Latest news with #GLJ
Yahoo
13-05-2025
- Business
- Yahoo
Angkor Resources' Annual Reserve Report 51-101F1 on Saskatchewan Oil & Gas Project States Increased Proved and Probable Reserves
GRANDE PRAIRIE, ALBERTA - May 12, 2025 (NEWMEDIAWIRE) - ANGKOR RESOURCES CORP. (TSXV: ANK) ("ANGKOR" OR "THE COMPANY") announces the filing of its Form 51-101F1 indicating an increase in its oil and gas reserves and Net Present Value on the Evesham project in Saskatchewan. The Company's Canadian energy subsidiary, EnerCam Exploration Ltd. Co. Ltd. ("EnerCam") holds a 40% interest in the project and as part of regulatory requirements, files an annual report on the reserves and future net revenues. The independent report, prepared by qualified reserves evaluator GLJ Ltd. (GLJ) in accordance with the Canadian standards set out in the Canadian Oil and Gas Evaluation Handbook ("COGEH") and National Instrument 51-101 (NI 51-101), Standards of Disclosure for Oil and Gas Activities, identified that using a 10% discount factor, the summary of Proved plus Probable Reserves for the Company's 40% interest was $8.3 million CAD on a before tax basis as of July 31, 2024. The Company acquired the interest on November 1, 2023 for $4.4 million CAD. The table shown below was part of the filing Form 151-101F1 and included in the Reserves Report by GLJ: SUMMARY OF NET PRESENT VALUES AND FUTURE NET REVENUE 31-Jul-24 CEO Delayne Weeks commented on the Reserves report, "Of course, we are very pleased with the independent report and the work undertaken to increase the potential oil reserves. This follows the testing during the eight-month period that illustrated increased water injection could build long-term enhanced oil recovery! Although this will require additional investment as we add more injection wells, the cumulative oil recovery over the longer term gives us additional potential revenue and extends the longevity of the entire Project." The original acquisition on November 1, 2023, included 30 wells, plus pipelines, a gas processing facility, a water truck, field trucks and one disposal well to accommodate production fluids. Over the following eight months, a second disposal well was established as high production water levels created excess water within the operating field. The added water injection resulted in oil production increasing in the nearby oil wells, presumably as the underground sweep efficiency improved as a result of refilling voided water channels and exploiting new pathways as the water was injected. Following that test water injection well, the Operator, Eyehill Creek Exploration Ltd. (Eyehill), prepared a comprehensive application and plan for Enhanced Oil Recovery, submitted it to the Saskatchewan Ministry of Energy & Resources (SMER), and received approval in April 2024. That submission included an application to: Convert up to 13 of the lower-producing wells within the field to water injection over the next several years (currently four injection wells are in place). Add supplemental water injection from producers outside of the Evesham project, contributing their production water beyond what is currently being removed from the Sparky formation in terms of total fluids on a daily basis. As of the July 31, 2024 year end of EnerCam, there were 21 oil producing wells. The previous operators opened up the field with drilling and production in 2004, producing a peak of 458 barrels of oil per day. The entire field was shut-in in 2018 due to low productivity and poor operating netbacks and production and returned to the SMER. During the span of 14 years up to 2018, over 30 million barrels of liquids were removed from the field without any replacement of fluids. This practice is thought to have contributed to the sharp drop off in production. Since Eyehill took over the project from SMER in 2021, Eyehill has been increasing daily water injection with over 650 barrels per day injected over and above what is removed daily. Increasing the pressure slowly and gradually has improved the efficiency of the field and oil recovery since November 2023. The following table, filed as a component of the Form 51-101F1, summarizes the Company's 40% interest of the oil and gas reserves as of July 31, 2024 based on forecast price and cost assumptions. SUMMARY OF RESERVES July 31, 2024 The Reserve Data presents a summary of the heavy oil and solution gas liquids of the Company, and the net present values of the future net revenue of these reserves, using forecast prices and costs as of July 31, 2024. The Reserves have been made assuming the development of each property in respect of which the estimate is made will occur, without regard to the likely availability to the Company of funding required for the development. As well, for the purpose of determining whether reserves should be attributed to a particular undrilled property, reasonably estimated future abandonment and reclamation costs related to the property have been taken into account. The Company will be completing these reports on an annual basis with yearend financials. ABOUT ANGKOR RESOURCES CORPORATION: ANGKOR Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer in Cambodia working towards mineral and energy solutions across Canada and Cambodia. ANGKOR's carbon capture and gas conservation project in Saskatchewan, Canada is part of its long-term commitment to Environmental and Social projects and cleaner energy solutions across jurisdictions. The company's mineral subsidiary, Angkor Gold Corp. in Cambodia holds three mineral exploration licenses in Cambodia and its Cambodian energy subsidiary, EnerCam Resources, was granted an onshore oil and gas license of 3729 square kilometers in the southwest quadrant of Cambodia called Block VIII. Since 2022, Angkor's Canadian subsidiary, EnerCam Exploration Ltd., has been involved in gas/carbon capture and oil and gas production in Evesham, Saskatchewan. CONTACT: Delayne Weeks CEOEmail: info@ Website: Telephone: +1 (780) 831-8722 Please follow @AngkorResources on LinkedIn, Facebook, Twitter, Instagram and YouTube. 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. Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company's properties, the prospective nature of any claims comprising the Company's property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. 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
17-04-2025
- Automotive
- Yahoo
Tesla (TSLA) Faces Steep Q2 Challenge as Analyst Warns of Major Shortfall
April 17 - GLJ Research analyst Gordon Johnson is doubling down on his bearish stance on Tesla (NASDAQ:TSLA), urging investors to take an aggressive short position through the second quarter of 2025, citing what he calls a historic mismatch between expectations and reality. Johnson forecasts Tesla will deliver around 342,700 vehicles in Q2, nearly 96,000 fewer than current Wall Street estimates. He claims it's the largest gap he's seen between analyst expectations and actual delivery potential, warning the stock could face sharp downside pressure when consensus numbers reset. Tesla is rated Sell by GLJ, with a sharply bearish price target of $24.86 , a fraction of its current trading level near $242. Johnson pointed to shrinking delivery volumes, mounting global EV competition, and waning customer loyalty as mounting concerns. He also flagged CEO Elon Musk's controversial political presence as a growing risk. In February, Stifel analyst Stephen Gengaro cited Musk's outspoken views and trimmed his price target on Tesla to $474 from $492, noting falling consumer favorability. This article first appeared on GuruFocus.
Yahoo
21-03-2025
- Business
- Yahoo
Nike's Supply Chain Workers Continue to ‘Fight the Heist'
More than two years after a group of 20 garment-sector unions representing workers in Nike's supply chains in South and Southeast Asia filed an international labor complaint accusing the sportswear juggernaut of running afoul of guidelines for responsible conduct by multinational businesses, the hundreds of thousands of mostly women who lost wages during the Covid-19 pandemic are still 'fighting the heist,' as the Asia Floor Wage Alliance and Global Labor Justice have put it. And despite what appears like complete disinterest from Nike in engaging with the issue—the Just Do It firm has yet to respond to multiple requests for comment from this publication—the labor-rights nonprofits better known by their acronyms AFWA and GLJ say they're not giving up. Their campaign, in fact, will only escalate. That includes taking the fight to Nike's hometown of Oregon. More from Sourcing Journal Shuffle Board: Carbios' Changing of the Guard Inside Nike's 'Win Now' Strategy Aimed to 'Help Consumers Fall In Love With Something New' Nike CEO Is Confident Company Is on the 'Right Path' 'I really think that this campaign has a chance to be transformative and to change the calculus for Nike about how it will need to treat its workers to continue to have the reputation that it wants, which is to be a champion of equality,' said Noah Dobin-Bernstein, GLJ's lead campaign organizer for the Americas, said in a virtual press conference kicking off an online day of action on Friday. To be sure, there seems to be a disconnect between Nike's championship of women's sports and what Dobin-Bernstein described as its 'history of, unfortunately, ignoring the workers in its supply chain and the unions that represent them.' The Air Jordan purveyor's recent Super Bowl ad—its first in nearly three decades—showcased the likes of WNBA stars Caitlin Clark and Sabrina Ionescu and Olympic sprinter Sha'Carri Richardson, along with a voiceover by Grammy Award-winning rapper Doechii, in a minute-long spot that would have cost at least $15 million simply to air. Meanwhile, 4,500 garment workers in Cambodia and Thailand are still waiting for the $2.2 million they say they've been legally owed since 2020 from their respective Nike suppliers, one of which has since shuttered due to a pandemic-induced reduction in orders, and the other of the opinion that workers gave up their mandatory leave pay voluntarily. Even a letter from 70 investors urging Nike to, in a phrase, 'just pay it' held little sway. But it isn't only a repayment of arrears that workers in Cambodia, India, Indonesia, Pakistan and Sri Lanka are calling for. With 1,000 of them risking retaliation by going public with their faces in a first-of-its-kind photo petition to Nike, they're also asking the company to raise wages, partner with workers and their unions to protect human rights in its supply chains, and establish some kind of mechanism to expediently address wage theft and other labor violations. Overlaid on the mosaic of faces in large type are the words, 'Do you see us now, Nike?' 'We know that brands like Nike have the power to change the conditions in the industry,' said Ratna Tigga, an activist from the Garment Workers Unity League in Bangladesh who has been stitching Swooshes onto garments for the past 11 years. 'I have a six-year-old daughter. I want to make sure that by the time my daughter is old enough to work, companies like Nike will offer better working environments and better wages.' Siti Nursyafitri, a Serikat Pekerja Nasional union member who makes Nike clothing in Indonesia, has seen the Super Bowl ad. She was recovering from a C-section delivery during the pandemic when she saw her payments disappear, leading her to feed her baby water instead of formula. Hearing that Nike would bounce back from its lockdown slump to rake in $44.5 billion in revenue in 2021, a 19 percent increase from the year before, made her and her fellow workers angry, she said. 'And then I saw an advertisement that Nike made, and it involved strong women athletes,' Nursyafitri said. 'I think even Nike workers like me deserve to be in those advertisements because the Nike workers show the Nike quality. Nike should present their workers instead of other women.' The day of online action came just as unionized retail employees at nine Nike stores in Turkey were set to strike over a failure to come to terms on a new collective bargaining agreement. This would have followed a wider suspension of online sales in the country through Nike's website and mobile app after the Turkish government increased customs taxes on goods from abroad in August. But Eyüp Alemdar, chairman of Koop-İş Sendikası, a UNI Global Union affiliate, appeared via a recorded message to say that the strike had been averted because Nike met its demands for better wages and working conditions through a renewed deal. 'While we grow our union strength in Nike stores, we support your fight for justice in the factories,' he said. 'Across Nike's supply chain, we are raising our voices together. Today we stand with you, the factory workers, in calling on Nike [to] recognize Nike workers' labor across the globe. Give them what they deserve.' Collin Heatley, a fifth-year PhD student and member of the Graduate Teaching Fellows Federation at the University of Oregon, described co-founder Phil Knight—not to mention Nike itself—as a 'common enemy' who has 'undermined the mission of public education' in the Beaver State, where Nike is headquartered and universities are facing a budget crisis from low state funding. Knight, he said, has turned the University of Oregon into a business that's 'fueled by stolen wages and tax avoidance.' 'Nike and Phil Knight are key to understanding why Oregon's failing in education,' Heatley said. 'Phil Knight has put over half a billion dollars into the University of Oregon in the last few years alone, through donations, which are earmarked for specific purposes: Hundreds of millions went into a new mega track and field stadium; $500 million went into the Nike campus, which is focused on producing profitable scientific patents. The key part is that Phil Knight and Nike have lobbied extensively against increased public education funding at the state level and against any type of state tax reform that would generate those funds for Oregon to pay for education. And we know that Nike gets away with paying next to nothing in federal taxes.' As far as David versus Goliath face-offs go, the stakes have never been higher. Abiramy Sivalogananthan, AFWA's regional coordinator for South Asia, said that 'Fight the Heist' is the yearslong realization of a vision of unions organizing and campaigning across borders to bring powerful companies like Nike to the bargaining table. The campaign is encouraging supporters to use its social media tools to broadcast its message and bring it to Nike's board of directors. But it's the workers' photos, she said, that will lend an 'emotional weight' to the campaign, 'making a bold statement that they will no longer remain invisible or silent.' 'It is true that we have less resources to fight powerful giants, and we have also figured out that individual countries alone can't take them on because they do have more resources,' said Swasthika Arulingam, president of the Commercial and Industrial Workers Union in Sri Lanka. 'But despite that, we as unions and civil society have found a way to fight even powerful brands like Nike, and that is exactly this campaign. We know that we can't do it as one union or one country, so we have come together regionally to fight this.'
