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Category: Taxation

  • MIL-OSI New Zealand: Liberia

    Source: New Zealand Ministry of Foreign Affairs and Trade – Safe Travel

    • Reviewed: 22 November 2022, 14:57 NZDT
    • Still current at: 5 November 2024

    Related news features

    If you are planning international travel at this time, please read our COVID-19 related travel advice here, alongside our destination specific travel advice below.

    Exercise increased caution in Liberia due to the unpredictable security situation and violent crime (level 2 of 4).  

    Liberia

    Violent Crime
    Violent crime occurs throughout Liberia, and there is a high incidence of armed robbery, sexual assault, mugging and residential burglary. Most crime is opportunistic but there are also organised criminal groups. Criminals are often armed, typically with a knife or a machete. The level of crime is much higher after dark. 

    As foreigners may be targeted due to their perceived wealth, avoid displaying or wearing items that appear valuable, such as mobile devices and jewellery. Walking alone or travelling after dark should be avoided. No resistance should be given if you are the victim of an armed robbery or mugging, as this could lead to an escalation in violence. Avoid travelling alone or after dark.

    Liberian police and authorities have a very limited capacity to respond and provide effective protective services, particularly outside the capital Monrovia.  

    Terrorism
     There is no history of terrorism in Liberia; however, terrorist groups remain active across West Africa and attacks in other countries have targeted beach resorts, hotels, cafes and restaurants visited by foreigners.

    New Zealanders in Liberia are advised to keep themselves informed of potential risks to safety and security by monitoring the media and other local information sources. We recommend following any instructions issued by the local authorities and exercising vigilance in public places.

    Local travel
    New Zealanders considering travel to Liberia are advised to make adequate security arrangements with a reliable organisation in advance of your arrival. 

    You should avoid local public transport. Pre-arrange transport for the duration of your stay, including to and from the airport, which is located some distance from downtown Monrovia. Taxis should be booked using a reputable company via a trusted friend or through your hotel. When travelling by road, keep doors locked and windows up at all times, as taxis have been occasionally targeted for robbery. Secure tourist facilities and accommodation are very limited and poorly maintained. Stay only in reputable accommodation with adequate guarding. Photo identification should be carried at all times.

    The security situation in Grand Gedeh and River Gee counties, which border Cote D’Ivoire, can be unstable. There are armed groups near the border and occasional cross-border attacks have occurred in the past.

    Civil Unrest
    The security situation in Liberia remains fragile. Sporadic demonstrations and local disturbances can turn violent and there is ongoing potential for unrest. Police may use tear gas and/or water cannons to disperse demonstrations.  New Zealanders in Liberia are advised to avoid all large crowds, political rallies and demonstrations as they have the potential to turn violent. 

    Scams
    Commercial and internet fraud is common in Liberia. New Zealanders should be wary of any offers that seem too good to be true, as they may be a scam. For further information see our advice on Internet Fraud and International Scams and Internet dating scams. 

    Ebola Virus Disease
    Following an Ebola outbreak in 2014, the World Health Organisation (WHO) declared Liberia free of Ebola Virus Disease (EVD) transmission in June 2016. For more information on Ebola, please see the Ministry of Health’s website and the WHO website. 

    General Travel Advice
    As there is no New Zealand diplomatic presence in Liberia, the ability of the government to provide consular assistance to New Zealand citizens is severely limited. We offer advice to New Zealanders about contingency planning that travellers to Liberia should consider. 

    Modern medical services in Liberia are very limited, so we advise New Zealanders travelling or living in Liberia to have a comprehensive travel insurance policy in place that includes provision for medical evacuation by air.

    Penalties for possession, use or trafficking of illegal drugs are severe and can include lengthy imprisonment or fines.

    Photography of government offices, airports, military establishments or officials, is prohibited, and could result in detention. If in doubt, don’t take a picture.

    Authorities may ask for proof of your identity, so carry a colour photocopy of your passport and visa for Liberia at all times. Checkpoints operate throughout the country.

    New Zealanders in Liberia are encouraged to register their details with the Ministry of Foreign Affairs and Trade.

    Travel tips

    See our regional advice for Africa

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    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Political Attacks – Appalling attack on public service official by Minister crosses the line – PSA

    Source: PSA

    Associate Health Minister Casey Costello’s attack on the neutrality of a health official is outrageous and shows again how this Government is fearful of advice it doesn’t like.
    “Publicly attacking a public servant for giving advice that you disagree with is unacceptable within our democratic system,” said Kerry Davies, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi.
    “Officials are there to give robust advice so Ministers can carefully weigh all the evidence and make good decisions.
    “In this case, the official with expertise in this matter was simply doing the job expected of her by taxpayers. She was pointing out the flaws in evidence the Minister herself provided to justify a $200 million tax break for tobacco companies.
    “Taxpayers rightly expect officials to provide robust advice and evidence and challenge Ministers. It’s how our system works.
    “Of course, Ministers have a right to reject that advice, but publicly attacking an official undermines a core principle that officials must be able to give free and frank advice to enable good decision-making.”
    The Public Service Act 2020 makes that principle for officials very clear – ‘when giving advice to Ministers, to do so in a free and frank manner’, so that the public service can deliver on its purpose of supporting ‘constitutional and democratic government’.
    “The Minister talks about the need for officials to hold to ‘public sector standards of integrity and political neutrality’ – that is exactly what this official was doing,” said Kerry Davies.
    “Here we have an inexperienced Minister intimidating officials because she is simply unhappy with their advice. That is wrong.
    “The Government promised to base decisions on evidence, but it has consistently ignored the advice and evidence presented to it by officials when Ministers didn’t like it.
    “But this Minister has now gone a step too far and her public attack will have a chilling effect on officials. How is that good for our democracy?
    “The PSA will be writing to the incoming Public Service Commissioner to express our strong concerns.”

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: FTII’s student film ‘Sunflowers Were The First Ones To Know’ qualifies for Oscars in the Live Action Short Film Category

    Source: Government of India (2)

    FTII’s student film ‘Sunflowers Were The First Ones To Know’ qualifies for Oscars in the Live Action Short Film Category

    FTII produced and La Cinef- Cannes winning film to compete at the 97th Academy Awards

    Posted On: 04 NOV 2024 5:55PM by PIB Mumbai

    : Mumbai/Pune, November 4, 2024

    Film and Television Institute of India (FTII)’s student film “SUNFLOWERS WERE FIRST ONES TO KNOW” has qualified for the 2025 Oscars in the Live Action Short Film Category.

    This short film has been directed by FTII student Chidananda S Naik and had earlier this year won the first Prize at the Cannes Film Festival’s La Cinef Selection, which led to global recognition for this Kannada- language project inspired by Indian folk stories and traditions.

    The film, produced when Chidanand S. Naik was a student at FTII, showcases the expertise of a talented team, including Suraj Thakur (Cinematography), Manoj V (Editing) and Abhishek Kadam (Sound Design). The narrative is both poignant and profound, centering on an elderly woman who steals the village rooster, leading to a cessation of sunlight and resulting in turmoil within the community. In an effort to restore order, a prophecy is invoked, resulting in the exile of the woman’s family as they undertake a desperate mission to retrieve the rooster.

    The La Cinef Jury at Cannes had commended the film for its illuminating storytelling and masterful direction, stating, “Une illumination qui, du fond de la nuit, brille par son humour et le sens de la mise en scène, le premier prix est attribué à Sunflowers Were the First Ones to Know de Chidananda S. Naik” (“An illumination that, from the depths of the night, shines with humor and a keen sense of direction, the first prize is awarded to ‘Sunflowers Were the First Ones to Know’ by Chidananda S Naik.”)

    Film director Chidananda S Naik remarked, “I have aspired to tell this story for as long as I can remember. Our goal was to recreate the experience of not merely hearing these stories but of genuinely living them—an experience I hope resonates with audiences around the globe.”

    Filmed entirely at night, ‘Sunflowers Were the First Ones to Know’ immerses viewers in the heart of the Indian landscape, inviting them to engage with its unique culture and atmosphere. Shri Naik’s direction artfully combines traditional narrative elements with visuals that celebrate the beauty of the region, emphasizing the deep-rooted connections between people and the magic of their stories.

    Having received acclaim on the festival circuit, including the Best Indian Competition award at the Bengaluru International Short Film Festival, ‘Sunflowers Were the First Ones to Know’ is now poised to compete alongside the world’s best short films. The campaign for Sunflowers will feature special screenings, press opportunities, and Q&A events, providing Academy members and audiences worldwide with a glimpse into the universal power of India’s storytelling traditions. Beyond its accolades, ‘Sunflowers Were the First Ones to Know’ serves as an invitation for viewers to engage with Indian culture and storytelling, illuminating the universal themes that resonate deeply with audiences globally.

     

     

     

     

     

    Source: FTII

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI: First Pacific Bancorp Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    WHITTIER, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) — First Pacific Bancorp (the “Company”) (OTC Pink: FPBC), the holding company for First Pacific Bank (the “Bank”), today reported consolidated results for the third quarter ending September 30, 2024, underscored by the sixth consecutive quarter of profitability.

    Highlights for the third quarter of 2024 include:

    • Total assets ended Q3 2024 at $434 million, up $14 million from $420 million at year end 2023.
    • Total deposits ended the third quarter of 2024 at $342 million, up $9 million since year end 2023.
    • Total loans ended the third quarter of 2024 at $268 million, down $7 million from year end 2023.
    • Asset quality remains excellent with minimal levels of classified or non-performing assets.
    • The Bank ended the third quarter with a strong capital position, with a leverage capital ratio of 8.8% and a total risk-based capital ratio of 12.8%.
    • As of September 30, 2024, cash and cash equivalents totaled $49 million, including funds invested overnight, up $27 million since year end 2023.
    • Unused borrowing capacity from credit facilities in place on September 30, 2024, totaled $143 million.

    For the third quarter ending September 30, 2024, the Company realized a pre-tax, pre-provision profit of $345 thousand, compared to a pre-tax, pre-provision profit of $272 thousand in Q2 2024. Net income for the third quarter of 2024 was $249 thousand, up from $198 thousand in Q2 2024. For the nine months ending September 30, 2024, the Company reported $608 thousand in net income, up from a net loss of $219 thousand reported for the nine months ending September 30, 2023.     

    Asset quality remains excellent with minimal non-performing assets and the allowance for credit losses is 1.16% of total loans.  

    “We are encouraged by our results, as evidenced by six consecutive quarters of profitability,” said Joe Matranga, Chairman of the Board of Directors. “We continue to maintain a solid capital, liquidity, and financial standing and are well-positioned to execute our strategy and deliver sustainable, long-term value for our stakeholders.”

    “Our third-quarter results reflect a strong and consistent period of profitability, driven by increased core deposit growth, stable credit quality, and a disciplined approach to expense management,” said Nathan Rogge, President and Chief Executive Officer. “We are pleased with our performance and continue to look for opportunities to expand our customer base through strategic investments in technology and innovation that aim to enhance the customer experience.”

    ABOUT FIRST PACIFIC BANK

    First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. Since opening in 2006, the Bank has offered a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.

    FORWARD-LOOKING STATEMENTS

    This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and First Pacific Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. Forward-looking statements relate to, among other things, our business plan, and strategies, and can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and similar expressions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that might cause such differences include, but are not limited to: successfully realizing the benefits of our business strategy and plans,; changes in general economic and financial market conditions, either nationally or locally, in areas in which First Pacific Bank conducts its operations; effects of inflation and changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; impact of any natural disasters, including earthquakes; effect of governmental supervision and regulation, including any regulatory or other enforcement actions; legislation or regulatory changes which adversely affect First Pacific Bank’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events, or circumstances after the date of such statements except as required by law.  

    Contacts

    — Summary Financial Tables Follow —

    First Pacific Bancorp          
    Consolidated Balance Sheets          
    (Unaudited)          
      Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023
    ASSETS          
    Cash and due from banks $ 23,584,084   $ 4,671,483   $ 7,317,500   $ 4,308,149   $ 4,240,871  
    Fed funds sold & int-bearing balances   25,520,000     37,860,000     37,575,000     18,060,000     20,410,000  
    Total cash and cash equivalents   49,104,084     42,531,483     44,892,500     22,368,149     24,650,871  
               
    Debt securities (AFS)   3,041,852     3,077,666     5,138,340     5,257,049     5,266,653  
    Debt securities (HTM)   101,260,391     102,202,926     103,474,749     104,343,133     105,447,814  
    Total debt securities   104,302,243     105,280,592     108,613,089     109,600,182     110,714,467  
               
    Construction & land development   23,067,204     24,651,513     25,480,398     27,070,749     24,721,763  
    1-4 Family residential   58,082,570     68,588,393     68,521,663     66,567,165     64,925,441  
    Multifamily residential   28,966,811     26,800,829     26,947,419     27,128,177     28,484,194  
    Nonfarm, nonresidential real estate   99,715,860     94,643,169     97,893,840     99,627,812     99,859,450  
    Commercial & industrial   57,342,017     53,504,969     54,785,564     53,938,659     55,374,111  
    Consumer & Other   780,639     1,831,036     1,123,918     865,849     569,736  
    Total loans   267,955,101     270,019,909     274,752,802     275,198,411     273,934,695  
    Allowance for loan losses   (3,109,975 )   (3,109,975 )   (3,109,975 )   (3,109,975 )   (2,974,427 )
    Total loans, net   264,845,126     266,909,934     271,642,827     272,088,436     270,960,268  
               
    Premises, equipment, and ROU net   1,452,886     1,714,833     1,992,588     2,268,671     1,850,187  
    Goodwill, core deposit & other intangibles   1,287,129     1,298,084     1,313,367     1,328,651     1,343,934  
    Bank owned life insurance   5,257,550     5,227,763     5,198,654     5,170,521     5,142,322  
    Accrued interest and other assets   7,505,380     7,476,554     7,415,609     7,392,301     7,616,948  
               
    Total Assets $ 433,754,398   $ 430,439,243   $ 441,068,634   $ 420,216,911   $ 422,278,997  
               
    LIABILITIES AND SHAREHOLDERS’ EQUITY          
    Deposits:          
    Noninterest-bearing demand $ 129,473,091   $ 144,240,187   $ 133,945,262   $ 121,348,095   $ 130,982,957  
    Interest-bearing transaction accounts   24,660,000     24,797,108     28,166,207     34,716,150     47,304,776  
    Money market and savings   143,270,628     143,497,864     148,732,230     139,011,862     131,505,430  
    Time deposits   44,388,137     41,060,590     38,662,227     38,235,413     22,504,646  
    Total deposits   341,791,856     353,595,749     349,505,926     333,311,520     332,297,809  
               
    Borrowings   50,000,000     35,000,000     50,000,000     45,000,000     50,000,000  
    Accrued interest and other liabilities   3,430,132     3,781,444     3,936,909     4,530,208     2,934,831  
    Total liabilities   395,221,988     392,377,193     403,442,835     382,841,728     385,232,640  
               
    Shareholders’ Equity:          
    Capital stock and APIC   37,117,627     36,970,386     36,788,606     36,699,786     36,508,987  
    Retained earnings   2,151,305     1,902,788     1,705,174     1,543,264     1,487,800  
    Accum other comprehensive income   (736,522 )   (811,124 )   (867,981 )   (867,867 )   (950,430 )
    Total shareholders’ equity   38,532,410     38,062,050     37,625,799     37,375,183     37,046,357  
               
    Total Liabilities and Shareholders’ Equity $ 433,754,398   $ 430,439,243   $ 441,068,634   $ 420,216,911   $ 422,278,997  
               
    First Pacific Bancorp          
    Consolidated Income Statements – Quarterly          
    (Unaudited)          
               
      Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023
    INTEREST INCOME          
    Loans, including fees $4,817,174 $4,655,844 $4,700,535 $4,653,303   $4,458,616  
    Debt securities 499,268 514,613 543,857 544,330   585,047  
    Fed funds & int-bearing balances 450,166 573,022 410,685 258,178   271,266  
    Total interest income 5,766,608 5,743,479 5,655,077 5,455,811   5,314,929  
               
    INTEREST EXPENSE          
    Deposits 1,790,578 1,687,121 1,746,032 1,542,541   1,408,092  
    Borrowings 444,250 524,599 507,390 705,324   567,115  
    Total interest expense 2,234,828 2,211,720 2,253,422 2,247,865   1,975,207  
               
    Net interest income 3,531,780 3,531,759 3,401,655 3,207,946   3,339,722  
               
    Provision for credit losses – – – 101,538   191,428  
               
    Net interest income after provision 3,531,780 3,531,759 3,401,655 3,106,408   3,148,294  
               
    NONINTEREST INCOME          
    Service charges, fees and other income 106,628 96,460 108,365 108,769   122,367  
    Sublease income 53,975 52,970 53,872 53,872   53,384  
    Gains (losses) on sale of assets 15,335 – – (12,982 ) 101,844  
    Gains on early payoff of debt – 144,325 – –   123,077  
    Total noninterest income 175,938 293,755 162,237 149,659   400,672  
               
    NONINTEREST EXPENSE          
    Salaries and benefits 2,154,290 2,182,674 2,178,486 1,954,029   2,311,113  
    Occupancy and equipment 374,069 363,695 368,816 384,088   377,795  
    Other expense 834,281 1,007,247 794,158 894,440   823,677  
    Total noninterest expense 3,362,640 3,553,616 3,341,460 3,232,557   3,512,585  
               
    Income before income tax expense 345,078 271,898 222,432 23,510   36,381  
               
    Income tax expense (benefit) 96,563 74,281 60,524 (31,955 ) (15,550 )
               
    Net Income (Loss) $248,515 $197,617 $161,908 $55,465   $51,931  
               
    Earnings per share basic (QTR) $0.06 $0.05 $0.04 $0.01   $0.01  
    Weighted average shares outstanding (QTR) 4,288,851 4,283,351 4,281,653 4,231,841   4,174,529  
               
    First Pacific Bancorp    
    Consolidated Income Statements – Year-to-Date    
    (Unaudited)    
         
      Sep 30, 2024 Sep 30, 2023
    INTEREST INCOME    
    Loans, including fees $14,173,553 $12,051,909  
    Investment securities 1,557,738 1,735,019  
    Fed funds & int-bearing balances 1,433,873 742,649  
    Total interest income 17,165,164 14,529,577  
         
    INTEREST EXPENSE    
    Deposits 5,223,731 3,201,945  
    Borrowings 1,476,239 1,735,403  
    Total interest expense 6,699,970 4,937,348  
         
    Net interest income 10,465,194 9,592,229  
         
    Provision for credit losses – 804,428  
         
    Net interest income after provision 10,465,194 8,787,801  
         
    NONINTEREST INCOME    
    Service charges, fees and other income 311,453 347,054  
    Sublease income 160,817 158,202  
    Gains (losses) on sale of assets 15,335 142,075  
    Gains on early payoff of debt 144,325 123,077  
    Total noninterest income 631,930 770,408  
         
    NON INTEREST EXPENSE    
    Salaries and benefits 6,515,450 6,604,574  
    Occupancy and equipment 1,106,580 1,086,189  
    Other expense 2,635,686 2,230,137  
    Total noninterest expense 10,257,716 9,920,900  
         
    Income before income tax expense 839,408 (362,691 )
         
    Income tax expense (benefit) 231,368 (143,307 )
         
    Net Income (loss) $608,040 ($219,384 )
         
    Earnings (loss) per share basic (YTD) $0.14 ($0.06 )
    Weighted average shares outstanding (YTD) 4,284,634 3,912,161  
    First Pacific Bancorp            
    Quarterly Financial Highlights            
    (Unaudited)            
        Quarterly
        2024 2024 2024 2023 2023
    ($$ in thousands except per share data)   3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
    EARNINGS            
    Net interest income $ 3,532   3,532   3,402   3,208   3,340  
    Provision for loan losses $ 0   0   0   102   191  
    Noninterest income $ 176   294   162   150   401  
    Noninterest expense $ 3,363   3,554   3,341   3,233   3,513  
    Income tax expense $ 97   74   61   (32 ) (16 )
    Net income $ 249   198   162   55   52  
                 
    Basic earnings per share $ 0.06   0.05   0.04   0.01   0.01  
    Weighted average shares outstanding   4,288,851   4,283,351   4,281,653   4,231,841   4,174,529  
    Ending shares outstanding   4,291,927   4,283,351   4,283,351   4,231,841   4,231,841  
                 
    PERFORMANCE RATIOS            
    Return on average assets   0.23 % 0.18 % 0.15 % 0.05 % 0.05 %
    Return on average common equity   2.58 % 2.10 % 1.73 % 0.59 % 0.56 %
    Yield on loans   6.98 % 6.97 % 6.84 % 6.69 % 6.60 %
    Yield on earning assets   5.58 % 5.52 % 5.49 % 5.35 % 5.26 %
    Cost of deposits   2.05 % 1.96 % 2.05 % 1.89 % 1.70 %
    Cost of funding   2.32 % 2.28 % 2.35 % 2.37 % 2.09 %
    Net interest margin   3.42 % 3.40 % 3.31 % 3.15 % 3.30 %
    Efficiency ratio   90.7 % 92.9 % 93.8 % 96.3 % 93.9 %
                 
    CAPITAL            
    Tangible equity to tangible assets   8.61 % 8.57 % 8.26 % 8.61 % 8.48 %
    Book value (BV) per common share $ 8.98   8.89   8.78   8.83   8.75  
    Tangible BV per common share $ 8.68   8.58   8.48   8.52   8.44  
                 
    ASSET QUALITY            
    Net loan charge-offs (recoveries) $ 0   0   0   0   0  
    Allowance for loan losses (ALLL) $ 3,110   3,110   3,110   3,110   2,974  
    ALLL to total loans   1.16 % 1.15 % 1.13 % 1.13 % 1.09 %
    Nonperforming loans $ 991   77   160   61   0  
                 
    END OF PERIOD BALANCES            
    Total loans $ 267,955   270,020   274,753   275,198   273,935  
    Total assets $ 433,754   430,439   441,069   420,217   422,279  
    Deposits $ 341,792   353,596   349,506   333,312   332,298  
    Loans to deposits   78.4 % 76.4 % 78.6 % 82.6 % 82.4 %
    Shareholders’ equity $ 38,532   38,062   37,626   37,375   37,046  
    Full-time equivalent employees   44   44   46   45   44  
                 
    AVERAGE BALANCES (QTRLY)            
    Total loans $ 273,960   267,766   275,578   276,016   268,186  
    Earning assets $ 410,298   416,965   412,791   404,210   400,993  
    Total assets $ 424,199   430,830   426,592   417,595   414,457  
    Deposits $ 346,142   346,032   341,226   323,300   329,121  
    Shareholders’ equity $ 38,267   37,788   37,443   37,179   36,469  

    The MIL Network –

  • MIL-OSI USA: DLNR News Release-Weeklong Kaua’i Art Exhibit Celebrates Native Birds and Forests, Nov. 2, 2024

    Source: US State of Hawaii

    DLNR News Release-Weeklong Kaua’i Art Exhibit Celebrates Native Birds and Forests, Nov. 2, 2024

    Posted on Nov 2, 2024 in Latest Department News, Newsroom

    DEPARTMENT OF LAND AND NATURAL RESOURCES

     

    JOSH GREEN, M.D.
    GOVERNOR

    DAWN CHANG
    CHAIR

    NEWS RELEASE

      

    FOR IMMEDIATE RELEASE

    Nov. 2, 2024

    WEEKLONG ART EXHIBIT CELEBRATES KAUA‘I FOREST BIRDS

     

    (LĪHUʻE, KAUA‘I) – “Wings and Woodlands: A Tribute to Native Birds and Forests,” is the latest Makahiki o Nā Manu Nahele event, a year-long celebration of these jewels of Hawai‘i’s forests.

    Kaua‘i is home to eight species of forest birds, six of which are endemic to the island, meaning they are found nowhere else on the planet. Four of those species are endangered or threatened. Unfortunately, due to the impacts of mosquito-born avian malaria, several of these honeycreepers are on the verge of extinction, or in the case of the ‘akikiki, already “functionally extinct.”

    All this week, the Wings and Woodlands art exhibit is showing at the Kaua‘i Society of Artists (KSA) Gallery at Kukui Grove Center. The free exhibit features paintings and photographs contributed by artists from around Hawai‘i, as well as from New York and California.

    “We are closing out the Year of the Forest Birds by hosting this wonderful art exhibit. First and foremost, we are trying to celebrate our birds. We are trying to celebrate their beauty and when you look at all the beautiful art pieces here, you can see that they are inspiring,” said Dr. Julia Diegmann of the Kaua‘i Forest Bird Recovery Project (KFBRP) during a Friday night opening of the exhibit.

    Diegmann said she is particularly thrilled with the amount of student produced artwork in the exhibit. In addition to open hours at the KSA Gallery through Friday, Nov. 8, there are showings of a recently released documentary on Hawaiian forest birds, and workshops on painting, native plants and learning mele.

    The KFBRP has been in existence for 21 years and most people who are or have worked to help save forest birds can rattle their names off, like Diegmann did on Friday.

    “We have ‘akeke‘e, ‘i‘iwi, puaiohi, ‘apapane, ‘anianiau, Kaua‘i ‘elepaio, Kaua‘i ‘amakihi, and ‘akikiki,” Diegmann listed. The ‘akikiki is the species now considered functionally extinct in the mountains of Kaua‘i. Many of the events this year have focused on capturing the individual stories of each and every bird.

    Justin Hite estimates he spent 1,000 nights over the course of eight years camping in the bird’s habitat as the field coordinator for KFBRP. He is now a planner with the DLNR Division of Forestry and Wildlife (DOFAW). Hite told exhibit guests the story of  , a female and one of only two ‘akikiki believed to be still alive in the wild. The second bird is a juvenile.

    “I watched the forest empty out of ‘akikiki. I watched them all disappear. When I first got here, the valley (where Pakele lives) was fully occupied with ‘akikiki everywhere,” Hite remarked.

    He added, “I just really want to acknowledge the two of them as the ones that are going to move forward with us and a really important role for a lot of us is having hope and working really hard and believing that what we’re doing is helping and kind of keeping us going forward.”

    Diegmann is particularly appreciative of the artists, young and old, who contributed their works and the many volunteers who spent all day Friday setting up the exhibit.

    “I want people to come here and to enjoy the beautiful art and to learn about the different species that we have here on Kaua‘i,” she said.

    Efforts to control mosquitoes, which have moved into the higher elevations where honeycreepers live, are focused on Kaua‘i and Maui. Many birds have been caught and moved into bird conservation centers with the hope, that once avian malaria is under control, there are large enough breeding populations to return the songs of the Hawai‘i forest birds to their rightful homes.

    # # #

     

    RESOURCES

    (All images and video courtesy: DLNR)

    HD video – “Wings and Woodlands: A Tribute to Native Birds and Forest” (web feature):

    HD video – Kaua‘i forest bird art exhibit (Nov. 1, 2024):

    (Shot sheet/transcriptions attached)

    Photographs – Kaua‘i forest bird art exhibit (Nov. 1, 2024):

    Learn more about Makahiki o Nā Manu Nahele:

    Learn more about Kaua‘i’s forest birds:

     

    Media Contact:

    Dan Dennison

    Communications Director

    808-587-0396

    MIL OSI USA News –

  • MIL-OSI USA: DCCA NEWS RELEASE: REAL ESTATE COMMISSION TO HOST A FREE VIRTUAL “CONDORAMA” EDUCATION EVENT

    Source: US State of Hawaii

    DCCA NEWS RELEASE: REAL ESTATE COMMISSION TO HOST A FREE VIRTUAL “CONDORAMA” EDUCATION EVENT

    Posted on Nov 4, 2024 in Latest Department News, Newsroom

     

    DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

    KA ʻOIHANA PILI KĀLEPA

     

    PROFESSIONAL AND VOCATIONAL LICENSING DIVISION

     

    JOSH GREEN, M.D.
    GOVERNOR | KE KIAʻĀINA

    NADINE Y. ANDO
    DIRECTOR | KA LUNA HOʻOKELE

    AHLANI K. QUIOGUE

    LICENSING ADMINISTRATOR

    FOR IMMEDIATE RELEASE

    November 4, 2024

    REAL ESTATE COMMISSION TO HOST A FREE VIRTUAL “CONDORAMA” EDUCATION EVENT

     

    HONOLULU — The Real Estate Commission, together with Community Associations Institute Hawaii Chapter will conduct a free “Condorama XIII” event via webinar, on Saturday, November 9, 2024. The event runs from 9:00 a.m. to 11:00 a.m. and will feature speakers highlighting topics relating to the condominium community.

     

    The event is geared toward condominium owners and is open to the public. Registration is available online at https://www.caihawaii.org/. Following the presentation, a recording of the event will be made available on the CAI Hawaii and the Real Estate Branch Condorama websites.

    TOPICS INCLUDE:

    • The Hawai‘i Civil Rights Commission

     

    Marcus Kawatachi, Deputy Executive Director of the Hawai‘i Civil Rights Commission (“HCRC”) will provide information on the HCRC and its function, how complaints are processed, types of claims received and tips to avoid complaints.

     

    • Dealing with Violence in Associations

     

    Jeffrey Owens, CSP, CTM, CVP, Major-HPD Ret., will provide an overview on dealing with violence in associations, including strategies on managing events to safety, productive communications, reducing personal risk during encounters and regaining control when people are out of control.

    For more information regarding Condorama XIII, please visit the Real Estate Branch Condorama website at https://cca.hawaii.gov/condorama/, or call the Real Estate Branch at 808-586-2644.

    # # #

    The Real Estate Commission is one of 52 boards, commissions and programs administratively attached to the Department of Commerce and Consumer Affairs’ Professional and Vocational Licensing Division. It is responsible for the licensure, education and discipline of real estate agents; registration of prelicense schools, continuing education providers, condominium projects, condominium associations, condominium managing agents and condominium hotel operators; and certification of prelicense and continuing education courses and prelicense instructors.

    Media Contact:

    William Nhieu

    Communications Officer

    Department of Commerce and Consumer Affairs

    [email protected]

    Office: 808-586-7582

    MIL OSI USA News –

  • MIL-OSI USA: Webster Returns Nearly $3 Million to Constituents

    Source: United States House of Representatives – Congressman Daniel Webster (11th District of Florida)

    Clermont, FL — Today, Florida Congressman Daniel Webster, R-Clermont, announced his office reached a milestone of returning over $2.7 million to constituents in compensation, pension, or retroactive payments from agencies including the VA, IRS, Social Security, and Medicare.
     
    “Providing first-class assistance to my constituents with issues involving federal agencies is one of my top priorities,” said Rep. Webster. “I am pleased that we have been able to intercede on behalf of so many constituents to ensure they receive the services and compensation they have earned.”

    Congressman Webster’s office works diligently with agency liaisons on a constituent’s behalf to answer questions, find solutions, or simply cut through the red tape. Recently, a veteran in Laky Lake contacted Rep. Webster for regarding delays with his appeals that were pending at the Board of Veterans Appeals. Webster’s office submitted an inquiry, monitored the process, and provided regular updates to the veteran. After a mostly favorable decision by the Veterans Law Judge, the veteran received a retro payment of over $100,000.

    If you are a constituent in Congressional District 11 in need of assistance with a federal agency, call 352-241-9220 or visit https://webster.house.gov/casework.
     

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Smoky Skies Over the Indo-Gangetic Plain

    Source: NASA

    Every November, satellites detect large numbers of small smoke plumes and heightened fire activity in northern India and Pakistan as farmers burn off excess straw after the rice harvest. Many farmers, particularly in the Punjab region, use fire as a fast, inexpensive way to clean up fields before planting winter wheat crops. However, the influx of smoke to the densely populated Indo-Gangetic Plain often contributes to a sharp deterioration of air quality in October and November.
    Levels of air pollution soared during the last week of October and first week of November in 2024 as weather patterns kept air bottled up in the Indo-Gangetic Plain. On November 3, 2024, the VIIRS (Visible Infrared Imaging Radiometer Suite) on the Suomi NPP satellite acquired this natural-color image of plumes of smoke streaming from large numbers of small fires burning in Pakistan and India.
    Air quality sensors in Lahore, Pakistan, recorded concentrations of fine particulate matter (PM2.5) at hazardous levels—above 300 on the air quality index (AQI)—on several days in October and November, according to data posted by AirNow. As pollution levels rose, authorities in Pakistan announced school closures, partial lockdowns, and halts in construction in a bid to limit the health impacts, according to news reports.
    Smoke from crop fires is not the only contributor to the hazy skies, explained Pawan Gupta, a lead scientist for AERONET, a NASA-sponsored network of ground-based sensors that measures the concentration of aerosols at hundreds of locations around the world. Influxes of dust sometimes arrive from the Thar Desert to the west. An array of other human-caused sources of air pollution in cities, including motor vehicle emissions, industrial and construction activity, fireworks, and fires for heating and cooking, also produce particulate matter and other pollutants, Gupta added.
    Geography and weather can exacerbate the region’s poor air quality. Temperature inversions are common in November and December as cold air rolls off the Tibetan Plateau and mixes with smoky air from the Indo-Gangetic Plain. An inversion can function like a lid, with warm air trapping pollutants near the surface. The low-hanging haze becomes hemmed in between the Himalayas to the north and the Vindhya Range to the south.
    Pollution levels in Lahore typically peak in late November and December, “so this is just beginning,” Gupta said. “The worst pollution days are probably still ahead of us.”
    Hiren Jethva, a senior research scientist at NASA’s Goddard Space Flight Center and Morgan State University, uses the Normalized Difference Vegetation Index (NDVI)—a measure of the land’s “greenness”—to anticipate fire activity in the region each year. Based on the NDVI data, he expects that NASA’s Aqua satellite will detect between 15,500 and 18,500 fires in 2024—higher than most years since 2002 but lower than 2016 and 2021, years with especially bountiful rice crops.
    NASA Earth Observatory image by Michala Garrison, using VIIRS data from NASA EOSDIS LANCE, GIBS/Worldview, and the Suomi National Polar-orbiting Partnership. Story by Adam Voiland.

    MIL OSI USA News –

  • MIL-OSI Canada: Updated fiscal statutes benefit Albertans

    Source: Government of Canada regional news

    [embedded content]

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

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

    Nate Horner, President of Treasury Board and Minister of Finance

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

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

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

    Searle Turton, Minister of Children and Family Services

    Other changes in the proposed bill include:

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

    Related information

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

    Multimedia

    • Watch the news conference
    • Listen to the news conference

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Statement in response to Inland Revenue’s updated hashing information

    Source: Privacy Commissioner

    Deputy Privacy Commissioner Liz MacPherson says she is very disappointed to learn that in at least two instances, identifiable personal information was shared by Inland Revenue with social media platforms. IR is the custodian of highly sensitive tax information about most New Zealanders. Given the nature of their work and the fact all New Zealand taxpayers must interact with them its important IR upholds the very highest privacy and confidentiality standards.

    What is particularly concerning in this case is that IR apparently had no idea that these incidents, including the intentional sharing by IR staff of identifiable personal details of 268,000 New Zealand taxpayers with social media platforms had occurred. It is unlikely based on the information available to us that the breaches are notifiable under the Privacy Act.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: NSW Land and Primary Industries Network hits the road 11 – 15 November

    Source: New South Wales Department of Primary Industries

    5 Nov 2024

    Mark your calendars, as the annual NSW Land and Primary Industries Network (LPIN), hosted by the NSW Decarbonisation Hub in collaboration with NSW Department of Primary Industries and Regional Development (NSW DPIRD), is set to tour regional NSW from 11 to 15 November.

    This initiative aims to promote sustainable land practices and accelerate the transition to net-zero emissions across the state, bringing together industry professionals, NSW Government program leaders and researchers from seven universities across the state.

    The tour kicks off Monday 11 November, with events in:

    NSW DPIRD Land and Primary Industries, NSW Decarbonisation Innovation Hub representative Warwick Badgery said research together with industry community and government is needed to embed decarbonisation in the next wave of sustainable land practices in NSW.

    “As we commence this tour, we encourage regional communities to come along to these free events and engage with us, sharing ideas and help promote new technologies and practices that not only mitigate climate change but also promote biodiversity and resilience in our agricultural systems,” Mr Badgery said.

    “These events are an opportunity for all of us to learn, share ideas, and foster innovation and we’re excited to see the creativity and passion that our communities will bring.

    “By taking a collaborative approach and bringing together researchers, industry leaders, and local communities from across the state, we can pave the way for a greener future in NSW.

    “Together, we can explore innovative solutions that not only reduce emissions but also enhance the sustainability of our vital land resources.”

    Research Partnership Development Manager for the LPIN, Dr Liz Smith, said these are very exciting times where we have the opportunity to discover and implement real solutions to aid in reduction of emissions and embedding of solutions into sustainable land and agricultural practices that can still maintain and even enhance the farming way of life.

    “As the LPIN represents all the regional universities in NSW, it is a brilliant mechanism for bringing current research and development to the communities most directly affected by the transition to decarbonised industries,” Dr Smith said.

    We look forward to getting out to regional NSW to communicate advancements and opportunities so that we can link together these profound opportunities for businesses, communities and governments to embrace the growth of new industries and markets in clean energy, bioproducts, sustainable food production and many other areas.”

    For more information on the NSW Decarbonisation Innovation Hub, please visit their website – https://www.decarbhub.au/

    Media contact
    For more information, please contact: pi.media@dpird.nsw.gov.au.

    MIL OSI News –

  • 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 –

  • MIL-OSI: CoinShares Announces Q3 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    5thNovember 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 30th 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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Q3 2024 Business Highlights

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

    Q3 2024 Financial Highlights

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

    Reserves and Resources

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

    2024 Annual Guidance

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

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

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

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

    Third Quarter 2024 Highlights and Full Year 2024 Guidance

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

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

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

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

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

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

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

    Blackrod Phase 1 Project

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

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

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

    Stakeholder Returns: Normal Course Issuer Bid

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

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

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

    Environmental, Social and Governance (ESG) Performance

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

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

    Notes:

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

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

    For further information, please contact:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    1 Item is not shown in the Financial Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

    Supplemental Information regarding Product Types

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Dr. Sean Guest, President and CEO commented:

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

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

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

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

    For further information, please contact:

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

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

    About Valeura

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

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

    Advisory and Caution Regarding Forward-Looking Information

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-Evening Report: 31% of companies are not paying tax in Australia. How do they do it?

    Source: The Conversation (Au and NZ) – By Kerrie Sadiq, Professor of Taxation, QUT Business School, and ARC Future Fellow, Queensland University of Technology

    Seb Zurcher/Unsplash

    Large companies paid the Australian government a record A$100 billion in tax in the last year, a 17% increase on the previous year. But, over the same period, there were still 31% of large companies, operating here but not paying any tax.

    The Australian Taxation Office’s annual corporate tax transparency report released last week includes data on nearly 4,000 of Australia’s largest corporations.

    In its tenth year, the report is lauded by the government and ATO as a way to increase corporate accountability and reduce tax avoidance. But there is no detail on the tax practices of multinational entities, including how they interact with their offices around the world.

    In particular, there is little information about how 1,200 companies paid no tax.

    What the report tells us

    The transparency report provides data on corporations with income of $100 million or more and businesses which pay the petroleum resource rent tax (PRRT). This includes Australian public and foreign-owned corporate tax entities, as well as Australian-owned resident private companies.

    The report details the total income, taxable income, tax payable, and PRRT payable for all entities that meet the reporting threshold. Taxable income is simply assessable income minus deductions. Tax payable as a percentage of taxable income, can then be used to calculate an effective tax rate. The statutory corporate tax rate is 30%.

    A variation between an effective tax rate and the statutory tax rate is not evidence of tax avoidance. However, questions need to be asked about how profitable companies reduce their tax liability to zero.

    Zero liability can be achieved by deducting offsets and credits. For example, companies that conduct significant research and development are given tax breaks which reduce the amount of tax payable.

    Where a company has accounting losses or a tax loss because it has incurred more expenses than income, tax will be zero. These are legitimate reasons for paying no tax.

    But the limited information provided simply tells us how profitable a company is, the amount of tax deductions claimed against that profit, and the tax payable.

    What the report doesn’t tell us

    The transparency report reveals little about tax practices of multinational entities.

    The question remains what deductions are being claimed by corporations and tax entities. The ATO has this information but can only publish what the law allows them, which is limited.

    For multinationals, deductions will include dealings with overseas parts of the global entity, such as subsidiaries or the parent entity. These transactions create legitimate tax deductions.

    Common transactions include payments to overseas subsidiaries for services, royalty payments for intellectual property, and interest on overseas borrowings.

    In the case of petrol company Chevron, money was borrowed in the United States at around 1.2% and on lent to a related Australian entity at 9%.

    After a long court battle, about 5% of interest was allowed as a deduction, an amount significantly above the original interest rate. This gave Chevron in Australia a large tax deduction.

    It is through these types of transactions profits earned in Australia are shifted overseas. Current tax law allows this but requires the transaction, known as the transfer price, to be at arm’s length – that is, the price is agreed to between independent parties entering the same transaction.

    What is transfer pricing?

    Multinationals are global by nature and therefore logically maximise worldwide profits. Tax systems do not operate in the same way.

    Tax comes under domestic law which means transactions between parts of a global entity are recognised for tax purposes.

    If goods or services are sold by one part of the entity to another, an internal transaction occurs. For tax purposes the transaction is recognised as a deduction in one location and income in another. An Australian entity would pay a foreign party for things like marketing, and get a deduction for the expense.

    In recent years the ATO has settled marketing disputes with large multinationals including Google, BHP, Apple, Rio Tinto, ResMed and Microsoft.

    Where a deduction is allowed in a high tax jurisdiction, such as Australia, and income is included in the profits of a low tax jurisdiction, such as Singapore, the result is larger overall global profits.

    The tax system recognises the incentive for multinational entities to shift profits this way and requires transactions to be at a commercial or negotiated price. Determining the price however can be fraught and has led to numerous court cases and tax disputes.

    The tax transparency report reveals nothing about these types of transactions.

    Taxing multinationals in Australia

    In the last decade there have been moves to tax income in the location of the economic activity. The OECD has tried to stop profit shifting by companies, which erodes the tax base of high taxing jurisdictions, through its tax reform agenda.

    Further complicating the issue of transfer pricing is the question of whether there is any real activity in the countries where different parts of a multinational are located.

    Singapore is recognised for what are known as service hubs. These are places where various services such as sales negotiations are conducted and marketing occurs. Singapore also happens to have a headline corporate tax rate of 17%. This is often reduced to single digits after deals are entered into between taxpayers and the Singapore revenue authority.

    Intellectual property poses similar problems.

    These are increasingly valuable assets for multinational entities as they provide a unique edge in the market. We only need to think of Apple, Microsoft and Google to understand how valuable names, logos and designs are.

    By its very nature intellectual property has no physical location and can be owned anywhere in the world. Often, intellectual property is held in low or no tax countries.

    The transparency report includes no details about how much is transferred to these locations. This is where Australia’s proposed public country-by-country reporting may assist.

    Is the ATO’s corporate tax transparency report worthwhile?

    Australia should continue to strive to be a leader in corporate tax transparency.

    A two-step approach is required to eliminate corporate tax avoidance. Information is valuable and public transparency measures are an important first step.

    A second step, however, is to reform substantive tax laws to tax profits where they are genuinely being generated.

    Kerrie Sadiq is the recipient of a four year Australian Research Council Future Fellowship Grant.

    – ref. 31% of companies are not paying tax in Australia. How do they do it? – https://theconversation.com/31-of-companies-are-not-paying-tax-in-australia-how-do-they-do-it-242695

    MIL OSI Analysis – EveningReport.nz –

  • 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 –

  • MIL-OSI: DIGZAX Enhances Collaborative Security System, Pioneering New Heights in Cryptocurrency Trading

    Source: GlobeNewswire (MIL-OSI)

    ARVADA, Colo., Nov. 04, 2024 (GLOBE NEWSWIRE) — Recently, the renowned cryptocurrency exchange platform DIGZAX announced the completion of its security system upgrade, further enhancing the protective capabilities of the platform. According to the details released, DIGZAX has showcased significant technological advantages, receiving high acclaim within the industry. This upgrade not only underscores the commitment of DIGZAX to user experience and asset security but also highlights the collaborative execution capabilities of the team throughout the process.

    Fergus Kane, the founder and CEO of DIGZAX, has consistently prioritized security as the core driving force behind the development of the platform. Under his leadership, the DIGZAX team has not only driven technological innovation but also ensured steady business expansion. During the recent security upgrade, team members worked closely together, each fulfilling their respective roles, demonstrating remarkable cohesion, with every individual playing an indispensable part.

    Charles Henry Anderson, the Chief Technology Officer, played a crucial role in this security enhancement, bringing extensive experience from the fintech sector. His technology team developed an intelligent security system capable of monitoring platform activities in real time, identifying and preventing anomalous behaviors, and employing multi-layered security measures to effectively adapt to evolving cybersecurity risks.

    The successful implementation of this technology was bolstered by the close collaboration of Sterling Nash, the Chief Legal Officer, who provided critical compliance requirements during the system design phase. Given the varying data security and privacy regulations across different countries and regions, the guidance of Sterling ensured that the technological solutions progressed smoothly within a diverse global compliance framework, effectively mitigating potential legal risks. This close integration of technology and regulation not only enhanced the compliance capabilities of DIGZAX but also facilitated the robust expansion of the platform in international markets, solidifying its foundation for globalization.

    Moreover, the operations team excelled during this security upgrade, led by Chief Operating Officer Michael Robert Davis. They worked closely with the technical department to ensure that every technological solution was effectively implemented while optimizing user experience. This efficient collaborative model allowed DIGZAX to advance its technological upgrades swiftly while maintaining platform stability and operational efficiency.

    The collaboration of the DIGZAX team is evident not only at the technical level but also throughout the smooth progression of the entire project. From new features to user experience optimizations, every aspect has been meticulously refined and rigorously tested by the team, ensuring that efficient communication and close cooperation between departments facilitated the timely implementation of every innovative application and strategic adjustment.

    Under the leadership of Fergus Kane, the DIGZAX team will continue to explore and apply cutting-edge technologies to ensure that the security and competitive advantages of the platform steadily improve. With ongoing technological updates, DIGZAX is moving towards a more secure and innovative cryptocurrency financial future, consistently providing users with high-quality investment experiences and greater development opportunities.

    Media Contact:

    Full company name: DIGZAX BLOCKCHAIN DEVELOPMENT INC

    Company website: https://www.digzax.co

    Contact Person: Darma

    Email id: support@DIGZAX.co

    Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/56647c41-23b0-48dc-8bfe-7e2ee79d44ee

    The MIL Network –

  • MIL-OSI: HEROWORKS Embarks on Global Expansion with Hotel Revenue Management System

    Source: GlobeNewswire (MIL-OSI)

    SEOUL, KOREA, Nov. 04, 2024 (GLOBE NEWSWIRE) — HEROWORKS, a leading Korean hospitality tech company, announced its initiative to expand the global reach of its hotel revenue management systems, ‘DatAmenity’ and ‘REVIE.’

    – Launches Review Management Service ‘REVIE’ Following Hotel Revenue Management System ‘DatAmenity’

    – Enhances Services through Localization Strategies, Including Multilingual Systems and Development of Local OTA Crawlers

    Focusing on the Korean market, HEROWORKS has provided ‘DatAmenity,’ a hotel pricing management service, and ‘REVIE,’ a review management service. Recently, through global data collection, the development of multilingual systems, and the creation of local OTA (Online Travel Agency) crawlers, the company is accelerating the expansion of its solutions, primarily targeting the Asian market.

    HEROWORKS has completed the development of English and Vietnamese versions of the DatAmenity service and has finalized the development of the crawler for integration with major Japanese OTA platforms such as IKYU, RAKUTEN, and JALAN. By adding features optimized for each country’s market, HEROWORKS is significantly enhancing its accessibility in the global market.

    ‘DatAmenity’ is a hotel revenue management solution that collects and analyzes room data from all accommodations listed on OTAs to help set optimal room sale prices. The name combines ‘Data,’ meaning information, and ‘Amenity,’ which hotels provide, signifying HEROWORKS’ provision of data-driven revenue management services to hotels, akin to how hotels offer amenities to their guests.

    Critical features of DatAmenity include ‘Managing the Lowest Room Prices for the Hotel,’ ‘Tracking Room Price Fluctuations,’ ‘Comparing and Analyzing Prices with Competitor Hotels,’ and ‘Accessing Weather and Festival/Event Information.’ DatAmenity comprehensively analyzes the lowest room prices, price fluctuations, and comparisons with surrounding hotels listed on OTAs, supporting users in developing optimized room sale strategies. Additionally, by providing information on festivals and events, users can predict tourism season demand and plan package deals linked to events to maximize revenue.

    ‘REVIE’ is a hotel review management system developed based on positive feedback and additional feature requests for the review management functionality provided by HEROWORKS’ ‘DatAmenity.’

    Key features of REVIE include ‘AI-Based Automatic Generation of Review Replies,’ ‘Hotel Review Analysis,’ and ‘Comparison and Market Analysis of Reviews for Selected Hotels.’ The AI-based automatic reply generation supports four languages: Korean, Japanese, English, and Chinese, and can generate replies in two tones: ‘standard’ and ‘friendly.’ Hotel review analysis visualizes frequently mentioned keywords, mention counts, and positivity levels over time in tables or graphs. When a hotel of interest is specified, it allows for comparative analysis with the hotel’s review data.

    CEO Lee Chang-ju of HEROWORKS stated, “REVIE was launched in response to requests from field practitioners, and we are proud that it is a service more suitable for hotels’ needs than any other hotel IT solution. Through the REVIE service, we expect to provide qualitative customer feedback and quantitatively analyzed hotel information, which can be utilized in marketing and branding strategies to support effective hotel operations.”

    Meanwhile, HEROWORKS is a hospitality tech company that builds automated hotel revenue management systems. By developing and operating phased hotel revenue management solutions, the company aims to enhance the profitability of accommodations and improve customer satisfaction. The company provides solutions that efficiently support necessary tasks across four stages: hotel reservations, lead time, hotel usage, and post-checkout.

    Currently, HEROWORKS operates ‘DatAmenity,’ the price management service required in the first stage, and ‘REVIE,’ the review management service needed in the final stage. The company plans to launch AI chatbots and AI marketing services required in the lead time and hotel usage stages, thereby establishing a comprehensive hotel revenue management platform that can enhance hotels’ competitiveness.

    Social Links

    YouTube: https://youtu.be/e1kOthMDeUo?feature=shared

    Blog: https://blog.naver.com/datamenity

    Media Contact

    Brand: HEROWORKS

    Contact: Planning & Marketing Team

    Email: help@heroworks.co.kr

    Website: https://www.heroworks.co.kr

    The MIL Network –

  • 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.

    Updates to this page

    Published 4 November 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Do one thing – get on the HMRC app

    Source: United Kingdom – Executive Government & Departments

    HMRC is reminding people to download the HMRC app to access HMRC services such as Child Benefit and their National Insurance number.

    Apple and the Apple Logo are trademarks of Apple Inc. App Store is a service mark of Apple Inc. Google Play is a trademark of Google LLC.

    • Talk Money Week is an annual awareness initiative – the theme this year is “Do One Thing”
    • 1.7 million customers use the HM Revenue and Customs (HMRC) app every month, with 29 million sessions launched between July and September 2024 and 711,000 new users in the same period
    • HMRC has today launched a new advertising campaign promoting the app, aimed at 18-34-year-olds

    This Talk Money Week (4 – 8 November), taxpayers are being urged to “Do One Thing” and get on the HMRC app to save time and simplify managing their money and tax.

    More than 1.7 million people are already using the HMRC app every month, which enables users to access services such as making a Child Benefit claim, finding their National Insurance number and a tax calculator to estimate their take-home pay.

    Between July and September 2024, 711,382 new users downloaded the app, and there was a 39% increase in app activity compared to the same period last year – up from 20.93 million sessions to 29.22 million. And nearly £300 million has been paid to HMRC via the app so far this financial year.

    HMRC is encouraging anyone who hasn’t yet downloaded the free and secure HMRC app, one of the UK’s top-rated finance apps, to do one thing and get on it today.

    The most popular features used on the app between July and September this year were:

    • check State Pension contributions– 1.9 million sessions
    • manage Child Benefit – 1.6 million sessions
    • view annual tax summaries – 1.4 million sessions

    Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

    One of the main priorities for HMRC is improving its customer services and this incredibly useful and user-friendly app is a great example of how tax can be made much easier for people.

    Whether you’re a student looking for your National Insurance number or a new parent wanting to claim Child Benefit, the HMRC app has a range of tools for you, at your fingertips. I urge everyone to download it today.

    The HMRC app is rated 4.7/5 and 4.8/5 respectively on the Google Play and Apple Store and ranks among both of their top 10 finance apps.

    HMRC has launched a new advertising campaign today aimed at 18-34-year-olds to “get on it” with the app, showcasing how it can help them remain in control of their tax affairs and finances amidst their busy daily lives. This includes an attention-grabbing new advert streaming on multiple video on demand channels that can also be viewed on the HMRC YouTube channel.

    You’re on it – Download the HMRC app

    Further information

    Download the app from Google Play or Apple Store

    The HMRC app is bilingual and available in Welsh.

    You can use the HMRC app to:

    • check your tax code, National Insurance number, and income and employment history from the past five years
    • view and manage Child Benefit, Tax Credits, and your State Pension forecast
    • access tax details, including your Unique Taxpayer Reference and income information
    • use tools like the tax calculator to estimate take-home pay, and check for National Insurance contribution gaps
    • make payments for Self Assessment, Simple Assessment, and even set payment reminders
    • access your Help to Save account and claim refunds if you’ve overpaid tax
    • track forms and correspondence with HMRC
    • update personal information like your name and address
    • save your National Insurance number to a digital wallet and opt for electronic communications from HMRC
    • use HMRC’s digital assistant for guidance and support

    Updates to this page

    Published 4 November 2024

    MIL OSI United Kingdom –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Message to Shareholders

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

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

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

    Operational Update:

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

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

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

    Key Highlights of the Quarter:

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

    Additional Key Financial Metrics:

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

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

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

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


    Conference Call Information:

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

    Corporate Presentation:

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

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221

    info@grantierra.com

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

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

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

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

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

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

    Non-GAAP Measures

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

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

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

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

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

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

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

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

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

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

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

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

    Presentation of Oil and Gas Information

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI Asia-Pac: President approves 58 Mentioned-in-Despatches, including four posthumous, on the eve of Republic Day 2025

    Source: Government of India (2)

    Ministry of Defence

    President approves 58 Mentioned-in-Despatches, including four posthumous, on the eve of Republic Day 2025

    Posted On: 25 JAN 2025 7:05PM by PIB Delhi

    President Smt Droupadi Murmu has approved 58 Mentioned-in-Despatches to the Armed Forces personnel, including four posthumous, on the eve of 76th Republic Day. These include 55 from the Indian Army – 14 for Operation Rakshak, including four posthumous; eight for Operation Snow Leopard; six for Operation Hifazat; two for Operation Sahayta; one for Operation Rhino; one for Operation Meghdoot; two for Operation Gurihajan; one for Operation Mulkhyama; one for Operation Reconnaissance; one for Operation Zokhawthar; one for Operation Falcon; four for Operation CAS Evacuation; one for IS Duty and 12 for Misc Operation. It also includes three from the Indian Air Force for Operation Sankalp. The full list of the recipients of Mentioned-in-Despatches is as follows:

     

    INDIAN ARMY

    OPERATION RAKSHAK

    • IC-77240X MAJ VEER VIKRAM KASWAN, 13 SIKH LI0
    • JC-433383L SUB PARSHOTAM KUMR, 31 PUNJAB
    • 15343306F HAV PRAVEEN KUMAR SINGH, 61 ENGR REGT
    • 13627975H HAV LANKESH, 9 PARA (SF)
    • 40910029 HAV KESHAV SINGH, 9 PARA (SF)
    • 15585106W L/HAV RANJIT NALAWADE, 120 ENGR REGT
    • 15584406L NK AHER RAMDAS GANGHDHAR, 120 ENGR REGT
    • 16117671X NK SUJITH S, 13 ENGR REGT
    • 23001956A NK DOKKARI RAJESH, AAD, 10 RR (POSTHUMOUS)
    • 3021407M SEP AJAY KUMAR SINGH, RAJPUT , 10RR (POSTHUMOUS)
    • 3021506P SEP BIJENDRA, RAJPUT, 10RR (POSTHUMOUS)
    • 16128540M SPR PURSHOTHAM YADAV, ENGRS, 1 RR
    • 5254911H RFN NISHAL HINGMANG, 3 GR, 32RR
    • 81B1 ARMY DOG PHANTOM, RVC, 9 PARA (SF) (POSTHUMOUS)

    OPERATION SNOW LEOPARD

    • SS-49175M MAJ MAHALE ANKUR VINAYAK, 671 ARMY AVN SQN (R&O)
    • JC-414417Y SUB PUSPENDRA SINGH, 12 PARA (SF)
    • JC-533019F SUB BINOD SINGH, 4 GARH RIFJC-414983Y NB SUB DHEERAJ MANI SAKLANI, 12 PARA (SF)
    • JC-636149K NB SUB TSHERING THENDUP BHUTIA, 11 GR, 1 SIKKIM SCOUTS
    • 13629724X NK ALTAF HUSSAIN, PARA, 31 RR
    • 13630564P NK JAGDE KUMAR, 12 PARA (SF)
    • 9427874Y NK MILAN LIMBOO, 12 PARA (SF)

    OPERATION HIFAZAT

    • IC-80396A MAJ RITESH SEN, ARTY, 40 ASSAM RIF
    • IC-80667M MAJ SAURABH SRIVASTAVA, 5 SIKH
    • IC-82343A MAJ AKASH MISHRA, SIKH LI, 8 ASSAM RIF
    • SS-48839H MAJ DHRUV DAGAR, ARMD, 4 ASSAM RIF
    • 19001011K HAV PAWANDEEP SINGH, 5 SIKH
    • 4594035N SEP SIRSAT TEJAS YASHAWANT, 2 MAHAR

    OPERATION SAHAYATA

    • IC84031H MAJ HIMANSHU DEOPA, 5/9 GR
    • 5852956F HAV SUBHASH POUDEL, 5/9 GR

    OPERATION RHINO

    • IC-81896K MAJ AMIT MISHRA, ARTY, 23 ASSAM RIF

     

    OPEATION MEGHDOOT

    • 09851-N LT PRANOY ROY, INDIAN NAVY, 666 ARMY AVN SQN (R&O)

    OPERATION GURIHAJAN

    • 4198986P HAV NAWJEET SINGH CHAUHAN, KUMAON 13 RR
    • 20014399H PTR SUKHVINDER SINGH, PARA, 13 RR

    OPERATION MULKHYAMA

    • IC-81017L MAJ PRATHYUSH P, NAGA, 13 RR

     

    OPERATION RECONNAISSANCE

    • IC-82851W MAJ ANIRBAN KALITA, ARTY, 23 (I) R&O FLT

     

    OPERATION ZOKHAWTHAR

    • G/2851919Y HAV T MEREN KONYAK, 42 ASSAM RIF

    OPERATION FALCON

    • IC-83309M  MAJ SANXEP BHARDWAJ, PUNJAB, 667 ARMY AVN SQN (R&O)

    CAS EVACUATION

    • 09431-H LT CDR DHRUV SHARMA, INDIAN NAVY, 671 ARMY AVN SQN (R&O)
      • IC-64488H LT COL BIJENDER SINGH AHLAWAT, 201 ARMY AVN SQN (UH)
    • IC-71926H LT COL CHANGDA RIYAZ, 201 ARMY AVN SQN (UH)
    • IC-77593X MAJ DEVESH SHARMA, 659 ARMY AVN SQN (R&O)

    IS DUTY

    • 15447536F NK MAHESH MANOHARAN, AMC, 20 JAT

    MISC OPERATION

    • IC-70696N LT COL PRAVEEN NAIR, 627 EME BN
    • IC-74852K LT COL RAHUL RAMRAO SHINDE, 301 ARMY AVN SQN (SPL OPS)
    • SL-05416F MAJ RAM SHANKAR CHOUDHARY, 617 EME BN
    • 17006846W HMT SHAILENDRA SINGH RAJPUT, 617 EME BN
    • 14662214M HAV BADGUJAR SANDIP HIRALAL, EME, 39(I) R&O FLT
    • 15823213N HAV SANTOSH KUMAR, 16 FAD
    • 5352320X HAV DILLI RAM GURUNG, 11 GR, 1 SIKKIM SCOUTS
    • 15596834W SPR JASPAL SINGH, ENGRS, 113 RCC (GREF)
    • 5053274F RFN SANJEEP YONGHANG, 2/1 GR
    • 5053332A RFN SURENDRA BUDHA MAGAR, 2/1 GR
    • 9428060M RFN JIGMEE LACHENPA, 11 GR, 1 SIKKIM SCOUTS
    • 15585307P OEM MUTKURE MHESH SANTOSH, EMGRS, 93 RR (GREF)

     

    (AIR FORCE)

    OPERATION SANKALP

    • SQUADRON LEADER LOVERPREET SINGH (35208) FLYING (PILOT)
    • MASTER WARRANT OFFICER BHUWANESH CHANDRA DWIVEDI (767425) FLIGHT GUNNER
    • SERGEANT SAURABH SINGH (915136) FLIGHT GUNNER

     

    VK/SR/Savvy

    (Release ID: 2096201)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Ministry of Culture completes Special Campaign 4.0 focusing on institutionalization of Swachhata and minimizing pendency in the Offices

    Source: Government of India (2)

    Posted On: 02 NOV 2024 4:56PM by PIB Delhi

    Ministry of Culture (MoC), along with its organizations, participated in the Special Campaign 4.0 while focusing mainly on institutionalization of Swachhata and minimizing pendency in Government Offices.

    During implementation phase from 2nd to 31st October,2024, the Ministry achieved 100% targets in carrying out cleanliness drives in all designated 529 sites. 100% files in Record Management viz.12,668 Physical files and 3261 E-files were reviewed. 1167 Physical Files & 470 E-Files have been weeded out and closed, respectively. Revenue to the tune of Rs.31,73,667/- was generated by disposing of scarps. A total of 46876 Sq.ft. area was freed. In addition, 100% Public Grievances; 60% Public Grievances Appeals, 73% MP References 55% PMO References were disposed of. Ministry released 5 Press Statements. 187 Tweets were also issued by the Ministry and its various organizations.

    Cleanliness drive conducted at Ramappa Temple, Hyderabad and Warangal Fort, Hyderabad sites

    Ramappa Temple, Hyderabad

       

    Before                                           After

    Warangal Fort, Hyderabad

                 

    Before                                         After

     

    Digitization of Records

    The National Archives of India(NAI), an attached office of Ministry of Culture, has collections of approximately 34 crore pages. The NAI has a plan to convert all its physical collections into digital and make it accessible to the society online.  NAI has started a digitization programme through outsourcing. NAI has started the work of digitization of 30 Crore pages and uploading the same on Department search portal i.e. www.abhilekh-patal.in. and the work is expected to be completed in two years.  56,07,806 pages have been digitized in the month of October 2024 with complete DMS implementation, Bar-coding and each record have 24 number of indexing field.

    Conservation of Records

    As a part of restorative conservation of records, The National Archives of India (NAI) repaired 2380 number of sheets; stitched and bound 14 vols and 160 files/mics items; and also repaired 44 maps during the period.

    (On going conservation of Records at NAI)

    Appraisal of Records

    Ministry of Home Affairs, Ministry of Railway, Ministry of Coal and Directorate General CRPF, New Delhi have intimated NAI for appraisal of 680, 1366, 81 and 102 files, respectively. NAI has initiated action for joint appraisal of the above files as per provisions of Public Record Act & Rules.

    Record Management Training

    The following Training Programmes in Record Management were conducted by National Archives of India during Special Campaign 4.0 :-

    1. 178th Orientation course on Records Management for the Central Government officials/Departmental Records Officers was conducted for three days from 23-25 October 2024 at NAI, Records Centre, Jaipur. 27 participants from various Ministries/ Departments like Ministry of Finance, Ministry of Heavy Industries, Ministry of Defence, Atomic Energy, Archaeological Survey of India and PSUs etc. participated in this orientation course.

     

     

    2.As part of special campaign 4.0, a workshop/training session on ‘Records Management’ was conducted by NAI at Ministry of Coal on 18th October, 2024. Approximately 40 participants including ASO, SO and US level officers attended the workshop.

     

     

    Exhibition

    The National Archives of India organized an exhibition titled “सुशासन और अभिलेख ” as part of Special Campaign 4.0 for Swachhata. The exhibition was inaugurated by Hon’ble Culture Minister Shri Gajendra Singh Shekhawat on 1st October 2024 at NAI and remained open for public viewing till 30th October, 2024.

    Best Practice:

    Adding a creative dimension to the SHS Campaign,2024 and Special Campaign 4.0 some of the Organizations of Ministry of Culture have undertaken the following initiatives with citizen involvement and collective action as part of good practice:-

    1. Waste to Art Initiatives by National Council for Science Museums (NCSM) by engaging community in the waste to art initiatives: –
      1. 3 days Waste to Art Exhibition organized at National Science Centre, New Delhi, a Unit of NCSM, from 24th to 26th September,2024.

     

     

    b) Shadow Art piece crafted from discarded electronic, electrical & spare parts,  and A Coffee Table Book curated by NCSM Hqrs, Kolkata using waste material.

     (Coffee Table Book)

    1. Workshop on Composting Garden Waste organized by Goa Science Centre and Planetarium, a Unit of NCSM.

     

    Workshop on Vermicomposting organized by District Science Centre, Dharampur, Gujarat, a Unit of NCSM.

     

    1. Workshop on Hand made paper organized by Goa Science Centre and Planetarium Goa, a Unit of NCSM.

     

    1. Mobile Science Exhibition on Hygiene and Sanitation organised by District Science Centre, Dharmpur, Gujarat, a Unit of NCSM.
    1. Preservation of Gandhi Papers by Asiatic Society of Kolkata(ASK) 
    1. Curative Preservation of Manuscripts and Book “Ramayana” by Asiatic Society of Kolkata(ASK).
       

     

     

    Ministry of Culture is committed to continue with the good works done during Special Campaign in order to promote and institutionalize swachhata, and reduce pendency in all organizations.

    ***

    SKT/

    (Release ID: 2070325) Visitor Counter : 57

    MIL OSI Asia Pacific News –

  • MIL-OSI: Castellum, Inc. Announces $11.6 Million Higher Sequential Revenue and Gross Profits for Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Nov. 04, 2024 (GLOBE NEWSWIRE) — Castellum, Inc. (“Castellum” or the “Company”) (NYSE-American: CTM), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces certain highlights of its operating results for its third quarter ended September 30, 2024.

    Revenue for the third quarter of 2024 was $11.6 million, up sequentially from $11.5 million and $11.3 million during the second and first quarters of 2024, respectively. Gross profit was $5.0 million compared to $4.7 million and $4.5 million during the second and first quarters of 2024, respectively.

    “I’m encouraged by the momentum we are generating in 2024,” said Glen Ives, President and Chief Executive Officer of the Company. “We have produced greater revenue and gross profit, quarter by quarter, but our growth is modest because it is based upon outstanding performance and execution on our current contracts. To strengthen our company and share value more significantly, our growth must come from new contract wins. Since I became CEO four months ago, our focus and priority have been to posture our company for realistic opportunities and new contract wins in 2025. Our exceptional CTM professionals bring world-class skills, talent, and experience to our customers and our vital national security mission. Together with our strong mission and technical capabilities, extensive and relevant past performance, and outstanding ability to execute on our current contracts, we have a solid foundation for growth. Moving forward, I believe our focused commitment and strategic investments to strengthen our new business growth capabilities and secure new contracts will drive significant and positive improvements in our quarterly and long-term performance.”

    Castellum’s full financial results for the three and nine months ended September 30, 2024, are expected to be filed on or before November 14, 2024, on Form 10-Q, available at www.sec.gov.

    About Castellum, Inc. (NYSE-American: CTM):

    Castellum, Inc. is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government – http://castellumus.com.

    Forward-Looking Statements:

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 2lE of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “anticipate,” “shooting to,” “intend,” “in a position,” “looking to,” “pursue,” “positioned,” “will,” “likely,” “would,” or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth, new customer opportunities, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ (sometimes materially) from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company’s revenue due to a delay in the U.S. Congress approving a federal budget; and the Company’s ability to maintain the listing of its common stock on the NYSE American LLC. For a more detailed description of these and other risk factors, please refer to the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or the future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.

    Contact:

    Glen Ives, President and Chief Executive Officer
    Phone: (703) 752-6157
    info@castellumus.com
    http://castellumus.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ff38729b-b1ec-428e-8b71-8162296c56e4

    The MIL Network –

  • MIL-OSI: Diamond Equity Research Releases Update Note on Zhibao Technology Inc. (NASDAQ: ZBAO)

    Source: GlobeNewswire (MIL-OSI)

    New York, Nov. 04, 2024 (GLOBE NEWSWIRE) — Diamond Equity Research, an equity research firm with a focus on small capitalization public companies has released Update Note on Zhibao Technology Inc. (NASDAQ: ZBAO). The update note includes information on the Zhibao Technology Inc.’s management commentary, recent developments, outlook, and risks.

    The update note is available below.

    Zhibao Technology Update Note November 2024

    Highlights from the note include:                                              

    • Expansion Initiatives Amid Revenue Decline and Increased Operational Costs – For the six months ended December 31, 2023, Zhibao Technology Inc. reported an approximately 8% decrease in total revenue to RMB 84.3 million from RMB 91.8 million in the same period of 2022. This decline was largely due to reduced renewals of specific accounts and the abrupt closure of business by a reinsurance partner in the high-end medical sector. Insurance brokerage and managing general underwriting (MGU) services revenues decreased by RMB 5.7 million and RMB 1.8 million, respectively. Despite these challenges, the company demonstrated growth initiatives by launching customized household insurance in seven cities and providing sports insurance coverage for over 100,000 instances across thousands of sports scenarios. The cost of revenues decreased to RMB 54.2 million, while total operating expenses increased to RMB 38.44 million. Selling and marketing expenses rose to RMB 21.0 million due to increased advertising and sales payrolls. Research and development expenses increased to RMB 7.3 million, driven by an increase in headcount. General and administrative expenses saw a modest rise to RMB 10.2 million, partly due to the adoption of new credit loss assessment standards. Consequently, Zhibao Technology reported a loss from operations of RMB 8.4 million, as the company continued to invest in strategic growth initiatives. The company ended H1 FY2024 with cash and cash equivalents of approximately RMB 5.5 million.
    • Positive Operational Indicators and Industry Tailwinds – As of December 31, 2023, Zhibao Technology Inc. achieved significant growth, reaching over 10 million end customer users and partnering with 118 insurance and reinsurance companies domestically and internationally. Zhibao Technology Inc.’s development of B Channels exhibited significant growth. By December 31, 2023, the company increased the number of B channels it works with from approximately 1,000 to nearly 1,500. These B channels span diverse market segments and are a crucial component in expanding Zhibao’s 2B2C embedded digital insurance model. Despite a slight decrease in business volume and half-yearly net loss due to reduced renewals and a reinsurance partner’s business closure, the company launched customized household insurance in seven cities, including major hubs like Guangzhou and Nanjing, and provided sports insurance coverage for over 100,000 instances across thousands of sports scenarios. Strengthening its high-end medical insurance market presence, Zhibao secured an agreement with PICC Property and Casualty Company Limited to provide managing general underwriting services to all PICC Group Subsidiaries. Furthermore, the “Project Amoeba” reorganization, completed in May 2024, enhanced operational efficiency by transforming mid- and back-office teams into quasi-profit centers, aligning costs with revenue, and encouraging service improvements. Actively pursuing mergers and acquisitions (M&A) since April 2024, Zhibao aims to potentially integrate companies with complementary 2B2C models to potentially create the largest insurance brokerage platform in China. The company is also poised to potentially benefit from industry tailwinds, including the rapid digitalization of insurance services and growing consumer demand for customized insurance solutions, which are expected to further accelerate growth.
    • Valuation – Zhibao Technology Inc. reported a modest financial performance in the first half of FY2024, influenced by a reduction in renewals of specific accounts and the closure of business by a key reinsurance partner. Despite these temporary challenges, management’s strategic initiatives indicate strong potential for long-term growth and sustained profitability. While the immediate outlook presents certain hurdles, these efforts, combined with favorable industry tailwinds, could enable Zhibao to recover and potentially enhance its market position in the future. After updating our valuation model to reflect revised estimates and a re-assessment of comparable company analysis, we reiterate our valuation of $7.05 per share for Zhibao Technology Inc., contingent on successful execution by the company.

    About Zhibao Technology Inc.  

    Zhibao Technology Inc., through its subsidiaries, provides digital insurance brokerage services in China, and has pioneered the 2B2C (“to-business-to-customer”) embedded digital insurance brokerage model, establishing itself as a first mover in this innovative market segment. It also offers Managing General Underwriter (MGU) services; and offline insurance brokerage consulting services. The company was founded in 2015 and is operationally based in Shanghai, China.

    About Diamond Equity Research

    Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.

    For more information, visit https://www.diamondequityresearch.com.

    Disclosures:

    Diamond Equity Research LLC is being compensated by Zhibao Technology Inc. for producing research materials regarding Zhibao Technology Inc. and its securities. This compensation is meant to subsidize the high cost of creating the report and monitoring the security. However, the views in the report reflect those of Diamond Equity Research. All payments are received upfront and are billed for respective research engagement term As of 11/04/24, the issuer had paid us $35,000 ($34,980 after bank fees) consisting of  $22,500 ($22,480 after bank fees) for the initiation report and a minimum of one update note (as part of $35,000 annual contract in two six-month consecutive upfront installment payments for the first year of coverage), which commenced on 04/10/24 with the second installment of $12,500 paid on 10/10/24 for a minimum of two additional update notes. Diamond Equity Research LLC may also be compensated for non-research-related services, including presenting at Diamond Equity Research investment conferences, issuing press releases, and providing other additional services. The non-research-related service cost is dependent on the company but usually does not exceed $5,000. The issuer has not paid us for non-research-related services as of 11/04/2024. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. This report does not explicitly or implicitly affirm that the information contained within this document is accurate and/or comprehensive, and as such should not be relied on in such a capacity. All information contained within this report is subject to change without any formal or other notice provided. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities including the complete potential loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Zhibao Technology Inc. Please review update note attached for full disclosure page.

    Contact:

    Diamond Equity Research
    research@diamondequityresearch.com

     [HD1]Link pdf here

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Talk Money fortnight is here to help you get more and spend less

    Source: City of York

    Published Monday, 4 November 2024

    The week after the Budget is announced, City of York Council and partners are holding a fortnight of events and activities to help residents with their own finances.

    Talk Money Fortnight starts today and runs from 4-15 November. Drop-in events and advice sessions will be held for any residents facing financial struggles. All are welcome to get impartial, free and discreet information and support to maximise their household income, spend less and get good advice.

    Residents are urged to use an online, confidential and impartial benefits calculator so they can claim what they’re eligible for and don’t miss out on the millions of pounds in unclaimed benefits nationally.

    Those of State Pension age can check if they’re eligible for and claim Pension Credit which unlocks other benefits – even if they own their home and have savings, and any residents struggling to pay Council Tax can get advice on claiming Council Tax Support. For those worried about rising fuel bills, there’s information on grants for energy saving measures, and how to stay online by accessing lower broadband and phone tariffs.

    Eligible families can get help with childcare and claim free school meals which bring further help with uniforms and extra money to support the child’s schooling.

    Pauline Stuchfield, Director of Housing and Communities at City of York Council, said:

    It’s never too late to see if there are ways to boost your income and claim all you’re entitled to: we’re here to help you do that during Talk Money fortnight and year-round.”

    Talk Money Week is a national initiative that promotes discussions about money matters, such as budgeting, saving, debt management, and financial planning.

    Check out and visit the drop-in events listed here and a wealth of year-round advice, ideas and information from partners at www.livewellyork.co.uk/talkmoney. 

    MIL OSI United Kingdom –

  • MIL-OSI Banking: Independent Petroleum Association of America Announces New Appointments to Board of Directors

    Source: Independent Petroleum Association of America

    Headline: Independent Petroleum Association of America Announces New Appointments to Board of Directors

    Nov 4, 2024 Independent Petroleum Association of America Announces New Appointments to Board of Directors

    Posted at 12:13h in Press Releases by

     WASHINGTON — Last week, the Independent Petroleum Association of America (IPAA) – advocating for thousands of oil and natural gas producers that develop 90 percent of wells nationwide – held its fall Board of Directors meeting as part of its 95th Annual Meeting and announced the following board appointments.

     

    Current IPAA Regional Director for Pennsylvania, Michael Hillebrand was announced as the new IPAA Chairman effective January 1, 2025. Hillebrand is President and CEO of Huntley & Huntley, LLC; Founder, Principal, and BOM of Olympus Energy, and current Chairman of the Pennsylvania Independent Oil and Gas Association (PIOGA).

     

     

    Jonny Heins, Senior Director of Corporate Affairs, Permian Resources was named an At-Large Director.

     

    Kate Farr, Senior Director of Government Affairs, Occidental Petroleum was named Chair of the IPAA Land & Royalty Committee.
    Andrew Vecera, Director of Advocacy Services, Ryan LLC was named Chair of the IPAA Tax Committee.
    View all IPAA board members here.

    Jeff Eshelman, IPAA President and CEO: “The organizations these industry leaders are a part of show the breadth of our industry and IPAA, from small to large independent producers with operations in basins across the country providing energy to Americans. The IPAA team is grateful to have these men and women contribute their expertise and talent to our association.”

    ###

    MIL OSI Global Banks –

  • MIL-OSI USA: Murphy Highlights Shelton’s Aspira Women’s Health As “Innovator Of The Month”

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    November 04, 2024

    HARTFORD–U.S. Senator Chris Murphy (D-Conn.) announced on Monday that Aspira Women’s Health, a bio-analytical company based in Shelton, was named “Innovator of the Month” for its leadership in the development of blood tests that aid in the detection of ovarian cancer. The company’s flagship products, OvaWatch and Ova1Plus, employ AI technology towards effective ovarian cancer risk assessment and drive higher standard of care for women with ovarian masses. Last month, Aspira was awarded $10 million in federal funding to develop a non-invasive blood test to detect endometriosis, which is currently diagnosed through invasive surgery.
    “For decades, underinvestment in women’s health has meant that women and girls simply aren’t getting access to the treatments and care they deserve. I’m proud to see Aspira’s cutting-edge biomedical research positioning Connecticut as a leader in women’s healthcare and improving lives through earlier risk assessment, more accurate diagnoses, and innovative, personalized care,” said Murphy.
    “We are honored to be Innovator of the Month and proud to represent Connecticut on the national women’s healthcare stage. For far too long, women have been forced to resort to surgical interventions for diagnosis of gynecologic diseases. Aspira aims to change that. We believe all women deserve the opportunity to make healthcare decisions based on facts instead of fear,” said Nicole Sandford, CEO of Aspira Women’s Health. “Endometriosis is a chronic condition that impacts as many as six million women in the United States alone. It alters nearly every facet of a patient’s life, many of whom must wait years for a diagnosis. We believe Aspira is uniquely qualified to solve this problem. Our diagnostic solutions focus on a data-driven approach and powerful AI-enabled algorithms that offer noninvasive alternatives to aid in the detection of gynecologic disease. Our suite of blood tests to assess ovarian cancer risk in women with masses which have been ordered by healthcare providers more than 200,000 times. We believe this experience and experience is critical for the development of a noninvasive endometriosis test.” 
    Aspira Women’s Health Inc. is dedicated to the discovery, development, and commercialization of noninvasive, AI-powered tests to aid in the diagnosis of gynecologic diseases. OvaWatch® and Ova1Plus® are offered to clinicians as OvaSuiteSM. Together, they provide the only comprehensive portfolio of blood tests to aid in the detection of ovarian cancer risk for the 1.2+ million American women diagnosed with an adnexal mass each year. OvaWatch provides a negative predictive value of 99% and is used to assess ovarian cancer risk for women where initial clinical assessment indicates the mass is indeterminate or benign, and thus surgery may be premature or unnecessary. Ova1Plus is a reflex process of two FDA-cleared tests, Ova1® and Overa®, to assess the risk of ovarian malignancy in women with an adnexal mass planned for surgery.?????? 
    Murphy believes entrepreneurship and innovation are the building blocks for a strong economy. In the U.S. Senate, he has introduced legislation to incentivize angel investors to put more money into startup companies—the Angel Tax Credit Act and the Helping Angels Lead Our Startups (HALOS) Act. Startup companies create an average of 2 million jobs each year.

    MIL OSI USA News –

  • MIL-OSI China: China’s real estate tax cuts yield $1.6B in first month

    Source: China State Council Information Office

    China’s new tax policies aimed at stabilizing the real estate market have resulted in 11.69 billion yuan (about $1.6 billion) in tax reductions and exemptions in their first month of implementation, according to data released Saturday by the State Taxation Administration.

    The tax measures, which took effect on Dec. 1, 2024, encompass three key areas: expanded deed tax benefit, second home purchase incentives and value-added tax exemption.

    The area threshold for homes eligible for the lower 1 percent deed tax rate has been increased from 90 to 140 square meters. This change accounted for 6.5 billion yuan in tax cuts and benefited over 1.4 million households.

    These households accounted for 89.4 percent of all families receiving deed tax breaks, a 14.4 percentage-point increase from before the policy implementation.

    Beijing, Shanghai, Guangzhou and Shenzhen have offered deed tax benefits for second home purchases, resulting in 2.58 billion yuan in tax reductions. The policy affected 35,974 families across the four cities, with Shanghai seeing the largest impact at 940 million yuan in cuts for 15,572 households.

    For individuals transferring homes in the four cities that have been owned for at least two years, there is no longer a distinction between ordinary and non-ordinary residences, and value-added tax is uniformly exempted.

    This led to 2.61 billion yuan in new tax exemptions for previously non-ordinary residences, with the number of home transfers in these cities jumping 71 percent in December 2024 from the previous month.

    MIL OSI China News –