Latest news with #drilling
Yahoo
2 days ago
- Business
- Yahoo
High Arctic Overseas Announces 2025 First Quarter Results
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW CALGARY, Alberta, May 30, 2025 (GLOBE NEWSWIRE) -- High Arctic Overseas Holdings Corp. (TSXV: HOH) ("High Arctic Overseas" or the "Corporation") has released its first quarter 2025 financial and operating results. The unaudited condensed interim consolidated financial statements (the 'Financial Statements') and management's discussion & analysis ('MD&A') for the quarter ended March 31, 2025, will be available on SEDAR+ at All amounts are denominated in United States dollars ('USD'), unless otherwise indicated. The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH. Mike Maguire, Chief Executive Officer commented on the Corporation's first quarter 2025 financial and operating results: 'Having established High Arctic Overseas Holdings Corp. with dedicated Management and a resilient core business, this Corporation is well placed to participate meaningfully in anticipated future major project developments. Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well. I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.' 2025 FIRST QUARTER HIGHLIGHTS Drilling rig 103 remains suspended and drilling rigs 115 and 116 remain cold-stacked; Manpower and rental services maintained similar activity levels to Q4 2024; Revenue and operating margins significantly reduced compared to Q1 2024, largely as a result of rig 103 operating in Q1 2024 versus being suspended in Q1 2025; and Disciplined cashflow management resulted in exiting Q1 2025 with working capital of over $20 million. Business strategy Our business strategy focused on Papua New Guinea is underpinned by the following cornerstones: Leveraging our core PNG planning and logistics capability to diversify our service offerings; Deploying idle assets into profitable operations; Strengthening local content & participation in the PNG finance and investment communities; An established and efficient corporate structure; and Seeking opportunities to expand and root the business in the Australasian region. 2025 Strategic Objectives Relentless focus on safety excellence and quality service delivery; Reduce general and administrative expenditures; Grow the manpower business in Papua New Guinea; Maximize potential participation in future major Papua New Guinea projects; and Pursue expansionary transactions that increase shareholder value. Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation's Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO's control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement. For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three months ended March 31, 2025, including all comparative periods. In the above results discussion, the three months ended March 31, 2025 may be referred to as the 'quarter' or 'Q1 2025' and the comparative three months ended March 31, 2024 may be referred to as 'Q1 2024'. References to other quarters may be presented as 'QX 20XX' with X/XX being the quarter/year to which the commentary relates. FIRST QUARTER 2025 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW Three months ended March 31, (thousands of USD except per share amounts) 2025 2024 Operating results: Revenue 2,510 11,134 Net income (loss) (1,225) 2,501 Per share (basic and diluted) (1)(2) ($0.10) $0.20 Operating margin (3) 714 4,315 Operating margin as a % of revenue (3) 28.4% 38.8% EBITDA (3) (286) 3,588 Per share (basic and diluted) (1)(2) ($0.02) $0.29 Adjusted EBITDA (3) (202) 3,530 Adjusted EBITDA as a % of revenue (3) (8.0%) 31.7% Per share (basic and diluted) (1)(2) ($0.02) $0.28 Operating income (loss) (3) (998) 2,720 Per share (basic and diluted) (1)(2) ($0.08) $0.22 Cash flow: Cash flow from operating activities (825) 5,348 Per share (basic and diluted) (1)(2) ($0.07) $0.43 Funds flow from operations (3) (256) 3,314 Per share (basic and diluted) (1)(2) ($0.02) $0.27 Capital expenditures 74 550 (thousands of USD except per share amounts and common shares outstanding) March 31, 2025 December 31, 2024 Financial position: Working capital (3) 20,212 20,602 Cash and cash equivalents 13,902 14,930 Total assets 34,133 35,287 Shareholder's equity 29,766 30,953 Per share (4) $2.39 $2.49 Common shares outstanding 12,448,166 12,448,166 (1) For periods when the Corporation incurred a net loss the shares outstanding under the Corporation's equity incentive plans for the periods presented are excluded from the calculation of diluted weighted average number of common shares as the outstanding options were anti-dilutive.(2) For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. See '2024 Corporate Reorganization' section of this Press Release and the Corporation's Financial Statements for additional details. (3) Readers are cautioned that Operating margin, Operating margin as a % of revenue, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Adjusted EBITDA as a % of revenue, Operating income (loss), Funds flow from operations and Working capital do not have a standardized meanings prescribed by IFRS. See 'Non IFRS Measures' in this Press Release for additional details on the calculations of these measures. (4) Shareholders' equity per share calculated based on the number of common shares outstanding as at the relevant date. Operating Results Three months ended March 31, (thousands of USD, unless otherwise noted) 2025 2024 Revenue 2,510 11,134 Operating expenses (1,796) (6,819) Operating margin (1) 714 4,315 Operating margin percentage (1) 28.4% 38.8% (1) See 'Non-IFRS Measures' Customer-owned rig 103 has been suspended since the second half of 2024 compared to being operational in the first 5.5 months in 2024. As such, the majority of Q1 2025 revenue is from the provision of equipment rental and skilled personnel to key customers within PNG's oil and gas industry. While minor, the Corporation is seeing increased equipment rental revenues from other industries within PNG. As noted above, revenues for Q1 2024, were inclusive of rig 103 drilling activities plus revenue from the provision of equipment rental and skilled personnel into PNG's oil and gas industry. The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment. Liquidity and Capital Resources Three months ended March 31, (thousands of USD) 2025 2024 Cash provided by (used in) operations: Operating activities (825) 5,348 Investing activities (74) (550) Financing activities (117) (124) Effect of foreign exchange rate changes (12) - Increase (decrease) in cash (1,028) 4,674(thousands of USD, unless otherwise noted) As at March 31, 2025 As at Dec 31, 2024 Current assets 24,230 24,706 Working capital(1) 20,212 20,602 Working capital ratio(1) 6.0:1 6.0:1 Cash and cash equivalents 13,902 14,930 (1) See 'Non-IFRS Measures' Liquidity and Capital Resources For the three months ended March 31, 2025, cash used in operating activities was $825 (Q1 2024 – cash generated was $5,348). The change in operating cash flow was driven by reduced revenue generating activities and changes in non-cash working capital. Changes in non-cash working capital are listed in Note 13 of the Financial Statements and represent temporary differences as inventory is purchased in support of anticipated sales, deferred revenue is earned and related party balances post the the three months ended March 31, 2025, cash used in investing activities was $74 (Q1 2024 - $550). Cash outflows associated with investing activities were directed towards capital expenditures for additional rental assets. The Corporation continues to seek opportunities to invest in additional capital assets, in particular where it can do so with support of customer take-or-pay the three months ended March 31, 2025, cash used in financing activities was $117 (Q1 2024 - $124). Cash outflows associated with finance activities were directed towards lease obligation payments. Outlook Consistent with the outlook provided by the Corporation in Q4 2024 the outlook for the Corporation's core business in PNG for the remainder of 2025 remains subdued. Current quarter operating results were largely driven by manpower and rental services delivered to its key customers in PNG's oil and gas industry. With no near-term drilling activity currently contracted, the Corporation expects equipment rental and manpower to continue as the primary revenue generating activity for 2025. The second half of 2025 is expected to see a decline in these activities as certain projects supported by the Corporation are expected to conclude, and customers have deferred non-essential work as they realize low and volatile near-term commodity prices. The Corporation is buoyed by an increase in recent enquiries for services and requests for pricing which may lead to a future upswing in revenue generating activity. The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings. The Corporation also continues to pursue business expansion opportunities in PNG, participating in requests for tender and actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business. Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas ('LNG'). A significant investment in the country's oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation's predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation's fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity. Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. The next significant LNG project currently being planned is Papua-LNG, a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and appraise other discoveries. The signing of a fiscal stability agreement between the P'nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG. The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation's drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use. There are a number of other petroleum projects and substantive nation-building projects including infrastructure, electrification, telecommunications and defense projects planned for the development of PNG. These projects will require access to transport and material handling machinery, quality worksite and temporary road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, geoscientists and other professionals. High Arctic's business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market. NON-IFRS MEASURES This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards ('IFRS') and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings. These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS. For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation's Q1 2025 MD&A, which is available online at About High Arctic Overseas Holdings Corp. High Arctic Overseas is a market leader in Papua New Guinea providing drilling and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material handling and drilling support equipment. For further information, please contact: Mike MaguireChief Executive Officer1.587.320.1301 High Arctic Overseas Holdings 2350, 330–5th Avenue SWCalgary, Alberta, Canada T2P info@ Forward-Looking Statements This Press Release contains forward-looking statements. When used in this document, the words 'may', 'would', 'could', 'will', 'intend', 'plan', 'anticipate', 'believe', 'seek', 'propose', 'estimate', 'expect', and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation's current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation's actual results, performance, or achievements to vary from those described in this Press Release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation's business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation's future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation's ability to manage its liquidity risk; raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation's ongoing relationship with its major customers; customers' drilling intentions; the Corporation's ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation's expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation's business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the Corporation's ability to invest in additional capital assets, including the impact on the Corporation's future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff's or related trade policies and the potential impact on the Corporation's ability to execute on its 2025 business plan and strategic objectives; the ability of the Corporation to expand its geographic customer base outside of PNG, and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG. With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks. The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth in this Press Release and in the Corporation's annual 2024 MD&A, which is available on SEDAR+. The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. .Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
Tamboran announces successful closing of First Tranche of PIPE
Highlights Tamboran Resource Corporation has closed the first tranche of its previously announced Private Investment Public Equity (PIPE) of Common Stock (First Tranche) to fund ongoing drilling activities to reach plateau production from the proposed SS Pilot Project. Tamboran expects to receive gross proceeds of approximately US$55.4 million upon closing of the second tranche of the PIPE (Second Tranche), before deducting placement agent fees and other offering expenses. Pursuant to the closing of the First Tranche, the Company has issued 2,180,515 shares of Common Stock at US$17.74 per share to raise approximately US$38.7 million for the Company. Bank of America acted as the sole placement agent to the Company in connection with the PIPE. The second tranche will consist of a further issuance of 940,729 shares of Common Stock at the same issue price and is expected to close in August, 2025, subject to and following approval by the Tamboran's shareholders pursuant to Listing Rules 7.1 and 10.11. US$1 million from the Second Tranche will be issued to certain directors of the Company at the same price per share as other investors, which is subject to shareholder approval under Listing Rule 10.11. The transaction was supported by US$10 million placement to Formentera Partners at the same price per share as other investors, an entity founded by Bryan Sheffield, which forms part of the Second Tranche and is subject to shareholder approval under Listing Rule 10.11. Certain non-affiliated investors are participating in the Second Tranche, which totals US$5.7 million and is subject to shareholder approval under Listing Rule 7.1. The Special Meeting of the Company to approve the Second Tranche is scheduled to be held on or around August 18, 2025. NEW YORK, May 30, 2025--(BUSINESS WIRE)--Tamboran Resources Corporation (NYSE: TBN, ASX: TBN): Private Placement Transaction Pursuant to the First Tranche, a total of 2,180,515 Common Stock were issued within the Company's placement capacity under Listing Rule 7.1. An Appendix 2A with the details of the issue of new shares of Common Stock has been filed on ASX today. The Second Tranche of the Placement is subject to shareholder approval to be sought at a Special Shareholder Meeting of the Company held on or around August 18, 2025. Pursuant to the Second Tranche: 54,463 Common Stock will be issued to certain directors of the Company, subject to shareholder approval under Listing Rule 10.11; 563,697 Common Stock will be issued Formentera Partners, an entity founded by Bryan Sheffield, subject to shareholder approval under Listing Rule 10.11; and 322,569 Common Stock will be issued to certain non-affiliated investors, subject to shareholder approval under Listing Rule 7.1. Uses of funds from the private placement include: Drilling of the remaining three wells required for Tamboran's proposed 40 million cubic feet per day (MMcf/d) Pilot Project at the Shenandoah South location in the Beetaloo Basin to reach first production, which is planned for mid-2026, subject to weather and standard stakeholder approvals; Funding of the Sturt Plateau Compression Facility until Tamboran and DWE finalize terms with lenders; and General working capital. The shares of common stock being issued and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Tamboran has agreed to file a registration statement to register the resale of the shares of common stock being sold in the private placement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Acreage Sale As previously announced on May 14, 2025, in conjunction with the checkerboard, Tamboran and Daly Waters Energy, LP (DWE) have entered into a binding agreement whereby DWE will acquire a non-operating and non-controlling interest across 100,000 acres within two areas of Tamboran's post-checkerboard acreage position for consideration of US$15 million. The transaction is subject to certain conditions precedent including, and not limited to, DWE obtaining approval from the Formentera Australia Fund, LP's Limited Partner Advisory Committee, and regulatory approvals. The Company confirms that Shareholder approval under the ASX Listing Rules or NYSE Rules is not required to proceed with the transaction. This announcement was approved and authorized for release by Joel Riddle, Chief Executive Officer of Tamboran Resources Corporation. About Tamboran Resources Corporation Tamboran Resources Corporation ("Tamboran" or the "Company"), through its subsidiaries, is the largest acreage holder and operator with approximately 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets include a 47.5% operating interest over 20,309 acres in the proposed northern Pilot Area, a 38.75% non-operating interest over 20,309 acres in the proposed southern Pilot Area, a 58.13% operating interest in the proposed Phase 2 development area covering 406,693 acres, a 67.83% operated interest over 219,030 acres in a proposed Retention License 10, a 77.5% operating interest across 1,487,418 acres over ex-EPs 76, 98 and 117, a 100% working interest and operatorship in EP 136 and a 25% non-operated working interest in EP 161, which are all located in the Beetaloo Basin. The Company has also secured ~420 acres (170 hectares) of land at the Middle Arm Sustainable Development Precinct in Darwin, the location of Tamboran's proposed NTLNG project. Pre-FEED activities are being undertaken by Bechtel Corporation. Disclaimer Tamboran makes no representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement. The forward-looking statements in this report reflect expectations held at the date of this document. Except as required by applicable law or the ASX Listing Rules, Tamboran disclaims any obligation or undertaking to publicly update any forward-looking statements, or discussion of future financial prospects, whether as a result of new information or of future events. The information contained in this announcement does not take into account the investment objectives, financial situation or particular needs of any recipient and is not financial product advice. Before making an investment decision, recipients of this announcement should consider their own needs and situation and, if necessary, seek independent professional advice. To the maximum extent permitted by law, Tamboran and its officers, employees, agents and advisers give no warranty, representation or guarantee as to the accuracy, completeness or reliability of the information contained in this presentation. Further, none of Tamboran nor its officers, employees, agents or advisers accept, to the extent permitted by law, responsibility for any loss, claim, damages, costs or expenses arising out of, or in connection with, the information contained in this announcement. Note on Forward-Looking Statements This press release contains "forward-looking" statements related to the Company within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the Company's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," "should," "may," "plan," "estimate," "intend," "predict," "potential," "continue," and the negatives of these words and other similar expressions generally identify forward-looking statements. It is possible that the Company's future financial performance may differ from expectations due to a variety of factors, including but not limited to: our early stage of development with no material revenue expected until 2026 and our limited operating history; the substantial additional capital required for our business plan, which we may be unable to raise on acceptable terms; our strategy to deliver natural gas to the Australian East Coast and select Asian markets being contingent upon constructing additional pipeline capacity, which may not be secured; the absence of proved reserves and the risk that our drilling may not yield natural gas in commercial quantities or quality; the speculative nature of drilling activities, which involve significant costs and may not result in discoveries or additions to our future production or reserves; the challenges associated with importing U.S. practices and technology to the Northern Territory, which could affect our operations and growth due to limited local experience; the critical need for timely access to appropriate equipment and infrastructure, which may impact our market access and business plan execution; the operational complexities and inherent risks of drilling, completions, workover, and hydraulic fracturing operations that could adversely affect our business; the volatility of natural gas prices and its potential adverse effect on our financial condition and operations; the risks of construction delays, cost overruns, and negative effects on our financial and operational performance associated with midstream projects; the potential fundamental impact on our business if our assessments of the Beetaloo are materially inaccurate; the concentration of all our assets and operations in the Beetaloo, making us susceptible to region-specific risks; the substantial doubt raised by our recurring operational losses, negative cash flows, and cumulative net losses about our ability to continue as a going concern; complex laws and regulations that could affect our operational costs and feasibility or lead to significant liabilities; community opposition that could result in costly delays and impede our ability to obtain necessary government approvals; exploration and development activities in the Beetaloo that may lead to legal disputes, operational disruptions, and reputational damage due to native title and heritage issues; the requirement to produce natural gas on a Scope 1 net zero basis upon commencement of commercial production, with internal goals for operational net zero, which may increase our production costs; the increased attention to ESG matters and environmental conservation measures that could adversely impact our business operations; risks related to our corporate structure; risks related to our common stock and CDIs; and the other risk factors discussed in the this report and the Company's filings with the Securities and Exchange Commission. It is not possible to foresee or identify all such factors. Any forward-looking statements in this document are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company's results of operations and financial condition, the Company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document. View source version on Contacts Investor enquiries: Chris Morbey, Vice President – Corporate Development and Investor Relations+61 2 8330 6626Investors@ Media enquiries: +61 2 8330 6626Media@
Economy ME
3 days ago
- Business
- Economy ME
ADNOC Drilling to acquire 70 percent stake in SLB's land drilling rigs business in Kuwait and Oman
ADNOC Drilling announced today that it has signed an agreement to acquire a 70 percent stake in SLB 's land drilling rigs business in Kuwait and Oman, comprising eight fully operational land rigs under contract with the respective national oil companies of both countries. 'This acquisition is a natural next step in ADNOC Drilling's growth journey and reinforces our position as one of the leading companies in drilling and integrated services,' stated Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO. The partnership with SLB will provide ADNOC Drilling with a solid operational and financial platform to further expand in the region, Al Seiari added. He explained that this business is well-established, profitable and operating with long-term contracts, making this a highly complementary and value-accretive addition to ADNOC Drilling's portfolio. 'Our focus is on disciplined expansion that drives performance, returns and growth,' he said. Company accelerates GCC expansion Through this partnership, ADNOC Drilling will gain immediate access to earnings, cash flow and returns through two operating land drilling rigs in Kuwait and six in Oman, accelerating its expansion into key GCC geographies. This acquisition will enhance the company's ability to deploy cutting-edge technologies, integrated drilling services, digital solutions and AI-driven efficiencies – optimizing performance, reducing environmental impact and driving value for customers across the region. 'This partnership reflects the strong collaboration between SLB and ADNOC Drilling, and our shared commitment to driving value through collaboration across the region. We are confident that, working together with ADNOC Drilling, the business will continue to grow and deliver outstanding performance for our customers,' stated Jesus Lamas, president, Middle East and North Africa, SLB. Read: ADNOC Drilling secures $1.15 billion long-term contract for new jack-up rigs Completion of transaction expected in Q1 2026 The formation of the joint venture (JV) and the acquisition of a 70 percent stake, along with the completion of this transaction, are subject to necessary and customary regulatory approvals, expected in Q1 2026. Upon closing, and subject to final assessment by the company's auditor, ADNOC Drilling expects to fully consolidate the newly acquired business in its financial reporting from 2026. 'We look forward to expanding our broader strategic partnerships with key regional leaders across the energy value chain, in line with SLB's focused regional growth strategy,' Lamas added.
Globe and Mail
3 days ago
- Business
- Globe and Mail
Kinross Gold Commences 2025 Drill Program at Riley Gold's PWC Gold Project (Cortez District - Nevada)
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2025) - Riley Gold Corp. (TSXV: RLYG) (OTCQB: RLYGF) (" Riley Gold" or the " Company") is pleased to announce that the 2025 drilling campaign is underway at the Company's Pipeline West/Clipper Gold Project (" PWC") operated by Kinross Gold U.S.A., Inc. (" Kinross"), a wholly-owned subsidiary of Kinross Gold Corporation (TSX: K) (NYSE: KGC). "We are happy that Kinross is ahead of schedule and to have the 2025 drilling well underway at PWC. As highlighted in our April 29, 2025 news release, the Kinross technical team along with Riley Gold's Paul Dobak, have defined high-priority framework drill targets in the highest-grade gold-in-soils anomaly known area on the property. These are exciting targets, based on geological and geophysical data interpretation, in areas that have never been drill tested within our 25 square km land package. Our PWC project is within the Cortez District that has a significant history of gold production and current reserves. PWC adjoins Nevada Gold Mines LLC (" NGM"), a joint venture between Barrick Gold Corp. and Newmont Corporation, that has current production within their Cortez/Pipeline complex," commented Todd Hilditch, CEO of Riley Gold. 2025 Kinross Exploration Plan and Map A comprehensive geologic model was built for comparison with the many Cortez Districts >5.0-million-ounce gold discoveries. The new step-out wide spaced framework drill holes are being spotted approximately 2.5 kilometers (" km") (up to 8,200 feet) northwest of the first Kinross drill hole in 2024 (see Figure 1 below) and include northwest vectoring to the highest-grade surface geochemical gold anomalies from the soil survey near the intersection of two major structures. The primary target is a large, disseminated gold deposit peripheral to the Gold Acres stock, which is the geologic setting for NGM's Pipeline gold deposit (see Figure 2 property location). Compiled geologic mapping, geophysical surveys, historical drill results, and gold-in-soil survey results uploaded in Leapfrog software support the new 2025 drill hole locations. Recent geologic modeling and interpretation by Kinross also provides a supporting structural foundation and information for the 2025 Drill Program. Additional soil sampling is planned by Kinross for the 2025 field season to increase surface geochemical coverage adjacent to the 2023 soil survey completed by Riley Gold. The previous soil survey returned significant anomalous gold-in-soil values that extended more than 3 km. Several pathfinder elements, associated with both Carlin-type and intrusive-related gold deposits, were also elevated in the first soil survey. Riley Gold entered into an exploration and venture option agreement (the " Agreement") with Kinross on March 13, 2024. The Agreement grants Kinross the right to earn up to a 75% interest in Riley Gold's PWC project by spending a minimum of US$20 million (see news release dated March 14, 2024 for details). PWC is located in Lander County, Nevada and consists of approximately 24.7 km² in the heart of the significant gold producing Cortez District (Battle Mountain - Eureka Trend). Kinross is funding and operating PWC and has a strategic 9.9% (on a partially diluted basis) equity interest in the Company acquired through a private placement. About PWC PWC constitutes a very prospective exploration property for Carlin-type, disseminated and replacement gold deposits. PWC consists of a land package totaling approximately 24.7 square kms of unpatented mining claims and patented fee lands adjoining NGM. PWC is situated along the Cortez Structural Zone of the exceptionally productive Cortez Trend within the Battle Mountain - Eureka Trend in north central Nevada (Figure 2). The Cortez and Pipeline complexes (adjoining Riley's PWC project boundary) are top producers within Nevada, a State that has consistently produced between 4-5 million ounces of gold a year. To view an enhanced version of this graphic, please visit: Tokop Gold Project The Company also wishes to report that it has terminated all agreements related to its Tokop Gold Project and has relinquished the property. Previous drilling on the property did not provide results that warranted continued exploration under current junior market conditions. The Company is electing to preserve cash and reduce costs. Qualified Person This news release has been reviewed and approved by Richard DeLong, Director of Riley Gold and a 'qualified person', as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. About Riley Gold Corp. Riley Gold is an exploration and development company focused in Nevada, USA, of the Pipeline West/Clipper Gold Project located in the Battle Mountain Eureka Trend within the Cortez District. Riley Gold's founders and leadership team have a proven track record of maximizing shareholder value during each phase of the mining life cycle: exploration, development, and production. FOR FURTHER INFORMATION, PLEASE CONTACT: Todd Hilditch Chief Executive Officer Tel: (604) 443-3831 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 adequacy or accuracy of this release. Cautionary statement regarding forward-looking information This press release contains statements which constitute "forward-looking information" under applicable Canadian securities laws, including statements regarding plans, intentions, beliefs and current expectations of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking information. Although Riley Gold believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Riley Gold can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties and the Company's future business activities may differ materially from those in the forward-looking information as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions and the ability to obtain the requisite approvals of the TSX Venture Exchange when necessary. Investors are cautioned that any such forward-looking information is not a guarantee of future business activities and involves risks and uncertainties. Additional information on these and other factors that could affect Riley Gold operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website ( There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Zawya
3 days ago
- Business
- Zawya
ADNOC Drilling buys into SLB's Oman and Kuwait rig business
ADNOC Drilling will acquire a 70% stake in oil services firm SLB's onshore rig business in Oman and Kuwait for up to $112 million, creating a joint venture it seeks to double in the next year, its chief financial officer said on Thursday. The acquisition, expected to close in the first quarter of 2026, will give ADNOC Drilling - a unit of Abu Dhabi state oil major ADNOC - access to eight operational onshore drilling rigs, six in Oman and two in Kuwait. "So we have things in the pipeline that will potentially at least double that existing, initial eight rigs footprint," ADNOC Drilling CFO Youssef Salem told Reuters. ADNOC Drilling will pay $91 million for the stake, with another $21 million payout to SLB linked to business performance, Salem said. The current oil price and macroeconomic environment "put pressure on valuations and multiples globally ... and reduces the pool of potential buyers for such assets, generally, and hence presents a competitive advantage, especially for a cash buyer," he said. The transaction will be financed by drawing from a $1 billion revolving loan that ADNOC Drilling has with a group of regional and international banks. The loan matures in the fourth quarter and will be refinanced before then, Salem said. The deal will mark the first drilling operations outside the United Arab Emirates for the company, apart from a single rig in Jordan. ADNOC Drilling's focus will be on growing its scale in Oman and Kuwait, through acquisitions as well as tenders, while also evaluating expansion into other markets, Salem said. (Reporting by Yousef Saba; Editing by David Holmes)
