Latest news with #AuditedFinancialStatements
Yahoo
29-05-2025
- Business
- Yahoo
Tethys Petroleum Announces Interim Results and Corporate Update
Grand Cayman, Cayman Islands--(Newsfile Corp. - May 29, 2025) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") today announced that it has filed its interim results for the three months ended March 31, 2025 with the Canadian securities regulatory authorities comprising its Audited Financial Statements together with Management's Discussion and Analysis and other required forms. Copies of the filed documents may be obtained via SEDAR at or on Tethys' website at Financial highlights Oil and gas sales increased by 104% to $4.0 million in the first quarter of 2025 from $1.9 million in 2024 due primarily to increased oil production. The net profit for the period was $.3 million compared with a loss of $1 million in 2024. Revenues for Q1 were improved from Q1 2024 but were disappointing relative to management expectations. Tethys received a production license in November 2024 after a period of being shut down. There are a number of factors which can influence the level of oil production. In addition to the limitation of the logistics and what is allowed under the production license (currently 485 tons/day), Tethys is required to have gas treatment for the associated gas. Tethys's model has been to sell the oil for delivery in the oil field and is therefore dependent on the oil buyers in terms of the logistics. The elimination of the export of naptha has damaged the overall profitability of the mini-refineries who have been the traditional purchases of Tethys oil. This appears to have not only impacted the price that Tethys can expect to receive but may have also impacted the ability of the mini-refineries to prepay for the oil and their ability to manage the necessary logistics. Given the remote location of the Kulbas field, an oil buyer needs to coordinate the trucking, the rail cars and coordinate with any rail terminal involved in the transshipment. The condition of the roads in March was a factor as the area went through a spring thaw as temperatures got above freezing. Given above average precipitation, it appeared the roads remained inoperable for a longer period than usual. While management believes the logistics issues have been largely resolved, a new problem has appeared. The ratio of gas per oil produced (the GOR) has increased. While long term getting gas from the oil production will be a positive, short term it is a negative as Tethys doesn't have the necessary facilities in place to treat the full amount of gas being produced. As a result, production rates have been reduced of late to about 250 tons/day so that Tethys won't have to flare the excess gas. While it is hoped that the high GOR level may drop back to previous levels or that certain wells and zones with lower GOR ratios may be enhanced to increase the oil production without increasing the GOR, there is no certainty in this regard. Tethys is working on plans to increase the gas utilization capacity of the Kulbas field so that production can be increased to the allowed levels. The delay in getting paid for its gas, getting a new gas contract and getting the oil production license have had residuary effects on the level of cash and the Tethys's ability to fund required capital expenses. Tethys through its DMS subsidiary is acquiring seismic on two of its exploration blocks. The acquisition for the seismic on Aral 4 has been recently completed and the seismic crew contracted for the work has moved to acquire the seismic on the Diyar block. The seismic will then be more fully processed and interpreted to identify potential sites to consider for exploration. DMS will then need to go through a permitting process to get regulatory approval before it can drill any well. If a favorable prospect and well site is developed, the goal is to drill the well(s) by the end of 2026. About Tethys Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Tethys believes that significant potential exists in both exploration and in discovered deposits in the area. Disclaimer Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Contact Information: Tethys PetroleumCasey McCandlessChief Financial Officer info@ 901-763-4001 To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
Tethys Petroleum Announces Interim Results and Corporate Update
Grand Cayman, Cayman Islands--(Newsfile Corp. - May 29, 2025) - Tethys Petroleum Limited (TSXV: TPL) ("Tethys" or the "Company") today announced that it has filed its interim results for the three months ended March 31, 2025 with the Canadian securities regulatory authorities comprising its Audited Financial Statements together with Management's Discussion and Analysis and other required forms. Copies of the filed documents may be obtained via SEDAR at or on Tethys' website at Financial highlights Oil and gas sales increased by 104% to $4.0 million in the first quarter of 2025 from $1.9 million in 2024 due primarily to increased oil production. The net profit for the period was $.3 million compared with a loss of $1 million in 2024. Revenues for Q1 were improved from Q1 2024 but were disappointing relative to management expectations. Tethys received a production license in November 2024 after a period of being shut down. There are a number of factors which can influence the level of oil production. In addition to the limitation of the logistics and what is allowed under the production license (currently 485 tons/day), Tethys is required to have gas treatment for the associated gas. Tethys's model has been to sell the oil for delivery in the oil field and is therefore dependent on the oil buyers in terms of the logistics. The elimination of the export of naptha has damaged the overall profitability of the mini-refineries who have been the traditional purchases of Tethys oil. This appears to have not only impacted the price that Tethys can expect to receive but may have also impacted the ability of the mini-refineries to prepay for the oil and their ability to manage the necessary logistics. Given the remote location of the Kulbas field, an oil buyer needs to coordinate the trucking, the rail cars and coordinate with any rail terminal involved in the transshipment. The condition of the roads in March was a factor as the area went through a spring thaw as temperatures got above freezing. Given above average precipitation, it appeared the roads remained inoperable for a longer period than usual. While management believes the logistics issues have been largely resolved, a new problem has appeared. The ratio of gas per oil produced (the GOR) has increased. While long term getting gas from the oil production will be a positive, short term it is a negative as Tethys doesn't have the necessary facilities in place to treat the full amount of gas being produced. As a result, production rates have been reduced of late to about 250 tons/day so that Tethys won't have to flare the excess gas. While it is hoped that the high GOR level may drop back to previous levels or that certain wells and zones with lower GOR ratios may be enhanced to increase the oil production without increasing the GOR, there is no certainty in this regard. Tethys is working on plans to increase the gas utilization capacity of the Kulbas field so that production can be increased to the allowed levels. The delay in getting paid for its gas, getting a new gas contract and getting the oil production license have had residuary effects on the level of cash and the Tethys's ability to fund required capital expenses. Tethys through its DMS subsidiary is acquiring seismic on two of its exploration blocks. The acquisition for the seismic on Aral 4 has been recently completed and the seismic crew contracted for the work has moved to acquire the seismic on the Diyar block. The seismic will then be more fully processed and interpreted to identify potential sites to consider for exploration. DMS will then need to go through a permitting process to get regulatory approval before it can drill any well. If a favorable prospect and well site is developed, the goal is to drill the well(s) by the end of 2026. About Tethys Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. Tethys believes that significant potential exists in both exploration and in discovered deposits in the area. Disclaimer Some of the statements in this document are forward-looking. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Contact Information: Tethys PetroleumCasey McCandlessChief Financial Officer info@ 901-763-4001 To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
26-05-2025
- Business
- Cision Canada
Frontenac Mortgage Investment Corporation Provides Bi-Weekly Update on Annual Filings
OTTAWA, ON, May 26, 2025 /CNW/ - Frontenac Mortgage Investment Corporation (" FMIC" or the " Company") today provided an update with respect to its previously announced management cease trade order ("MCTO") in connection with the Company's filings of its audited annual financial statements (the " Audited Financial Statements") and management discussion and analysis (the " MD&A"), for the financial year ended December 31, 2024 and the applicable CEO and CFO certifications (together with the Audited Financial Statements and the MD&A, the " Annual Filings"). Further to its press release dated May 12, 2025 (the " Announcement"), its principal regulator, the Ontario Securities Commission, granted the MCTO on May 9, 2025. As previously announced, the Company applied for the MCTO due to a delay in the filing of the Company's annual financial statements for the year ended December 31, 2024, the related management's discussion and analysis and the management certifications of annual filings (collectively, the " Required Documents"), which were due on April 30, 2025. The MCTO restricts the Company's former manager, W.A. Robinson & Associates Ltd. (" W.A. Robinson"), its former administrator, Pillar Financial Services Inc. (" Pillar"), and certain individuals who are or have been directors or officers of FMIC, W.A. Robinson and Pillar from all trading in securities of the Company until such time as the Required Documents have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company. As previously disclosed, the delay in filing the Required Documents is due to delays experienced by the Company's external auditors, MNP LLP, in completing the audit of the annual financial statements for the year ended December 31, 2024. The Company is continuing to work diligently with its external auditors to complete the audit and currently expects to file the Required Documents by June 30, 2025. The Company will issue a news release announcing completion of the filing of the Annual Filings at such time as they are completed and filed. Until the Required Documents are filed, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 – Management Cease Trade Orders (" NP 12-203") for as long as it remains in default, including the issuance of bi-weekly default status reports in the form of a news release. The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) there has not been any other specified default by the Company under NP 12-203; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed. Forward-Looking Statements This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as " forward-looking statements") within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company, and specifically includes statements relating to the timing of the filing of the Required Documents. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond FMIC's ability to predict or control which may cause actual events, results, performance, or achievements of FMIC to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although FMIC believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, FMIC assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise.
Yahoo
16-05-2025
- Business
- Yahoo
BW LPG Limited – Results of Annual General Meeting 2025
SINGAPORE, May 16, 2025--(BUSINESS WIRE)--BW LPG Limited ("BW LPG" or the "Company", OSE ticker code: " NYSE ticker code "BWLP") advises that the 2025 Annual General Meeting was held on 15 May 2025 at 10:00am Singapore time at 10 Pasir Panjang Road, Mapletree Business City #18-01, Singapore 117438. The following resolutions were passed: To adopt the Directors' Statement, Audited Financial Statements and the Auditor's Report. To re-elect the following persons as Directors: Mr. Andreas Sohmen-Pao Ms. Anne Grethe Dalane Ms. Sonali Asit Chandmal Mr. Luc Bernard Marie Gillet Mr. Sanjiv Misra To re-appoint Mr. Andreas Sohmen-Pao as Chairman of the Board of Directors. To appoint the following persons to the Nomination Committee: Ms. Alicia Yik Jie Ting as a member of the Nomination Committee Ms. Elaine Yew Wen Suen as Chair of the Nomination Committee To approve the fees payable to the Directors and Committee Members as reflected in the Notice of Annual General Meeting. To approve the re-appointment of KPMG LLP as Auditor and authorise the Directors to fix its remuneration. To approve the proposed Share Buy-Back Mandate as described in item 8 in the Notice of Annual General Meeting To approve the proposed Share Issue Mandate as described in item 9 in the Notice of Annual General Meeting. About BW LPG BW LPG is the world's leading owner and operator of LPG vessels, owning and operating a fleet of more than 50 Very Large Gas Carriers (VLGCs) with a total carrying capacity of over 4 million CBM. With five decades of operating experience in LPG shipping, an in-house LPG trading division and a growing presence in LPG terminal infrastructure and distribution, BW LPG offers an integrated, flexible, and reliable service to customers along the LPG value chain. Delivering energy for a better world - more information about BW LPG can be found at BW LPG is associated with BW Group, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 450 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, and water treatment. This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. View source version on Contacts For further information, please contact: Samantha XuChief Financial OfficerE-mail: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Standard
14-05-2025
- Business
- Business Standard
Board Meeting Intimation for Approval And Take Record Of Audited Financial Statements For The Quarter And Year Ended 31.03.2025 And Other Matters.
BNR Udyog Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 28/05/2025 inter alia to consider and approve 1. To approve and take on record the Audited Financial Statements for the quarter and year ended 31.03.2025.2. To consider the Audit Report for the year ended 31 .03.2025.3. To decide on the date time and venue of Annual General Meeting for FY 2024-25.4. Notice of 31st Annual General Meeting for the Financial Year 2024-25.5. Directors Report and annexures for the Financial Year 2024-25.6. Any other business with the permission of the Chair.
