Latest news with #NI51-101
Yahoo
3 days ago
- Business
- Yahoo
NEWPORT RECEIVES AUD$753,663 (GROSS)/AUD$527,566 (NET) QUARTERLY ROYALTY PAYMENT
Trading Symbol: NWX (TSX-V) VANCOUVER, BC, June 2, 2025 /CNW/ - Newport Exploration Ltd ("Newport" or "the Company") is pleased to report the receipt of its after tax 2.5% Gross Overriding Royalty ("GOR") payment from Beach Energy Ltd. ("Beach") for the February – April 2025 quarter. Gross royalty income for the quarter was AUD$753,663. The AUD$527,566 payment received by Newport is net of 30% Australian withholding tax (AUD$226,097). Company Financial Status Newport has approximately CDN$2.7 million in its Treasury, comprised of cash, cash equivalents and short-term investments. About Newport Newport has a 2.5% GOR over licences in the Cooper Basin, Australia, operated by Beach. There is no time limit or expiry date on the GOR assets, and no cost to the Company to retain them. Newport has no control over operating decisions made by Beach. Accordingly, this prevents the Company from commenting on Beach's operating plans going forward. The Company recommends that shareholders and potential investors access material information relevant to the Company as released independently by Beach and Santos Ltd in order to keep current during exploration, development and potential production of all the licences subject to the Company's GOR. The Company receives its GOR from Beach which is not a reporting issuer in Canada, therefore Newport is not able to confirm if the disclosure satisfies the requirements of NI 51-101 - Standards of Disclosure for Oil and Gas Activities, or other requirements of Canadian securities legislation. The Company currently has 105,579,874 common shares issued and outstanding. Neither the 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 accuracy or adequacy of this news release. Cautionary Statement on Forward-Looking Information This news release is intended to provide readers with a reasonable basis for assessing the future performance of the Company. The words "believe", "should", "could", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. Forward-looking statements may pertain to assumptions regarding Beach's drilling plans, the price of oil and fluctuations in currency markets (specifically the Australian dollar) and future dividend payments. Forward-looking statements are based upon a number of estimates and assumptions that, which are considered reasonable by the Company, are inherently subject to business, economic and competitive uncertainties and contingencies. Factors include, but are not limited to, the risk of fluctuations in the assumed prices of oil, the risk of changes in government legislation including the risk of obtaining necessary licences and permits, taxation, controls, regulations and political or economic developments in Canada, Australia or other countries in which the Company carries or may carry on business in the future, risks associated with developmental activities, the speculative nature of exploration and development, and assumed quantities or grades of reserves. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements. The Company 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 to the extent required by applicable laws. © 2025 Newport Exploration Ltd. SOURCE Newport Exploration Ltd. View original content to download multimedia:
Cision Canada
3 days ago
- Business
- Cision Canada
NEWPORT RECEIVES AUD$753,663 (GROSS)/AUD$527,566 (NET) QUARTERLY ROYALTY PAYMENT
Trading Symbol: NWX (TSX-V) VANCOUVER, BC, June 2, 2025 /CNW/ - Newport Exploration Ltd ("Newport" or "the Company") is pleased to report the receipt of its after tax 2.5% Gross Overriding Royalty ("GOR") payment from Beach Energy Ltd. ("Beach") for the February – April 2025 quarter. Gross royalty income for the quarter was AUD$753,663. The AUD$527,566 payment received by Newport is net of 30% Australian withholding tax (AUD$226,097). Company Financial Status Newport has approximately CDN$2.7 million in its Treasury, comprised of cash, cash equivalents and short-term investments. About Newport Newport has a 2.5% GOR over licences in the Cooper Basin, Australia, operated by Beach. There is no time limit or expiry date on the GOR assets, and no cost to the Company to retain them. Newport has no control over operating decisions made by Beach. Accordingly, this prevents the Company from commenting on Beach's operating plans going forward. The Company recommends that shareholders and potential investors access material information relevant to the Company as released independently by Beach and Santos Ltd in order to keep current during exploration, development and potential production of all the licences subject to the Company's GOR. The Company receives its GOR from Beach which is not a reporting issuer in Canada, therefore Newport is not able to confirm if the disclosure satisfies the requirements of NI 51-101 - Standards of Disclosure for Oil and Gas Activities, or other requirements of Canadian securities legislation. The Company currently has 105,579,874 common shares issued and outstanding. Neither the 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 accuracy or adequacy of this news release. Cautionary Statement on Forward-Looking Information This news release is intended to provide readers with a reasonable basis for assessing the future performance of the Company. The words "believe", "should", "could", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. Forward-looking statements may pertain to assumptions regarding Beach's drilling plans, the price of oil and fluctuations in currency markets (specifically the Australian dollar) and future dividend payments. Forward-looking statements are based upon a number of estimates and assumptions that, which are considered reasonable by the Company, are inherently subject to business, economic and competitive uncertainties and contingencies. Factors include, but are not limited to, the risk of fluctuations in the assumed prices of oil, the risk of changes in government legislation including the risk of obtaining necessary licences and permits, taxation, controls, regulations and political or economic developments in Canada, Australia or other countries in which the Company carries or may carry on business in the future, risks associated with developmental activities, the speculative nature of exploration and development, and assumed quantities or grades of reserves. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements. The Company 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 to the extent required by applicable laws. © 2025 Newport Exploration Ltd.
Yahoo
20-03-2025
- Business
- Yahoo
Pieridae Releases Q4 and Full Year 2024 Financial & Operating Results and 2024 Reserves
Achieved Pivotal Strategic Milestones While Reducing Costs, Growing Third-Party Volumes, and Proactively Managing Production NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES ORDISSEMINATION IN UNITED STATES CALGARY, Alberta, March 19, 2025 (GLOBE NEWSWIRE) -- Pieridae Energy Limited ('Pieridae' or the 'Company') (TSX: PEA) announces the release of its fourth quarter and full year 2024 financial and operating results and year-end reserves. Pieridae generated Net Operating Income1 ('NOI') of $64.6 million and produced 27,763 boe/d (84% natural gas) during 2024. The Company posted Q4 NOI of $13.7 million and production of 22,568 boe/d, while 2024 exit production was approximately 25,558 boe/d. The Company also filed its Annual Information Form ("AIF") for the year ended December 31, 2024, including the 2024 independent oil and natural gas reserves evaluation as required under National Instrument 51-101 Standards of Disclosure of Oil and Gas Activities ('NI 51-101'). Pieridae's 2024 NI 51-101 Proved Developed Producing ('PDP') PV10 value is $621.4 million and Total Proved plus Probable ('TPP') PV10 value is $1,252.2 million2. The Company's AIF, management's discussion and analysis ('MD&A') and audited consolidated financial statements and notes for the year ended December 31, 2024 are available at and on SEDAR+ at '2024 was pivotal for Pieridae,' said Darcy Reding, President and CEO. 'We divested our legacy LNG assets, repaid our high-cost bridge loan prior to its maturity, completed our Waterton turnaround on budget, and raised over $33 million in equity from existing shareholders and insiders to invest in value accretive production and optimization projects. Our strong hedge position, operating cost reductions, and proactive production curtailments helped the Company withstand deeply discounted natural gas prices in 2024. As we look towards 2025 and beyond, we continue our efforts to dramatically reduce costs and pay down debt, while capitalizing on new accretive opportunities. Key priorities for 2025 include repositioning the Company's sulphur business to benefit from the upcoming expiry of the long-term sulphur marketing agreement on December 31, 2025, and working towards a commercial solution to consolidate approximately 75 MMcf/d of currently shut-in raw gas from a third-party facility into our Caroline Gas Plant. We continue to advance our strategy successfully and are very excited about 2025 and beyond.'________________________1 Refer to the 'non-GAAP measures' section of the Company's MD&A.2 PV10 at effective date of Dec. 31, 2024 using Jan. 1, 2025 evaluator consensus ('IC4') price forecast. 2024 ANNUAL HIGHLIGHTS Generated NOI of $64.6 million ($0.24 per basic and fully diluted share). Generated Funds Flow from Operations1 of $18.1 million ($0.07 per basic and fully diluted share). Incurred operating expenses of $185.7 million, down 17% from 2023 on continued efforts to reduce field and facility operating cost structure. Produced 27,763 boe/d (84% natural gas), down 15% from 2023 due primarily to the voluntary shut-in of approximately 9,400 boe/d of uneconomic dry gas production during the second half of 2024. Incurred net loss of $38.9 million (-$0.20 per basic and fully diluted share). Grew third-party raw gas processing volumes to 63 MMcf/d, up 3.6% from 2023. Completed disposition of legacy Goldboro assets for gross cash proceeds of $12.0 million, simplifying the Company's strategic focus. Completed a $4.5 million non-brokered private placement, resulting in the issuance of 12.8 million common shares to an existing shareholder. Settled convertible bridge loan for $24.0 million in advance of its December 13, 2024 maturity date. Completed a $29.0 million equity rights offering (the 'Rights Offering') resulting in the issuance of 118.5 million common shares to existing shareholders and insiders with net proceeds used to repay long term debt, fund working capital and invest in value accretive production and optimization projects. Incurred capital expenditures of $25.7 million in 2024, focused primarily on phase 2 of the Waterton facility maintenance turnaround, along with well and facility optimization projects. Recorded 2024 NI 51-101 TPP reserves of 244.3 MMboe and TPP PV10 reserve value of $1,252.2 million at the Jan. 1, 2025 IC4 price forecast. Selected Annual Results ($ 000s unless otherwise noted) 2024 2023 2022 Production Natural gas (mcf/d) 139,710 168,821 181,677 Condensate (bbl/d) 2,397 2,339 2,860 NGLs (bbl/d) 2,082 2,296 3,729 Sulphur (tonne/d) 1,319 1,306 1,459 Total production (boe/d) (1) 27,763 32,772 36,868 Third-party volumes processed (mcf/d) (2) 63,013 60,834 60,039 Reserves Net proved plus probable (2P) reserves NPV10 (3) 1,252,170 1,371,735 1,507,413 Financial Natural Gas Price ($/mcf) Realized before Risk Management Contracts (4) 1.58 2.67 5.30 Realized after Risk Management Contracts (4) 3.15 3.67 4.40 Benchmark natural gas price 1.45 2.63 5.36 Condensate Price ($/bbl) Realized before Risk Management Contracts (4) 94.48 97.01 114.66 Realized after Risk Management Contracts (4) 86.73 95.55 111.18 Benchmark condensate price 100.02 102.73 121.46 Sulphur Price ($/tonne) Realized sulphur price (5) 13.52 21.86 44.88 Benchmark sulphur price 126.76 128.60 344.42 Revenue (6) 268,840 374,029 443,835 Net income (loss) (38,905) 8,981 146,620 Net income (loss) $ per share basic (0.20) 0.06 0.93 Net income (loss) $ per share diluted (0.20) 0.04 0.91 Net operating income (7) 64,608 130,929 200,989 Cashflow provided by operating activities 7,132 104,202 88,167 Funds flow from operations (7) 18,107 85,692 153,679 Total assets 612,423 638,541 615,477 Adjusted working capital deficit (7) (29,777) (31,830) (11,249) Net debt (7) (197,564) (204,046) (214,503) Non-current liabilities 326,853 300,261 157,104 Capital expenditures (8) 25,697 55,539 39,526 (1) Total production excludes sulphur.(2) Third-party volumes processed are raw natural gas volumes reported by activity month, which do not include accounting accruals.(3) Estimated pre-tax net present value of discounted cash flows from reserves using a 10% discount rate.(4) Includes physical commodity and financial risk management contracts inclusive of cash flow hedges, together ('Risk Management Contracts').(5) Realized sulphur price is net of customary deductions such as transportation, market and storage fees.(6) Revenue is inclusive of petroleum and natural gas revenue, royalties, processing, marketing and other revenue, and realized gains and losses on risk management contracts.(7) Refer to the 'Net Operating Income', 'Capital Resources', 'Funds Flow from Operations' and 'Working Capital and Capital Strategy' sections of the Company's MD&A for reference to non-GAAP measures.(8) Excludes reclamation and abandonment activities. 2024 RESERVES Deloitte, Pieridae's independent, qualified reserves evaluator, performed reserves evaluations on the Company's assets at December 31, 2024 and 2023. The following table summarizes those reserves based on the Deloitte NI 51-101 reserve report using the January 1, 2025 and January 1, 2024 IC4 price forecasts, respectively: Year ended December 31 Year ended December 31 Reserve Volume and Net Present Value MMboe $000, NPV10(1) 2024 2023 % Change 2024 2023 % Change Reserves Category (2) Net proved developed producing (PDP) reserves 114.9 120.7 (5) 621,393 614,072 1 Net proved (1P) reserves 183.2 191.2 (4) 961,491 1,053,896 (9) Net proved plus probable (2P) reserves 244.3 252.5 (3) 1,252,170 1,371,735 (9) (1) Estimated pre-tax net present value of discounted cash flows from reserves using a 10% discount rate at evaluator consensus (IC4) year end price forecast.(2) Net reserves reflect working interest share of the asset prior to the deduction of royalties. 2024 Reserve Reconciliation Light & Medium Oil Conventional Gas Natural Gas Liquids Proved Probable Proved + Probable Proved Probable Proved + Probable Proved Probable Proved + Probable Mbbl Mbbl Mbbl MMcf MMcf MMcf Mbbl Mbbl Mbbl Opening Balance - - - 959,614 322,150 1,281,764 31,244 7,636 38,880 Production (1) - (1) (51,030) - (51,030) (1,628) - (1,628) Technical Revisions 1 - 1 89,887 (3,572) 86,315 2,638 653 3,291 Extensions - - - - - - - - - Acquisitions - - - - - - - - - Economic Factors - - - (85,344) (3,567) (88,911) (1,207) 318 (890) Closing Balance - - - 913,127 315,011 1,228,138 31,046 8,607 39,653 Selected 2024 Reserve Highlights Reserve Life Index ('RLI') increased to 25.1 years from 20.4 years in 2023. 2025 forecasted PDP base decline of 7.3% when the volatility created by seasonally shutting-in uneconomic dry gas production is excluded. The negative impacts of lower pricing were offset by positive technical revisions including lower operating costs, higher 3rd party revenue and higher forecasted NGLs. Refer to the Company's Annual Information Form for the year ended December 31, 2024, for more information on Pieridae's 2024 reserves. Q4 2024 HIGHLIGHTS Generated NOI of $13.7 million ($0.05 per basic and fully diluted share). Incurred capital expenditures of $5.8 million, primarily for phase 2 of the Waterton facility turnaround, and initiated spending on value accretive optimization projects using Rights Offering proceeds. Generated Funds Flow from Operations1 of $2.8 million ($0.01 per basic and fully diluted share). Incurred net loss of $20.9 million (-$0.08 per basic and fully diluted share). Produced 22,568 boe/d (83% natural gas); and Grew third-party raw gas processing volumes to 71.5 MMcf/d, up 6.2% from Q4 2023. ________________________1 Refer to the 'non-GAAP measures' section of the Company's MD&A. Selected Quarterly Results 2024 2023 ($ 000s unless otherwise noted) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Production Natural gas (mcf/d) 117,787 115,196 157,077 175,356 174,211 155,763 159,427 186,156 Condensate (bbl/d) 2,149 2,191 2,472 2,781 2,384 2,020 2,300 2,657 NGLs (bbl/d) 1,788 1,726 2,210 2,613 1,921 2,273 2,216 2,784 Sulphur (tonne/d) 968 1,444 1,376 1,491 1,284 1,124 1,362 1,457 Total production (boe/d) (1) 22,568 23,116 30,861 34,620 33,340 30,253 31,087 36,467 Third-party volumes processed (2) 71,497 66,518 52,410 56,897 67,350 57,363 51,973 61,948 Financial Natural gas price ($/mcf) Realized before Risk Management Contracts (3) 1.55 0.77 1.14 2.53 2.32 2.65 2.39 3.24 Realized after Risk Management Contracts (3) 3.36 3.43 2.71 3.21 3.12 3.25 3.03 5.12 Benchmark natural gas price 1.46 0.68 1.17 2.48 2.29 2.59 2.40 3.25 Condensate price ($/bbl) Realized before Risk Management Contracts (3) 94.87 92.13 99.96 91.18 97.15 97.47 84.81 107.22 Realized after Risk Management Contracts (3) 90.61 84.61 87.75 84.49 86.34 80.49 105.84 106.70 Benchmark condensate price ($/bbl) 98.85 97.10 105.62 98.43 104.30 106.30 93.25 107.05 Sulphur price ($/tonne) Realized sulphur price (4) 12.09 8.86 18.43 14.49 22.54 13.34 22.78 27.08 Benchmark sulphur price 180.54 128.47 103.19 94.84 118.29 107.09 114.92 173.09 Net income (loss) (20,921) 7,496 (19,196) (6,284) 7,414 (16,254) 4,182 13,639 Net income (loss) $ per share, basic (0.08) 0.04 (0.12) (0.04) 0.05 (0.11) 0.03 0.09 Net income (loss) $ per share, diluted (0.08) 0.04 (0.12) (0.04) 0.03 (0.11) 0.03 0.08 Net operating income (5) 13,720 19,818 7,652 23,418 25,441 11,650 43,843 49,995 Cashflow provided by (used in) operating activities (592) 2,260 (1,555) 7,049 31,983 7,577 27,533 37,109 Funds flow from operations (5) 2,824 8,234 (4,874) 12,044 14,269 (1,422) 35,432 37,413 Total assets 612,423 615,040 585,940 590,531 638,541 564,921 575,849 587,641 Adjusted working capital deficit (5) (29,777) (42,658) (37,986) (31,671) (31,830) (21,454) (6,258) (22,275) Net debt (5) (197,564) (206,779) (219,204) (209,964) (204,046) (205,536) (181,670) (202,180) Capital expenditures (6) 5,800 10,002 5,003 4,897 9,306 16,363 9,384 20,486 (1) Total production excludes sulphur.(2) Third-party volumes processed are raw natural gas volumes reported by activity month, which do not include accounting accruals.(3) Includes physical commodity and financial risk management contracts inclusive of cash flow hedges, together ('Risk Management Contracts'). (4) Realized sulphur price is net of customary deductions such as transportation, market and storage fees.(5) Refer to the 'Net Operating Income', 'Capital Resources', 'Funds Flow from Operations' and 'Working Capital and Capital Strategy' sections of the Company's MD&A for reference to non-GAAP measures.(6) Excludes reclamation and abandonment activities. OUTLOOK Pieridae's priority remains strengthening our balance sheet while safely sustaining production, increasing the utilization of the Company's gas processing facilities by attracting incremental third-party volumes, implementing cost reduction initiatives, optimizing infrastructure, and executing non-core asset dispositions to maintain profitability during all periods of the commodity cycle. The Company's 2025 guidance remains unchanged as follows: 2025 Guidance ($ 000s unless otherwise noted) Low High Total production (boe/d) (1) 23,000 25,000 Net operating income (2)(3)(5) 75,000 95,000 Operating netback ($/boe) (3)(4)(5) 9.00 11.00 Capital expenditures 25,000 30,000 (1) 2025 production guidance assumes persistence of previously announced shut-ins in Central/Northern AB and Northeast BC through 2025(2) Refer to the NOI section of the Company's MD&A for reference to non-GAAP measures.(3) Refer to Operating Netback section of the Company's MD&A for reference to non-GAAP measures.(4) Assumes unhedged average 2025 AECO price of $2.00/GJ and average 2025 WTI price of US$70.34/bbl.(5) Accounts for impact of hedge contracts in place at March 19, 2025. Pieridae's specific priorities for 2025 are: Sustain a safe and regulatory compliant business Minimize facility outages to maximize sales and processing revenue Further grow the third-party gathering and processing business at our operated facilities Meaningfully reduce operating expenses to improve corporate netback Deliver attractive ROI on value adding optimization projects included in the 2025 capital program Reduce long term debt to improve financial flexibility During the second and third quarters of 2024, several low margin, dry gas properties in Northern AB, Northeast BC, and Central AB which all produce to third-party facilities were shut-in due to low AECO natural gas prices and high variable operating costs. Since these decisions were made, AECO pricing has improved. As a result, approximately 1,000 boe/d of production in Northern AB and 800 boe/d of production in Northeast BC was brought back on production in February and March 2025, respectively, but may be shut-in once again if sustained AECO pricing does not justify ongoing production. Currently shut-in production in Central AB representing approximately 7,500 boe/d, or 20% of the Company's production capability, is expected to remain shut-in throughout 2025, which is reflected in the 2025 production guidance of 23,000 to 25,000 boe/d. An ongoing strategic corporate priority is to continue to grow third-party gathering and processing revenues at our operated facilities. In the third quarter of 2024, work was completed to debottleneck the de-methanizer tower at the Caroline Gas Plant which added 3,000 e3m3/d to plant raw gas processing capacity. Plans are also underway to debottleneck the gathering system at Caroline, providing capacity for an additional 1,200 e3m3/d of third-party volumes in 2025. Management continues to see strong upside potential for cash flow growth from the third-party gathering and processing business, particularly in the Caroline region. Pieridae has hedged 110,000 GJ/d of its 2025 natural gas production at a weighted average fixed price of $3.32/GJ, and 1,679 bbl/d of its 2025 condensate production with a weighted average floor price of CAD$84.42/bbl and a weighted average ceiling price of CAD$92.32/bbl. The Company's aggregate hedge position for 2025 totals 19,055 boe/d or approximately 80% of the above production guidance range. Pieridae's legacy fixed price sulphur contract, which was entered into in 2019, expires on December 31, 2025. Under this contract, the Company receives a net fixed price of approximately $6/tonne for the majority of its sulphur production capability of approximately 1,400 tonnes per day. Beginning January 1, 2026, the Company will receive market price for all sulphur production, less normal deductions for transportation, handling, and marketing. This represents a significant potential revenue opportunity; as of March 19, 2025, the spot west coast sulphur price was approximately US$200/tonne, prior to transportation and marketing costs. The $25 to $30 million 2025 capital budget includes approximately $10 million of high-impact well and facility optimization expenditures funded with the equity raised during Q4 2024. These high return, short payout capital projects are expected to increase sales revenue, improve facility efficiency, reduce operating cost and fuel gas consumption, and lower GHG compliance costs. Spending on this program commenced in Q4 2024 and will continue throughout 2025. The remainder of the 2025 capital program is focused on routine capital maintenance, field operating technology upgrades, and site closure / decommissioning expenditures in Alberta and BC. Notably, Pieridae has not scheduled major maintenance turnaround activity at any of the Company's deep-cut, sour gas processing facilities during 2025 given the successful completion of gas plant turnarounds and other maintenance projects in 2023 and 2024. The next major maintenance turnaround is scheduled for 2026. Due to the current outlook for North American natural gas prices, Pieridae is not planning to resume drilling operations in 2025. The Company will only exploit its portfolio of high impact conventional Foothills drilling opportunities once natural gas prices sustainably recover and the Company has achieved its deleveraging target. HEDGE MONETIZATION In March 2025, Pieridae completed a hedge monetization transaction for net proceeds of $10.2 million (the 'Hedge Monetization'), with proceeds used to repay a portion of the Company's senior term loan. Approximately 30% or 25,000 GJ/d of in-the-money financial hedges were unwound for the period of January 2026 through May 2027; for the period from June 2026 through May 2027, the strike price on the remaining financial hedges was reduced to $3.40/GJ from $3.78/GJ. Impact of the Hedge Monetization: Acceleration of $10.2 million of cash flow from 2026 and 2027 to Q1 2025. Reduced senior debt by approximately $10.0 million. Increased exposure to 2026 and 2027 AECO natural gas prices through a 30% reduction in fixed price contracted volume. Reduced mark to market value of commodity hedge book by 22%. HEDGE POSITION Pieridae hedges to mitigate commodity price, interest rate and foreign exchange volatility to protect the cash flow required to fund the Company's operations, capital requirements and debt service obligations, while allowing the Company to participate in future commodity price upside. Pieridae continues to execute its risk management program governed by its hedge policy and in compliance with the thresholds required by senior secured lenders. As of December 31, 2024, the Company is hedged in accordance with the requirements of the senior loan agreement. The discounted unrealized gain on the Company's hedge portfolio at March 19, 2025 was approximately $45.1 million using the forward strip on March 18, 2025. The tables below summarize Pieridae's hedge portfolio for natural gas, condensate ('C5+') and power as of March 19, 2025 after the Hedge Monetization: 2025-2026 Hedge Portfolio (1) Q125 Q225 Q325 Q425 2025 Q126 Q226 Q326 Q426 2026 AECO Natural Gas Sales Total Hedged (GJ/d) 110,000 110,000 110,000 110,000 110,000 78,502 71,855 58,340 55,025 65,845 Avg Hedge Price (C$/GJ) $3.32 $3.32 $3.32 $3.32 $3.32 $3.32 $3.34 $3.39 $3.40 $3.36 WTI / C5 Sales Total Hedged (bbl/d) 1,721 1,692 1,663 1,641 1,679 1,622 1,529 1,364 1,350 1,465 Avg Collar Cap Price (C$/bbl) $92.73 $92.45 $92.03 $92.05 $92.32 $91.69 $90.94 $91.67 $91.68 $91.48 Avg Collar Floor Price (C$/bbl) $84.14 $84.25 $84.61 $84.67 $84.42 $84.09 $83.83 $85.64 $85.70 $84.82 Power Purchases Total Hedged (MW) 55 55 55 55 55 45 45 45 45 45 Avg Hedge Price (C$/MWh) $79.22 $79.10 $79.07 $79.08 $79.12 $75.87 $75.88 $75.88 $75.88 $75.882027-2028 Hedge Portfolio (1) Q127 Q227 Q327 Q427 2027 Q128 Q228 Q328 Q428 2028 AECO Natural Gas Sales Total Hedged (GJ/d) 53,340 28,154 - - 20,172 - - - - - Avg Hedge Price (C$/GJ) $3.40 $3.40 $3.40 - WTI / C5 Sales Total Hedged (bbl/d) 1,171 1,151 1,125 1,125 1,143 785 750 - - 382 Avg Collar Cap Price (C$/bbl) $91.40 $88.80 $90.05 $90.05 $90.08 $90.40 $86.50 - - $88.50 Avg Collar Floor Price (C$/bbl) $84.37 $84.08 $90.05 $90.05 $87.14 $90.40 $86.50 - - $88.49 Power Purchases Total Hedged (MW) 25 25 25 25 25 - Avg Hedge Price (C$/MWh) $70.19 $70.19 $70.19 $70.19 $70.19 - (1) Includes forward physical sales contracts and financial derivative contracts as of Mar. 19, 2025 CONFERENCE CALL DETAILS A conference call and webcast to discuss the results will be held on Thursday, March 20, 2025, at 8:30 a.m. MDT / 10:30 a.m. EDT. To participate in the webcast or conference call, you are asked to register using one of the links provided below. To register to participate via webcast please follow this link: Alternatively, to register to participate by telephone please follow this link: A replay of the webcast will be available two hours after the conclusion of the event and may be accessed using the webcast link above. ABOUT PIERIDAE Pieridae is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from western Canada. Pieridae's vision is to provide responsible, affordable natural gas and derived products to meet society's energy security needs. Pieridae's common shares trade on the TSX under the symbol 'PEA'. For further information, visit or please contact: Darcy Reding, President & Chief Executive Officer Adam Gray, Chief Financial Officer Telephone: (403) 261-5900 Telephone: (403) 261-5900 Investor Relations investors@ Forward-Looking StatementsCertain of the statements contained herein including, without limitation, management plans and assessments of future plans and operations, Pieridae's outlook, strategy and vision, intentions with respect to future acquisitions, dispositions and other opportunities, including exploration and development activities, Pieridae's ability to market its assets, plans and timing for development of undeveloped and probable resources, Pieridae's goals with respect to the environment, relations with Indigenous people and promoting equity, diversity and inclusion, estimated abandonment and reclamation costs, plans regarding hedging, plans regarding the payment of dividends, wells to be drilled, the weighting of commodity expenses, expected production and performance of oil and natural gas properties, results and timing of projects, access to adequate pipeline capacity and third-party infrastructure, growth expectations, supply and demand for oil, natural gas liquids and natural gas, industry conditions, government regulations and regimes, capital expenditures and the nature of capital expenditures and the timing and method of financing thereof, may constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws (collectively 'forward-looking statements'). Words such as 'may', 'will', 'should', 'could', 'anticipate', 'believe', 'expect', 'intend', 'plan', 'continue', 'focus', 'endeavor', 'commit', 'shall', 'propose', 'might', 'project', 'predict', 'vision', 'opportunity', 'strategy', 'objective', 'potential', 'forecast', 'estimate', 'goal', 'target', 'growth', 'future', and similar expressions may be used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve significant risk and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, the risks associated with oil and gas exploration, development, exploitation, production, processing, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of resources estimates, environmental risks, competition from other producers, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals, ability to access sufficient capital from internal and external sources and the risk factors outlined under 'Risk Factors' and elsewhere herein. The recovery and resources estimate of Pieridae's reserves provided herein are estimates only and there is no guarantee that the estimated resources will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Forward-looking statements are based on a number of factors and assumptions which have been used to develop such forward-looking statements, but which may prove to be incorrect. Although Pieridae believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because Pieridae can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which Pieridae operates; the timely receipt of any required regulatory approvals; the ability of Pieridae to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner; the ability of the operator of the projects which Pieridae has an interest in to operate the field in a safe, efficient and effective manner; the ability of Pieridae to obtain financing on acceptable terms; the ability to replace and expand oil and natural gas resources through acquisition, development and exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of Pieridae to secure adequate product transportation; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Pieridae operates; timing and amount of capital expenditures; future sources of funding; production levels; weather conditions; success of exploration and development activities; access to gathering, processing and pipeline systems; advancing technologies; and the ability of Pieridae to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Pieridae's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website ( and at Pieridae's website ( Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and Pieridae assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws. Forward-looking statements contained herein concerning the oil and gas industry and Pieridae's general expectations concerning this industry are based on estimates prepared by management using data from publicly available industry sources as well as from reserve reports, market research and industry analysis and on assumptions based on data and knowledge of this industry which Pieridae believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While Pieridae is not aware of any misstatements regarding any industry data presented herein, the industry involves risks and uncertainties and is subject to change based on various factors. Additional Reader AdvisoriesBarrels of oil equivalent ('boe') 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. Abbreviations Natural Gas Liquids Mcf thousand cubic feet bbl/d barrels per day Mcf/d thousand cubic feet per day boe/d barrels of oil equivalent per day MMcf/d million cubic feet per day WTI West Texas Intermediate AECO Alberta benchmark price for natural gas Mbbl Thousand barrels GJ Gigajoule MMbbl Million barrels Power MMboe Million barrels of oil equivalent MW Megawatt C2 Ethane MWh Megawatt hour C3 Propane C4 Butane C5/C5+ Condensate / Pentane Sign in to access your portfolio
Yahoo
19-02-2025
- Business
- Yahoo
Orca Energy Group Inc. Announces Independent Reserves Evaluation for Year End 2024
TORTOLA, British Virgin Islands, Feb. 18, 2025 (GLOBE NEWSWIRE) -- February 19, 2025 – Orca Energy Group Inc. ("Orca" or the "Company" and includes PanAfrican Energy Tanzania Limited ("PAET") and its other subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces the approval of its Independent Reserves Evaluation as at December 31, 2024. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated. INDEPENDENT RESERVES EVALUATIONThe Company's conventional natural gas reserves as at December 31, 2024 for the period to the end of the primary 25-year term of the production sharing agreement (the "Songo Songo PSA") with the Tanzanian Petroleum Development Corporation (the "TPDC") have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants Ltd. ("McDaniel"), an independent reserves evaluator, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). The Songo Songo PSA expires upon the expiry of TPDC's Songo Songo licence in respect of the Songo Songo gas field (the "Songo Songo Licence") in October 2026. The preparation date of the independent reserves evaluation prepared by McDaniel is February 18, 2025 and the effective date of the evaluation is December 31, 2024 (the "McDaniel Report"). All of the Company's reserves are located in Tanzania. Reserves included herein are stated on a Company gross reserves basis unless noted otherwise. Company gross reserves are the total of the Company's working interest share in reserves. The Company's Board of Directors has reviewed and approved the McDaniel Report. Additional reserves information required under NI 51-101 is included in Orca's reports relating to reserves data and other oil and gas information under NI 51-101, which will be filed on its profile on SEDAR+ at The following discussion is subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release. HIGHLIGHTS Total Proved ('1P') Gross Company conventional natural gas reserves at year ended December 31, 2024, were 40.2 billion standard cubic feet ("Bcf") compared to 85.0 Bcf at year end 2023, representing a 53% decrease. Total Proved plus Probable ('2P') Gross Company conventional natural gas reserves at year ended December 31, 2024, were 41.5 Bcf compared to 93.9 Bcf at year end 2023, representing a 56% decrease. The Company estimated gas sales of 26.7 Bcf in 2024, representing a decrease of approximately 15% compared to year end 2023. The reduction in Gross Company 1P reserves from year end 2023 to year end 2024 was primarily attributed to 26.7 BCF of production in 2024 and 18.1 Bcf of negative technical revisions. The technical revisions were primarily due to lower forecasted gas sales to the end of the license (October 2026) attributed to increased hydro power in Tanzania and the removal of Proved Undeveloped reserves due to the unsuccessful well intervention on SS-7. Net present value of 1P future net revenue discounted at 10% was $61.8 million at year end 2024, compared to $108.4 million at year end 2023, representing a 43% decrease. Net present value of 2P future net revenue discounted at 10% was $64.7 million at year end 2024, compared to $118.7 million at year end 2023, representing a 45% decrease. The 43% reduction in net present value of 1P future net revenues from year end 2023 to year end 2024 was primarily attributed to lower reserves at year end 2024 and the associated 33% reduction in the number of years outstanding on the current Songo Songo Licence. The following tables outline the Company's conventional natural gas reserves as at December 31, 2024 and the net present value of future net revenue attributable to such reserves as evaluated in the McDaniel Report utilizing McDaniel's forecast price and cost assumptions to the end of the Songo Songo Licence term in October 2026. Company Gross Reserves Company Net Reserves Gas Gas MMcf MMcf Proved Developed Producing 40,244 28,020 Developed Non-Producing - - Undeveloped - - Total Proved 40,244 28,020 Probable 1,224 803 Total Proved plus Probable 41,469 28,823 Net Present Value of Future Net Revenue of Gas Reserves Before and After Future Income Tax Expenses Discounted at Unit Value Before andAfter Tax at10% 0 % 5 % 10 % 15 % 20 % $/Mcf ($'000) Proved Developed Producing 67,574 64,549 61,824 59,357 57,112 2.21 Developed Non-Producing - - - - - - Undeveloped - - - - - - Total Proved 67,574 64,549 61,824 59,357 57,112 2.21 Probable 3,160 3,016 2,887 2,769 2,663 3.60 Total Proved plus Probable 70,735 67,565 64,710 62,126 59,775 2.25 Notes: During the third quarter of 2015, The Petroleum Act, 2015 (the "Act") was passed into law by Presidential decree. The Act repeals earlier legislation, provides a regulatory framework over upstream, mid-stream and downstream gas activity, and as well consolidates and puts in place a single, effective and comprehensive legal framework for regulating the oil and gas industry in Tanzania. The Act also provides for the creation of an upstream regulator, the Petroleum Upstream Regulatory Authority. The mid and downstream petroleum as well as gas activities are proposed to be regulated by the current authority, the Energy and Water Utilities Regulatory Authority ("EWURA"). The Act also confers upon on the TPDC the status of the National Oil Company, mandated with the task of managing the country's commercial interest in the petroleum operations as well as mid and downstream natural gas activities. The Act vests TPDC with exclusive rights in the entire petroleum upstream value chain and the natural gas mid and downstream value chain. However, the exclusive rights of TPDC do not extend to mid and downstream petroleum supply operations. The Act does provide grandfathering provisions upholding the rights of the Company under the Songo Songo PSA as it was signed prior to the passing of the Act. On October 7, 2016, the Government of Tanzania issued the Petroleum (Natural Gas Pricing) Regulation made under Sections 165 and 258 (1) of the Act (the "Natural Gas Pricing Policy"). Article 260(3) of the Act preserves the Company's pre-existing right with TPDC to market and sell natural gas together or independently on terms and conditions (including prices) negotiated with third party natural gas customers. To date, the Natural Gas Pricing Policy has not impacted the Company's ability to market and sell natural gas at prices freely negotiated with natural gas customers. The future impact of the Natural Gas Pricing Policy, if any, cannot be determined at this time. On January 16, 2018, Orca sold (the "First Swala Transaction") 7.933 percent of the Class A common shares (7,933 Class A common shares) of its wholly owned subsidiary PAE PanAfrican Energy Corporation ("PAEM"), a Mauritius registered Company and sole shareholder of PAET, a Jersey registered Company, to a wholly owned subsidiary of Swala. The Songo Songo PSA is held by PAET. While Swala had no management or control of PAEM and no shareholding in, or management or control of PAET, the McDaniel Report was previously prepared based on Orca's ownership of 92.07 percent of PAET's gross reserves. On July 21, 2023, the Company repurchased (the 'Second Swala Transaction') the 7.933% shares in PAEM eliminating Swala's interest in the reserves. Accordingly, the 2024 McDaniel Report is prepared based on Orca's ownership of 100% of PAET's gross reserves. "Company Gross Reserves" are the total of the Company's working interest share in reserves before deduction of royalties owned by others and without including any royalty interests of the Company. "Company Net Reserves" are the total of the Company's working interest share in reserves after deducting the amounts attributable to royalties and Profit Gas owned by others (as defined in the PSA), plus the Company's royalty interests in such reserves. Company Gross and Net Reserves are based on the Company's 100 percent ownership interest in the reserves following the Second Swala Transaction. Under the terms of the Songo Songo Production Sharing Agreement with TPDC and the Government of Tanzania ("PSA"), the Company is required to pay Tanzanian income tax, but this is recovered by the Company through the profit sharing arrangements with TPDC. Where income tax is accrued, the Company's revenue will be grossed up by the tax due and the tax will be shown as a tax in the Company's accounts. However, the income tax has no material impact on the cash flows emanating from the PSA and accordingly it has not been identified as a separate cash flow stream in the analysis of the net present values. McDaniel employed the following gas sales, pricing and inflation rate assumptions as of December 31, 2024 in estimating the Company's reserves data using forecast prices and costs. The Company received an average gas price of $4.67/Mcf in 2024 and $4.22/Mcf net of the transportation tariff imposed by Songas Limited as determined by the energy regulator, EWURA. Songo Songo gas prices Year Brent crude$/bbl Proved$/Mcf Proved plus probable$/Mcf Annual inflation % 2025 76.50 5.15 5.20 2 2026 78.03 5.25 5.32 2 Note: Brent price forecast based on the McDaniel January 1, 2025 price forecast. The price of gas for the Industrial sector is based on a formula related to discounts to heavy fuel oil prices and includes caps and floors. This has been reflected in the above pricing. Orca Energy Group Inc. Orca is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B. For further information please contact: Jay Lyons Chief Executive Officer +44 (0)20 8434 2754 ir@ For media enquiries:Celicourt (PR)Mark AntelmeJimmy LeaOrca@ (0)20 8434 2754 Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Abbreviations bbl cubic meters Mcf thousand cubic feet MMcf million standard cubic feet Forward Looking Information Certain information regarding Orca set forth in this news release contains forward-looking information and statements as defined under applicable securities laws (collectively, "forward-looking statements" or "statements") that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", "prospective", "project", "intend", "believe", "should", "anticipate", "estimate" or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Although the Company's management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Orca's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Orca. In particular, statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources described exist in the quantities predicted or estimated, and that the resources described can be profitably produced in the future. Additional forward-looking statements in this news release include statements regarding: expectations regarding demand for natural gas and the implications of decreasing demand; expiration of the Songo Songo PSA and the Songo Songo Licence and pending extension of the Songo Songo Licence and Songo Songo PSA; reserves and future net revenue from the Company's reserves; assumptions regarding the increased demand for hydro power in Tanzania; and assumptions regarding gas sales, pricing and inflation rates. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties regarding or associated with: drilling wells, including the costs of drilling and whether development drilling results in commercially productive quantities of oil and gas; the terms of Orca's future petroleum contracts, including potential obligations to drill wells and declare discoveries in order to retain Orca's exploration and production rights; Orca's local operational dependence and focus of its existing contracts; Orca's future control over the Songo Songo Licence areas and facilities, including its status as operator thereof, and the timing and extent of costs in association therewith; estimations of reserves and the present value of future net revenues derived from them; Orca's dependency on its management and technical team; Orca's business plan including the additional capital required to execute such plans; commercializing Orca's interests in any hydrocarbons produced from future licence areas; Orca's ability to access appropriate equipment and infrastructure in a timely manner; the exploration and production of oil and natural gas, including but not limited to drilling and other operational and environmental risks and hazards; severe weather including but not limited to tropical storms and hurricanes; disagreements with TPDC regarding the Songo Songo PSA; the political and economic circumstances in the countries in which Orca operates; disputes with the Government of Tanzania; technological development; activism against oil and exploration and development; limitations on insurance coverage; Orca's operations in a litigious environment; global populism; Orca's future capitalization which may include additional indebtedness; acquisitions and the integration of any target entity or business into Orca's current business; cybersecurity and data breaches; impacts of pandemics; share price volatility and dilution; Orca's controlling shareholder and its control over key decision making as a result of its control of a majority of the voting rights attached to Orca's issued and outstanding securities; Orca's status as a holding company that's ability to declare and pay dividends and purchase its own securities is dependent upon the receipt of funds from Orca's subsidiaries by way of dividends, fees, interest, loans or otherwise; the impact of general economic conditions, including global and local oil and gas prices; industry conditions including changes in laws and regulations, and changes in how they are interpreted and enforced; competition; lack of availability of qualified personnel; risks related to obtaining required approvals of regulatory authorities; risks associated with negotiating with governments and other counterparties; fluctuations in foreign exchange or interest rates; risks and uncertainties associated with obtaining an extension to the Songo Songo PSA and related Songo Songo Licence or successfully renegotiating them; changes in income tax laws or tax rates; ability to access sufficient capital from internal and external sources; associated with the failure of counterparties to perform under the terms of their contracts, including collectability of Orca's receivables from such parties; reduced global economic activity as a result of global pandemics, including lower demand for natural gas and a reduction in the price of natural gas; prolonged deficiency in Tanzania's official reserve and foreign exchange losses; political instability and the impacts of the Russian-Ukrainian conflict, the Israel-Hamas conflict, conflicts in the Middle East and related actions; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the forward-looking statements contained in this news release are based upon assumptions which management believes to be reasonable, Orca cannot assure investors that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. With respect to forward-looking statements contained in this news release, Orca has made assumptions regarding, among other things: continued and timely development of infrastructure in areas of new production; obtaining an extension to the Songo Songo PSA and related Songo Songo Licence on terms acceptable to Orca; accuracy of estimates of Orca's reserves volumes; the impact of any pandemics or political conflicts on the demand for and price of natural gas, volatility in financial markets, disruptions to global supply chains and the Company's business, operations, access to customers and suppliers, availability of employees to carry out day-to-day operations, and other resources; future commodity prices and commodity price fluctuations; availability of skilled labour; availability of transactions to facilitate Orca's growth strategy; growth of demand and consumption of natural gas in Tanzania and throughout Africa; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; future operating costs; effects of regulation by governmental agencies; that Orca's conduct and results of operations will be consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters. There are a number of assumptions associated with the development of the evaluated areas, including continued performance of existing wells, future drilling programs and performance from new wells, the growth of infrastructure, well density per section, and recovery factors and development necessary involves known and unknown risks and uncertainties, including those risks identified in this news release. Orca believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct. Management has included the above summary of assumptions and risks related to forward-looking information provided in this news release in order to provide investors with a more complete perspective on Orca's current and future operations and such information may not be appropriate for other purposes. Orca's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Orca will derive. These forward-looking statements are made as of the date of this news release and Orca disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Oil and Gas Advisory The Company's conventional natural gas reserves as at December 31, 2024 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. The McDaniel Report had an effective date of December 31, 2024. The Company's conventional natural gas reserves as at December 31, 2023 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. Such report had an effective date of December 31, 2023. Additional reserves information required under NI 51-101 are included in Orca's reports relating to reserves data and other oil and gas information under NI 51-101, which are filed on its profile on SEDAR at This news release contains estimates of the net present value of Orca's future net revenue from the Company's reserves. The net present value of future net revenue attributable to the Company's reserves is stated without provision for interest costs and out of country general and corporate administrative costs, but after providing for estimated royalties, production costs, development costs, other income and future capital expenditures. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Company's reserves estimated by McDaniel represent the fair market value of those reserves. Such amounts do not represent the fair market value of the Company's reserves. The recovery and reserve estimates of the Company's conventional natural gas reserves provided herein 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 in to access your portfolio
Yahoo
14-02-2025
- Business
- Yahoo
ConocoPhillips Receives Exemptive Relief From Canadian Securities Regulatory Authorities Regarding Future Canadian Filings
HOUSTON, February 14, 2025--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) (the "Company") announced today that the Company has received exemptive relief from the applicable Canadian securities regulatory authorities regarding future filing requirements. The Company became a reporting issuer for Canadian securities law purposes by virtue of the acquisition of Marathon Oil Corporation in November 2024, which made the Company subject to Canadian continuous disclosure and other reporting obligations under applicable Canadian securities laws. Applicable Canadian securities regulatory authorities have issued a decision document (the "Decision") granting the Company exemptive relief from the requirements contained in Canada's National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). As a result of the Decision, and provided that certain conditions set out in the Decision are met on an ongoing basis, the Company will not be required to comply with the Canadian requirements of NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and, accordingly, will not be required to file Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information or related forms and disclosure as part of its annual filings. In lieu of such filings, the Decision permits the Company to provide disclosure in respect of its oil and gas activities in the form permitted by, and in accordance with, the legal requirements imposed by the U.S. Securities and Exchange Commission ("SEC"), the Securities Act of 1933, the Securities and Exchange Act of 1934, the Sarbanes-Oxley Act of 2002 and the rules of the New York Stock Exchange. The Decision also provides that the Company is required to file all such oil and gas disclosures with the Canadian securities regulatory authorities on as soon as practicable after such disclosure is filed with the SEC. A copy of the Decision may be found on the website of the Alberta Securities Commission at --- # # # --- About ConocoPhillips ConocoPhillips is one of the world's leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 14 countries, $123 billion of total assets, and approximately 11,800 employees at Dec. 31, 2024. For more information, go to View source version on Contacts Dennis Nuss (media) Investor Sign in to access your portfolio
