating to interception & diversion of raw sewage, construction of sewerage systems, setting up of sewage treatment plants, low cost sanitation, river front/bathing ghat development, etc.

Project for ‘Pollution Abetment River Banganga at Katra’ in Jammu & Kashmir at a cost of Rs.92.10 crore was sanctioned.
Project for ‘Pollution Abetment and Conservation of river Mindhola at Surat’ in Gujarat at a cost of Rs.98.51 crore was sanctioned.
Project for ‘Interception & Diversion of Sewerage Water from Existing Drains to Nearest STP for Treatment Purposes in Jodhpur City for Pollution Abatement of River Jojari at Jodhpur’ in Rajasthan at a cost of Rs.13.10 crore was sanctioned.
Project for ‘Sewer rehabilitation of old and deteriorated pipes by Trenchless CIPP Technology for main trunk sewer lines heading towards Nandari and Salawas STPs for pollution abatement of Jojari River at Jodhpur’ in Rajasthan at a cost of Rs.51.99 crore was sanctioned.
Project for ‘Design of Complete Sewerage System and Proposal of Development of New STP for Jhalamand Area, Jodhpur for pollution abatement of river Jojari at Jodhpur’ in Rajasthan at a cost of Rs.53.63 crore was sanctioned.
Project for ‘Establishing and Commissioning of 30 MLD Sewage Treatment Plant (STP) at Nandari for pollution abatement of river Jojari at Jodhpur’ in Rajasthan at a cost of Rs.53.86 crore was sanctioned.
Project for ‘Rejuvenation of Imphal-Manipur River and Faecal Sludge and Septage Management at 27 ULBs’ in Manipur at a cost of Rs.92.39 crore was sanctioned.
Project for ‘Elamkulam sewerage project for rejuvenating Chitrapuzha River through restoration of natural streams/outfalls carrying sewage/pollutants-Construction of STP 17.5 MLD’ in Kerala at a cost of Rs.47.53 crore was sanctioned.
Project for ‘Perandoor Sewerage Project for Rejuvenating Periyar River through Restoration of Natural Streams/Outfalls Carrying Sewage/Pollutants—Construction of 19 MLD STP (Part 1)’ in Kerala at a cost of Rs.49.78 crore was sanctioned.
Project Management Consultant has been appointed for implementation the project of ‘Pollution abatement and conservation of River Nag at Nagpur, Maharashtra’ sanctioned at a cost of Rs.1,926.99 crore with Japan International Cooperation Assistance.
Project for pollution abatement of river Devika and Tawi at Udhampur, Jammu & Kashmir sanctioned for Rs.186.74 crore has been completed 3 sewage treatment plants (STPs) with total capacity of 13.06 mld constructed under NRCP.
Project for pollution abatement of river Tapi at Surat, Gujarat sanctioned for Rs. 971.25 crore has been completed 11 sewage treatment plants (STPs) with total capacity of 208.97 mld constructed under NRCP.
Central Assistance amounting to Rs. 425 crores released to various State Governments/Agencies for implementation of projects under NRCP.
Stakeholder Consultation Workshop on Guidelines for National River Conservation Plan and DPR Preparation held on 06th May, 2024 in the presence of Secretary, DoWR, RD & GR. The recommendation and suggestions of the stakeholders are under review and accordingly will be proposed in the revised guidelines of NRCP and DPR guidelines.
First meeting of the Stakeholder Advisory Committee (SAC) was held on 31.05.2024 under the Chairpersonship of Secretary, DoWR, RD & GR at Nagpur under the project Condition Assessment and Management Plan of Six River Basins (Cauvery, Periyar, Narmada, Mahanadi, Godavari and Krishna).
The project “Assessment of ecological status of 7 rivers viz. Narmada, Mahanadi, Godavari, Cauvery, Periyar, Pamba and Barak for conservation planning” has been entrusted to Wild Life Institute of India (WII) at a sanctioned cost of Rs. 24.56 crore in September, 2020. The project broadly aims to spearhead river conservation in above seven Indian rivers for biodiversity conservation and maintenance of ecosystem services. Intensive ecological studies will be carried out in the seven prioritized river basins of India and ecological status will be assessed. Stake Holders workshops of NRCD- WII held at Bengaluru, Karnataka Cauvery River basin.

External Affairs & International Cooperation (EA&IC)

DoWR, RD & GR has signed a Memorandum of Understanding (MoU) with different countries on cooperation in the field of water resources management and development. For effective implementation of activities under the various signed MoUs, to enhance the collaboration under the MoU, certain activities were undertaken including Joint Working Group (JWG) meeting, the details of which is as follows –

MoU with Denmark – The MoU between India and Denmark on Cooperation in the field of Water Resources Management was signed on 12.09.2022. Two projects namely “Centre of excellence on Smart Water Resources Management (CoESWaRM)” and “Smart Laboratories on Clean River (SLCR)” have been identified under the MoU. Indian side Joint Working Group was formed on 05.08.2024. First Joint Working Group (JWG) meeting under the MoU was held on 05^th December 2024. In the meeting, it has been agreed to have organizational division at PMU level into two sub-thematic areas under the existing Centre of Excellence (CoE).

MoU with European Union – The MoU between India and the European Union on Water Cooperation was signed on 01.10.2016. Three JWG meetings have been convened so far. Third Meeting of JWG was convened on 12.07.2023 virtually. The 6th EU-India Water Forum meeting was held on 18.09.2024 during the 8th India Water Week in New Delhi. The forum inter-alia explored trilateral collaboration between East Africa, India and the EU to address water challenges in regions like Lake Victoria and Lake Tanganyika.

MoU with Israel: The MoU between India and Israel on Water Resources Management and Development Cooperation was signed on 11.11.2016. A Joint Review Committee (JRC) (Now Steering Committee) has been formed on 20.02.2024 to assess the activities and progress of the projects identified for implementation under the MoU. 1^st meeting of the JRC was convened on 9th Oct 2024 recommending the proposal for the “Establishment of India-Israel Centre of Water Technology (CoWT)”.

MoC with Japan (Water Resources): The Memorandum of Cooperation (MoC) between India and Japan in the area of Water Resources was signed on 11.12.2019. Two meetings of Joint Working Group (JWG) have been convened so far. 2nd JWG meeting was held on 14.11.2024. In the meeting both sides agreed for extension of the MoU and to identifying additional areas for collaboration.

MoU with Morocco- The MoU between India and Morocco on cooperation in the field of Water Resources was signed on 14.12.2017. Four JWG meetings have been convened so far. Fourth JWG meeting was convened on 20.09.2024. It was agreed upon that both the countries will share their experiences, analysis, findings, policies and developments in the field of water resources in its next meeting of JWG.

Bilateral Meetings of Hon’ble Minister of Jal Shakti with the Ministers of Foreign Nations during India Water Week 2024 in New Delhi: –

Denmark: Mr. C.R. Paatil, Hon’ble Minister of Jal Shakti met with H.E. Mr. Morten Bødskov, Denmark’s Minister of Industry, Business and Financial Affairs. Denmark’s Minister reaffirmed Denmark’s commitment to sustainable water solutions and highlighted the expertise of Danish companies in water management. The Hon’ble Minister of Jal Shakti proposed collaborative initiatives to develop scalable technologies for water challenges, suggesting pilot projects at the district level.
Guyana: A significant meeting took place between Mr. C. R. Paatil, Hon’ble Minister of Jal Shakti and Mr. Collin D. Croal, Hon’ble Minister of Housing & Water, Guyana. It was agreed upon that both the countries will share their experiences, policies and developments in the field of water resources
Tanzania: Mr. C. R. Paatil, Hon’ble Minister of Jal Shakti, India met with Mr. Mathew Andrea Kundo, Deputy Minister of Water, Tanzania. The Tanzanian Minister proposed discussions on a new project to transport water from Lake Victoria, estimated at $600 million, to address water challenges in Tanzania. Hon’ble Minister of Jal Shakti assured that this proposal would be deliberated upon in the Ministry positively.
Zimbabwe: A productive meeting took place between Mr. C. R. Paatil, Hon’ble Minister of Jal Shakti and Mr. Vangelis Peter Haritatos, Hon’ble Deputy Minister of Lands, Agriculture, Fisheries, Water and Rural Development, Zimbabwe. Zimbabwe’s Minister sought innovative financing options beyond traditional avenues such as EXIM etc. Hon’ble Minister for Jal Shakti assured that these matters would be deliberated upon positively, emphasizing that improvements in Zimbabwe’s irrigation sector would significantly enhance food security across Africa.

Barhmaputra & Barak (B&B) Wing

Expert Level Mechanism (ELM)

During the visit of the Hon’ble President of the People’s Republic of China to India on November 20-23, 2006, it was agreed to set up an Expert-Level Mechanism to discuss interaction and cooperation on provision of flood season hydrological data, emergency management and other issues regarding trans-border Rivers as agreed between them. Accordingly, the two sides have set up the Joint Expert Level Mechanism through a Joint Declaration by both the countries.

The ELM meetings are held alternately in India and China every year. Fifteen meetings of ELM have been held so far. The 15^th meeting of ELM was held at Beijing, China during 13^th-14^th August 2024. The GoI delegation was led by Shri S.K. Sinha, Commissioner (B&B), DoWR, RD & GR, Ministry of Jal Shakti and the Chinese delegation was led by Mr. Hao Zhao, Director General of the International Economic & Technical Cooperation and Exchange Centre, Ministry of Water Resources, People’s Republic of China. Representatives of Ministry of External Affairs (MEA), Central Electricity Authority (CEA) and Central Water Commission (CWC) had also participated in the meeting.

(ii) INDIA-BHUTAN COOPERATION

Joint Group of Expert (JGE) on Flood Management:

A Joint Group of Expert (JGE) on Flood Management has been constituted between India and Bhutan to discuss and assess the probable causes and effects of the recurring floods and erosion in the southern foothills of Bhutan and adjoining plains in India and recommend to both Governments appropriate and mutually acceptable remedial measures. Ten meetings of JGE have been held so far. The 10^th meeting was held during 28^th-29^th February, 2024 at New Delhi, India. The GoI delegation was led by Shri S. K. Sinha, Commissioner (B&B), Department of Water Resources, River Development & Ganga Rejuvenation (DoWR, RD& GR), Ministry of Jal Shakti, GoI and the RGoB delegation was led by Mr. Karma Dupchu, Director, National Centre for Hydrology and Meteorology (NCHM), RGoB.

Joint Technical Team (JTT) on Flood Management:

In accordance with the decision taken during the first meeting of JGE, a Joint Technical Team (JTT) on Flood Management between the two countries was constituted. The purpose of JTT is to assess the field situation and provide technical support to JGE on flood management. Eight meetings of JTT have been held so far. The 8^th meeting of JTT was held during 18^th–20^th November, 2024 at Chalsa, Jalpaigudi, West Bengal. The Indian delegation was led by Shri G.L. Bansal, Chief Engineer, Brahmaputra Basin Organisation (BBO), Central Water Commission, GoI and the Bhutanese delegation was led by Dr. SingayDorji, Chief of Meteorological Services Division (MSD), National Centre for Hydrology and Meteorology, RGoB.

Joint Experts Team (JET) on Flood Forecasting:

A Joint Experts Team (JET) consisting of senior officials from the Government of India and Royal Government of Bhutan(RGoB) continuously reviews the progress and other requirements of a network of 36 hydro-meteorological sites located in the catchments of trans-border rivers Puthimari, Pagladiya, Sankosh, Manas, Raidak, Torsa, Aie and Jaldhaka. So far, JET has met 38 times alternately in India and Bhutan since its reconstitution in 1992 and the last JET meeting i.e. 38^th meeting was held at Mandarmani, West Bengal, India during 10^th-11^th December, 2024.

The Indian delegation was led by Shri Subhrangshu Biswas, Chief Engineer, Teesta&Bagarathi-Damodar Basin Organisation (T&BDBO), Central Water Commission, GoI and the Bhutanese delegation was led by Mr. Karma Dupchu, Director, National Centre for Hydrology and Meteorology (NCHM), RGoB.

13. NERIWALM

The North Eastern Regional Institute of Water and Land Management (NERIWALM), under the Ministry of Jal Shakti, continued its vital contributions to water and land management across North East India in 2024. As the only institute of its kind in the region, it upheld its mandate of capacity building and skill enhancementfor efficient management of water and land resources for irrigation and agriculture.

During the year (January to December, 2024), the institute organized 76 training programmes, reaching 3,173 beneficiaries. Among these were induction-level courses for newly recruited engineers from the Irrigation and Agriculture Departments of Assam, as well as the Brahmaputra Board. A faculty development program on advancements in agriculture and water management was also conducted. NERIWALM collaborated with leading national institutions and agencies to host a two-day National Seminar on Advances in Irrigation Technologies and Management, fostering knowledge exchange and innovation.

In research and development, the institute undertook a diverse range of projects sponsored by state and central government departments. Key initiatives included the preparation of State-Specific Action Plans for 19 states, evaluations of PMKSY-AIBP and PMKSY-HKKP irrigation projects in Assam and Meghalaya, research project on farmer participation in irrigation management in Manipur, studies on good water management practices and study on the impact of climate change on dam-related hydro-geomorphic and social aspects in Arunachal Pradesh.

NERIWALM’s academic program also progressed with the enrollment of 15 students in the M.Tech course on Water Resource Management for the 2024-25 session. The institute further strengthened its credentials by developing e-learning modules on water resource management for the i-GOT platform. NERIWALM was accredited as “EXCELLENT” under the Capacity Building Commission’s National Standards, while its Soil and Water Laboratory achieved NABL accreditation.

14. NATIONAL HYDROLOGY PROJECT

National Hydrology Project (NHP), with support from the World Bank, envisages establishing a system for timely and reliable water resources data acquisition, storage, collation and management. It has pan-India coverage with 48 Implementing Agencies (IAs) {12 from Central Government (including 3 from River Basin Organisations) and 36 from States/ UTs}. It will also provide tools and systems for informed decision making for water resources assessment, planning and management. The National Hydrology Project has been approved with an outlay of Rs. 3,679.77 Crore as a Central Sector Scheme with 100% grant to State Governments and Central Implementing Agencies. The project originally had a duration of 8 years from 2016-17 to 2023-24. However, Department of Expenditure, Ministry of Finance has accorded approval for extension of project till Sept-2025 within the same allocation.

Broad objectives of NHP include: a) To improve the extent, quality, and accessibility of water resources information; b) To create decision support system for floods and basin level resource assessment/planning; and c) To strengthen the capacity of targeted water resources professionals and institutions in India.

Under the ongoing NHP, almost 22960 Real Time Data Acquisition System (RTDAS) surface water and ground water stations have already been installed in the country. Besides, 46 Supervisory Control and Data Acquisition (SCADA) packages have been commissioned; almost 5667 piezometers constructed; 134 stationary as well as mobile water quality labs have been developed/procured/maintained and put into operation;
high-resolution DEMs, CORS network as well as Geoid model have also been developed. Furthermore, Bathymetric surveys of 464 important reservoirs of the country covering 162 BCM have also been taken up under NHP of which 373 studies have already been completed. Further 36 State Data Centres / Regional data centres / knowledge centres, etc. have been completed under the ongoing NHP. The need for development & maintenance of appropriate institutional framework both at the Central as well as State level for water resources information system intended for collection, collation and dissemination of the database was given shape in the ongoing NHP. As envisaged in the Cabinet note, the National Water Resources Informatics Centre (NWIC) has been created in 2018 and is now functional. Additionally, the formation of the State Water Informatics Centres for development of respective State Water Resources Information Systems was expedited in the ongoing NHP. Till date almost 19 SWICs have already been formed with a few more under process. The information system covering hydro-meteorological, hydro-geological, sedimentation, morphological and water quality data is also important in the context of various studies being done under NHP which
include IT Applications, Digital Products, geospatial hydro products, etc.

15. Surface Minor Irrigation (SMI) scheme

Under the Surface Minor Irrigation (SMI) scheme, since 12th plan onwards, 7282 schemes are ongoing with an estimated cost of ₹ 16113.560 crores. Central Assistance (CA) of Rs. 9009.169 crores have been released to states up-to March, 2024. Further, 4965 schemes have been reported to be completed up-to March, 2024. Target irrigation potential creation of these schemes is 11.58 L Ha and out of this, 8.59 L Ha is reported to be created till March, 2024.

16. Repair, Renovation and Restoration (RRR) of Water Bodies scheme

Under the Repair, Renovation and Restoration (RRR) of Water Bodies scheme, since 12th plan onwards, 3075schemes are ongoing with an estimated cost of Rs. 2834.692 crore. Central Assistance (CA) of Rs. 554.279Crore has been released to states up to March, 2024. Further, 2192 water bodies have been reported to be completed up to March, 2024. Target irrigation potential restoration of these schemes is 2.41 L Ha and out of this, 2.00 L Ha is reported to be restored till March, 2024

18. Mass Communication Internship programme

DoWR, RD & GR undertook internship programme in mass communication on during 2024. Students pursuing Degrees or are Research Scholars enrolled in recognized University/Institution in the field of Mass Communication in India are given opportunity to apply as “interns”. The Internship Programme provided short term exposure to “selected candidates” to be associated with the Department’s work related to media/social media activities. The objectives of the programme are to well acquaint the “Interns” with the working of the Department in field of media/social media related activities etc. and simultaneously the “interns” to supplement the process of mass publicity of this Department to create awareness about importance of development and management of water resources in holistic manner.

03 interns were selected for an initial period of 6 months under the program.

*****

Dhanya Sanal K

Director

(Release ID: 2096022) Visitor Counter : 29

MIL OSI Asia Pacific News –

January 26, 2025

MIL-OSI: Sampo plc’s share buybacks 1 November 2024

Source: GlobeNewswire (MIL-OSI)

Sampo plc, stock exchange release, 4 November 2024 at 8:30 am EET

Sampo plc’s share buybacks 1 November 2024

On 1 November 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:

Sampo plc’s share buybacks	Aggregated daily volume (in number of shares)	Daily weighted average price of the purchased shares*	Market (MIC Code)
	4,395	41.16	AQEU
	40,324	41.18	CEUX
	754	41.28	TQEX
	46,183	41.19	XHEL
TOTAL	91,656	41.19

*rounded to two decimals

After the disclosed transactions, the company owns in total 9,872,296 Sampo A shares representing 1.79 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

Details of each transaction are included as an appendix of this announcement.

On behalf of Sampo plc,
Morgan Stanley

For further information, please contact:

Sami Taipalus
Head of Investor Relations
tel. +358 10 516 0030

Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
Nasdaq Copenhagen
London Stock Exchange
The principal media
FIN-FSA
DEN-FSA
www.sampo.com

Attachment

Sampo_share_buyback_01_11_2024

The MIL Network –

January 26, 2025

MIL-OSI: Aktsiaselts Infortar Unaudited Consolidated Interim Report for third quarter of 2024

Source: GlobeNewswire (MIL-OSI)

Aktsiaselts Infortar (Infortar) will organize a webinar for introducing third quarter 2024 results today. Please join the webinar via the following links:

4. November at 12.00 (EET) Estonian webinar

4. November at 14.00 (EET) English webinar

Following the acquisition of a majority stake in Aktsiaselts Tallink Grupp (Tallink), Infortar’s total assets have reached €2.5 billion. For the first nine months of this year, the company’s consolidated revenue amounted to €926 million, net profit reached €187 million, and investments totaled €138 million.

“We’ve grown into Estonia’s largest investment company in the third quarter—our consolidated asset volume has increased by €1 billion within just nine months. Infortar’s structure and outlook have transformed significantly over a short period; we’re literally fuelled by growth,” remarked Ain Hanschmidt, Chairman of Infortar’s Management Board.

“Infortar actively seeks and invests in growth across various sectors and beyond borders. When we went public last year, we committed to invest €110 million from 2023 to 2025, yet we have already invested €138 million in the current year alone,” said Hanschmidt.

In the third quarter of 2024, Infortar increased its shareholding in Tallink to 68.5% through a public share offering. Alongside with other investors, Infortar envisions a strong and stable future for Tallink. The voluntary takeover offer attracted those who wished to exit the region for various reasons.

In the third quarter of 2024, Tallink transported a total of 1,715,496 passengers, with the company’s ships completing 1,840 departures. Compared to the same period last year, Tallink´s unaudited sales revenue decreased by 3.7%, totalling €231.9 million, with a net profit of €36.8 million.

AS Eesti Gaas, the largest private energy company in the Finnish and Baltic region, increased its sales volume of natural gas and electricity by 27% year-on-year, reaching 13.9 TWh and a market share of 25.7%. Operating under the Elenger brand in foreign markets, the company is focused on expanding its energy business in Poland and Germany and establishing access to the wholesale gas market in the Netherlands and Belgium.

The construction of Rimi’s logistics centre and the new Pärnu bridge are going according to the schedule. In July, the bridge arch was installed, introducing new engineering solutions to Estonia.

At the end of the third quarter, Infortar announced plans to acquire Tallinna Raamatutrükikoda, in addition to the printing houses Printon and Vaba Maa. This acquisition aims to enhance synergies and bolster the company’s extensive experience in the printing sector.

KEY FIGURES	9 months 2024	9 months 2023	Q3 2024	Q3 2023
Revenue (in thousands of EUR)	925 607	746 892	349 468	186 540
Gross profit (in thousands of EUR)	93 758	107 238	40 669	18 887
EBITDA (in thousands of EUR)	117 384	105 865	41 874	19 294
EBITDA margin %	12,7%	14,2%	12,0%	10,3%
Operating profit (in thousands of EUR)	83 817	94 661	20 422	14 234
Net profit (in thousands of EUR)	187 339	269 624	114 322	185 941
Profit attributable to the owners of the parent company (in thousands of EUR)	184 122	269 546	111 105	185 658
Earnings per share (EUR)*	9,1	13,3	5,5	9,2

Total equity (in thousands of EUR)	1 223 058	771 700
Total liabilities (in thousands of EUR)	961 419	480 816

* For the period ending 30.09.2024, earnings per share (EPS) in euros have been calculated using a share count of 21,166,239, with company´s own shares deducted for comparability.

Revenue

During the first nine months of 2024, Infortar’s consolidated revenue increased by €178.7 million, reaching €925.6 million, compared to €746.9 million in the same period in 2023. This growth was significantly impacted by the line-by-line consolidation of Tallink results into Infortar’s financial statements.

EBITDA and Segment Reporting

The acquisition of a majority stake in Tallink does not significantly impact segment reporting; Infortar’s management continues to monitor business segments using existing principles.

Energy Segment: Nine-month EBITDA for 2024 was €79.5 million, down from €99.1 million in 2023.

Maritime transportation segment: nine-month EBITDA for 2024 was €149,5 million, compared to €177.7 million in 2023. Until 31.07.24, Infortar consolidated Tallink results by the equity method according to its ownership percentage, switching to line-by-line reporting as of 01.08.24.

Real Estate Segment: EBITDA for real estate in the first nine months of 2024 reached €12 million, up from €11 million in the same period of 2023.

Net Profit

Consolidated net profit for the first nine months of 2024 was €187.3 million, compared to €269.6 million for the same period in 2023. The previous year’s results included a one-time profit from the AS Gaso acquisition.

Financing

Loan and lease obligations totalled €961.4 million for the first nine months of 2024, up from €480.8 million in 2023 due to the consolidation of Tallink liabilities. The net debt-to-EBITDA ratio, considering Tallink’s full-year EBITDA for 2024, stands at 2.4.

Income statement, in thousands of EUR	Q3 2024	Q3 2023	9 months 2024	9 months 2023
Sales Revenue	349 468	186 540	925 607	746 892
Cost of Sales	-308 803	-169 764	-831 796	-634 815
Impairment of Receivables	4	2 111	-53	-4 839
Gross Profit	40 669	18 887	93 758	107 238
Marketing Expenses	-7 789	-394	-8 627	-1 109
General Administrative Expenses	-13 423	-3 975	-27 679	-12 563
Profit (Loss) from Biological Assets	44	0	17	0
Loss on Changes in Fair Value of Investment Properties	-3 047	0	-2 891	0
Profit (Loss) from Derivative Instruments	52	380	24 574	1 067
Other Operating Income	4 368	308	5 449	1 065
Other Operating Expenses	-452	-972	-784	-1 037
Operating Profit	20 422	14 234	83 817	94 661
Profit from Investments Accounted for Using the Equity Method	3 243	22 254	22 128	37 701
Financial Income and Expenses
Income from Financial Investments	69 782	-34	72 520	-58
Interest Expense	-11 340	-5 520	-24 466	-14 004
Interest Income	1 215	467	4 219	2 300
Profit (Loss) from Foreign Exchange Rate Changes	160	-23	156	-160
Other Financial Income and Expenses	-393	159 216	-395	159 216
Total Financial Income and Expenses	59 424	154 106	52 034	147 294
Profit Before Tax	83 089	190 594	157 979	279 656
Corporate Income Tax	31 233	-4 653	29 360	-10 032
Profit (Loss) for the Reporting Period	114 322	185 941	187 339	269 624
Including:
Profit (Loss) Attributable to Owners of the Parent Company	111 105	185 658	184 122	269 546
Profit (Loss) Attributable to Non-controlling Interests	3 217	283	3 217	78
Other Comprehensive Income for the Reporting Period			-33 463	-60 195
Total Comprehensive income for the Reporting Period			153 876	209 429
Including:
Comprehensive Income (Loss) Attributable to Owners of the Parent Company			150 659	209 351
Comprehensive Income (Loss) Attributable to Non-controlling Interests			3 217	78
Basic Earnings per Share			9,11	13,20
Diluted Earnings per Share			8,78	12,80

^{* The non-cash revaluations of derivative instruments in comprehensive income do not affect the profitability or cash flow generating ability of AS Eesti Gaas or Infortar’s core business operations.}

Balance sheet, in thousands of EUR

ASSETS	30.09.24	30.09.23	31.12.2023
CURRENT ASSETS
Cash	95 863	90 456	87 115
Short-term Financial Investments	1	1	0
Short-term Derivative Instruments	2 246	21 216	28 728
Receivables from Realized Derivative Instruments	2 773	1 279	5 958
Receivables from Customers	115 992	91 071	162 575
Tax Prepayments	4 161	1 192	925
Other Receivables and Prepayments	31 098	20 228	20 185
Prepayments for Inventories	2 885	29 354	3 493
Inventories	221 174	177 824	146 884
Biological Assets	420	0	0
Total Current Assets	476 613	432 621	455 863
NON-CURRENT ASSETS
Investments in Associates	15 756	341 490	346 014
Long-term Derivative Instruments	1 451	3 485	1 125
Long-term Loans and Other Receivables	29 668	9 771
Investment Properties	67 791	171 046	9 072
Property, Plant, and Equipment	1 816 338	449 014	176 024
Intangible Assets	39 276	13 474	446 748
Right-of-use Assets	47 548	10 421	14 366
Biological Assets	2 840	0	11 300

Total non-current assets	2 020 668	998 701	1 004 649
TOTAL ASSETS	2 497 281	1 431 322	1 460 512

EQUITY AND LIABILITIES
CURRENT LIABILITIES
Loan Liabilities	199 247	204 468	184 259
Lease Liabilities	8 499	956	1 766
Payables to Suppliers	136 017	60 687	74 751
Tax Liabilities	35 702	17 341	32 822
Customer Prepayments	34 741	3 171	3 099
Realized Derivative Instruments	222	3 395	1 463
Other Short-term Liabilities	53 351	21 374	10 851
Short-term Derivative Instruments	11 680	226	3 659
Total Current Liabilities	479 459	311 618	312 670
NON-CURRENT LIABILITIES
Long-term Provisions	9 208	7 255	8 399
Deferred Income Tax Liability	2 391	34 920	33 233
Other Long-term Liabilities	28 612	30 426	30 679
Long-term Derivative Instruments	880	11	186
Loan liabilities	713 212	265 805	246 410
Lease liabilities	40 461	9 587	8 725
TOTAL NON-CURRENT LIABILITIES	794 764	348 004	327 632
TOTAL LIABILITIES	1 274 223	659 622	640 302
EQUITY
Share Capital	2 117	1 985	2 105
Treasury Shares	-95	-95	-95
Share Premium	32 484	0	29 344
Statutory Reserve	212	205	205
Option Reserve	7 647	3 068	3 864
Hedging Reserve*	20 725	22 084	24 118
Unrealized Exchange Differences	1 114	32	-39
Reserve for Post-employment Benefit Obligations	-44	0	-44
Retained Earnings	728 559	474 015	466 140
Profit for the Reporting Period	184 122	269 546	293 778
Equity Attributable to Owners of the Parent Company	976 841	770 840	819 376

Non-controlling Interests	246 217	860	834
TOTAL EQUITY	1 223 058	771 700	820 210
TOTAL EQUITY AND LIABILITIES	2 497 281	1 431 322	1 460 512

^{* This represents the change in the accounting hedging position, which affects the comprehensive income result.}

Cash flow statement, in thousands of EUR	9 months 2024	9 months 2023	2023
Cash Flows from Operating Activities
Profit for the Reporting Period	187 339	269 624	293 830
Adjustments
Depreciation and Impairment of Fixed Assets	30 676	11 204	15 581
Change in Value of Investment Properties	2 891	0	4 074
Profit/Loss from Equity Investments	-156 017	-37 701	-39 639
Change in Value of Derivative Instruments	26 156	59 284	54 122
Other Financial Income/Expenses	-66	-161 433	-161 965
Accrued Interest Expenses	24 466	14 004	22 573
Profit/Loss from Disposal of Fixed Assets	-301	-76	-91
Income from Targeted Financing Recognized in Revenue	-319	-347	784
Accrued Income Tax Expense	-29 360	10 032	8 610
Income Tax Paid	-1 482	0	-267
Change in Receivables and Prepayments Related to Operating Activities	79 126	130 325	54 540
Change in Inventories	-22 986	-118 715	-61 914
Change in Liabilities Related to Operating Activities	35 968	-24 650	-406
Change in Biological Assets	112	0	0
Total Cash Flows from Operating Activities	176 203	151 551	189 832

Cash Flows from investing activities
Payments for Purchase of Associates	0	-7 728	-10 314
Payments for Purchase of Subsidiaries	-67 810*	-103 410	-103 414
Dividends paid	20 862	0	0
Repayments of Loans Granted	2 057	5 966	6 652
Interest Received	4 019	2 301	2 691
Payments for Acquisition of Investment Properties	-10 566	-10 506	-18 304
Payments for Acquisition of Property, Plant and other assets	-17 042	-13 972	-18 143
Proceeds from Sale of Investment Properties and Fixed Assets	707	78	-252
Total cash Flows from investing activities	-67 773	-127 271	-141 084
Cash Flows from Financing Activities
Change in Overdraft	-30 457	30 546	14 348
Loans Received	106 303	148 955	287 606
Repayments of Loans Received	-114 706	-150 790	-312 846
Repayments of Principal Portion of Lease Liabilities	-8 674	-1 562	-2 233
Interest Paid	-24 968	-13 100	-22 224
Dividends Paid	-30 332	-7 875	-15 750
Proceeds from Issuance of Shares	3 152	0	29 464
Total Cash Flows from Financing Activities	-99 682	6 174	-21 635

Total cash flows	8 748	30 454	27 113

Cash and Cash Equivalents at Beginning of Period	87 115	60 002	60 002
Cash and Cash Equivalents at End of Period	95 863	90 456	87 115
Change in Cash and Cash Equivalents	8 748	30 454	27 113

Aktsiaselts Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Aktsiaselts Infortar owns a 68.47% stake in Aktsiaselts Tallink Grupp, a 100% stake in AS Eesti Gaas and a versatile and modern real estate portfolio of approx. 116,000 m2. In addition to the three main areas of activity, Aktsiaselts Infortar also operates in construction and mineral resources, agriculture, printing, taxi business and other areas. A total of 105 companies belong to the Aktsiaselts Infortar group: 96 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Aktsiaselts Infortar employs 6,108 people.

Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor

Attachments

The MIL Network –

January 26, 2025

MIL-OSI Asia-Pac: HK a unique gateway: SJ

Source: Hong Kong Information Services

Secretary for Justice Paul Lam

The Hong Kong Legal Week is an annual flagship event of the Department of Justice. Since its inception in 2019, the Hong Kong Legal Week has served as a dynamic forum where legal professionals, scholars, judges and experts come together to discuss critical legal issues that resonate not only within Hong Kong but (also) throughout the wider Asia-Pacific region and beyond.

The theme of this year is “Hong Kong Common Law System: World-Class Springboard to China & Beyond”. It emphasises Hong Kong’s unique role as a gateway between China, the Asia Pacific and the world. Under the “one country, two systems” principle, Hong Kong is the only common law jurisdiction within China. Our strong legal foundation, coupled with our close ties with and support from the Mainland, positions us as a critical hub for legal and economic collaboration across the region and beyond.

Private law summit

We begin this week with today’s Asia-Pacific International Private Law Summit 2024. Building on the success of the inaugural summit in 2022, the Department of Justice once again partners with the International Institute for the Unification of Private Law (UNIDROIT) to organise this summit under the theme “Springboard to Opportunities: Utilising International Private Law & Technology to Facilitate Access to Credit, Investment, & Sustainable Development in the Asia-Pacific Region”.

The Asia-Pacific region is home to enormous economic potential and encompasses a diverse array of legal systems. While this diversity enriches our legal and cultural landscape, it also introduces complexities and uncertainties for businesses navigating cross-border transactions. To unlock the region’s full economic potential and ensure long-term sustainable growth, harmonisation and modernisation of private law across the region is essential.

Recognising this need, today’s summit gathers leading legal minds from across the Asia Pacific, together with experts from UNIDROIT, to explore how the unification and co-ordination of various areas of private law can support economic growth and facilitate smoother cross-border interactions throughout the region. We will be hearing from them on how international private law and emerging technologies can unlock new opportunities for sustainable economic growth across the region, and how Hong Kong may contribute in this regard.

Collaboration with UNIDROIT

In the past few years, the Department of Justice has closely collaborated with UNIDROIT to promote the development, implementation, and deeper understanding of private international law and international commercial law across the Asia-Pacific region.

In addition to these collaborative efforts, we are grateful for UNIDROIT’s strong support to the Department of Justice’s secondment programme, offering Hong Kong’s legal professionals from both the public and private sectors the valuable opportunity to work at the UNIDROIT Secretariat in Rome. This experience not only deepens their expertise in international legal issues, but also bolsters Hong Kong’s capacity in foreign-related legal matters.

I am very pleased to note that one of our former secondees will be moderating a panel later this morning, which testifies to the success of the secondment programme.

Capacity building

The secondment programme is one of the Department of Justice’s many policy initiatives providing professional development opportunities to our legal talents. To further strengthen Hong Kong’s position as a leading international legal and dispute resolution services centre in the Asia-Pacific region, the Department of Justice places great importance on nurturing legal talents with a global perspective and proficiency in foreign-related legal affairs. We are committed to establishing Hong Kong as a leading centre for capacity building in international law.

As outlined in our Chief Executive’s 2023 and 2024 Policy Address, the Department of Justice is setting up the Hong Kong International Legal Talents Training Academy. The academy will regularly organise practical training courses, seminars, international exchange programmes and more to promote exchanges among talent in regions along the Belt & Road. It will also provide training for talent in the practice of foreign-related legal affairs for the country, and nurture legal talent conversant with international law, common law, civil law and the country’s legal system.

A dedicated office and an expert committee have already been set up to facilitate the establishment of the academy. We are grateful to have Prof Tirado (International Institute for the Unification of Private Law Secretary-General) as a member of the expert committee, and I am pleased to see many of our committee members participating in today’s summit.

To officially mark this new initiative, I am excited to announce that the launch ceremony for the academy will take place on the final day of the Hong Kong Legal Week. I warmly invite all of you to join us for this significant occasion.

Other events

I also warmly welcome you to participate in an array of other events this week. Tomorrow, we will have the Second Legal Forum on Interconnectivity & Development co-organised with the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region. At the legal forum, we are very pleased to have the General Counsel of the Asian Infrastructure Investment Bank deliver a keynote address on promoting good governance and high-quality development under international law. Legal experts will also share their insights on Hong Kong’s role in China’s institutional opening up, and rule of law as a risk management mechanism to safeguard sustainable development.

On Wednesday, we will host events under the theme “Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong”. The day will explore three topical issues – the role of mediation in promoting a culture of mutual respect, harmony and inclusiveness, use of artificial intelligence in alternative dispute resolution, as well as the resolution of sports disputes. There will also be the 2024 Hong Kong Mediation Lecture in the evening, exploring the unique challenges and opportunities involved in the use of mediation in deals relating to natural resources.

Thursday’s programme will focus on strengthening the rule of law in the Greater Bay Area. We will hear from experts on the proof of Hong Kong law and foreign law in the Mainland, the arrangement on mutual legal assistance in civil and commercial matters between the Mainland and Hong Kong, as well as legal services and juridical relations to facilitate and protect trade and social interactions between the Mainland and Hong Kong. The day will also feature a mock mediation session led by mediators from Mainland China, Hong Kong, and Macau, and a discussion on the Greater Bay Area mediation platform.

On Friday, apart from the launching ceremony of the academy in the afternoon that I have just mentioned, we will explore how the rule of law in Hong Kong, together with different components of Hong Kong’s legal and judicial system, are essential to provide the best business environment from the perspectives of our legal services profession and our enterprises, and how our legal professionals can play an important role along the Belt & Road.

Alongside this week’s discussions, we are also featuring a special exhibition on the achievements in the construction of the rule of law of the People’s Republic of China in the modern era, co-organised by the Ministry of Justice of China and the Department of Justice, in celebration of the 75th anniversary of the founding of People’s Republic of China. The exhibition highlights key milestones in China’s legal evolution, both domestically and in foreign-related areas, over the past 75 years.

Conclusion

Ladies and gentlemen, as we look ahead to the discussions that will follow, I hope today’s summit will inspire all of us to explore new ideas and opportunities. Let’s make the most of this moment to engage in meaningful exchanges and drive forward the future of international law.

On this note, I wish today’s summit every success and extend my sincere appreciation to all of you for joining us, whether online or in person.

Secretary for Justice Paul Lam gave these remarks at the Asia-Pacific International Private Law Summit 2024, part of Hong Kong Legal Week 2024, on November 4.

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Security: Appeal following fatal collision in Enfield

Source: United Kingdom London Metropolitan Police

Detectives are appealing for witnesses following a fatal collision in Enfield.

Police were called at about 14:05hrs on Monday, 28 October to reports of a collision involving a white Ford box van and a blue motorbike on Meridian Way close to the junction with Morson Road.

Officers and the London Ambulance Service attended. Despite the efforts of emergency services, sadly the rider, aged in his late 20s, died at the scene.

His next of kin has been informed and are being supported by specialist officers.

Detectives from the Roads and Transport Policing Command are investigating. They would like to speak with anyone who witnessed the collision or captured it on dash cam.

Anyone with information is asked to call the Serious Collision Investigation Unit on 020 8246 9820 or via 101 reference CAD 4097/28Oct.

MIL Security OSI –

January 26, 2025
MIL-OSI: 4BIO Capital Strengthens Investment Team

Source: GlobeNewswire (MIL-OSI)

Press Release

LONDON, 4 November 2024 – 4BIO Capital (“4BIO” or “the Group”), an international venture capital firm focused solely on the advanced and emerging therapies sector, announces today the appointments of Dr. Therese (Thera) Liechtenstein as an Investment Director based in Munich and Tay Salimullah as a Venture Partner based in Chicago.

Dmitry Kuzmin, Managing Partner at 4BIO Capital, said: “Thera and Tay’s extensive experience and innovative perspectives will be invaluable to 4BIO as we continue to drive forward our mission of investing in transformative therapies. We are always keen on the diversity of thought and expertise that strengthens 4BIO’s unique edge as the leading advanced and emerging therapies investor. We are very excited to see where their thesis and experience take them and look forward to their contribution to our portfolio and investments.

Thera Liechtenstein, newly appointed Investment Director commented: “I am thrilled to join 4BIO Capital and contribute to the firm’s mission of fostering advanced and emerging therapies. I look forward to playing a role in bringing transformative treatments to patients with significant unmet needs.”

Tay Salimullah, newly appointed Venture Partner added: “This is a remarkable opportunity to work with a team dedicated to advancing transformative therapies. I look forward to leveraging my experience to support innovative companies that are poised to make a significant impact on healthcare and patient outcomes.”

Thera Liechtenstein joins 4BIO Capital from M Ventures, the corporate venture arm of Merck KGaA, where she was a Senior Investment Director in the Biotechnology team. At M Ventures, Thera led company creations, new investments in Seed and Series A rounds, as well as follow-on investments in companies across Europe and North America, and supported these companies as a member of the board of directors. Previously Thera managed strategic projects for the Healthcare business of Merck. Prior to Merck, Thera was a client relationship manager in the field of wealth preservation, at Industrie- & Finanzkontor Ets. She has a strong academic background having received her PhD in Immuno-Oncology from University College London, an MSc in Biomedical Sciences from the University of Amsterdam, and a BA in Biology and Business studies from New York University.

Tay Salimullah has over 20 years of leadership experience in the rare disease and MedTech sectors, with a proven track record in incubating and scaling innovative, high-value technologies, including cell and gene therapies. He spent over a decade at Novartis in a series of leadership roles. As an Executive Committee member at Novartis Gene Therapies, Tay executed a new commercial model for Zolgensma® and Kymriah®, securing approvals in more than 55 countries, helping to treat over 4,000 patients, and generating more than $5 billion in revenue. Prior to his roles at Novartis, Tay spent over ten years working in a variety of investment and healthcare roles, including a decade at Pfizer where he held several strategic and commercial roles. His expertise spans drug development, pricing science, market access, and operational excellence in high-value healthcare solutions. Tay holds a BSc in Management Sciences from the University of Brunel, London.

– Ends –

Contacts

About 4BIO Capital

4BIO Capital (‘4BIO’) is an international venture capital firm headquartered in London, focused solely on the advanced and emerging therapies sector. The 4BIO team, which has an unrivalled network within the advanced therapy sector, comprises leading advanced therapy scientists and experienced life science investors.

The firm maintains a global footprint across the US, Europe and Asia with an objective to create, invest in, support, and grow early-stage companies. Its ultimate goal is ensuring access to potentially curative therapies for all patients, with a specific focus on viable, high-quality opportunities in cell and gene therapy, RNA-based therapy, targeted therapies, and the microbiome.

4BIO is currently investing out of its Fund III, having secured support from prominent global institutional investors, including the Children’s Minnesota, UPMC, Development Bank of Japan, Kyowa Kirin, Exor, and many other endowments and foundations. For more information, connect with us on LinkedIn and X (@4biocapital) and visit www.4biocapital.com.

The MIL Network –

January 26, 2025
MIL-OSI: Municipality Finance issues EUR 20 million notes under its MTN programme

Source: GlobeNewswire (MIL-OSI)

Municipality Finance Plc
Stock exchange release
4 November 2024 at 10:00 am (EET)

Municipality Finance issues EUR 20 million notes under its MTN programme

Municipality Finance Plc issues EUR 20 million notes on 5 November 2024. The maturity date of the notes is 5 November 2035. MuniFin has a right, but no obligation, to redeem the notes early on 5 November 2025. The notes bear interest at a fixed rate of 3.87% per annum until 5 November 2025, after which the interest is paid at 3.00% per annum, unless MuniFin redeems the notes early.

The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 5 November 2024.

UBS Europe SE acts as the dealer for the issue of the notes.

MUNICIPALITY FINANCE PLC

Further information:

Joakim Holmström
Executive Vice President, Capital Markets and Sustainability
tel. +358 50 444 3638

MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland.
The Group’s balance sheet totals over EUR 50 billion.

MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

Read more: https://www.kuntarahoitus.fi/en/

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

The MIL Network –

January 26, 2025
MIL-OSI United Kingdom: Nature’s role in economy

Source: Scottish Government

Jobs and sectors dependent on sustainable natural world.

Scotland’s natural assets contribute more than £40 billion to the economy and support around 260,000 jobs, according to new research. 

The Importance of Natural Capital to the Scottish Economy report highlights the vital economic contribution the natural world makes to Scotland and highlights the value of the ecosystems and the services they provide. 

Important industries such as agriculture, fishing and aquaculture, forestry, water, food and drink and renewables all rely upon the continued availability of high-quality natural resources.

The research investigates the economic impact of natural capital, which is defined as “the renewable and non-renewable stocks of natural assets, including geology, soil, air, water and plants and animals that combine to yield a flow of benefits to people.” 

The Scottish Government conducted the research to provide the most up-to-date reflection of the true value of nature to the Scottish economy, as it is often undervalued or not included in economic assessments. The study demonstrates the link between the threats to Scotland’s economic performance, and the economic opportunity associated with increasing nature dependent sectors.

The Scottish Government’s National Strategy for Economic Transformation (NSET) makes clear that working with and investing in nature is a top priority of Scotland’s wellbeing economy.

Speaking while visiting Blackthorn Salt in Ayrshire, which produces salt through filtering sea water, Rural Affairs Secretary Mairi Gougeon said: 

“This research reinforces the vital role of our natural capital in supporting many of our vital industries – a connection that is often under-represented when we look at economic performance. Blackthorn Salt is an excellent example of a business that is dependent on natural capital, using sustainable, traditional methods to produce an exceptional products that provides jobs and can be found in kitchens across the country and beyond.

“The twin crises of climate change and nature loss are inextricably linked, nature offers some of the best ways to protect us from the worst impacts of climate change, so it is essential that we work with partners across the public sector and private investors to protect biodiversity and reduce our emissions as we support sustainable businesses utilising our incredible landscapes and ecosystems.”

NatureScot Chief Executive, Francesca Osowska said:

“Nature is vital for our quality of life and that of future generations. In Scotland we are fortunate to have rich and varied landscapes and habitats, with individuals and businesses willing to step up to the challenge of stopping nature loss with hard work and investment.

“NatureScot is responding to this urgent need with leadership of vital programmes such as the £250m Peatland ACTION fund, the £65m Nature Restoration Fund and the innovative new Facility for Investment Ready Nature Scotland (FIRNS) which aims to both restore nature and benefit communities. “

MIL OSI United Kingdom –

January 26, 2025
MIL-OSI United Kingdom: Business “ready to support” UK with £500m investment following Chancellor’s first budget
Source: United Kingdom – Executive Government & Departments

US firm confirms £500m investment in biomedical research, supporting government’s plan to attract private investment and grow the UK economy.
New biomedical hubs will create over 2000 new jobs and boost scientific discoveries which will save lives

Expansion of world-leading research laboratories in Cambridge set to inject millions of pounds into British economy every year

A US firm has announced a £500 million investment into a UK research campus following the Chancellor’s first budget, supporting government plans to attract private investment and its industrial strategy.

The investment from San Francisco-based developer Prologis will create thousands of jobs, spearhead lifesaving biomedical breakthroughs and generate millions of pounds for the British economy every year. It comes just two days after the Budget pledged to unleash private investment to kickstart economic growth.

The Chancellor Rachel Reeves has welcomed the vote of confidence from business, which will expand a centre of excellence for medical research in Cambridge.

The Prologis investment funds a 115,000 square ft expansion to Cambridge Biomedical Campus – a world-leading biomedical cluster which currently generates £4.2 billion each year for the UK economy.

The new development will house high-tech labs, supporting clinical trials and diagnostic services. It will inject millions into the British economy every year and create over 2,120 highly-skilled jobs – in roles from research to diagnostic.

The Cambridge Biomedical Campus is a world-leading life sciences cluster for biomedical research, healthcare, and education, which combines collaborations among academia, industry, and healthcare.

Research conducted at Cambridge Biomedical Campus addresses the most pressing global healthcare challenges, including developing techniques for spotting cancer early and understanding dementia – while contributing significantly to the economy and currently employing over 22,000 staff, many of whom are in highly-skilled roles.

Today’s announcement from Prologis also builds on the £63 billion worth of investments secured at government’s record breaking International Investment Summit last month – creating 38,000 jobs in the UK.

Securing investment is central to the government’s mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off.

Chancellor of the Exchequer, Rachel Reeves said:

This investment from Prologis – just two days after this government’s first Budget – is a vote of confidence in our plan for the UK economy.

After also attracting £63bn at the International Investment Summit, it’s clear Britain is back in business. Economic growth is my number one mission, and unleashing private investment will play a major role in kickstarting it.

Paul Weston, Regional Head at Prologis UK, said:

There is a lot riding on this pivotal first Budget and strong support from the private sector to follow through on investment pledges will be critical. The government’s commitment to unlock Foreign Direct Investment matches our own focus on partnering with public and private stakeholders to invest and deliver the infrastructure needed for sustainable, long-term growth.

Steps already taken through the launch of the National Planning Policy Framework and the Green Paper for the Industrial Strategy are paving the way for a stronger, more resilient industrial base. These initiatives will ensure the UK remains at the forefront of industrial innovation and Prologis are ready to support the government’s ambitions, providing the spaces that can unlock growth and development.

We look forward to furthering our collaboration and investment activity, ensuring the UK continues to lead on a global stage.

Science and Technology Secretary, Peter Kyle said:

The UK’s life sciences sector is central to our ambitions for the UK – from driving economic growth through to saving and improving lives through better treatments.

Major investments like this from Prologis, bringing the sector’s largest global companies under one roof in Cambridge, is another vote of confidence in the UK’s approach to long-term growth.

Coming just days after the Chancellor raised public funding for R&D to record levels, this underlines how this Government is in lockstep with business in our joint ambition to make sure everyone in the UK benefits from advances in science and technology.

The government is delivering its growth mission by prioritising stability, investment, and reform to drive prosperity across the UK. The Budget takes the difficult decisions to put the public finances on a sustainable path to create the conditions for growth, and to create a stable economic environment for businesses to invest.

Supported by the new fiscal framework, the Budget increases public investment by more than £100 billion over the next five years to boost growth and help crowd in private investment in the long run. This includes investing in transport, kickstarting the delivery of 1.5 million homes, supporting new industries and job creation, and protecting record R&D funding through a record £20.4 billion investment.

The government will also work in partnership with the private sector to further increase investment. The government has created the National Wealth Fund to catalyse over £70 billion of private investment, set out plans for a modern Industrial Strategy to support investment in growth-driving sectors.

The government has also published a Corporate Tax Roadmap to provide businesses the certainty they have called for. This confirms our commitment to cap the rate of Corporation Tax at 25% – the lowest in the G7 – for the duration of this parliament while maintaining full expensing and the £1 million Annual Investment Allowance and keeping the current rates of research and development reliefs, to drive innovation.

The Chancellor also set out how this government will transform the way it delivers infrastructure, including publishing a 10-year infrastructure strategy, establishing the National Infrastructure and Service Transformation Authority, delivering ambitious planning reform.

At last month’s investment summit, the Prime Minister also committed to get rid of regulation that needlessly holds back investment and to upgrade the UK’s regulatory regime to make it fit for the modern age and ensure it’s not acting as a barrier for growth.

The Budget has set out a clear plan to fix the foundations of the economy and begin a decade of national renewal by protecting working people, fixing the NHS, and boosting investment to deliver growth and prosperity for all parts of the country.

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Published 4 November 2024
MIL OSI United Kingdom –
January 26, 2025
MIL-OSI Asia-Pac: Speech by DSJ at Asia-Pacific International Private Law Summit 2024 (English only) (with photo)

Source: Hong Kong Government special administrative region

Following are the closing remarks by the Deputy Secretary for Justice, Mr Cheung Kwok-kwan, at the Asia-Pacific International Private Law Summit 2024 under Hong Kong Legal Week 2024 today (November 4):Professor Ignacio Tirado (Professor Ignacio Tirado, Secretary-General of the International Institute for the Unification of Private Law (UNIDROIT), distinguished guests, ladies and gentlemen, It is a great honour for me to deliver the closing remarks of the Asia-Pacific International Private Law Summit 2024, a remarkable event co-organised by UNIDROIT and the Department of Justice of the Hong Kong Special Administrative Region. I am especially delighted to see Ignacio and Anna (the Deputy Secretary-General of UNIDROIT, Professor Anna Veneziano) again in person today. It brings back my memories of my visit to UNIDROIT’s Secretariat in the beautiful city of Rome last year, where I attended an insightful conference co-organised by UNIDROIT and the Chinese Embassy in Italy. I still recall the generous hospitality extended to me by Ignacio and Anna during my visit. I sincerely hope that we have been able to reciprocate that same warmth and hospitality during your time here in Hong Kong. Today’s Summit has been nothing short of inspiring. We have been privileged to hear insightful presentations from distinguished officials, industry players and experts from Hong Kong and overseas, including high-level officials from several renowned international organisations of UNIDROIT, Asian Infrastructure Investment Bank and the Hague Conference on Private International Law. We are also honoured to have had a senior official from Mongolia to share her insights, which have further enriched our discussions. The quality and depth of these presentations have been commendable, addressing critical issues pertinent to the evolving landscape of international private law. The topics explored by our expert panellists are both timely and relevant not only to Hong Kong, but also to the Asia-Pacific region and beyond. I am confident that the insights shared today will contribute significantly to ongoing discussions within our legal communities and other stakeholders. As we reflect on today’s Summit, one overarching theme has particularly stood out, that is the importance of legal certainty and predictability. In an increasingly globalised world, where cross-border transactions are growing in volume and complexity, the harmonisation and modernisation of private law are more important and essential than ever. Reducing legal uncertainties is not merely an academic or technical exercise. It directly benefits businesses by enabling them to operate with greater confidence and facilitating smooth cross-border commercial activities. Legal certainty and predictability fostered by international private law will therefore be a “springboard to opportunities” for the Asia-Pacific region, as encapsulated in the theme of today’s Summit. Panel 1: Harnessing Opportunities from Digital Assets, Tokenisation and Carbon Credits In our first panel, we delved into the need for a consistent approach to the legal treatment of digital assets across jurisdictions. The advent of technologies such as distributed ledgers has paved the way for cryptocurrencies and other digital assets, which are now integral to various sectors of our economy and financial markets. In order to unlock the potential of the digital economy, a clear and certain legal framework is vital. Such clarity instils trust in technology, ensures platform resilience and protects the rights of consumers and businesses alike. In this context, the UNIDROIT Principle on Digital Assets and Private Law which provides a common framework addressing legal issues related to the holding, transfer and use of digital assets, are particularly relevant to Hong Kong and the Asia-Pacific. Today’s discussion offered much to consider about integrating international principles with local laws in each jurisdiction to achieve harmonisation and consistency. As an international financial hub, Hong Kong is committed to promoting the integration of real economy and digital economy, and fostering the development of the digital economy.Panel 2: Unleashing Economic Potential Through Secured Transaction Law Reform in the Asia-Pacific Region The benefits and role of harmonised secured transactions law in promoting economic growth across the Asia-Pacific region was discussed in Panel 2. Secured transactions are essential for businesses seeking access to credit and working capacity. As a leading international trading hub with a robust legal system, Hong Kong is the prime destination for Mainland and overseas enterprises establishing their international headquarters to manage offshore trading and supply chain operations. In fact, Hong Kong ranks at the top globally in terms of international trade and business legislation according to the World Competitiveness Yearbook 2024 by the International Management Development Institute. Our experts in Panel 2 examined the importance of international instruments supporting secured transactions, while exploring UNIDROIT’s contribution to secured transactions law, such as the Convention on International Interests in Mobile Equipment and its various Protocols, as well as the recent adopted Model Law on Factoring. Such efforts are crucial for enhancing access to credit for businesses across the Asia-Pacific Region to unleash our economic potential. Panel 3: Gateway to International Investment and Sustainability The experts at Panel 3 brought our attention to the need for reducing legal uncertainties surrounding international investment contracts for both states and private investors. In this regard, the panel introduced the UNIDROIT’s ongoing international investment project, which seeks to modernise, harmonise and standardise international investment contracts by developing clear guidance to foster consistency in these vital agreements. It also addresses recent developments in international investment law, such as the increasing focus on corporate social responsibility and sustainability. These topics are of particular relevance to Hong Kong, given its role as an important gateway between China and the global markets. Hong Kong’s unique arrangements with Mainland China enhance its appeal as a jurisdiction for international investment and arbitration. Investments from Hong Kong into Mainland China enjoy the substantive protections offered by the investment agreement under the Mainland and Hong Kong Closer Economic Partnership Arrangement. Moreover, we are the first common law jurisdiction where parties involved in arbitrations seated in Hong Kong can seek interim measures from Mainland courts, such as asset preservation. This synergy between Hong Kong’s legal infrastructure and its strategic relationship with Mainland China not only bolsters investor confidence but also further strengthens Hong Kong’s position as a leading centre for international legal and dispute resolution services within the Asia-Pacific region.Panel 4: Building Bridges by Strengthening Engagement in the Asia-Pacific Region Finally, Panel 4 discussed building bridges to strengthen engagement and capacity building has been identified as a key to strengthening engagement in the Asia-Pacific region. This involves not only improving legal infrastructure but also developing skilled professionals capable of handling the complexities of international private law. The Panel highlighted the significance of legal co-operation and legal talents development. Capacity building initiatives among international organisations and Asia-Pacific economies are crucial in equipping our region’s government officials, practitioners and other stakeholders with the skills and knowledge needed to navigate the complex international legal landscape. Amid the growing demand for legal expertise driven by increasing international trade, these initiatives foster collaboration and nurture skilled legal professionals, thereby improving access to justice regionally and beyond. Hong Kong is deeply committed to enhancing its status as a regional hub for capacity building. With a strong pool of legal and dispute resolution professionals who possess extensive international experience, the Department of Justice has been actively involved in organising and supporting various training and development programmes across different areas of law and practice. For example, we have co-organised or supported multiple editions of the Investment Law and Investor-State Mediator Training and the China-AALCO Exchange and Research Program on International Law in Hong Kong. As noted by our Secretary for Justice during his opening remarks, the Hong Kong International Legal Talents Training Academy will be officially launched this Friday, and we warmly invite all of you to join us to witness this significant moment. Building on our strong foundation in capacity-building and our close collaboration with UNIDROIT and other international organisations, the Academy will regularly offer practical training courses, seminars and international exchange programmes aimed at promoting collaboration among legal professionals, judges and government officials throughout Asia Pacific and beyond. Already in the pipeline for the Academy is to support the organisation of the Second Edition of The Hague Academy of International Law’s Advanced Course in Hong Kong.Conclusion Ladies and gentlemen, it is my pleasure to announce that we have successfully concluded the Asia-Pacific International Private Law Summit 2024. The success of this Summit is a testament to the collective efforts and dedication of UNIDROIT, my colleagues at the Department of Justice, and your active participation. I extend my heartfelt gratitude to everyone who contributed to making this Summit a resounding success. As we wrap up today’s event, we also mark the end of the first day of the Hong Kong Legal Week 2024. We warmly welcome you all to participate in the exciting events we have prepared for you throughout this week. Thank you once again! I wish you all an enriching experience throughout the Hong Kong Legal Week 2024. For those visiting abroad, I hope you enjoy your time in Hong Kong.

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Europe: Italy: New EIB-CDP agreement to provide €1 billion in support for public sector
Source: European Investment Bank
- A €500 million EIB guarantee will enable Cassa Depositi e Prestiti to provide new loans totalling €1 billion to public sector bodies.
- The two institutions further strengthen their partnership aimed at boosting the Italian economy via initiatives with positive environmental impact implemented by public sector organisations, particularly in central and southern Italy.
The European Investment Bank (EIB) and Cassa Depositi e Prestiti (CDP) have announced an agreement to strengthen their cooperation to promote public sector investment in key sectors of the Italian economy. Up to €1 billion in new funds will support sustainable regional growth and public sector investment in various sectors with a positive impact on environmental sustainability, social cohesion, and development in the south of the country.

In concrete terms, the EIB will guarantee loans totalling up to €500 million granted by CDP to Italian regions, making it possible for Cassa Depositi e Prestiti to provide public sector bodies with loans up to double this amount (totalling up to €1 billion) over the next five years.

The new funds will help foster economic development in central and southern Italy – including in the areas hit by the 2016 central Italian earthquake – and will support projects aiming to mitigate climate change, improve resilience to adverse weather events and promote social cohesion.

This new agreement strengthens the already sound working relationship between the EIB and CDP to support the public sector. This is the second guarantee agreement between the EIB and CDP following that signed in 2022. The previous agreement aimed to promote economic growth and accelerate the green transition of public sector bodies on the ground.

Background information

European Investment Bank (EIB)

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances sound investments that can contribute to EU policy. EIB projects strengthen competitiveness, foster innovation, promote sustainable development and improve social and territorial cohesion while supporting a fair and rapid transition towards climate neutrality. In the past five years, the EIB Group has provided more than €58 billion in financing for projects in Italy.

Cassa Depositi e Prestiti (CDP)

Cassa Depositi e Prestiti (CDP) is the national promotional institution that has supported the Italian economy since 1850. It is committed to accelerating the industrial and infrastructure development of the country in order to contribute to its economic and social growth. CDP’s core activity promotes sustainable regional development as well as the growth and innovation of Italian companies, including internationally. It partners with local authorities, providing funding and advisory services to build infrastructure and improve public utility services. It is also active in the field of international cooperation to implement projects in developing countries and emerging markets. Cassa Depositi e Prestiti is financed from entirely private resources via postal savings bonds and passbooks and through issues on the national and international financial markets.
MIL OSI Europe News –
January 26, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

Message to Shareholders

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

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

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

Operational Update:

Acquisition of i3 Energy
- On October 31, 2024, Gran Tierra completed its acquisition of i3 Energy. Gran Tierra is integrating the Canadian operations and are forecasting an active Q4 2024, including drilling 19 gross wells (8.4 net), targeting each of its core operating areas in Central AB, Simonette, Clearwater and Wapiti.
- The Company drilled 2 gross (2 net) horizontal Dunvegan oil wells at Simonette. These high-impact 2-mile wells are currently being stimulated and are expected to be brought on stream in late November. With success, Gran Tierra can drill 2 additional Dunvegan development wells in 2025.
- Clearwater activity commenced in mid-October with the Company’s first operated Clearwater multilateral well at Dawson (100% working interest). The 8-leg multilateral horizontal well (11,870 m of total lateral length) was a follow-up to the Company’s initial 6-leg (7,500 m of total lateral length) discovery at Dawson. The 8-leg well follow-up multilateral was located structurally up-dip of the discovery well and encountered high quality reservoir throughout while drilling. The well will be placed on production imminently as the rig has skidded to and spud the third Clearwater well from the same pad. The Company has been working to secure multiple pad sites at East Dawson to facilitate future expansion of the field, upon further operational success. Following these two wells the rig will move to Walrus and drill 2 prospective Falher sands.
- In addition to the operated capital program, Gran Tierra plans to participate in 10 gross (1.67 net) non-operated partner horizontal wells across its land base.
- In connection with i3 Energy acquisition closing on October 31, 2024, the Company amended and restated the existing revolving credit facility agreement of i3 Energy Canada Ltd. (“i3 Energy Canada”) with National Bank of Canada dated March 22, 2024. As a result of the amendment and restatement, among other things, the borrowing base was revised to C$100.0 million (US$74.1 million) with available commitment of a C$50.0 million (US$37.0 million) revolving credit facility comprised of C$35.0 million (US$25.9 million) syndicated facility and C$15.0 million (US$11.1 million) of operating facility. Subject to the next borrowing base redetermination which will occur on or before June 30, 2025, the revolving credit facility is available until October 31, 2025 with a repayment date of October 31, 2026, which may be extended by further periods of up to 364 days, subject to lender approval. The facility is undrawn.
Exploration
- Gran Tierra has successfully drilled its sixth consecutive oil discovery in Ecuador, the Charapa-B7 well. The wells drilled in Ecuador continue to yield strong results producing over 1 million cumulative bbls of oil to date which highlights the exceptional potential of the Oriente and Putumayo basins.

Well	Zone	Onstream Date	IP30 (BOPD)¹	IP90 (BOPD)²	IP30 BS&W³	API	GOR (scf/stb)⁴	Cumulative Production to Date (Mbbl)⁵
Charapa-B5	Hollin	11/9/2022	1,092	910	2%	28	160	307
Bocachico-J1	Basal Tena	5/30/2023	1,296	1,146	<1%	20	204	449
Arawana-J1	Basal Tena	5/17/2024	1,182	970	<1%	20	264	131
Bocachico Norte-J1	T-Sand	8/1/2024	833	519	3%	35	361	47
Charapa-B6	Hollin	8/7/2024	1,645	–	21%	28	49	77
Charapa-B7	Basal Tena	8/30/2024	2,043	–	<1%	25	153	112

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

The drilling rig has been moved from the Charapa Block and mobilized to the Chanangue Block to drill two wells – the Zabaleta-K1 and Zabaleta Oeste-K1 exploration wells. The Zabaleta-K1 well is located four kilometers (“km”) to the east of the Arawana-J1 well drilled earlier this year and is 200 feet up structure. The well spud on October 22 2024, and we have currently drilled to 9,488 feet. Both wells will target the Basal Tena formation as well as assess potential in the T-Sand, U-Sand and B-Limestone.
During the Quarter, the 238 km2 3D seismic program of the Charapa Block was completed, the data has been processed and is currently being interpreted. Preliminary interpretations of the high-quality 3D data confirm potential prospectivity and additional areas of interest identified on seismic, including better definition over the Charapa structure. The 3D data will further delineate reserves, underpin future drilling locations scheduled for 2025 and support future development planning.

Development
- The planning, civil works, and facility construction at Cohembi in the Suroriente Block are progressing, paving the way for drilling operations to commence in late Q4 2024.
- Acordionero water treatment facilities expansion is expected to be completed mid-December which will result in an addition of 21,500 bbls of water handling per day which represents a 35% increase in water treatment capacity. This will allow for further well optimizations to increase injection and associated oil production. Gran Tierra continues to steadily increased total fluid production and water injection by ~18% per year to continue growing and maintaining oil production while improving sweep efficiencies and recoveries.

Key Highlights of the Quarter:

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

Additional Key Financial Metrics:

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

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

	Three Months Ended September 30,		Three Months Ended June 30,	Nine Months Ended September 30,
	2024	2023	2024	2024	2023

Net Income (Loss)	$1,133	$6,527	$36,371	$37,426	$(13,998)
Per Share – Basic and Diluted⁽⁵⁾	$0.04	$0.20	$1.16	$1.20	$(0.42)

Oil Sales	$151,373	$179,921	$165,609	$474,559	$482,013
Operating Expenses	(46,060)	(49,367)	(47,035)	(141,561)	(139,227)
Transportation Expenses	(3,911)	(3,842)	(5,690)	(14,185)	(10,599)
Operating Netback⁽²⁾⁽⁴⁾	$101,402	$126,712	$112,884	$318,813	$332,187

G&A Expenses Before Stock-Based Compensation	$9,491	$8,307	$10,967	$31,240	$29,052
G&A Stock-Based Compensation (Recovery) Expense	(3,145)	1,931	6,160	6,376	3,748
G&A Expenses, Including Stock Based Compensation	$6,346	$10,238	$17,127	$37,616	$32,800

Adjusted EBITDA⁽²⁾	$92,794	$119,235	$103,004	$290,590	$306,391

EBITDA⁽²⁾	$97,365	$115,382	$101,187	$290,443	$294,391

Net Cash Provided by Operating Activities	$78,654	$70,381	$73,233	$212,714	$157,511

Funds Flow from Operations⁽²⁾	$60,338	$79,000	$46,167	$180,812	$192,122

Capital Expenditures	$52,921	$43,080	$61,273	$169,525	$179,707

Free Cash Flow⁽²⁾	$7,417	$35,920	$(15,106)	$11,287	$12,415

Average Daily Volumes (BOPD)
WI Production Before Royalties	32,764	33,940	32,776	32,595	33,098
Royalties	(6,776)	(7,164)	(6,774)	(6,650)	(6,592)
Production NAR	25,988	26,776	26,002	25,945	26,506
(Increase) Decrease in Inventory	(524)	(380)	(811)	(367)	(222)
Sales	25,464	26,396	25,191	25,578	26,284
Royalties, % of WI Production Before Royalties	21%	21%	21%	20%	20%

Per bbl
Brent	$78.71	$85.92	$85.03	$81.82	$81.94
Quality and Transportation Discount	(14.10)	(11.83)	(12.79)	(14.11)	(14.76)
Royalties	(13.58)	(16.06)	(15.31)	(13.97)	(13.58)
Average Realized Price	51.03	58.03	56.93	53.74	53.60
Transportation Expenses	(1.32)	(1.24)	(1.96)	(1.61)	(1.18)
Average Realized Price Net of Transportation Expenses	49.71	56.79	54.97	52.13	52.42
Operating Expenses	(15.53)	(15.92)	(16.17)	(16.03)	(15.48)
Operating Netback⁽²⁾⁽⁴⁾	34.18	40.87	38.80	36.10	36.94
G&A Expenses Before Stock-Based Compensation	(3.20)	(2.68)	(3.77)	(3.54)	(3.23)
Transaction Costs	(0.49)	—	—	(0.17)	—
Realized Foreign Exchange Gain (Loss)	0.34	(0.64)	0.37	0.07	(1.77)
Interest Expense, Excluding Amortization of Debt Issuance Costs	(5.66)	(3.84)	(5.38)	(5.38)	(3.85)
Interest Income	0.23	0.09	0.35	0.27	0.19
Net Lease Payments	0.07	0.18	0.02	0.07	0.17
Current Income Tax Expense	(5.13)	(8.50)	(14.54)	(6.96)	(7.08)
Cash Netback⁽²⁾	$20.34	$25.48	$15.85	$20.46	$21.37

Share Information (000s)
Common Stock Outstanding, End of Period⁽⁵⁾	30,651	33,288	31,022	30,651	33,288
Weighted Average Number of Shares of Common Stock Outstanding – Basic⁽⁵⁾	30,733	33,287	31,282	31,274	33,675
Weighted Average Number of Shares of Common Stock Outstanding – Diluted⁽⁵⁾	30,733	33,350	31,282	31,274	33,675

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

Conference Call Information:

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

Corporate Presentation:

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

Contact Information

For investor and media inquiries please contact:

Gary Guidry
President & Chief Executive Officer

Ryan Ellson
Executive Vice President & Chief Financial Officer

+1-403-265-3221

info@grantierra.com

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

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

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

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

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

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

Non-GAAP Measures

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

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

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

Three Months Ended
September 30,

Twelve Month Trailing
September 30,

As at September 30,

Return on Average Capital Employed – (Non-GAAP) Measure ($000s)

2024

Net Income

1,133

45,137

Adjustments to reconcile net income to EBIT:

Interest Expense

19,892

74,503

Income Tax Expense

20,767

34,589

EBIT

41,792

154,229

Total Assets

1,533,378

Less Current Liabilities

263,492

Less Cash and Cash Equivalents

277,645

Capital Employed

992,241

Annualized EBIT*

167,168

Divided by Average Capital Employed

992,241

Return on Average Capital Employed

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

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

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

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

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

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

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

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

Presentation of Oil and Gas Information

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

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

The following reserves categories are discussed in this press release: Proved (“1P”), 1P plus Probable (“2P”) and 2P plus Possible (“3P”) and Proved Developed Producing (“PDP”). Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Proved developed producing reserves are those proved reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities (“CSA Staff Notice 51-324”) and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be.

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

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

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

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

Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

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

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

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

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

The MIL Network –

January 26, 2025

MIL-OSI Asia-Pac: Asia-Pacific International Private Law Summit opens Hong Kong Legal Week 2024 (with photos)

Source: Hong Kong Government special administrative region

The Hong Kong Legal Week 2024, an annual flagship event of the legal sector and the Department of Justice (DoJ) to showcase Hong Kong as an international legal and dispute resolution services centre, was launched today (November 4).

     Themed “Hong Kong Common Law System: World-Class Springboard to China and Beyond”, the five-day event provides an opportunity for participants from all corners of the world to engage in a series of insightful discussions and fruitful exchanges with prominent experts, practitioners and government officials on a wide spectrum of topics, including international law, developments in alternative dispute resolution, opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and the rule of law in the region and beyond.

     The Asia-Pacific International Private Law Summit 2024, themed “Springboard to Opportunities: Utilising International Private Law and Technology to Facilitate Access to Credit, Investment, and Sustainable Development in the Asia-Pacific Region”, was held as the opening event of this year’s Hong Kong Legal Week. Organised by the International Institute for the Unification of Private Law (UNIDROIT) and the DoJ, the biennial Summit brought together preeminent legal academics and renowned practitioners worldwide to discuss how the unification and co-ordination of various areas of international private law can support economic growth and facilitate smoother cross-border interactions. More than 1 100 registrations from 46 jurisdictions have been received for this event.

     In his welcome remarks, the Secretary for Justice, Mr Paul Lam, SC, said that today’s Summit gathered leading legal minds from across the Asia-Pacific region, which is home to enormous economic potential and encompasses a diverse array of legal systems, to explore how to unlock the region’s full economic potential and ensure long-term sustainable growth, harmonisation and modernisation of private law across the region, as well as how Hong Kong could contribute in this regard. Aside from the collaborative efforts of the DoJ and UNIDROIT in promoting the development, implementation, and deeper understanding of private international law and international commercial law across the Asia-Pacific region, the DoJ and UNIDROIT have also co-operated on other fronts. In particular, the Secretary for Justice expressed his gratitude for UNIDROIT’s support to the DoJ’s secondment programme, which offers opportunities to Hong Kong’s legal professionals to work at the UNIDROIT Secretariat. He further noted that the DoJ places great importance on nurturing legal talent and will continue to provide professional development opportunities to legal talent with a view to strengthening Hong Kong’s position as a leading international legal and dispute resolution centre. To further the DoJ’s capacity building initiatives, the Secretary for Justice announced that the Hong Kong International Legal Talents Training Academy will be set up, and he extended a warm invitation to all to join the launch ceremony of the Academy, which will take place on the final day of the Hong Kong Legal Week 2024.

     The Commissioner of the Ministry of Foreign Affairs in the Hong Kong Special Administrative Region (HKSAR), Mr Cui Jianchun, and the Secretary-General of UNIDROIT, Professor Ignacio Tirado, also delivered their welcome remarks at the event. The closing remarks were delivered by the Deputy Secretary for Justice, Mr Cheung Kwok-kwan.

     Mr Cui said that China has been consistently innovating its diplomatic ideas to make global governance and international law fairer and more equitable. He noted that the HKSAR has been proactively responding to national development strategies and committed to reforms that benefit the people of Hong Kong. He said he is confident that Hong Kong will make the best use of the strength of “one country” and the convenience of “two systems”, while leveraging its unique advantages, such as its systems, talent and location, to act as a “world-class springboard” for connecting China with the rest of the world.

     Professor Tirado said that he is glad to be back to Hong Kong again to join the Summit, which has become one of the legal world’s leading events in the international arena. He said he is also pleased to see Hong Kong back on its feet, stronger than ever, after getting through the pandemic, and has flourished back into its dynamic, efficient, cosmopolitan and multicultural self, an extraordinary and unique legal and financial hub that the entire world recognises.

     Other conferences and seminars of the Hong Kong Legal Week include the Second Legal Forum on Interconnectivity and Development organised by the Office of the Commissioner of the Ministry of Foreign Affairs in the HKSAR and the DoJ tomorrow (November 5); “Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong”, fireside chat on experience sharing of resolving sports disputes and the annual Hong Kong Mediation Lecture under the theme “Mediation and Sustainable Development along the Belt and Road” on Wednesday (November 6); and “Joint Contribution to the Construction of Rule of Law in the GBA” on Thursday (November 7). The Legal Week will end this Friday (November 8) with “Rule of Law: The Best Business Environment”, at which the Academy will be officially launched.

     In addition, an exhibition featuring the milestones and achievements in the construction of the rule of law by the country in the modern era, as well as the role played by Hong Kong in contributing to the developments, has been set up at the venue this year.

     For more details on the Hong Kong Legal Week 2024, please visit the dedicated website www.legalweek.hk. The event is broadcast live on the dedicated website and at webcast.info.gov.hk.

MIL OSI Asia Pacific News –

January 26, 2025

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