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Category: Transport

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Building a Scalable, Sustainable Business in Renewable Fuels

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

    A Structured Path to Growth

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

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

    Looking Ahead

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

    About HUSA

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

    About AGIG

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

    Important Information About the Proposed Acquisition and Where to Find It

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

    Participants in the Solicitation

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

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

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

    Cautionary Note Regarding Forward-Looking Information:

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

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

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

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

    No Offer or Solicitation

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

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

    The MIL Network –

  • MIL-OSI: Form 8.3 – [ALLIANCE PHARMA PLC – 21 02 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 ALLIANCE PHARMA PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 21 FEBRUARY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 1p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 12,188,561 2.2548    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 12,188,561 2.2548    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    1p ORDINARY SALE 5,836 60.8605p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 24 FEBRUARY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Form 8.3 – [LEARNING TECHNOLOGIES GROUP PLC – 21 02 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 LEARNING TECHNOLOGIES GROUP PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 21 FEBRUARY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 0.375p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 9,011,268 1.1371    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 9,011,268 1.1371    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    0.375p ORDINARY SALE 22,103 99.2131p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 24 FEBRUARY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI United Kingdom: UK announces largest sanctions package against Russia since 2022

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK announces largest sanctions package against Russia since 2022

    Three years on from President Putin’s full-scale invasion of Ukraine, the UK has today imposed over 100 new sanctions directly targeting those who continue to aid the invasion.

    • 107 new sanctions announced as UK unleashes our largest sanctions package since the early days of the invasion. 

    • Milestone package targets Russian military supply chains, revenues fuelling Putin’s illegal war, and Kleptocrats driving profits for the Kremlin. 

    • Strengthening Ukraine’s hand will help to build a secure and prosperous Europe and UK – a foundation of the government’s Plan for Change.

    Today’s measures will target funds going into Putin’s war chest and propping up Russia’s kleptocratic system.   

    As the Prime Minister said last week, we are facing a once in a generation moment for the collective security of our continent.  The UK is working with our Allies to put Ukraine in the best position to achieve peace through strength. Today’s action is a further step towards this.  

    The sanctions will also target Russia’s military machine, entities in third countries who support it and the fragile supply networks that it relies on.   

    Targets include:  

    • Producers and suppliers of machine tools, electronics and dual-use goods for Russia’s military, including microprocessors used in weapons systems. These are based in a range of third countries including Central Asian states, Turkey, Thailand, India and China, which is the largest supplier of critical goods for Russia’s military.  

    • North Korean Defence Minister No Kwang Chol and other North Korean generals and senior officials complicit in deploying over 11,000 DPRK forces to Russia. Putin is using DPRK forces as cannon fodder; DPRK has suffered over 4,000 casualties.  

    • 13 Russian targets, including LLC Grant-Trade, its owner Marat Mustafaev and his sister Dinara Mustafaeva, who have used the company to funnel advanced European technology into Russia to support its illegal war.  

    For the first time, we are also using new powers to target foreign financial institutions supporting Russia’s war machine.  We are sanctioning the Kyrgyzstan-based OJSC Keremet Bank, disrupting Russia’s use of the international financial system to support its war efforts.

    Foreign Secretary, David Lammy said:

    Today’s action, the largest in almost three years, underscores the UK’s commitment to Ukraine.    

    Every military supply line disrupted, every rouble blocked, and every enabler of Putin’s aggression exposed is a step towards a just and lasting peace, and towards security and prosperity in the UK as a part of this government’s Plan for Change. 

    Lasting peace will only be achieved through strength. That is why we are focused on putting Ukraine in the strongest possible position.      

    As the world marks the grim milestone of Putin’s full-scale invasion entering its fourth year, we cannot and will not turn our backs on Ukraine in their fight for our shared security.

    Keeping the country safe is the Government’s first priority and an integral part of the Prime Minister’s Plan for Change. Sanctions against Russia’s military machine and the revenues fuelling it will improve the chances of a just and lasting peace in Ukraine, which will benefit security and prosperity in the UK.  

    The new sanctions will put further pressure on Putin’s energy revenues, the most vital source of funding for his illegal invasion. They include specification of another 40 ‘shadow fleet’ ships carrying Russian oil. These vessels have collectively carried more than $5 billion worth of Russian oil and oil products in the last six months alone. The specifications bring the total number of oil tankers sanctioned by the UK to 133 – the highest of any nation in Europe.  

    Finally, we are sanctioning 14 ‘New Kleptocrats’, some of whom are fronting up strategic sectors of Russia’s economy.  Among them are Roman Trotsenko, one of the wealthiest men in Russia, worth £2.2 billion.  

    After three years of the full-scale invasion, Ukrainians continue to defend their country and way of life with ingenuity and courage. They have shown that with the right support they can defend themselves against Russian aggression. Today’s action will strengthen Ukraine’s hand at a critical time in their fight for our shared security.

    Background

    Updates to this page

    Published 24 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Media reporting of child homicide victims

    Source: Scottish Government

    Work to begin with stakeholders on non-legislative measures following consultation.

    The responses to a public consultation on media reporting of child homicide victims have been published.

    The 12-week consultation sought views on possible legislative and non-legislative approaches to reduce trauma that media reporting of child homicide cases can cause grieving loved-ones.

    The consultation heard from bereaved families, victim support organisations, children’s organisations, media and legal organisations and legal academics.

    After careful consideration of the responses, the Scottish Government has concluded that legislation would not be an effective way of dealing with the complexities of media reporting on child homicide cases. The consultation made clear there would be serious difficulties in developing legislation that could strike a balance between privacy rights and freedom of expression, and also be practically enforced.

    The Scottish Government will now work with stakeholders on non-legislative measures that could improve the experiences of families affected by reporting on child homicide cases. This includes supporting the development of guidance for journalists by media, victims organisations and regulators; exploring the potential for journalism courses, newsrooms or regulators to offer bespoke training for journalists; and working with Victim Support Scotland to consider how media guidance provided to bereaved families could be enhanced.

    Justice Secretary Angela Constance said:

    “I have great sympathy for the distress felt by bereaved families in child homicide cases, which can be compounded by the significant media attention that such cases attract, often well beyond the death and any court case if there is one.

    “I am grateful to everyone who responded to the consultation for their thoughtful, reasoned and heartfelt views, which I considered very carefully. What is clear is that there needs to be more sensitive media reporting in child homicide cases, while striking a balance between a right to privacy and freedom of expression.

    “I do not consider that legislation would be an effective way of dealing with the complexities of reporting on child homicide cases, or flexible enough to cover the diverse circumstances of cases and the people affected by them. Any legislative approach would also likely criminalise ordinary human responses to the tragedy of a child’s death, such as public tributes.

    “However, I understand that more could be done to highlight the impact on families and we will work with stakeholders on a range of non-legislative actions.”

    Background

    Consultation on media reporting on child homicide victims and next steps

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Speech: PM remarks at a meeting convened by President Zelenskyy to mark three years since the full-scale invasion of Ukraine: 24 February 2025

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Speech

    PM remarks at a meeting convened by President Zelenskyy to mark three years since the full-scale invasion of Ukraine: 24 February 2025

    Prime Minister Keir Starmer delivered a speech this morning at a meeting of world leaders to mark three years since the full-scale invasion of Ukraine.

    Thank you very much – colleagues, let me start with Volodymyr and saying on this day of all days, I want to pay tribute to your leadership Volodymyr. And friends – it’s right that we mark this grim anniversary together. For three years we have been united in opposition to Russia’s barbaric invasion. And for three years we have been full of admiration for the incredible response of the Ukrainian people.

    Their voices must be must at the heart of the drive for peace. And I want to be clear – I hear them. I think of the soldiers and civilians that I met in Kyiv just a few weeks ago in the ICU, in the burns unit… The witnesses to the horror of Bucha… The school children I met living under constant bombardment… The soldiers training in the UK, bound for the frontline… Their voices echo in my ears – They inform the decisions I take – and the peace that I believe we must see.

    So I have a very simple, clear message today: the UK is with you. Today and every day. From His Majesty the King… To the NHS workers volunteering in hospitals in Ukraine… To the communities that took Ukrainian refugees to their heart. And that’s why I signed our 100-year partnership with President Zelenskyy last month – Because we believe in Ukraine’s fight today, and the country’s incredible potential to thrive in the years to come.

    This is a time for unity. In this crucial moment as talks begin – we must work together to shape the outcome.

    Russia does not hold all the cards in this war… Because the Ukrainians have the courage to defend their country… Because Russia’s economy is in trouble… And because they have now lost the best of their land forces and their Black Sea Fleet in this pointless invasion. So we must increase the pressure even further to deliver an enduring peace, not just a pause in fighting. We can do that in three ways.

    First, by stepping up our military support to Ukraine. The UK is doing that… Providing £4.5bn in military aid this year – more than ever before. We’re doing more than ever to train Ukrainian troops, helping Ukraine to mobilise even further… And we’re proud to have taken on the leadership of the Ukraine Defence Contact Group.

    Secondly, we must keep dialling up the economic pressure… To get Putin to a point where he is ready not just to talk, but to make concessions. So today we’re announcing the UK’s largest package of sanctions since the early days of the war… Going after Russia’s shadow fleet… And going after companies in China and elsewhere who are sending military components.
    Later today I will be discussing further steps with the G7 – And I am clear that the G7 should be ready to take on more risk – Including on the oil price cap… Sanctioning Russia’s oil giants… And going after the banks that are enabling the evasion of sanctions.

    Third, we must bring our collective strength to the peace effort.
    President Trump has changed the global conversation over the last few weeks. And it has created an opportunity. Now, we must get the fundamentals right.

    If we want peace to endure, Ukraine must have a seat at the table… And any settlement must be based on a sovereign Ukraine… Backed up with strong security guarantees. The UK is ready and willing to support this with troops on the ground – With other Europeans, and with the right conditions in place.
    And ultimately a US backstop will be vital to deter Russia from launching another invasion in just a few years’ time.

    So we will do everything we can to get the best outcome for Ukraine – and for us all. Let me close with one of those voices I mentioned earlier – A patient called Petro, from the burns unit I visited in Kyiv. He said to me… “If Ukraine fails, Europe will be next.” That is what’s at stake here. That is why we will always stand with Ukraine, and with our allies… Against this aggression… And for a just and lasting peace. Slava Ukraini.

    Updates to this page

    Published 24 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: World Health Organization (WHO) commits to enhancing Nigeria’s capacity to tackle influenza threat

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

    Download logo

    Following an alert of a highly pathogenic avian Influenza (H5N1) outbreak in poultry, commonly known as bird flu, in Kano state,  the World Health Organization ( WHO) has stepped up its support to the Government of Nigeria to prevent transmission of the virus to humans. While the virus spreads rapidly among birds, it also has the potential to infect mammals, including humans. It poses a significant threat to both animal and public health.

    Overview of the outbreak 

    The virus primarily affects poultry but can also infect humans who come in direct contact with the infected live or dead birds or contaminated environments, such as saliva, nasal discharges, and faeces, which contain high toxins.

    Preventive measures against bird flu include biosecurity measures in poultry farms and live bird markets, avoiding contact with sick birds, proper hygiene, surveillance, and early reporting of outbreaks. Other states aside, Kano has reported cases of bird flu among poultry.

    At the time of writing this report, there has been no human infection from the disease. 

    WHO collaborative support to the outbreak

    To prevent transmission to humans, WHO team in Kano state leverage the State One Health Technical Working Group (TWG) and Influenza TWG to coordinate an interagency response to the situation. 

    The One Health and Influenza TWGs comprises inter-agency members, including the Ministries of Health, Veterinary/ Agriculture, and  Environment. 

    The World Health Organization (WHO), in collaboration with the Nigeria Centre for Disease Control (NCDC), has supported the establishment of 10 National Influenza Sentinel Surveillance (NISS) sites, including Aminu Kano Teaching Hospital (AKTH) and nine other hospitals across Nigeria’s six Geopolitical zones. In 2024, 814 samples were collected from these sites and transported to the National Reference Laboratory in Abuja for respiratory virus testing, in line with the Global Influenza Surveillance and Response System (GISRS).

    “To help with the response in Kano State, WHO provided over 100 PPE kits. These kits included 1,000 gloves, 500 aprons, 500 face shields, 20 rain boots, and other items. These kits protect healthcare workers and other personnel on the field from exposure to the virus, ensuring their safety while they manage and contain the outbreak.

    WHO also supplied laboratory materials for collecting samples from people showing symptoms of flu-like illnesses or severe respiratory infections,” explained Dr Mayana Abubakar, WHO  Kano State Coordinator. 

    Dr Mayana mentioned that in 2024, WHO helped train over 100 health workers from the NISS sites on preparing for and responding to pandemic influenza. This training aimed to improve surveillance, response, and close monitoring of human contacts for early intervention. 

    Dr Ibrahim Aliyu Gano, Director of Public Health and Disease Control, Kano State Ministry of Health, applauding WHO’s support, said, “ We appreciate WHO’s steadfast support in helping us tackle this outbreak. Their donation and timely intervention help protect lives and contain the transmission of the disease.

    As of 25 January 2025, Kano, Nigeria, reported six confirmed  HPAI cases and 4,470 suspected cases of bird flu. So far, there has been no human infection from 15 specimens tested from 20 suspected cases while awaiting the result of five samples. 

    The WHO Country Representative, Dr Walter Kazadi Mulombo, has assured that with the existing national capacity, which has been built over the period and from the previous bird flu emergencies experience, “we could swiftly scale up the efforts. WHO is committed to working with Nigerian authorities and partners to ensure that measures are in place for effective and rapid actions to mitigate transmission to humans”, he added.

    Distributed by APO Group on behalf of World Health Organization (WHO) – Nigeria.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: PM remarks at a meeting convened by President Zelenskyy to mark three years since the full-scale invasion of Ukraine: 24 February 2025

    Source: United Kingdom – Executive Government & Departments

    Speech

    PM remarks at a meeting convened by President Zelenskyy to mark three years since the full-scale invasion of Ukraine: 24 February 2025

    Prime Minister Keir Starmer delivered a speech this morning at a meeting of world leaders to mark three years since the full-scale invasion of Ukraine.

    Thank you very much – colleagues, let me start with Volodymyr and saying on this day of all days, I want to pay tribute to your leadership Volodymyr. And friends – it’s right that we mark this grim anniversary together. For three years we have been united in opposition to Russia’s barbaric invasion. And for three years we have been full of admiration for the incredible response of the Ukrainian people.

    Their voices must be must at the heart of the drive for peace. And I want to be clear – I hear them. I think of the soldiers and civilians that I met in Kyiv just a few weeks ago in the ICU, in the burns unit… The witnesses to the horror of Bucha… The school children I met living under constant bombardment… The soldiers training in the UK, bound for the frontline… Their voices echo in my ears – They inform the decisions I take – and the peace that I believe we must see.

    So I have a very simple, clear message today: the UK is with you. Today and every day. From His Majesty the King… To the NHS workers volunteering in hospitals in Ukraine… To the communities that took Ukrainian refugees to their heart. And that’s why I signed our 100-year partnership with President Zelenskyy last month – Because we believe in Ukraine’s fight today, and the country’s incredible potential to thrive in the years to come.

    This is a time for unity. In this crucial moment as talks begin – we must work together to shape the outcome.

    Russia does not hold all the cards in this war… Because the Ukrainians have the courage to defend their country… Because Russia’s economy is in trouble… And because they have now lost the best of their land forces and their Black Sea Fleet in this pointless invasion. So we must increase the pressure even further to deliver an enduring peace, not just a pause in fighting. We can do that in three ways.

    First, by stepping up our military support to Ukraine. The UK is doing that… Providing £4.5bn in military aid this year – more than ever before. We’re doing more than ever to train Ukrainian troops, helping Ukraine to mobilise even further… And we’re proud to have taken on the leadership of the Ukraine Defence Contact Group.

    Secondly, we must keep dialling up the economic pressure… To get Putin to a point where he is ready not just to talk, but to make concessions. So today we’re announcing the UK’s largest package of sanctions since the early days of the war… Going after Russia’s shadow fleet… And going after companies in China and elsewhere who are sending military components.
    Later today I will be discussing further steps with the G7 – And I am clear that the G7 should be ready to take on more risk – Including on the oil price cap… Sanctioning Russia’s oil giants… And going after the banks that are enabling the evasion of sanctions.

    Third, we must bring our collective strength to the peace effort.
    President Trump has changed the global conversation over the last few weeks. And it has created an opportunity. Now, we must get the fundamentals right.

    If we want peace to endure, Ukraine must have a seat at the table… And any settlement must be based on a sovereign Ukraine… Backed up with strong security guarantees. The UK is ready and willing to support this with troops on the ground – With other Europeans, and with the right conditions in place.
    And ultimately a US backstop will be vital to deter Russia from launching another invasion in just a few years’ time.

    So we will do everything we can to get the best outcome for Ukraine – and for us all. Let me close with one of those voices I mentioned earlier – A patient called Petro, from the burns unit I visited in Kyiv. He said to me… “If Ukraine fails, Europe will be next.” That is what’s at stake here. That is why we will always stand with Ukraine, and with our allies… Against this aggression… And for a just and lasting peace. Slava Ukraini.

    Updates to this page

    Published 24 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Smooth sailing ahead as Mount Edgcumbe Slipway reopens

    Source: City of Plymouth

    The Mount Edgcumbe slipway has officially reopened following extensive repairs, ensuring safe and reliable access for Cremyll Ferry passengers. 

    The repair works, which began in late October, have been successfully completed, and the slipway is now fully operational. 

    During a routine review, Plymouth City Council surveyors identified significant cracks and deterioration beneath the slipway, exacerbated by recent storms. The main concrete walkway had come loose and collapsed in places, necessitating urgent repairs. The Council swiftly closed the slipway and commenced works. 

    The comprehensive repair project included: 

    • Removing and replacing loose stonework. 
    • Reinforcing the propping of the concrete slab. 
    • Filling in voids and gaps. 
    • Installing Odex pile casings filled with reinforced concrete to stabilize the northwest side. 
    • Constructing new reinforced concrete outer walls and levelling the deck slab. 

    In addition to repairing the slipway, the Council is also making repairs to the general area with left over materials. Contractors are fixing a large hole between the slip and the ticket office and filling in holes in the wall outside the slipway.  

    The maintenance work has significantly enhanced the slipway’s durability, extending its useful life to 25 years and beyond. 

    Councillor Chris Penberthy, Plymouth City Council Cabinet Member with responsibility for Facilities Management, said: “We are thrilled to announce the reopening of the Mount Edgcumbe slipway! It supports not only the ferry service but also the economic vitality of the area by facilitating tourism and local business.  

    “The repairs have not only restored the slipway but have also improved its resilience for the future, showcasing our commitment to maintaining vital infrastructure for the community. I want to extend my thanks to the ferry operator and the public for their patience and support during this time.” 

    Cornwall Councillor Kate Ewert, Joint chair of the Mount Edgcumbe Joint Committee, said ” The reopening of the slipway is fantastic news for the community and visitors. The slipway is a crucial access point to a beloved destination for both locals and tourists. Mount Edgcumbe and the brilliant businesses we have in the park, have had a really tough time over the past few months, so we are thrilled to see the ferry service back at the slipway and would use it as a reminder to everyone that Mount Edgcumbe is very much open for businesses.” 

    Ben Squire, owner of Plymouth Boat Trips, which operates the Cremyll Ferry, added: “We are delighted to resume regular operations from the Cremyll slipway. “The safety and convenience of our passengers are our top priorities, and we’re grateful for the swift and effective repairs carried out by Plymouth City Council, in time for the return of our increased seasonal timetable from 1 April. We look forward to welcoming everyone on board.” 

    MIL OSI United Kingdom –

  • MIL-OSI: Brown & Brown, Inc. names Stephen P. Hearn as executive vice president and chief operating officer

    Source: GlobeNewswire (MIL-OSI)

    DAYTONA BEACH, Fla., Feb. 24, 2025 (GLOBE NEWSWIRE) — Brown & Brown, Inc. (NYSE: BRO) (the “Company”) has announced the appointment of Stephen P. Hearn, an insurance industry veteran who joined the Company’s board of directors in August 2024, as executive vice president and chief operating officer. In connection with this appointment, Hearn has resigned from the Company’s board of directors and will join the Company’s operating committee.

    As chief operating officer, Hearn will apply the extensive knowledge he has acquired during his impressive 35-year career to help inform and guide Brown & Brown’s continued growth strategy. Hearn will help shape the Company’s continued focus on scaling operations, fostering innovation, and growing and developing a talented team.

    Powell Brown, Brown & Brown’s president and chief executive officer, shared, “Steve has been a good friend of the firm, and of mine, for more than 20 years. We have worked and traded together, and we are so pleased to welcome him to the team. He has made great contributions to Brown & Brown during his time on the board. As we work towards our next interim revenue goal of $8 billion, we believe the timing is right to have Steve join the organization to help drive operational excellence and scale, while we continue to further our position as a leading global provider of insurance solutions. We are at an exciting stage of our growth journey, and leveraging Steve’s deep relationships and global experience further enables us to identify like-minded organizations to join Brown & Brown and to attract, recruit, develop and retain the best and brightest insurance professionals.”

    “Brown & Brown is an incredible, dynamic organization, and I feel very fortunate that the skills and experience I have acquired during my career are viewed as force multipliers for the work already being done within the company. Our shared focus and a commitment to relationships and people—customers, teammates, carrier partners, shareholders and those in our communities—make this opportunity all the more exciting,” said Hearn.

    Hearn began his insurance career in 1989, most recently holding roles with The Ardonagh Group. During his time with The Ardonagh Group, he served as chief executive officer of Ardonagh Specialty Holdings Limited (November 2021 – September 2022); as chief executive officer of Ardonagh Capital Solutions Holdings, The Ardonagh Group’s holding company for its reinsurance broking, captives and MGA businesses (February 2023 – July 2024); and as chief executive officer of Inver Re, The Ardonagh Group’s dedicated reinsurance broking unit (November 2021 – July 2024). He also served as a director of Ardonagh International from May 2023 to July 2024. Previously, he served as chief executive officer of Corant Global, a subsidiary of BGC Partners, Inc. (“BGC”) (February 2019 until the November 2021 sale of BGC’s insurance brokerage division to The Ardonagh Group) and as the chief executive officer of Ed Broking Group Limited (2015 until its February 2019 acquisition by BGC). Hearn held roles with Willis Group Holdings plc and its businesses from 2008 until 2015, including president and deputy chief executive officer of Willis Group Holdings plc, chief executive officer of Willis Re, chairman and chief executive officer of Willis Global and chief executive officer of Willis Limited. Prior to that, he held senior leadership positions with Hilb, Rogal & Hobbs; Glencairn Limited; Marsh Affinity Europe & Middle East; Marsh Affinity UK and Sedgwick Affinity Group Services.

    About Brown & Brown Inc.

    Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm providing enhanced customer-centric risk management solutions since 1939. With a global presence spanning 500+ locations and a team of more than 17,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at bbinsurance.com.

    This press release may contain certain forward-looking statements relating to future results. These statements are not historical facts but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.

    For more information:

    R. Andrew Watts
    Chief Financial Officer
    (386) 239-5770

    The MIL Network –

  • MIL-OSI: CareCloud to Announce Fourth Quarter and Full Year 2024 Results on March 13, 2025

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., Feb. 24, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and generative AI solutions for medical practices and health systems nationwide, will release its financial results for the fourth quarter and full year ended December 31, 2024 before the market opens on Thursday, March 13, 2025. The Company will follow with a conference call for investors at 8:30 a.m. Eastern Time.

    The live webcast of the conference call and related presentation slides can be accessed at ir.carecloud.com/events. An audio-only option is available by dialing 201-389-0920 and referencing “CareCloud Fourth Quarter 2024 Results Conference Call.” Investors who opt for audio-only will need to download the related slides at ir.carecloud.com/events.

    A replay of the conference call and related presentation slides will be available approximately three hours after conclusion of the call at the same link. An audio-only option can also be accessed by dialing 412-317-6671 and providing the access code 13751992.

    About CareCloud

    CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health, at www.carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    For additional information, please visit our website at www.carecloud.com. To listen to video presentations by CareCloud’s management team, read recent press releases and view the latest investor presentation, please visit ir.carecloud.com.

    SOURCE CareCloud

    Company Contact:
    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:
    Stephen Snyder
    Co-Chief Executive Officer
    CareCloud, Inc.
    ir@carecloud.com

    The MIL Network –

  • MIL-OSI: Capital City Bank Establishes Chief Banking Officer; Names New Chief Lending Officer

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., Feb. 24, 2025 (GLOBE NEWSWIRE) — Capital City Bank announces a newly created executive role of chief banking officer, providing comprehensive oversight of the lending and deposit functions of the Bank with a strategic focus on growth, efficiency and operational cohesion. The position has been filled by Ramsay Sims, a tenured member of the Company’s senior leadership team who brings broad expertise in financial services and effective leadership. Concurrently, William Smith has been promoted to chief lending officer, filling the vacancy left by Sims’ promotion to chief banking officer.

    “Adding this new leadership role positions us for long-term success and sustained excellence as we continue to grow,” said Bill Smith, Capital City Bank Group Chairman, President and CEO. “With Ramsay’s extensive experience, proven track record and demonstrated ability to lead in diverse banking environments, he is well-equipped to drive the strategic goals and objectives of this critical role.”

    As chief banking officer providing high-level oversight of both lending and deposit functions of the Bank, Sims will streamline the strategic direction of these areas, allowing for more efficient management and alignment of growth objectives. Smith will focus on driving the lending strategies of the Bank as chief lending officer under Sims’ direction.

    Capital City Bank Group Chairman, President and CEO Bill Smith added, “Ramsay has been a key contributor to our success since he joined the Bank. I have consistently valued his expertise as a member of our executive leadership team. Likewise, William’s diverse background, impressive achievements and deep understanding of the market will add additional strength to our executive ranks. I am confident that these enhancements to our executive management team will provide a solid foundation for continued progress and future growth.”

    Sims came to Capital City Bank in 2010 and served most recently as chief lending officer. He has amassed decades of experience serving corporations, governments and non-profit organizations in the financial sector. Before joining Capital City Bank, Sims spent five years in public finance with Merrill Lynch, three years in corporate tax-exempt finance with Banc of America Securities and six years with GE Capital. He holds a bachelor’s degree in economics from the University of the South (Sewanee) and a master’s in business administration from Florida State University.

    Smith, who served most recently as North Florida Region executive overseeing an operational area that included Leon, Gadsden, Jefferson, Madison, Taylor and Wakulla counties in Florida and Grady County in Georgia, joined Capital City Bank in 2007 as a management trainee. Over his career, Smith has gained expertise in multiple specialties, including small business, commercial real estate, special assets and private banking. In 2020, he was appointed the market president overseeing Leon County and served three years in that role until being promoted to North Florida Region executive in 2023. Smith demonstrates a deep commitment to community advocacy through service on multiple non-profit boards, including Big Bend Hospice, where he holds the office of treasurer, and the Tallahassee Chamber of Commerce. He is also a member of the Tallahassee Entrepreneurs Organization and Florida Bankers Association Government Relations Council.

    About Capital City Bank Group, Inc.
    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.3 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 63 banking offices and 104 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., www.ccbg.com.

    For Information Contact:
    Brooke Hallock
    Hallock.Brooke@ccbg.com
    850.402.8525

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/8d7d86ca-9eaa-4b27-a720-ce03ed405f6f

    https://www.globenewswire.com/NewsRoom/AttachmentNg/93aea2c1-c40c-48d0-ba61-febe3f386283

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    Jay Lyons, Chief Executive Officer, commented:

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

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

    Orca Energy Group Inc.

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

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

    Forward-Looking Information

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

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

    The MIL Network –

  • MIL-OSI: JPMorgan Announces Cash Distributions for the JPMorgan ETFs

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 24, 2025 (GLOBE NEWSWIRE) — J. P. Morgan Asset Management (JPMAM)* today announced the final February 2025 cash distributions for the below listed JPMorgan ETFs. The JPMorgan ETFs trade on the Toronto Stock Exchange (TSX). Unitholders of record on March 3, 2025 will receive cash distributions payable on March 7, 2025. Details of the “per unit” distributions are as follows:

    JPMorgan ETF name Ticker symbol Distribution per unit ($) Payment frequency
    JPMorgan US Equity Premium Income Active ETF JEPI 0.10777 Monthly
    JPMorgan Nasdaq Equity Premium Income Active ETF JEPQ 0.15646 Monthly

    To learn more about the JPMorgan ETFs, please visit www.jpmorgan.com/ca/advisors

    For more information, please e-mail: jpmam.canada@jpmorgan.com

    About J.P. Morgan Asset Management

    J.P. Morgan Asset Management, with assets under management of US$3.5 Trillion1 (as of September 30, 2024), is a global leader in investment management. J.P. Morgan Asset Management’s clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. For more information: www.jpmorganassetmanagement.com.

    * Legal entity in Canada: JPMorgan Asset Management (Canada) Inc.

    1 Source: J.P. Morgan Asset Management, as of September 30, 2024.

    Commissions, trailing commissions, management fees and expenses all may be associated with ETF investments. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

    Past returns are not necessarily indicative of future performance. You should not rely on or view any past performance as a guarantee of future investment performance.

    Nasdaq®, Nasdaq-100 Index®, Nasdaq 100® and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by J.P. Morgan Asset Management (Canada) Inc. and J.P. Morgan Investment Management Inc. JPMorgan Nasdaq Equity Premium Income Active ETF has not been passed on by the Corporations as to its legality or suitability. This ETF is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THIS ETF.

    This communication is issued in Canada, by JPMorgan Asset Management (Canada) Inc., which is a registered Portfolio Manager and Exempt Market Dealer in all Canadian provinces and territories except the Yukon and is also registered as an Investment Fund Manager in British Columbia, Ontario, Quebec and Newfoundland and Labrador.

    J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

    The MIL Network –

  • MIL-OSI: Allegro MicroSystems Appoints Mike Doogue as President and Chief Executive Officer

    Source: GlobeNewswire (MIL-OSI)

    MANCHESTER, N.H., Feb. 24, 2025 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (“Allegro”) (Nasdaq: ALGM) a global leader in power and sensing semiconductor solutions for motion control and energy-efficient systems, today announced the appointment of Mike Doogue as President and Chief Executive Officer and as a member of the Board.

    Mr. Doogue’s ascension to CEO comes after 27 years of rising through the leadership ranks at Allegro, during which time he enabled many of Allegro’s disruptive technologies, originally as an engineer and later as a business leader. Immediately prior to this promotion, Mr. Doogue served as Allegro’s Executive Vice President and its first Chief Technology Officer (CTO), leading technology development and worldwide operations, which includes manufacturing, procurement, and quality. Mr. Doogue also previously served as the Company’s Senior Vice President of Technology and Products, which included direct oversight of each of the Company’s business units. As a testament to his roots as an engineer and technology innovator, Mr. Doogue personally holds 75 semiconductor-related U.S. patents.

    “Mike has been instrumental in shaping our strategy, developing our technology roadmap and creating new, innovative products that drive customer value, and we are confident that he is the right person to drive Allegro to the next level,” said Joseph Martin, Lead Independent Director of the Board of Directors. “The leadership transition we are announcing today represents the culmination of a long-term and thoughtful succession planning process led by our Board. Allegro is extending its technology leadership position and is poised to capitalize on the catalysts for growth across the auto and industrial markets. Mike’s deep knowledge of our business, leadership experience, and vision for the future will help drive Allegro’s success.”

    Mr. Doogue succeeds Vineet Nargolwala, who is stepping down as President and Chief Executive Officer and as a member of the Board. Mr. Doogue commented, “I am grateful for the opportunity to lead this incredible Company. Throughout my 27 years at Allegro, I have gained a deep appreciation of the quality of talent across the organization and the Company’s unwavering commitment to “innovation with purpose.” I have spent my career shaping our unique value proposition and competitive advantages, creating significant opportunities moving forward. I am very excited to work closely with Allegro’s talented team to continue driving our technology leadership, advancing our innovation efforts, strengthening our relationship with key customers and delivering strong financial performance. I’d also like to personally thank Vineet as a colleague and for his accomplishments during his tenure with the Company.”

    Mr. Nargolwala said, “It has been a privilege to serve as Allegro’s CEO for nearly three years, and I am thankful to our dedicated teams around the globe for their support, collaboration and terrific contributions. I have worked closely with Mike, and I am confident that under his leadership, Allegro is well-positioned for the future.”

    About Allegro MicroSystems

    Allegro MicroSystems, Inc. is leveraging more than three decades of expertise in magnetic sensing and power ICs to propel automotive, clean energy and industrial automation forward with solutions that enhance efficiency, performance and sustainability. Allegro’s commitment to quality drives transformation across industries, reinforcing our status as a pioneer in “automotive grade” technology and a partner in our customers’ success. For additional information, visit www.allegromicro.com.

    Contact

    Jalene Hoover
    VP of Investor Relations & Corporate Communications
    jhoover@allegromicro.com

    The MIL Network –

  • MIL-OSI United Kingdom: expert reaction to conference abstract looking at restricting dietary emulsifiers in people with Crohn’s disease

    Source: United Kingdom – Executive Government & Departments

    A conference abstract presented at the European Crohn’s and Colitis Organisation (ECCO) Conference looks at emulsifier restriction in people with Crohn’s disease. 

    Dr Dominic Farsi, Postdoctoral Researcher in Nutrition Science, INRAE (l’Institut national de recherche pour l’agriculture, l’alimentation et l’environnement), France, said:

    Does the press release accurately reflect the science?

    “Yes.

    Is there enough data and information available to be able to assess the quality of the science?

    “Yes I believe there is enough information.  In addition, ECCO is one of the prominent organisations in gastroenterology and this abstract will have been reviewed by the conference committee (though that is different from journal peer review) and also the fact that it is being presented at the meeting would suggest that it is of a high standard as it has been accepted and chosen for the meeting.

    How does this work fit with the existing evidence? + What are the implications in the real world?  Is there any overspeculation?

    “A lot of the evidence to date surrounding emulsifiers and Crohn’s comes from rodent models, which while informative, will always have limitations, as, it is rodents, not humans.  This evidence does suggest that food additive emulsifiers may negatively impact the gastrointestinal environment, including the gut microbiota.  The evidence in humans is very limited and so this study could be viewed as foundational to help understand the potential impact of food additive emulsifiers in Crohn’s.  This study is a first of its kind and to date, we have not had significant data such as this, the results are positive and exciting, and as more research is performed in this topic, it will help further develop our understanding.  If future research confirms that making a dietary change such as removing emulsifiers from the diet can help people manage Crohn’s, then that would be viewed as very positive – but we need more evidence first.”

    Prof Kim Barrett, Vice Dean for Research and Distinguished Professor of Physiology and Membrane Biology, UC Davis School of Medicine, said:

    “This preliminary presentation reports that removing emulsifiers from the diet may be helpful in patients with Crohn’s disease.  It’s difficult to be fully confident in the conclusions since details of the study are not yet available, and more subjects dropped out of the control group vs. the treatment arm.  Nevertheless, the findings available are consistent with predictions from previous animal studies, and could offer a simple and inexpensive way to reduce symptoms in patients with limited treatment options.”

    Prof Gary Frost, Chair in Nutrition and Dietetics, Imperial College London, said:

    “I think that the study is well designed, it is clear how they have decreased exposure to emulsifiers to all in the trial then reintroduced them in a portfolio of food in the control group giving the low emulsifier diet (LED) group foods that had a low emulsifier content.

    “The intention to treat results look clear as reported in the abstract but the protocol results suggests that about 60% of the control group did not finish the study there for the results are not so clear.  There needs to be more understanding about the reasons for the stark difference in not completing the trial.  (The results are expressed in two ways.  The intention to treat results include all the volunteers in the study even if they dropped out.  Although the authors do not say how they used the data usually the last recorded measure is taken as the final results.  This means if someone dropped out at 4 weeks the results at 4 weeks will be taken as the last results and analysed with others that have completed at 8 weeks.  It is this analysis that shows a significant difference.  The per protocol analysis only analyses people who completed the trial.  The problem they have is only 49 of the 75 controls completed the study.  There is no explanation for this level of patients not completing.)”

    Prof Alexandra Johnstone, Theme Lead for Nutrition, Obesity and Disease, Rowett Institute, University of Aberdeen, said:

    “There is currently a lot of interest in the role for ultra processed foods and health, and this study embraces this trend, to examine the role of emulsifiers, which are food additives, within a specific UK patient group.  Regulatory bodies ensure that food additives are rigorously tested for safety and additives continue to undergo long‐term monitoring for their effects on chronic health conditions.  Food additives that pass these safety tests are given an ‘E’ number which must be listed on packaging.  Whilst consumption of some food additives (e.g. artificial sweeteners) can be limited through food choice, it is much more difficult to avoid ingestion of emulsifiers (also known as surfactants or detergents) because they are commonly added to a wide variety of foods within the modern Western diets.  Some emulsifiers are man-made or synthetic (e.g. polysorbates) and some occur naturally (e.g. lecithin).  In this study, the emulsifiers that were provided, were carrageenan, carboxymethylcellulose and polysorbate-80 (control).  For example, carboxymethylcellulose is a non‐digestible polysaccharide polymer, hence its common use as a thickening agent and stabilizer in food emulsions.

    “Emerging evidence1,2,3 suggests that permitted dietary emulsifiers may impact on gut health through impairing intestinal barrier function, thus increasing antigen exposure, and/or by modulating the microbiota, thus potentially increasing the incidence of inflammatory bowel disease (IBD) – Crohn’s disease is a form of IBD.

    “The study to be presented at European Crohn’s and Colitis Organisation (ECCO) Conference in Berlin provides hope for patients with Crohn’s disease to manage symptoms.  The press release accurately reflects the brief data shared in the abstract, and I would welcome seeing the full dataset as a paper, once peer reviewed.  The limitations of the study are that this is a relatively small group of patients (N=154) and conducted over a short time-frame (8 weeks).  Patients with active flare in their disease were recruited, which was measured as inflammatory response, and the study abstract results indicate that the low emulsifier diet reduced inflammatory symptoms and promoted remission.  It was good to read the quote from the patient in the press release about the positive impact this had on quality of life.  Going forward, a peer-reviewed publication will likely reveal a more comprehensive analysis and discussion from the study team, including exploring the putative mechanism(s) of action.  For example, recognising the small subject numbers and limitations of the results that would need to be explored in a larger cohort of patients.  The study does offers hope for patients for future research on management of symptoms through dietary changes.”

    1 Partridge D, Lloyd KA, Rhodes JM, Walker AW, Johnstone AM, Campbell BJ. Food additives: Assessing the impact of exposure to permitted emulsifiers on bowel and metabolic health – introducing the FADiets study. Nutr Bull. 2019 Dec;44(4):329-349. doi: 10.1111/nbu.12408.

    2 Naimi, S., Viennois, E., Gewirtz, A.T. et al. Direct impact of commonly used dietary emulsifiers on human gut microbiota. Microbiome 9, 66 (2021). https://doi.org/10.1186/s40168-020-00996-6

    3 Chassaing B, Koren O, Goodrich JK, Poole AC, Srinivasan S, Ley RE, Gewirtz AT. Dietary emulsifiers impact the mouse gut microbiota promoting colitis and metabolic syndrome. Nature. 2015 Mar 5;519(7541):92-6. doi: 10.1038/nature14232. Epub 2015 Feb 25. Erratum in: Nature. 2016 Aug 11;536(7615):238. doi: 10.1038/nature18000.

    Dr Elizabeth Lund, Independent Nutrition Consultant, previously Research Leader at Quadram Institute of Biological Sciences, Norwich, said:

    “This study looking at the potential benefit of diets low in emulsifiers shows a potential benefit for patients with mild to moderate Crohn’s disease.  It is only an abstract for a meeting and thus lacks detail and has not yet been peer reviewed.  This is important for journalists to recognise.  The nearly 20% drop out rate, that is the difference between those recruited and those completing the study, is on the high side but not atypical.  I would want to better understand why these people dropped out.  Nevertheless, the data looks very promising and – emphasising this data is yet to be peer reviewed – would suggest that this diet is well worth a try for Crohn’s patients, probably helping many if not all who suffer from this condition.  It is unlikely this is the only trigger for Crohn’s; inflammatory conditions tend to be very individual.”

    Dr Baptiste Leurent, Associate Professor in Medical Statistics, UCL, said:

    “This research is only published as a short summary, and it is difficult to assess its quality.  The results could be interesting, but their validity can only be assessed (and communicated to the public) once the full study will be published.

    “I am particularly concerned by the data presented in Table 1, which suggest that the differences found could be related to assumptions made regarding missing data.

    “The abstract does not state clearly how many participants had Crohn’s disease activity index (CDAI) data at 8 weeks, but the numbers reported suggest there may have been participants with missing CDAI response, particularly in the control group.  And that all of them may have been counted as “no CDAI response” in the primary (intention-to-treat) analysis.

    “Given there was much more missing data in the control group, this would explain (at least some of) the lower CDAI response seen in the intervention group.  When looking at the `per-protocol’ analysis (participants with actual CDAI data) none of the results were statistically different between the two groups.

    “Much other information is missing from the abstract to assess the study validity.  For example, it is not clear if the participants were aware of the emulsifier content of the food they were receiving, how similar were the two types of food received (apart from the emulsifier content), and to which extent participants ate the food they received.  Note that what is being evaluated here is receiving regular emulsifier-free food, compared to receiving regular high emulsifier content food.  It is not what is defined as LED (“low emulsifier diet”) in the abstract, which consisted of dietary advice and other material (both groups received this).  No protocol or analysis plan were published – it would be important to know if the outcomes reported here are all the outcomes that were originally planned to be looked at or if there were others.

    “Further information is needed before these results can be communicated to the public, and I would be very concerned if any diet recommendation is made based on this abstract.”

    Rachel Richardson, Methods Support Unit Manager, Evidence Production and Methods Directorate, Cochrane, said:

    “It is difficult to properly assess this study as all we have is an abstract.  This means that the full report of the study is not available for scrutiny.  It would be helpful to have more detail in order to assess the validity and generalisability of these results.

    “A few examples: the number of people who dropped out was high – only 73% completed the study, even though it only lasted for 8 weeks and the drop-out rate was higher in the control group than in the intervention group.  High rates of dropout can lead to bias in a study’s results, so it would be helpful to know more about why people dropped out.

    “Another example is the fact that the authors adjusted the results for a variety of possible confounding factors, including BMI.  However this was a randomised trial which means that confounders should be evenly distributed between groups and no adjustments are necessary.  It would be useful to know why authors needed to do this.

    “A final striking point is that we do not know from the abstract whether the results were precise enough to demonstrate meaningful improvement across all possible scenarios.  The confidence intervals, or margins of error, were quite wide for a number of the effect estimates.  Whilst improvement could be significant, there is also the possibility that the effect could be small, which may mean no clinical difference.”

    Prof Kevin McConway, Emeritus Professor of Applied Statistics, Open University, said:

    “These findings are interesting.  However, they are based on a conference abstract.  The full research report will not (yet) have been through the full peer review process, that it will need to go through before it can be published in a scientific journal.  Peer reviewers might (or might not) pick up important problems in the complete trial report.  Also, we don’t have by any means complete information, only a press release and a rather brief abstract (summary) of the findings.  So, while on the face of it the results look encouraging, it’s just not possible to evaluate the quality of the research properly on the basis of the information available.

    “Overall, statistically, the results don’t seem to me to be nearly as clear-cut as the press release implies.  I’ll explain why I think this below.  It all rather depends on the reasons for the different rates of completing the full trial for the trial in the two groups (those who were on the diet without emulsifiers, and the control group who had emulsifiers).  The small amount of information we have doesn’t allow me to make a judgement on that.  Maybe the trial does show everything that the press release says it shows, but it remains possible that it doesn’t, not entirely anyway.  We need to know more.

    “One issue is as follows.  As is usual in reports of randomised clinical trials, the researchers present two different sets of comparisons between the ‘intervention’ group (who had a diet without emulsifiers) and the ‘control’ group (who were given some emulsifiers).  One is the so-called ‘intention to treat’ comparison, which compared the results for everyone for whom results are available, regardless of whether they stayed on the diet that they were allocated to for the duration of the trial.  The other is the so-called ‘per-protocol’ analysis, that compares the results of only those patients who continued on the diet they were allocated to, for the full duration of the trial.  Usually the results of the intention to treat analysis are considered to be more revealing.  However, it’s important to consider the per-protocol results as well, particularly if a lot of people didn’t remain on the allocated treatment for the full period.  In this trial, about four out of five (81%) of those allocated to the emulsifier-free diet were on that diet throughout, and so contributed to the per-protocol analysis.  But a considerably smaller proportion, only about two out of three (65%), of those allocated to the control diet remained on it throughout.  The information we have doesn’t give an explanation for the differences in completion rates, and it might well matter.  Maybe people on the control diet were more likely to drop out because they felt it wasn’t helping them, or maybe they were eating more emulsifiers than usual and felt this was disagreeing with their digestion or health, or maybe something else – we don’t know.

    “The results repeated in the press release are based on the intention to treat analysis.  But the results from the per-protocol analysis are less clear-cut, and indeed, apart from the finding about the proportion who said their symptoms improved, the other three outcomes given in the table in the Abstract don’t have large enough differences between the no-emulsifier and the control group to allow a conclusion that differences are definitely due to anything other than random chance.  (This doesn’t mean that they are due to no more than chance, just that it’s still feasible that they could be no more than chance.)

    “Another issue is that the trial is not comparing what patients with Crohn’s disease do on a diet without emulsifiers, compared to what they would otherwise have eaten.  The control group of patients ate a diet containing emulsifiers, together with some snacks provided by the researchers, that also contained emulsifiers.  The patients in the intervention (no emulsifiers) group also were given snacks and some food provided by the researchers, but without emulsifiers.  I am no dietician, but I do know some people with Crohn’s disease, and they all avoid various types of food.  So the comparison in the trial seems to be between people definitely eating a special diet with no emulsifiers, with another group who are eating a different special diet that does contain emulsifiers.  This makes sense, to ensure, as far as practicable, that all the patients in each of the two groups are eating more or less the same things as the others in their group, but it does imply that the researchers are not comparing people on a special diet free of emulsifiers, with those eating what they would typically eat anyway.  You’d have to ask a dietician rather than a statistician to be sure of how important this is in the context of real-world diets.”

    Abstract title: ‘Emulsifier restriction is an effective therapy for active Crohn’s disease: the ADDapt trial – a multi-centre, randomised, double-blind, placebo-controlled, re-supplementation trial in 154 patients’ by A. Bancil et al was presented at the European Crohn’s and Colitis Organisation (ECCO) Conference in Berlin. The embargo lifted at 17:20 UK time on Friday 21 February 2025.

    There is no paper.

    Declared interests

    Dr Dominic Farsi: “During part of this study, I was within the department and involved in other diet trials, however not this one (the ADDapt trial).  I have since left this role and I am now a Postdoctoral Researcher at INRAE in France.  I have no other conflicts of interest.”

    Prof Kim Barrett: “I have no conflicts of interest.”

    Prof Gary Frost: “None.”

    Prof Alexandra Johnstone: “AJ holds funding from UKRI which involves UK retail partners, the Scottish Government.  She currently holds voluntary committee position with Nutrition Society, Association for Nutrition and British Nutrition Foundation.”

    Dr Elizabeth Lund: “No conflicts of interest to declare.”

    Dr Baptiste Leurent: “No conflict of interest.”

    Rachel Richardson: “I have no interests to declare.”

    Prof Kevin McConway: “Previously a Trustee of the SMC and a member of its Advisory Committee.”

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Triathlon test event set for March

    Source: Hong Kong Information Services

    The 15th National Games Triathlon Test Event will be held at the Central Harbourfront and Victoria Harbour on March 1 and 2, and special traffic and transport arrangements will be in place in Central and Wan Chai from February 26.

    The women’s individual and men’s individual races are scheduled for 8am and 10.30am respectively on March 1, while the mixed relay race will take place at 2pm on March 2.

    To prepare for and facilitate the test event, special traffic and transport arrangements will be implemented in phases.

    From 10am on February 26 to 6pm on March 2, the section of Expo Drive between Legislative Council Road and Expo Drive Central will be temporarily closed.

    From 5am to 8am on February 28, Police will implement intermittent road closures in the vicinity of the Central Harbourfront and Wan Chai North, including Lung Wo Road, Yiu Sing Street, Lung Hop Street, Expo Drive, Expo Drive Central, and Expo Drive East.

    These road sections will be closed from 2am to 2pm on March 1 and from 8am to 6pm on March 2.

    Regarding public transport, cross-harbour bus route nos. 104 and 961 and Citybus route nos. H1 and H2 will be subject to temporary diversions.

    At the same time, the terminal point of cross-harbour bus route no. 961 at Expo Drive East will be temporarily relocated to Harbour Road outside Wan Chai Swimming Pool, and the bus stop of Citybus route no. H1 at Expo Drive East near Golden Bauhinia Square will also be temporarily suspended.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Bitget Announces Pre-Market Trading for Memhash (MEMHASH)

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 24, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has introduced Memhash (MEMHASH) to its pre-market trading platform, allowing users to engage in MEMHASH transactions ahead of its official spot market debut.

    Bitget’s pre-market trading platform serves as an over-the-counter marketplace, enabling buyers and sellers to negotiate and execute trades for new tokens before their official listing. This setup allows participants to secure potential liquidity and agree on delivery terms in advance. Sellers are not required to possess the new tokens at the time of the transaction but must ensure delivery by the agreed-upon date to avoid penalties.

    Memhash is a Telegram mini-game offering rewards through a mining process, allowing users to immediately start earning with a single button in the mini-app on their devices. It combines the simplicity of gaming with the technical sophistication of blockchain, introducing the same Hashcash mechanism as Bitcoin to provide rewards. Thousands of miners’ devices run simultaneously, providing massive computing power during the game. 600,000+ active users contributed computing power with at least one device during the first season, which makes Memhash one of the largest DePIN projects in the world by active user count.

    Bitget has become the go-to platform for crypto enthusiasts, offering an extensive range of over 800 coins and 900 trading pairs. Since its introduction in April 2024, Bitget’s pre-market platform has facilitated early access to over 150 high-profile projects such as EigenLayer (EIGEN), Zerolend (ZERO), Notcoin (NOT), and ZkSync (ZKSYNC), providing a unique opportunity for investors to engage with emerging tokens at an early stage. These initiatives have consistently aligned with Bitget’s focus on supporting the growth of blockchain ecosystems, enabling users to engage with innovative projects across Ethereum, Solana, Base, TON, and other leading platforms.

    For more information and to participate in the pre-market trading of Memhash (MEMHASH) users can visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    Contact

    Simran Alphonso

    media@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f7eb634c-142a-440d-979f-8f479297b321

    The MIL Network –

  • MIL-OSI: Bitget Lists Zoo Adding it to Spot Trading

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 24, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of Zoo ($ZOO). Zoo is a popular game on the messaging platform Telegram. Spot trading will begin on 25 February, 12:00 (UTC) with withdrawals available on 26 February 2025, 13:00 (UTC).

    Launched in December 2024, Zoo is a play-to-earn game on the TON network in which users build and manage virtual zoos to earn ZOO tokens. Players earn in-game Zoo tokens by creating enclosures that attract visitors. Millions of players have built digital zoos within the Telegram mini app from its launch up to the end of the mining phase at the end of Jan 2025.

    Previously, it was shared that one in-game Zoo token equaled one Zoo token. However, developers have since clarified that the final token amount will have the last three digits removed. For example, 1,000,000,000 in-game tokens will convert to 1,000,000 ZOO tokens. The airdrop claim period ends on February 25, 09:00 (UTC). Players will subsequently need to claim their tokens on-chain, which includes a fee of 0.1 TON.

    Bitget continues to expand its offerings, positioning itself as a leading platform for cryptocurrency trading. The exchange has established a reputation for innovative solutions that empower users to explore crypto within a secure CeDeFi ecosystem. With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON. The addition of $ZOO into Bitget’s portfolio marks a significant step toward expanding its ecosystem by embracing niche communities and fostering innovation in decentralized economies, further solidifying its role as a gateway to diverse Web3 projects and cultural movements.

    For more details on $ZOO, users can visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    Contact

    Simran Alphonso

    media@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/23f4384c-21e6-4fd7-acc9-f8ce46ea0a2c

    The MIL Network –

  • MIL-OSI: CampDoc and Traction Rec Partnership Elevates Community-Based Programs

    Source: GlobeNewswire (MIL-OSI)

    ANN ARBOR, Mich., Feb. 24, 2025 (GLOBE NEWSWIRE) — CampDoc, the leading camp management and electronic health record system for camps and youth programs, has joined forces with Traction Rec, a premier membership and program management platform, to streamline operations and elevate health and safety for YMCAs, JCCs, Boys and Girls Clubs, and parks and recreation organizations.

    This integration connects CampDoc’s camp management and health and safety tools with Traction Rec’s comprehensive program management platform, empowering organizations to deliver a seamless experience for participants and staff. Key features include automated account provisioning and data syncing, reducing administrative work and ensuring that critical health information is easily accessible when it’s needed most.

    “Partnering with Traction Rec is an exciting step in helping YMCAs, JCCs, and other community-based organizations enhance their operations,” said Dr. Michael Ambrose, Founder and CEO of CampDoc. “This integration brings simplicity and security to health management, so organizations can focus on delivering transformative experiences for participants.”

    Traction Rec is trusted by community-based organizations to manage membership, programs, and operations. With this integration, organizations running summer camps, youth programs, child care, or other out-of-school time events can now efficiently manage participant health and have instant access to allergies, medications, immunizations, and illness and injury reporting.

    “At Traction Rec, our goal is to equip organizations with the tools they need to operate more efficiently and focus on what truly matters,” said Lara Gilchrist, CEO of Traction Rec. “Partnering with CampDoc allows us to help customers tackle critical health and safety challenges, so they can dedicate more time and energy to strengthening their programs, supporting staff, and serving their communities.”

    This partnership highlights a shared vision to use technology to simplify operations, improve participant health and safety, and meet the growing demand for secure, user-friendly solutions. Together, CampDoc and Traction Rec are setting a new standard for health and program management in the nonprofit and community sector.

    YMCAs, JCCs, and other community-based organizations interested in exploring the CampDoc-Traction Rec integration can visit www.campdoc.com or www.tractionrec.com for more information.

    About DocNetwork
    CampDoc and SchoolDoc offer the most comprehensive Electronic Health Record (EHR) solution to help ensure the health and safety of children while they are away from home. DocNetwork is trusted by over 1,250 programs across all 50 states and internationally, including traditional day and residential camps, aquariums, museums, zoos, YMCAs, JCCs, Girl Scouts, Boy Scouts, parks and recreation facilities, colleges and universities, and K-12 public, private, and charter schools. For more information about DocNetwork and web-based health management, please visit www.campdoc.com, www.schooldoc.com, or call 734-619-8300.

    About Traction Rec
    Traction Rec is a leading provider of technology solutions for nonprofit community centers and parks and recreation organizations. Utilizing the Salesforce platform, Traction Rec is a purpose-built solution that empowers community organizations to efficiently manage memberships, programs, social services, financial operations and more. With a focus on innovation and community impact, Traction Rec continues to be a key player in driving the digital transformation of the nonprofit sector. To learn more, visit www.tractionrec.com.

    Contact:

    For DocNetwork:
    Michael Ambrose, M.D.
    734-619-8300
    michael@docnetwork.org

    For Traction Rec:
    Alysia Withers
    awithers@tractionrec.com 

    The MIL Network –

  • MIL-OSI Economics: Apple will spend more than $500 billion in the U.S. over the next four years

    Source: Apple

    Headline: Apple will spend more than $500 billion in the U.S. over the next four years

    February 24, 2025

    PRESS RELEASE

    Apple will spend more than $500 billion in the U.S. over the next four years

    Teams and facilities to expand in Michigan, Texas, California, Arizona, Nevada, Iowa, Oregon, North Carolina, and Washington

    Plans include a new factory in Texas, doubling the U.S. Advanced Manufacturing Fund, a manufacturing academy, and accelerated investments in AI and silicon engineering

    CUPERTINO, CALIFORNIA Apple today announced its largest-ever spend commitment, with plans to spend and invest more than $500 billion in the U.S. over the next four years. This new pledge builds on Apple’s long history of investing in American innovation and advanced high-skilled manufacturing, and will support a wide range of initiatives that focus on artificial intelligence, silicon engineering, and skills development for students and workers across the country.

    “We are bullish on the future of American innovation, and we’re proud to build on our long-standing U.S. investments with this $500 billion commitment to our country’s future,” said Tim Cook, Apple’s CEO. “From doubling our Advanced Manufacturing Fund, to building advanced technology in Texas, we’re thrilled to expand our support for American manufacturing. And we’ll keep working with people and companies across this country to help write an extraordinary new chapter in the history of American innovation.”

    As part of this package of U.S. investments, Apple and partners will open a new advanced manufacturing facility in Houston to produce servers that support Apple Intelligence, the personal intelligence system that helps users write, express themselves, and get things done. Apple will also double its U.S. Advanced Manufacturing Fund, create an academy in Michigan to train the next generation of U.S. manufacturers, and grow its research and development investments in the U.S. to support cutting-edge fields like silicon engineering.

    The $500 billion commitment includes Apple’s work with thousands of suppliers across all 50 states, direct employment, Apple Intelligence infrastructure and data centers, corporate facilities, and Apple TV+ productions in 20 states. Apple remains one of the largest U.S. taxpayers, having paid more than $75 billion in U.S. taxes over the past five years, including $19 billion in 2024 alone.

    Today, Apple supports more than 2.9 million jobs across the country through direct employment, work with U.S.-based suppliers and manufacturers, and developer jobs in the thriving iOS app economy.

    Opening a New Manufacturing Facility in Houston

    As part of its new U.S. investments, Apple will work with manufacturing partners to begin production of servers in Houston later this year. A 250,000-square-foot server manufacturing facility, slated to open in 2026, will create thousands of jobs.

    Previously manufactured outside the U.S., the servers that will soon be assembled in Houston play a key role in powering Apple Intelligence, and are the foundation of Private Cloud Compute, which combines powerful AI processing with the most advanced security architecture ever deployed at scale for AI cloud computing. The servers bring together years of R&D by Apple engineers, and deliver the industry-leading security and performance of Apple silicon to the data center.

    Teams at Apple designed the servers to be incredibly energy efficient, reducing the energy demands of Apple data centers — which already run on 100 percent renewable energy. As Apple brings Apple Intelligence to customers across the U.S., it also plans to continue expanding data center capacity in North Carolina, Iowa, Oregon, Arizona, and Nevada.

    Doubling Apple’s U.S. Advanced Manufacturing Fund

    As part of this new investment, Apple is doubling its U.S. Advanced Manufacturing Fund, which was created in 2017 to support world-class innovation and high-skilled manufacturing jobs across America. The growing commitment will increase the fund from $5 billion to $10 billion, focused on promoting advanced manufacturing and skills development throughout the country.

    The fund’s expansion includes a multibillion-dollar commitment from Apple to produce advanced silicon in TSMC’s Fab 21 facility in Arizona. Apple is the largest customer at this state-of-the-art facility, which employs more than 2,000 workers to manufacture the chips in the United States. Mass production of Apple chips began last month.

    Silicon used by Apple is designed to bring Apple users incredible features, performance, and power efficiency across their devices. Apple’s suppliers already manufacture silicon in 24 factories across 12 states, including Arizona, Colorado, Oregon, and Utah. The company’s investments in the sector help create thousands of high-paying jobs across the country at U.S. companies like Broadcom, Texas Instruments, Skyworks, and Qorvo.

    To date, Apple’s U.S. Advanced Manufacturing Fund has supported projects in 13 states — including Kentucky, Pennsylvania, Texas, and Indiana — that have helped build local businesses, train workers, and create a wide range of innovative manufacturing processes and materials for Apple products.

    Growing R&D Investments Across the U.S.

    Apple continues to expand its R&D across the U.S. In the past five years, Apple has nearly doubled its U.S.-based advanced R&D spend, and it will continue to accelerate its growth.

    Recently, Apple announced the newest addition to its iPhone lineup, iPhone 16e. iPhone 16e delivers fast, smooth performance and breakthrough battery life, thanks to the industry-leading efficiency of the A18 chip and the new Apple C1 — the first cellular modem designed by Apple, and the most power-efficient modem ever on an iPhone. Apple C1 adds a new chapter to the story of Apple silicon and is the result of years of R&D investment, bringing together the work of thousands of engineers. Apple C1 is the start of a long-term strategy that will allow Apple to innovate and optimize the modem system for additional Apple products.

    In the next four years, Apple plans to hire around 20,000 people, of which the vast majority will be focused on R&D, silicon engineering, software development, and AI and machine learning. The expanded commitment includes significant investment in Apple’s R&D hubs across the country. This includes growing teams across the U.S. focused on areas including custom silicon, hardware engineering, software development, artificial intelligence, and machine learning.

    Supporting American Businesses with a New Manufacturing Academy in Detroit

    To help companies transition to advanced manufacturing, Apple will open the Apple Manufacturing Academy in Detroit. Apple engineers, along with experts from top universities such as Michigan State, will consult with small- and medium-sized businesses on implementing AI and smart manufacturing techniques. The academy will also offer free in-person and online courses, with a skills development curriculum that teaches workers vital skills like project management and manufacturing process optimization. The courses will help drive productivity, efficiency, and quality in companies’ supply chains.

    Apple has long been committed to investing in education and skills development for American workers and students. That includes ongoing and expanding grant programs for organizations like 4-H, Boys & Girls Clubs of America, and FIRST, which work closely with Apple in communities across the country to create free programming that helps young people learn vital skills like coding.

    Apple’s support for the next generation of innovators also includes efforts like the company’s New Silicon Initiative, which prepares students for careers in hardware engineering and silicon chip design. Last year, this program expanded to students at Georgia Tech, and it now reaches students at eight schools across the country. Apple is continuing to expand the initiative, including a new collaboration with UCLA’s Center for Education of Microchip Designers (CEMiD) beginning this year.

    About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

    Press Contacts

    Nick Leahy

    Apple

    nleahy@apple.com

    Anna Mitchell

    Apple

    anna_m@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Derby’s Market Hall to reopen after £35.1m refurbishment

    Source: City of Derby

    The doors to Derby’s historic Market Hall will open again to the public on Saturday 24 May – almost 159 years to the day since its original grand opening.

    Visitors will see at first hand the results of a careful, multi-million-pound restoration, aimed at preserving the rich heritage of the Grade II-listed building while also introducing modern enhancements.

    The Market Hall was officially declared open on 29 May,1866, by Mayor Frederick Longdon. When the occasion was marked an appropriate inaugural ceremony, including a performance of Handel’s Messiah. 

    The transformed Market Hall will bring together the best of the region’s independent shopping, eating, drinking and entertainment and will offer a variety of new features and experiences for visitors including:

    • A carefully curated mix of traditional and themed stalls, including quality fresh produce
    • Make and trade stalls and creative spaces
    • a cosmopolitan food court and bars
    • Events and pop-up activity

    Wates Construction, which has an extensive track record of heritage restoration work across the UK, led an expert team of local architects and engineers – including Latham Architects, Rogers Leask, and Clancy Consultants – on the flagship project.

    Derby City Council also appointed design consultancy Hemingway Design to help bring alive an ambition to create a building that will be a hub for creatives, makers and traders, building on the city’s heritage of innovation and industry.

    The £35.1m transformation, partly funded with £9.43m from the Governments Future High Streets Fund (FHSF) began with the Market Hall’s most iconic feature: the striking cast iron, copper, and glass roof. Designed by Melbourne engineer Rowland Mason Ordish, whose later work included the roof of London’s St Pancras railway station, this distinctive element needed significant repair.  

    Previously, the Market Hall often had to close to customers if there was a chance of strong winds, snow, or heavy rain in case the glass windows came out of their frames. These windows have now been replaced, and the extensive structural restoration of the roof was finished in August 2022.

    The revitalised Market Hall has also been redesigned with accessibility and inclusion at its heart, making it an accessible building for all visitors.

    Councillor Nadine Peatfield, Leader of Derby City Council and Cabinet Member for City Centre, Regeneration, Strategy and Policy, said:

    I’m thrilled to announce that the historic Derby Market Hall will be reopening its doors on Saturday 24 May 2025. The building is a treasure for Derby and its reopening has been highly anticipated by many. This is a historic moment for everyone in the city to be celebrated by all.

    Derby Market Hall will be a flagship, vibrant destination that will attract visitors from across the region and beyond. I am truly excited for the opening event, and I know that visitors will enjoy everything that the revitalised Market Hall has to offer.

    Located at the heart of the city centre, linking Derbion and St Peter’s Quarter with the Cathedral Quarter and Becketwell, the redeveloped Market Hall will play a key role in widening the diversity of the city centre and is expected to generate £3.64m for the local economy every year. 

    Plans are now underway for an official event to mark the reopening of the Derby Market Hall.

    Follow Derby Market Hall on Facebook and Instagram, or visit the website, to find out more. 

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Bashneft’s economic effect from the implementation of the energy saving program in 2024 reached 1 billion rubles

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    By the end of 2024, enterprises of ANK Bashneft (part of Rosneft) reduced energy consumption by 71 thousand tons of equivalent fuel due to energy conservation measures. The economic effect from the program implementation exceeded 986 million rubles, which is more than 11% higher than the same indicator of the previous year.

    Improving the efficiency of production assets is one of the key elements of Rosneft’s strategy. The company carries out systematic work aimed at rational use of energy resources and reduction of energy consumption, optimization of electrical loads and thermal processes.

    About 58% of the economic effect was provided by Bashneft-Dobycha (Bashneft’s main operator for oil and gas production), which carried out more than 9.5 thousand activities at wells, reducing energy consumption by 16 thousand tons of equivalent fuel or 568 million rubles.

    At Sorovskneft (Bashneft’s production asset in the Khanty-Mansiysk Autonomous Okrug – Yugra), about 20 million rubles were saved due to the active use of high-voltage submersible electric motors in the mechanized well stock.

    At Bashneft’s Ufa group of oil refineries, the results in 2024 were improved by 55% compared to 2023, which allowed reducing energy consumption by more than 18 thousand tons of standard fuel. Such indicators were achieved due to increased efficiency of equipment and pipelines, as well as improvement of the process control system.

    Bashneft’s petrochemical complex – Ufaorgsintez and Shkapovskoye GPP – provided almost 33 million rubles in savings. A significant share of the effect was achieved by optimizing equipment operation, electrical loads and fuel consumption.

    Bashneft-Retail replaced lighting at a number of petrol stations with energy-saving lamps with an automatic control system, and heating boilers with energy-efficient ones. The measures taken allowed saving 2.2 million roubles.

    Reference:

    ANK Bashneft is one of the oldest enterprises in the country’s oil and gas industry, operating in the extraction and processing of oil and gas. The company’s key assets, including oil refining and petrochemical complexes, are located in the Republic of Bashkortostan.

    Exploration and production of oil and gas is also carried out on the territory of the Khanty-Mansiysk Autonomous Okrug – Yugra, the Nenets Autonomous Okrug, the Orenburg Region, the Perm Territory and the Republic of Tatarstan.

    Department of Information and Advertising of PJSC NK Rosneft February 24, 2025

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

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Emergency foster carers needed to support children in Plymouth

    Source: City of Plymouth

    Plymouth is in need of more foster carers who can help children and young people who need temporary support in emergency situations.

    Emergency foster carers support children and young people who need to come into temporary foster care at short notice for a limited period of time.

    Foster for Plymouth, Plymouth City Council’s own fostering service, has developed a new package of support specifically aimed at emergency foster carers. This includes enhanced financial support, with an additional disturbance allowance if a child is placed out of hours, as well as emotional and practical support from a range of professionals and fellow foster carers.

    Children may be placed in emergency care for a number of reasons, including to protect them from immediate risk of harm, or because their parent or carer has been admitted to hospital and there is no safe adult to care for the child.

    Emergency foster carers care for children for up to two weeks, while they are either supported to live back at home or move to live with a family member or a longer-term foster carer.   

    Councillor Jemima Laing, Cabinet Member for Children’s Social Care, said: “Children come into our care for a variety of reasons and there are sometimes emergencies where they need a safe place to stay immediately.

    “We need more emergency foster carers who are set up to look after children in these circumstances which is why we’ve developed this specific package of support. We would welcome applications from new prospective foster carers who think that emergency fostering may fit into their life.”

    To be an emergency foster carer, you must be over 21 and have the space for a foster child in your heart and home, with a spare bedroom available for a child at all times.

    For more information, contact the Foster for Plymouth team on [email protected] or 01752 308762. Find out more about fostering in Plymouth at fosterforplymouth.co.uk.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: GPs to launch ‘Nature Prescriptions’ with RSPB Scotland

    Source: Scotland – City of Aberdeen

    Three GP practices in Aberdeen have teamed up with RSPB Scotland, with support from Aberdeen City Council to roll out ‘Nature Prescriptions’, a pilot initiative designed to increase patients’ physical and mental health through a greater connection with local nature.  

    A ‘Nature Prescription’ is a guided conversation with a healthcare professional and patient which explores how wellbeing can be improved through a deeper connection with nature. Alongside the conversation, a ‘Nature Prescription Calendar’ is provided which contains seasonal activities, tailored to the local area.

    The calendar was informed by a community co-creation session supported by Aberdeen City Council. Suggested activities include spending time in a favourite nature space close to home, looking for signs of changing seasons, and recording the nature you see through photos, drawings or writing.

    Councillor Christian Allard, Co-Leader of Aberdeen City Council and Chair of Community Planning Aberdeen, said: “Research shows how spending time outdoors and being at one with nature helps people’s physical and mental wellbeing, which is why it is a key objective of Community Planning Aberdeen and the city’s Local Outcome Improvement Plan (LOIP).

    “By being part of RSPB Scotland’s Nature Prescriptions initiative, local GP Practices in Aberdeen can offer their patients the opportunity to connect with nature on their doorstep through a calendar of local events and activities.  It’s a great initiative, which we hope more local GP Practices will sign up to.”

    Dawn James, RSPB Scotland Community Engagement Officer, said: “With a growing body of evidence that nature connection is important for our health and wellbeing, taking time in nature can be crucial. RSPB Nature Prescriptions can help patients build their relationship with nature in a meaningful way to improve wellbeing with support from a healthcare professional.

    “We are excited to be collaborating with GPs and Aberdeen City Council to deliver the project for people in the area. Included in the calendar are varied accessible activities which reflect nature and wildlife across Aberdeen which were informed by feedback from the local community. It’s encouraging to see nature have an increasing role in the toolkit of healthcare professionals across Scotland and we hope this will help many patients kickstart a stronger relationship with the nature around them to help better support their health.”

    Dr Adrain Crofton, Lead Clinician, Torry Medical Practice said: “We have a wonderful resource of parks, woods, seashore and rivers in Aberdeen. We now know that even the smallest contact with nature, of being outside observing and appreciating plants, other creatures or the flow of the seasons is of incredible value to our health and sense of wellbeing.

    “This locality-specific and user-friendly programme designed by RSPB Scotland is an excellent tool for us to give to patients who feel this might be something they would like to try but might not otherwise know where to start. The materials are of a high quality and very easy and fun to follow.

    “The great advantage of the nature prescription is that it is all on your doorstep and is something that can help anyone at any stage of life, and it’s free. In many ways, that makes it one of the best treatments we have”.

    A growing body of evidence finds that connection to nature can benefit physical and mental health in varied ways including reducing stress, boosting the immune system, reducing symptoms of anxiety and depression and improved memory and concentration.

    The Nature Prescription initiative was first trialled in Scotland in Shetland and in five GP practices across Edinburgh. 74% of patients who took part in the trial reported having benefitted and 91% of prescribing health professionals stated that they would continue to offer Nature Prescriptions. Since then, further trial schemes have been launched across Scotland including Orkney and Argyll and Bute, as well as in other parts of the UK.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Manchester gets ready to celebrate International Women’s Day 2025 

    Source: City of Manchester

    International Women’s Day (IWD) is returning to Manchester as a celebration of women’s empowerment, equality and contributions to the city at Manchester Central Library on Saturday 8 March.

    Led and inspired by an already significant history of pioneering women, IWD 2025 is a chance for women across all generations and dedicated allies to come together in advancing women’s rights in Manchester and around the world.  

    The theme for this year’s celebration is ‘Accelerate Action’, which calls on supporters of gender equality to act against systemic barriers women from all backgrounds face in their personal and professional environments.   

    In recent years, Manchester City Council has marked IWD with a dedicated ‘Walk for Women’ event. This year, however, the Council has joined forces with a diverse range of women-led community organisations to co-design a different approach.  

    Funding was made available for community organisations to host IWD events across the city through the annual IWD grants programme. A celebratory community-led programme of workshops, performances and discussions has also been planned for the day itself at Manchester Central Library based around the acronym HER: Heal Encourage, Revive. 

    The events for IWD 2025 are:  

    Heal – Performance Space  

    ·  Flourish Together; Mindfulness Activity for relaxation and meditation, 11am-1pm  

    ·  Equal Education Chances; letter writing and positive affirmations session, 11:20am-12:15pm  

    Encouraged – Performance Space 2 and 3  

    ·    Community Thriving Together; sharing personal stories and overcoming challenges, 11am-11:50am  

    ·   Trailblazers;  Creating bookmarks and stitching  

    ·   Young Identity with Shirley May; poetry performance by Young Identity members, 11:55am-12:15pm  

    ·   Flourish Together; a 30-minute fireside chat chaired by Nickala Torkington about women changemakers, 12:20pm-12:50pm.  

    Revived – Performance Space 2 and 3  

    ·     Bollyfit; an exercise class inspired by multicultural dance, 1pm-1:30pm  

    ·     Councillor Ermina Bell will give a closing speech about the event, 1:35pm-1:45pm  

    ·      DJ set to inspire and uplift 

    Glass Room/Sensory Space  

    ·     Flourish Together; Bookable pop-up spa for treatments for 20 mins including Indian Head Massage in a clothed and seated setting, 11am-2pm  

    The events on the day will be accompanied by partner stalls of specialist community organisations including Manchester Action on Street Health (MASH), Manchester Rape Crisis, Fikawele African and Caribbean Mental Health, Walksafe  and Ahmed Iqbal Ullah (AIU) RACE Centre who will be on hand to raise awareness and promote their services.  

    Councillor Erinma Bell, Lead Member for Women, said: “Manchester has long been a city that has championed and supported women in the fight for gender equality.   

    “It’s fantastic to see the range of creativity and innovation in the events this year for International Women’s Day with the aim of accelerating further action for women to thrive personally and professionally.   

    “I would encourage women from all backgrounds and generations to get involved, because there is something for everyone and to advocate for more allies join in on the celebrations and inform our priorities for advancing women’s equality this year.”  

    For more information or to book your place visit Women’s Community Festival. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Work to begin on new council homes at former school site

    Source: City of Leicester

    WORK is set to begin on the construction of more than 50 new affordable council homes at a former school site in the south of Leicester.

    Leicester City Council plans to redevelop the derelict site of the former Newry and Southfield schools, in Eyres Monsell, for new housing.

    The school buildings, which had stood empty for over a decade, were demolished in late 2022. This was supported by £360,000 of government funding from the One Public Estate (OPE) programme.

    Now the council is ready to begin work to build 53 new council homes on the site. This will comprise of 44 houses and nine flats.

    The new homes will be built to high eco-performance standards and feature a range of energy efficiency measures to cut their carbon cost and help future tenants save on energy bills.

    After a competitive tendering process, the council has appointed GEDA, an award-winning construction, civil engineering, and development company, to oversee the construction of the new homes.

    Cllr Elly Cutkelvin, assistant city mayor for housing, said: “The redevelopment of the vacant and disused Newry and Southfield school sites for new housing represents an important step in our wider strategy to address the housing crisis in the city.

    “I’m pleased that construction work is now able to get under way on this complex and exciting project.

    “It will provide dozens of new and much-needed council homes and help bring a vacant site back into use in a way that will bring real benefits to the local neighbourhood.

    “We’ve set out an ambitious programme of creating new housing to try to meet the city’s urgent housing needs. Building new council houses to replace those lost to the Right to Buy scheme over the last few decades is an essential part of that.”

    Colm McVeigh, Build GB Director at GEDA Construction, said: “We are delighted to be working with Leicester City Council and their design team to deliver 53 housing units at Southfield and Newry. This is an exemplar project, and the new homes will be built to high-performance standards.

    “We’re also proud to working on a project that will have a huge and positive impact on the community, providing much-needed high-quality and affordable new homes for local residents.”

    Contractors will move onto the site in the coming days, with construction work expected to take around 16 months to complete.

    MIL OSI United Kingdom –

  • MIL-OSI USA: Yellowstone and Hawaiʻi—how similar are they?

    Source: US Geological Survey

    Yellowstone Caldera Chronicles is a weekly column written by scientists and collaborators of the Yellowstone Volcano Observatory. This week’s contribution is from Mark Stelten, research geologist with the U.S. Geological Survey and deputy Scientist-in-Charge of the Yellowstone Volcano Observatory.

    Yellowstone and the Hawaiian Islands are some of the most spectacular examples of active volcanic systems in the world, each drawing millions of visitors annually. These volcanic systems are separated by over 3,000 mi (almost 5,000 km) and have dramatically different behaviors and appearances. Yellowstone doesn’t produce tall volcanic features but instead forms large depressions in the ground, referred to as calderas, due to explosive eruptions of rhyolite magma. After formation, Yellowstone’s calderas tend to fill with viscous rhyolite lava flows and domes that from broad plateaus or steep dome-like structures that are often covered with lodgepole pine trees.

    Map of the Northwestern United States showing major volcanic features associated with the mantle plume currently underneath Yellowstone caldera.  Colors indicate general basaltic (blues) versus rhyolitic (reds) compositions, with shades indicating age (darker shades are older).  Rough outlines of calderas that formed due to the Yellowstone hotspot are given, with numbers indicating approximate ages in millions of years.

    In contrast, volcanic activity in Hawaiʻi tends to build broad shield volcanoes like Mauna Loa (the largest active volcano on Earth) that are composed of numerous fluid lava flows and stand above the surrounding landscape.  Hawaiian volcanoes are often capped by calderas, albeit much smaller than those produced by Yellowstone and that formed by collapse due to emission of lava flows, rather an explosive eruptions. Hawaiian volcanoes erupt much more frequently than Yellowstone, typically producing fluid basalt lavas, but individual eruptions tend to be much smaller than those from Yellowstone.

    Despite these differences in eruptive behavior and outward appearance, Yellowstone and Hawaiʻi have some deeply rooted similarities. Most volcanic systems around the world are related to either subduction zones, where one crustal tectonic plate slides under another (as beneath the Cascade Range in the western US), or at divergent plate margins, where magma ascends as the crust is being pulled apart (often in the middle of ocean basins like along the mid-Atlantic Ridge). Volcanism in Hawaiʻi and Yellowstone, however, is instead driven by mantle plumes, which are regions where the Earth’s mantle is anomalously hot and buoyantly upwelling. As the hot mantle rises to shallower depths it causes melting, which in turn leads to the development of a magmatic system that can produce volcanic eruptions. 

    Mantle plumes operate independently of plate tectonics and remain mostly stationary as the Earth’s tectonic plates move above them. As a result, magmatic systems like those in Hawaiʻi and Yellowstone produce chains of volcanoes that have an age progression along their lengths. For example, over the past 16 million years, the hotspot currently feeding Yellowstone caldera produced several caldera systems extending from McDermitt Caldera in southeastern Oregon and northern Nevada to Yellowstone caldera in northwest Wyoming. Each of these now-buried volcanic systems was similar to Yellowstone caldera in that they produced large explosive eruptions before plate motion carried the system far enough away from the hotpot that access to the mantle plume was cut off.  Eventually, a new volcanic center formed to the northeast of the previous one above the new crustal location of the mantle plume. The eastern Snake River Plain of southern Idaho marks this chain of “ancient Yellowstones” that gets older as you move to the southeast from Yellowstone caldera.

    Map of the Pacific Ocean basin showing volcanoes associated with the Hawaiian hotspot.  Vectors indicate Pacific Plate motion relative to presumed fixed mantle hot spot in millimeters per year. Gray lines indicate fracture zones. Numbers along the Emperor Seamounts chain show the age of volcanism in millions of years. Ocean floor ages indicated by colored shades and derived from imagery available on EarthByte.

    Similarly, the hotspot currently under Hawaiʻi is responsible for producing the Hawaiian Ridge-Emperor Seamount chain over the past 80 million years. Volcanoes in that chain get older the farther northwest you go across the Pacific Ocean from the Hawaiian Islands.  The oldest “ancient Hawaiʻis” are located off the coast of Kamchatka, Russia.

    Given that Yellowstone and Hawaiʻi are both powered by mantle plumes, why do these volcanic systems behave so differently? There are many reasons, but perhaps the most significant is the nature of the crust in the two locations. Hawaiʻi is located on oceanic crust, which is much thinner (~10 km, or ~6 mi) than the continental crust present at Yellowstone (which is ~45 km, or ~28 mi, thick). Due to the thinner crust underneath Hawaiʻi, magma is able to rise more quickly and easily. This means the magma doesn’t have time to crystallize or interact with the crust and instead tends to erupt as runny, or low viscosity, basaltic lava flows. Eruptions also tend to be more frequent and smaller in volume. In contrast, the thick continental crust underneath Yellowstone prevents magma from easily ascending. As a result, this magma stalls and accumulates in the crust. Over time this process has led to the development of a large magmatic system that spans most of the crust underneath Yellowstone and includes a large rhyolite magma reservoir in the upper crust (at depths of 5 to 19 km, or about 3 to 12 mi) that feeds Yellowstone’s dramatic eruptions.

    Despite their outward differences, the fundamental engines that power volcanism in Yellowstone and Hawaiʻi are quite similar. So the next time you need a Hawaiian vacation, consider visiting the Yellowstone region.  There’s a lot of Aloha in southern Idaho and northwestern Wyoming.

    MIL OSI USA News –

  • MIL-OSI: Central Bank of Savings Banks Finland Plc: Kai Koskela appointed as CEO of the Savings Banks’ Union Coop

    Source: GlobeNewswire (MIL-OSI)

    Central Bank of Savings Banks Finland Plc 

    Stock Exchange Release 

    24 February 2025 at 1:00 pm (CET +1)

    The Board of Saving Banks’ Union Coop has appointed acting CEO Kai Koskela (BBA, eMBA) as CEO of the Savings Banks’ Union Coop. Kai Koskela has worked at The Savings Banks Group since 2015. He has over thirty years of experience in domestic and international specialist and senior management positions in the finance sector and in business development. Appointment takes place immediately.

    CENTRAL BANK OF SAVINGS BANKS FINLAND PLC 

    Additional information: 

    Robin Lindahl
    Chairman of the Board, Saving Banks’ Union Coop
    +358 50 595 9616  

    Central Bank of Savings Banks Finland Plc is part of the Savings Banks Amalgamation and Savings Banks Group and operates as Group’s central credit institution. Central Bank of Savings Banks’ role is to ensure liquidity and wholesale funding of the Savings Banks Group via operating in the money and capital markets, issue payment cards, and provide payment transfer and account operator services. 

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    FOURTH QUARTER AND FULL-YEAR 2024 OPERATIONAL AND FINANCIAL HIGHLIGHTS

    Message to Shareholders

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

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

    Operational:

    • Production:
      • Gran Tierra achieved 2024 average WI production of 34,710 boepd, representing a 6% increase from 2023, as a result of positive exploration results in Ecuador and two months of production from Canadian operations acquired on October 31, 2024, partially offset by lower production in the Acordionero field caused by downtime related to workovers and deferred production from blockades in Suroriente during the Quarter.
      • Building on the Company’s successful development drilling in 2024 and integrating its recently acquired Canadian assets, Gran Tierra expects 2025 production of 47,000-53,000 boepd, as previously forecast. This projected 2025 production increase is expected to result from the Company’s previously forecast 2025 development drilling program of 5-7 gross wells in Suroriente, 2-3 appraisal wells in Ecuador, as well as 6 development wells in Canada. Gran Tierra also plans to drill 6-8 exploration wells in South America in 2025.
    • 2024 Year-End Reserves and Values3,6:
    Before Tax (as of December 31, 2024) Units 1P 2P 3P
    Reserves MMBOE 167 293 385
    Net Present Value at 10% Discount (“NPV10”) $ million 1,950 3,242 4,517
    Net Debt1 $ million (683) (683) (683)
    Net Asset Value (NPV10 less Net Debt) (“NAV”) $ million 1,267 2,559 3,834
    Outstanding Shares million 35.97 35.97 35.97
    NAV per Share $/share 35.23 71.14 106.62
    After Tax (as of December 31, 2024) Units 1P 2P 3P
    Reserves MMBOE 167 293 385
    NPV10 $ million 1,385 2,159 2,930
    Net Debt1 $ million (683) (683) (683)
    NAV $ million 702 1,476 2,247
    Outstanding Shares million 35.97 35.97 35.97
    NAV per Share $/share 19.51 41.03 62.46
             
    • As of December 31, 2024, Gran Tierra achieved6:
      • Before Tax NAV of $1.3 billion (1P), $2.6 billion (2P), and $3.8 billion (3P)
      • After Tax NAV of $0.7 billion (1P), $1.5 billion (2P), and $2.2 billion (3P)
      • Strong reserves replacement ratios of:
        • 702% 1P, with 1P reserves additions of 89 MMBOE.
        • 1,249% 2P, with 2P reserves additions of 159 MMBOE.
        • 1,500% 3P, with 3P reserves additions of 191 MMBOE.
      • NAV per share of $35.23 Before Tax and $19.51 After Tax (1P), and $71.14 Before Tax and $41.03 After Tax (2P). Gran Tierra’s current share price trades at significant discounts across all of the Company’s NAV per share categories.
      • Finding, development and acquisition costs (“FD&A”), including change in future development costs (“FDC”), on a per boe basis of $9.74 (1P), $8.11 (2P) and $6.92 (3P).
      • FD&A costs excluding change in FDC, on a per boe basis of $4.49 (1P), $2.52 (2P) and $2.10 (3P).
      • Canada now represents 46% of 1P and 51% of 2P reserves compared to Gran Tierra’s total reserves.

    Financial:

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

    Operational Update

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

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

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

    Corporate Presentation:

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

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

      Year Ended   Three Months Ended
      December 31, December 31,   December 31, December 31, September 30,
        2024     2023       2024     2023     2024  
    Net Income (Loss) $ 3,216   $ (6,287 )   $ (34,210 ) $ 7,711   $ 1,133  
    Net Income (Loss) Per Share – Basic $ 0.10   $ (0.19 )   $ (1.04 ) $ 0.24   $ 0.04  
    Net Income (Loss) Per Share – Diluted $ 0.10   $ (0.19 )   $ (1.04 ) $ 0.23   $ 0.04  
                 
    Oil, Natural Gas and NGL Sales $ 621,849   $ 636,957     $ 147,290   $ 154,944   $ 151,373  
    Operating Expenses   (202,331 )   (186,864 )     (60,770 )   (47,637 )   (46,060 )
    Transportation Expenses   (18,464 )   (14,546 )     (4,279 )   (3,947 )   (3,911 )
    Operating Netback1 $ 401,054   $ 435,547     $ 82,241   $ 103,360   $ 101,402  
                 
    G&A Expenses Before Stock-based Compensation $ 39,912   $ 40,124     $ 8,672   $ 11,072   $ 9,491  
    G&A Expenses (Recovery) Stock-Based Compensation   9,707     5,722       3,331     1,974     (3,145 )
    G&A Expenses, Including Stock-Based Compensation $ 49,619   $ 45,846     $ 12,003   $ 13,046   $ 6,346  
                 
    EBITDA1 $ 355,690   $ 377,550     $ 65,247   $ 83,634   $ 97,365  
                 
    Adjusted EBITDA1 $ 366,758   $ 399,355     $ 76,168   $ 92,964   $ 92,794  
                 
    Net Cash Provided by Operating Activities $ 239,321   $ 227,992     $ 26,607   $ 69,027   $ 78,654  
                 
    Funds Flow from Operations1 $ 224,941   $ 276,785     $ 44,129   $ 84,663   $ 60,338  
                 
    Capital Expenditures $ 234,236   $ 226,584     $ 70,413   $ 35,826   $ 49,779  
                 
    Free Cash Flow1 $ (9,295 ) $ 50,201     $ (26,284 ) $ 48,837   $ 10,559  
                 
    Average Daily Volumes (BOEPD)            
    Working Interest Production Before Royalties   34,710     32,647       41,009     31,309     32,764  
    Royalties   (6,820 )   (6,548 )     (7,327 )   (6,417 )   (6,776 )
    Production NAR   27,890     26,099       33,682     24,892     25,988  
    (Decrease) Increase in Inventory   (454 )   (152 )     (712 )   57     (523 )
    Sales   27,436     25,947       32,970     24,949     25,465  
    Royalties, % of WI Production Before Royalties   20 %   20 %     18 %   20 %   21 %
                 
    Per boe5            
    Brent $ 79.86   $ 82.16     $ 74.01   $ 82.85   $ 78.71  
    Quality and Transportation Discount   (17.93 )   (14.91 )     (25.45 )   (15.34 )   (14.10 )
    Royalties   (12.33 )   (13.55 )     (8.83 )   (13.47 )   (13.58 )
    Average Realized Price $ 49.60   $ 53.70     $ 39.73   $ 54.04   $ 51.03  
    Transportation Expenses   (1.47 )   (1.23 )     (1.15 )   (1.38 )   (1.32 )
    Average Realized Price Net of Transportation Expenses $ 48.13   $ 52.47     $ 38.58   $ 52.66   $ 49.71  
    Operating Expenses   (16.14 )   (15.75 )     (16.39 )   (16.61 )   (15.53 )
    Operating Netback1 $ 31.99   $ 36.72     $ 22.19   $ 36.05   $ 34.18  
    Cash G&A Expenses   (3.18 )   (3.38 )     (2.34 )   (3.86 )   (3.20 )
    Severance Expenses   (0.12 )   —       (0.41 )   —     —  
    Transaction Costs   (0.47 )   —       (1.20 )   —     (0.49 )
    Realized Foreign Exchange Gain (Loss)   0.07     (1.43 )     0.07     (0.34 )   0.34  
    Cash Settlement on Derivative Instruments   0.09     —       0.30     —     —  
    Interest Expense, Excluding Amortization of Debt Issuance Costs   (5.38 )   (4.21 )     (5.40 )   (5.35 )   (5.65 )
    Interest Income   0.29     0.17       0.34     0.10     0.23  
    Other Cash Gain   0.12     —       0.40     —     —  
    Net Lease Payments   0.07     0.16       0.07     0.13     0.07  
    Current Income Tax (Expense) Recovery   (5.53 )   (4.70 )     (2.12 )   2.80     (5.13 )
    Cash Netback1 $ 17.95   $ 23.33     $ 11.90   $ 29.53   $ 20.35  
                 
    Share Information (000s)            
    Common Stock Outstanding, End of Period   35,972     32,247       35,972     32,247     33,288  
    Weighted Average Number of Common – Basic   32,043     33,470       34,333     32,861     33,287  
    Weighted Average Number of Common – Diluted   32,043     33,470       34,333     32,921     33,350  
      As at December 31
     ($000s)   2024   2023 % Change
    Cash and cash equivalents $ 103,379 $ 62,146 66  
           
    Credit facility $ — $ 36,364 (100 )
           
    Senior Notes $ 786,619 $ 536,619 47  
                 

    Additional information on 2024 expenses:

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

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

    Conference Call Information

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

    About Gran Tierra Energy Inc.

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

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

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry, President & Chief Executive Officer

    Ryan Ellson, Executive Vice President & Chief Financial Officer

    Tel: +1.403.265.3221

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

    Forward Looking Statements and Legal Advisories:

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

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

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

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

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

    Non-GAAP Measures

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

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

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

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

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

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

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

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


    DISCLOSURE OF OIL AND GAS INFORMATION

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

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

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

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

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

    Future Net Revenue

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

    Consolidated Properties at December 31, 2024
    Proved (1P) Total Future Net Revenue ($ million)
    Forecast Prices and Costs
    Years Sales
    Revenue    		 Total
    Royalties    		 Operating
    Costs    		 Future
    Development
    Capital    		 Abandonment
    and Reclamation
    Costs    		 Future Net
    Revenue Before
    Future Taxes    		 Future
    Taxes    		 Future Net
    Revenue After
    Future Taxes*
    2025-2029
    (5 Years)    		 5,139 (981 ) (1,385 ) (1,025 ) (27 ) 1,721 (491 ) 1,230
    Remainder 3,617 (578 ) (1,549 ) (4 ) (377 ) 1,109 (370 ) 739
    Total (Undiscounted) 8,756 (1,559 ) (2,934 ) (1,029 ) (404 ) 2,830 (861 ) 1,969
    Total (Discounted @ 10%)           1,950 (565 ) 1,385
    Consolidated Properties at December 31, 2024
    Proved Plus Probable (2P) Total Future Net Revenue ($ million)
    Forecast Prices and Costs
    Years Sales
    Revenue    		 Total
    Royalties    		 Operating
    Costs    		 Future
    Development
    Capital    		 Abandonment
    and Reclamation
    Costs    		 Future Net
    Revenue Before
    Future Taxes    		 Future
    Taxes    		 Future Net
    Revenue After
    Future Taxes*
    2025-2029
    (5 Years)    		 6,620 (1,297 ) (1,583 ) (1,438 ) (25 ) 2,277 (791 ) 1,486
    Remainder 8,685 (1,529 ) (2,967 ) (371 ) (420 ) 3,398 (1,082 ) 2,316
    Total (Undiscounted) 15,305 (2,826 ) (4,550 ) (1,809 ) (445 ) 5,675 (1,873 ) 3,802
    Total (Discounted @ 10%)           3,242 (1,083 ) 2,159
    Consolidated Properties at December 31, 2024
    Proved Plus Probable Plus Possible (3P) Total Future Net Revenue ($ million)
    Forecast Prices and Costs
    Years Sales
    Revenue    		 Total
    Royalties    		 Operating
    Costs    		 Future
    Development
    Capital    		 Abandonment
    and Reclamation
    Costs    		 Future Net
    Revenue Before
    Future Taxes    		 Future
    Taxes    		 Future Net
    Revenue After
    Future Taxes*
    2025-2029
    (5 Years)    		 7,490 (1,467 ) (1,672 ) (1,563 ) (25 ) 2,763 (1,015 ) 1,748
    Remainder 13,422 (2,598 ) (4,106 ) (519 ) (439 ) 5,760 (1,907 ) 3,853
    Total (Undiscounted) 20,912 (4,065 ) (5,778 ) (2,082 ) (464 ) 8,523 (2,922 ) 5,601
    Total (Discounted @ 10%)           4,517 (1,587 ) 2,930


    Definitions

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

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

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

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

    Oil and Gas Metrics

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

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

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

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

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

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

    The MIL Network –