Latest news with #Noboa
Yahoo
12 hours ago
- Business
- Yahoo
New Stratus Energy Announces Results for the Three Months Ended March 31, 2025, Sacha Reserves Information & Corporate Updates
Calgary, Alberta--(Newsfile Corp. - June 2, 2025) - New Stratus Energy Inc. (TSXV: NSE) ("New Stratus", "NSE" or the "Corporation") is pleased to announce the consolidated financial and operating results for the three months ended March 31, 2025 that have been filed on SEDAR+ ( Three Months Ended March 31, 2025 Highlights: • Adjusted Working Capital: $1,518,819 ($0.01 / common share) • Adjusted EBITDA: $(3,983,538) • Ecuador Tax recovery (correction Factor): $7,138,458 • Net Loss from Continuing Operations1: $(4,471,195) ($0.04 / common share) • Average Daily Production2: 1,647 boepd Gross (804 boepd Net) Notes:(1) In accordance with Canadian GAAP, Net Income (loss) per basic & fully diluted share are the same in a loss position.(2) See Oil and Gas Advisory, below. Ecuador Corporate Update and Sacha Reserves Information Block 60 - Ecuador As previously announced on March 3, 2025, the Corporation had reached an agreement for an award, as part of a consortium (the "Consortium"), for the production sharing contract (the "PSC") for crude oil production and additional exploration relating to Block 60 in Ecuador, also known as the "Sacha Block". The original award was in respect of a proposed 40% working interest in the Sacha Block (the "Proposed Working Interest"). On May 24, 2025, President Noboa and the new Government of Ecuador were officially sworn in to govern the Republic of Ecuador for a new four-year term. The Corporation has thus resumed discussions with the Government with respect to the award and continues to work with its industry partners, advisors and the Government with a view to receiving a new award and entering into a PSC in the near term. The Corporation has received updated reserves information in respect of Block 60 from Netherland, Sewell & Associates, Inc. ("NSAI"), the highlights of which are presented below. See Oil and Gas Advisory, below. NSAI prepared the reserves estimates for both the Sacha Block (100% interest) and for the Proposed Working Interest (40% interest). As at December 31, 2024, the estimates of gross reserves1 are as follows: Light/Medium Oil Reserves (mbbl) Category Sacha Block (100% WI) Proposed Working Interest2 (40% WI) Proved Reserves 283,872.4 113,549.0 Proved + Probable Reserves 327,313.8 130,925.5 Proved + Probable + Possible Reserves3 360,993.4 144,397.4 Notes:(1) See Oil and Gas Advisory, below.(2) The reserves attributable to the Proposed Working Interest are based on an illustrative 40% working interest and are presented before any deductions relating to the government share. There is no certainty that the Corporation will acquire the Proposed Working Interest and, if acquired, the Proposed Working Interest may be greater than or less than a 40% working interest in the Sacha Block..(3) Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Mexico Corporate Update Operaciones Petroleras Soledad - Mexico NSE entered into the definitive agreement (the "Definitive Agreement") on May 14, 2024 for the acquisition of an initial 49% equity interest in Operaciones Petroleras Soledad S. de R.L. de C.V. ("OPS"), a private Mexican oil & gas company. Pursuant to the terms of the Definitive Agreement, effective May 1, 2024, NSE has been entitled to the economic interests, including production and cash flows, from holding a 49% equity interest in OPS. As of March 31, 2025, the Company has recorded an investment of $26.6m and $35.6m of accrued / pre-paid capex. in OPS, allocated as follows: $21.6 million (US$15.0 million) advanced as at September 30, 2024 to fund capital and operational expenditures of OPS; $2.9 million (US$2.0 million) as consideration paid for the acquisition of the initial 49% equity interest in OPS; $1.7 million (US$1.2 million) is NSE's share of net income from the JV from 2024; $0.5 million (US$0.7 million) is NSE's share of net income from the JV from Q1 2025; and $35.6 million is the accrued capital expenditures that may be paid if determined economic by the Corporation. The accumulated gross (delivered) production (100%) at OPS for the period between January 1, 2025 and March 31, 2025 was 148,856 boe (1,647 boe per day, on average). Contact Information Jose Francisco ArataChairman & Chief Executive Officerjfarata@ Wade FeleskyPresident & Directorwfelesky@ Mario MirandaChief Financial Officermmiranda@ - (647) 498-9109 Forward-Looking Information Certain information set forth in this news release constitutes "forward-looking statements", and "forward-looking information" under applicable securities legislation (collectively, "forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of conditional or future tenses or by the use of words such as "will", "expects", "intends", "may", "should", "estimates", "anticipates", "believes", "projects", "plans", and similar expressions, including variations thereof and negative forms. Forward-looking statements in this news release include, among others, the outcome of the discussion period with the MEM, the prospect of an agreement for a renewed award of the PSC and the portion of the working interest ultimately awarded pursuant to the PSC. Forward-looking statements are based on the Corporation's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them. In respect of the forward-looking statements contained herein, the Corporation has provided them in reliance on certain key expectations and assumptions made by management, including expectations and assumptions concerning the receipt of the PSC award on terms acceptable to the Corporation or at all, the availability of debt and equity financing on terms acceptable to the Corporation, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, commodity prices and exchange rates. Although NSE believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because NSE can give no assurance that they will prove to be correct. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks); risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; the impact of general economic conditions in Canada and Ecuador; prolonged volatility in commodity prices; the risk that the U.S. administration imposes tariffs affecting the oil and gas industry in Ecuador or globally, and that such tariffs (and/or retaliatory tariffs in response thereto) adversely affect the demand for the Corporation's production, or otherwise adversely affect the Corporation's business or operations; the risk that Oriente Blend oil prices are lower than anticipated; determinations by OPEC and other countries as to production levels; the risk of changes in government policy on resource development; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; the timing for conducting planned operations and the results of such operations, including flow rates and resulting production; the availability of the requisite personnel and equipment to conduct operations; the ability to successfully integrate operations and realize the anticipated benefits of acquisitions; the ability to increase production, and the anticipated cost associated therewith; failure of counterparties to perform under contracts; changes in currency exchange rates; interest rate fluctuations; the ability to secure adequate equity and debt financing; and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. New Stratus undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. 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 so, what benefits may be derived therefrom. Oil and Gas Advisory The reserves information included in this news release attributable to the Acquired Interest has been derived from a report prepared by NSAI effective as of December 31, 2024 (the "NSAI Report") with a preparation date of May 1, 2025. The reserves information was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. 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 reserves described exist in the quantities predicted or estimated. The reserve estimates described herein are estimates only. The actual reserves may be greater or less than those calculated. References in this news release to historical production rates are not indicative of long term performance or of ultimate recovery. Readers are cautioned not to place reliance on such rates in assessing the future production rates for the Corporation. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 thousand cubic feet (Mcf) per 1 barrel (bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value. Neither 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. NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES 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
6 days ago
- Business
- Yahoo
Drug trafficking complicates Noboa's reform plans in Ecuador
May 27 (UPI) -- President Daniel Noboa began his second term in Ecuador facing a series of critical challenges that will shape the country's direction over the next four years. Ecuador is in the midst of a severe security crisis, with more than 8,000 violent deaths recorded in 2024 and a 58% rise in homicides during the first months of 2025, according to the Interior Ministry. The country has become a key route for international drug trafficking, fueling the surge in violence and insecurity. During his inauguration speech on Saturday, Noboa focused on public safety, economic recovery and calls for national unity. Drug trafficking drives 94% of crimes reported in Ecuador. Authorities have labeled more than a dozen gangs as terrorist organizations, many with links to international criminal organizations such as Mexico's Sinaloa and Jalisco New Generation cartels, as well as the Albanian mafia. In response, the government has declared an "internal state of war," prompting backlash from human rights organizations. Drug traffickers have established "liberated zones" where police have no control, and gang leaders continue to operate from inside prisons. Corruption has spread across Ecuador's political and judicial systems. Noboa has vowed to regain control of the country's prisons, seize drug traffickers' assets and strengthen the equipment and intelligence capabilities of Ecuador's security forces to confront what he called "organized criminal groups operating inside and outside the country, with significant financing and weapons." In the recent general elections, Noboa's party secured a relative majority in the National Assembly, giving him a chance to push forward his legislative agenda. Still, his government will need to build alliances to advance structural reforms, particularly on issues like security and the economy. The opposition, led by allies of former President Rafael Correa, remains a powerful force and has raised doubts about the legitimacy of Noboa's government. The administration must obtain approval from Ecuador's National Court of Justice to move forward with its proposed reforms. "President Noboa has strong public support to take tough measures against crime. He has the votes in parliament to advance his proposals, but lawyers, opposition politicians and human rights groups argue that many, if not all, of them are unconstitutional," said Ana Belén Cordero, former secretary of anti-corruption public policy. Last year, Ecuador was hit by an energy crisis that caused blackouts lasting up to 14 hours a day in some parts of the country, disrupting homes, businesses and industry. Halted production resulted in over $2 billion in losses and led to the loss of 3,500 jobs. The ongoing drought has crippled the country's hydroelectric-dependent energy system. Cordero said Ecuador relies heavily on electricity imports from Colombia and Peru, with whom relations remain strained. She also noted that nine private-sector energy projects remain stalled. Ecuador's annual inflation rate stands at just 2.4%, and the unemployment rate is under 4%, but nearly half of the labor force works in the informal sector. Despite relatively stable macroeconomic indicators, the high level of violence continues to deter foreign investment, limiting the country's growth outlook.
Miami Herald
6 days ago
- Politics
- Miami Herald
Drug trafficking complicates Noboa's reform plans in Ecuador
May 27 (UPI) -- President Daniel Noboa began his second term in Ecuador facing a series of critical challenges that will shape the country's direction over the next four years. Ecuador is in the midst of a severe security crisis, with more than 8,000 violent deaths recorded in 2024 and a 58% rise in homicides during the first months of 2025, according to the Interior Ministry. The country has become a key route for international drug trafficking, fueling the surge in violence and insecurity. During his inauguration speech on Saturday, Noboa focused on public safety, economic recovery and calls for national unity. Drug trafficking drives 94% of crimes reported in Ecuador. Authorities have labeled more than a dozen gangs as terrorist organizations, many with links to international criminal organizations such as Mexico's Sinaloa and Jalisco New Generation cartels, as well as the Albanian mafia. In response, the government has declared an "internal state of war," prompting backlash from human rights organizations. Drug traffickers have established "liberated zones" where police have no control, and gang leaders continue to operate from inside prisons. Corruption has spread across Ecuador's political and judicial systems. Noboa has vowed to regain control of the country's prisons, seize drug traffickers' assets and strengthen the equipment and intelligence capabilities of Ecuador's security forces to confront what he called "organized criminal groups operating inside and outside the country, with significant financing and weapons." In the recent general elections, Noboa's party secured a relative majority in the National Assembly, giving him a chance to push forward his legislative agenda. Still, his government will need to build alliances to advance structural reforms, particularly on issues like security and the economy. The opposition, led by allies of former President Rafael Correa, remains a powerful force and has raised doubts about the legitimacy of Noboa's government. The administration must obtain approval from Ecuador's National Court of Justice to move forward with its proposed reforms. "President Noboa has strong public support to take tough measures against crime. He has the votes in parliament to advance his proposals, but lawyers, opposition politicians and human rights groups argue that many, if not all, of them are unconstitutional," said Ana Belén Cordero, former secretary of anti-corruption public policy. Last year, Ecuador was hit by an energy crisis that caused blackouts lasting up to 14 hours a day in some parts of the country, disrupting homes, businesses and industry. Halted production resulted in over $2 billion in losses and led to the loss of 3,500 jobs. The ongoing drought has crippled the country's hydroelectric-dependent energy system. Cordero said Ecuador relies heavily on electricity imports from Colombia and Peru, with whom relations remain strained. She also noted that nine private-sector energy projects remain stalled. Ecuador's annual inflation rate stands at just 2.4%, and the unemployment rate is under 4%, but nearly half of the labor force works in the informal sector. Despite relatively stable macroeconomic indicators, the high level of violence continues to deter foreign investment, limiting the country's growth outlook. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
6 days ago
- Politics
- UPI
Drug trafficking complicates Noboa's reform plans in Ecuador
Ecuadorian President Daniel Noboa (pictured) faces surging drug violence and political hurdles as he pushes forward his reform agenda in Ecuador. File Photo by Peter Foley/UPI | License Photo May 27 (UPI) -- President Daniel Noboa began his second term in Ecuador facing a series of critical challenges that will shape the country's direction over the next four years. Ecuador is in the midst of a severe security crisis, with more than 8,000 violent deaths recorded in 2024 and a 58% rise in homicides during the first months of 2025, according to the Interior Ministry. The country has become a key route for international drug trafficking, fueling the surge in violence and insecurity. During his inauguration speech on Saturday, Noboa focused on public safety, economic recovery and calls for national unity. Drug trafficking drives 94% of crimes reported in Ecuador. Authorities have labeled more than a dozen gangs as terrorist organizations, many with links to international criminal organizations such as Mexico's Sinaloa and Jalisco New Generation cartels, as well as the Albanian mafia. In response, the government has declared an "internal state of war," prompting backlash from human rights organizations. Drug traffickers have established "liberated zones" where police have no control, and gang leaders continue to operate from inside prisons. Corruption has spread across Ecuador's political and judicial systems. Noboa has vowed to regain control of the country's prisons, seize drug traffickers' assets and strengthen the equipment and intelligence capabilities of Ecuador's security forces to confront what he called "organized criminal groups operating inside and outside the country, with significant financing and weapons." In the recent general elections, Noboa's party secured a relative majority in the National Assembly, giving him a chance to push forward his legislative agenda. Still, his government will need to build alliances to advance structural reforms, particularly on issues like security and the economy. The opposition, led by allies of former President Rafael Correa, remains a powerful force and has raised doubts about the legitimacy of Noboa's government. The administration must obtain approval from Ecuador's National Court of Justice to move forward with its proposed reforms. "President Noboa has strong public support to take tough measures against crime. He has the votes in parliament to advance his proposals, but lawyers, opposition politicians and human rights groups argue that many, if not all, of them are unconstitutional," said Ana Belén Cordero, former secretary of anti-corruption public policy. Last year, Ecuador was hit by an energy crisis that caused blackouts lasting up to 14 hours a day in some parts of the country, disrupting homes, businesses and industry. Halted production resulted in over $2 billion in losses and led to the loss of 3,500 jobs. The ongoing drought has crippled the country's hydroelectric-dependent energy system. Cordero said Ecuador relies heavily on electricity imports from Colombia and Peru, with whom relations remain strained. She also noted that nine private-sector energy projects remain stalled. Ecuador's annual inflation rate stands at just 2.4%, and the unemployment rate is under 4%, but nearly half of the labor force works in the informal sector. Despite relatively stable macroeconomic indicators, the high level of violence continues to deter foreign investment, limiting the country's growth outlook.
Sharjah 24
25-05-2025
- Business
- Sharjah 24
Al Zeyoudi represents UAE at Ecuadorian Presidential inauguration
UAE leaders extend congratulations Dr Al Zeyoudi conveyed the congratulations and best wishes of UAE leaders—President His Highness Sheikh Ecuador values UAE participation President Noboa expressed appreciation for the UAE's presence and conveyed his greetings to the UAE leadership. He praised the strong bilateral ties and emphasized Ecuador's commitment to strengthening relations and pursuing mutual development goals. A symbol of deepening bilateral ties Al Zeyoudi's participation in the ceremony reflects the depth of UAE-Ecuador relations and a shared desire to elevate cooperation across various sectors. Strengthening trade and investment ties Dr. Al Zeyoudi highlighted the ongoing Comprehensive Economic Partnership Agreement (CEPA) negotiations, which are nearing completion. He noted the growth in non-oil bilateral trade, which reached USD 360.7 million in 2024, and the 46% rise in UAE non-oil exports to Ecuador, reaching USD 37 million. Expanding opportunities for economic cooperation Al Zeyoudi emphasised the potential to double trade figures through tariff reductions and improved investment conditions under the CEPA. He also highlighted promising investment opportunities in sectors such as agriculture, renewable energy, mining, and logistics—citing DP World's $1.2 billion investment in Posorja Port as a successful example. High-level bilateral meetings held During these meetings, they discussed ways to increase bilateral cooperation in sectors of common interest, and ways to provide more opportunities for the business communities to build new investment and trade partnerships that stimulate economic growth and shared prosperity.
