TSX VENTURE COMPANIES
BULLETIN V2024-2431
Description
The securities of Elixir Energy Limited (‘EXR’) will be placed in trading halt at the request of EXR, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday, 19 August 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Elixir Energy (ASX:EXR) is a gas exploration and development company currently focused on its portfolio of natural gas assets in Queensland, Australia and Mongolia. As an early mover in both areas, Elixir Energy has been the first company ever to free-flow gas from the deep Taroom Trough in Queensland and flow gas of any description in Mongolia.
Elixir Energy’s Grandis Gas project in Queensland is located in the Taroom Trough in the Southern Bowen Basin, where Australia’s premier physical and commercial gas hub – Wallumbilla – is immediately adjacent. Market factors are now driving new rounds of drilling in the Taroom Trough contributing to its reputation as an emerging energy super basin with major electricity as well as gas infrastructure.
A successful free-flowing test was conducted on the Lorelle Sandstone and has indicated it could produce a commercial flow rate of gas, with the breakeven commercial initial flow rate estimated at 2.5 million cubic feet per day.Gas flow from Stage 1 Lorelle Sandstone post stimulation
Elixir Energy’s Nomgon coal-bed methane (CBM) project is located in Mongolia.
The Nomgon CBM project is in the South Gobi region of Mongolia and on the Chinese/Mongolian border. The ideal location of the asset provides access to excellent infrastructure, including planned pipelines and local mines as customers. The Nomgon project includes a CBM pilot production plant, which flowed gas in its early stages and is now moving to progressively de-water with a view to building up a sustained gas flow rate.
The company is led by a highly experienced team with direct histories in Queensland, Australia and Mongolia and expertise in the natural resources industry, community engagement and working with government stakeholders.
The company’s asset in Queensland, Australia, covers approximately 1,000 square kilometers in an established oil and gas province. The project is well-suited for cost-effective transportation to domestic and international gas markets.
Daydream-2 Lorelle Sandstone Flow Testing*
Elixir Energy’s 100-percent-owned coal-bed methane (CBM) project is ideally located in the South Gobi region of Mongolia. This location gives the asset access to robust local infrastructure and close access to Chinese energy markets – the world’s largest.
Richard Cottee was appointed as the non-executive chairman of the company on April 29, 2019. Cottee was the managing director of coal-seam-gas(CSG)-focused Queensland Gas Company (QGC) during its growth from a $20-million market capitalization junior explorer through to its acquisition by BG Group for $5.7 billion. QGC’s CSG assets are now operated by Shell and produce gas that is sold to China and other LNG markets.
Originally a lawyer, Cottee has spent the vast majority of his career in senior executive roles in the energy industry, including as CEO at CS Energy, NRG Europe, Central Petroleum and Nexus Energy. A 32-year veteran of the industry, Cottee is a strong business development professional and a graduate of The University of Queensland.
Neil Young was appointed to the board of Elixir on December 14, 2018, as its chief executive officer. Young has more than 20 years of experience in senior management positions in the upstream and downstream parts of the energy sector, focusing on business development, new ventures, gas marketing and general commercial functions. He has worked for a range of companies in the UK and Australia, including EY, Tarong Energy and Santos. Young founded Golden Horde Ltd in 2011 to explore gas on the Chinese border in Mongolia. He has also developed various new ventures in other countries including Kazakhstan, Japan and the USA. Young has an M.A. (Hons) joint degree in economics/politics from the University of Edinburgh.
Stephen Kelemen was appointed as the non-executive director of the company on May 6, 2019. Kelemen led Santos’ coal seam gas (CSG) team from its inception in 2004 and drove the growth in this area that allowed Santos to become one of Australia’s leading CSG companies.
An engineering graduate from Adelaide University, Kelemen served Santos for 38 years in multiple technical and leadership roles.
Kelemen is currently an adjunct professor at the University of Queensland’s Centre for Coal Seam Gas and also acts as a non-executive director on the boards of Galilee Energy (ASX:GLL) and Advent Energy.
Anna Sloboda was appointed as the non-executive director of the company on October 1, 2020. Sloboda is a joint Belarusian/Australian citizen and has more than 20 years of experience in corporate finance, and in developing junior resource companies operating around the world.
Sloboda is currently an executive director of Red Citadel Resources Pty Ltd, a privately owned mineral resources exploration company with a range of projects in Africa and South America.
She also serves as an advisory committee member, maritime archaeology, at the Western Australian Museum.
Previously she was a co-founder of Trans-Tasman Resources and in that capacity had substantial experience in dealing with Chinese off-takers and partners. Other prior employers include Lehman Brothers, Clough and Curtin University.
Sloboda has a Master of Economics from Belarusian University and an executive MBA from Melbourne Business School.
Victoria Allinson is a fellow of The Association of Certified Chartered Accountants, a fellow of the Governance Institute of Australia and an NSX-nominated advisor. She has more than 30 years of accounting and auditing experience, including senior accounting positions in a number of listed companies and was an audit manager for Deloitte Touche Tohmatsu. Allinson has gained professional experience while living and working in both Australia and the United Kingdom.
Her previous experience has included being company secretary and CFO for a number of listed companies, including ASX-listed: Kiland, Safety Medical Products, Marmota Limited, Centrex Metals, Adelaide Energy, Enterprise Energy NL, and Island Sky Australia as well as several unlisted companies.
Tycoonstory, an online network for startups and entrepreneurs, has profiled Charbone Hydrogen (TSXV:CH,OTCQB:CHHYF,FWB:K47), citing the company as a leading startup making strides in innovation in green hydrogen production.
“With a mission to provide sustainable energy solutions, Charbone is well-positioned to become a key player in the green hydrogen market,” the article said.
A standout feature of Charbone, according to the article, is the company’s strategy to secure multiple production locations for its green hydrogen technology. There are currently 16 locations where Charbone has identified green hydrogen source.
“Charbone’s technological innovations are also noteworthy. The company has developed processes that require less pressure, reducing the risk and cost associated with hydrogen production,” the article said.
Successful Production and Completion of 4 Workovers, Marks a Major Milestone in Trillion's Strategic Perforation Program, Increasing Gas Production Capacity at the Black Sea Asset
Trillion Energy International Inc.(“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide this production update for the SASB gas field.
SASB revitalization program is off to a great start having realized the complete payback of recent perforation costs in just 35 days of production. In first phase of workover all remaining gas pay on the Akcakoca platform was perforated including three long reach deviated gas wells Guluc-2, South Akcakoca-2, West Akcakoca-1 wells and the recompleted legacy well Akcakoca-3, all drilled in the 2022/2023 program. The wells started production over a staggered period from July 9 to July 28 and have already produced 140MMcf representing a 35-day payoff of the recent perforation CAPEX.
South Akcakoca-2 has been producing for 36 days, stabilizing at approximately 2.75 MMcf/d. Guluc-2 has produced for over three weeks with an average production of 2.0 MMcf/d and now produces at a stable rate of about 1.25 MMcf/d. West Akcakoca-1 has produced an average of 0.60 MMcf/d for over two weeks with some irregularities and has not yet stabilized. Akcakoca-3 was perforated and although gas flow did not initially occur the well head pressure (“WHP”) has steadily increased from 100 psi to 478 psi and is therefore anticipated to start producing soon.
Gas production from the Akcakoca Platform has averaged 4.6 MMcf/d since the perforation program concluded.
CEO Arthur Halleran stated:
“The wells on the Akcakoca Platform have been completed successfully with gas production and WHP continuing to increase. This early return on our investment is a clear indicator of the field’s robust production potential. The results are very positive, giving us good indications that decreasing the production tubing size from 4 ½” to 2 3/8” using velocity strings, should stabilize gas production at the targeted rates.”
Trillion also announces that the Board of Directors of the Company has authorized the granting of stock options under its Stock Option Plan to purchase 8,800,000 common shares of the Company at an exercise price of $0.14 per share for a five-year term expiring August 12, 2029. The stock options are being granted to certain directors, officers, employees and consultants of the Company.
About the Company
Trillion Energy International Inc is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The Company is 49% owner of the SASB natural gas field, a Black Sea natural gas development and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. The Company has a 50% interest in 3 oil exploration blocks in S.E. Türkiye. More information may be found on www.sedar.com, and our website.
Contact
Arthur Halleran, Chief Executive Officer
Brian Park, Vice President of Finance
1-778-819-1585
e-mail: info@trillionenergy.com;
Website: www.trillionenergy.com
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company's ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.
These statements are no guarantee of future performance and are subject to certain risks, uncertainties, delay, change of strategy, and assumptions that are difficult to predict and which may change over time. Accordingly, actual results and strategies could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, changes in capital raising strategies, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may increase and be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s filings on www.sedar.com" target="_blank" rel="noopener noreferrer">www.sedar.com, including the most recently filed Annual Report on Form 20-F and subsequent filings. For a full summary of our oil and gas reserves information for Turkey, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and or request a copy of our reserves report effective December 31, 2022 and updated January 31 2023.
TSX VENTURE COMPANIES
BULLETIN V2024-2431
ADRABBIT LIMITED ("RABI.H")
Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) ("Alvopetro" or the "Company") is pleased to announce the TSX Venture Exchange ("TSXV") has now approved the Company's proposed normal course issuer bid (the "NCIB") and an automatic share purchase plan ("ASPP").
Pursuant to the NCIB, Alvopetro is authorized to repurchase up to 2,953,044 common shares, representing 8.1% of the common shares outstanding as of August 12, 2024 and 10% of Alvopetro's "public float", over the period commencing on August 13, 2024 and ending on the earlier of: August 12, 2025 or such earlier date as the NCIB is completed or is terminated at the Company's election. Purchases under the NCIB may be made through open market transactions on the TSXV, the OTCQX and any alternate trading systems in Canada on which the common shares are traded, based on the prevailing market price, at such times and in such quantities as the Company may determine, subject to applicable regulatory restrictions. A maximum of 5% of Alvopetro's common shares outstanding may be purchased on the OTCQX during the twelve-month term of the NCIB. Any common shares purchased under the NCIB will be cancelled. During the Company's previous normal course issuer bid, which ran from January 6, 2023 until January 5, 2024 (the "Prior NCIB"), the Company purchased 4,600 of its common shares. The weighted average price paid per common share in the Prior NCIB was C$6.76 .
Alvopetro has appointed Research Capital Corporation as our designated broker to conduct the NCIB purchases. In connection with the NCIB, Alvopetro has entered into the ASPP with our designated broker. The TSXV has approved the ASPP. The ASPP allows our designated broker to purchase common shares under the NCIB. The ASPP allows for the purchase of common shares under the NCIB at times when the Company may not ordinarily be permitted to purchase common shares due to regulatory restrictions and customary self-imposed blackout periods. Any purchases under the ASPP are determined by the broker at its sole discretion based on purchasing parameters set out by the Company in accordance with rules of the TSXV, applicable securities laws and the terms of the ASPP. The ASPP will terminate on the earlier of the date on which: (i) the NCIB expires; (ii) the maximum number of common shares have been purchased under the ASPP; and (iii) the Company terminates the ASPP in accordance with its terms.
Outside of the ASPP and outside of pre-determined blackout periods, common shares may continue to be purchased under the NCIB based on management's discretion, in compliance with the rules of the TSXV and applicable securities laws. All purchases made under the ASPP will be included in the number of common shares available for purchase under the NCIB.
Alvopetro has an established strategy to balance reinvestment in our business with stakeholder returns. In combination with our quarterly dividends, the NCIB provides us with further flexibility with respect to stakeholder returns. Where Alvopetro has excess cash and working capital on hand, the NCIB provides Alvopetro with discretion to repurchase our common shares for cancellation at times where our board of directors and senior management believe the market price of the common shares may not fully reflect the reflect the underlying value of the common shares and Alvopetro's business and future prospects. In such circumstances, the repurchase of common shares under the NCIB should increase the underlying value of the common shares to the remaining shareholders. In addition, purchases under the NCIB may increase liquidity to shareholders wishing to sell their common shares. As announced on August 7, 2024 , where Alvopetro's funds flow from operations (1) to be allocated to stakeholders exceeds our current base dividend ( $0.09 per common share), Alvopetro's intention is to allocate such surplus funds to common share repurchases. An initial budget of $0.5 million has been allocated based on results for the six months ended June 30, 2024 and Alvopetro expects to augment this in future quarters based on results.
Alvopetro retains discretion whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable regulatory requirements.
(1) See " Non-GAAP and Other Financial Measures " section within this news release. |
Social Media
Follow Alvopetro on our social media channels at the following links:
Twitter - https://twitter.com/AlvopetroEnergy
Instagram - https://www.instagram.com/alvopetro/
LinkedIn - https://www.linkedin.com/company/alvopetro-energy-ltd
YouTube - https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w
Alvopetro Energy Ltd.'s vision is to become a leading independent upstream and midstream operator in Brazil . Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil , building off the development of our Caburé and Murucututu natural gas assets and our strategic midstream infrastructure.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
All amounts contained in this new release are in United States dollars, unless otherwise stated and all tabular amounts are in thousands of United States dollars, except as otherwise noted.
Abbreviations:
C$ = Canadian dollar
Non-GAAP and Other Financial Measures. This news release contains a reference to funds flow from operations which is a non-GAAP capital management measure as such term is defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. It is not a recognized measure under GAAP and does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. It should not be considered an alternative to, or more meaningful than measures prescribed by IFRS and is not meant to enhance the Company's reported financial performance or position. Funds flow from operations is a non-GAAP capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. The most comparable GAAP measure to funds flow from operations is cash flows from operating activities. Management considers funds flow from operations important as it helps evaluate financial performance and demonstrates the Company's ability to generate sufficient cash to fund future growth opportunities. Funds flow from operations should not be considered an alternative to, or more meaningful than, cash flows from operating activities. For more information including a reconciliation to the closest comparable GAAP measure, see the "Non-GAAP Measures and Other Financial Measures" section of the Company's MD&A which may be accessed through the SEDAR+ website at www.sedarplus.ca .
Forward-Looking Statements and Cautionary Language. This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "expect", "intend" and other similar words or expressions are intended to identify forward-looking information. Forward‐looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the expectations discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events. Accordingly, when relying on forward-looking statements to make decisions, Alvopetro cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. More particularly and without limitation, this news release contains forward-looking information concerning the NCIB, the duration of the NCIB, the number of common shares which may be purchased under the NCIB, the timing, amount and price of common shares under the NCIB, anticipated advantages to shareholder of the NCIB, the anticipated budget for the NCIB, the Company's dividend policy and plans for dividends in the future, future results of operations and related matters. Forward -looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to, expectations and assumptions concerning the timing of regulatory licenses and approvals, equipment availability, the success of future drilling, completion, testing, recompletion and development activities and the timing of such activities, the performance of producing wells and reservoirs, well development and operating performance, expectations regarding Alvopetro's working interest and the outcome of any redeterminations, environmental regulation, including regulation relating to hydraulic fracturing and stimulation, the ability to monetize hydrocarbons discovered, the outlook for commodity markets and ability to access capital markets, foreign exchange rates, general economic and business conditions, forecasted demand for oil and natural gas, the impact of global pandemics, weather and access to drilling locations, the availability and cost of labour and services, the regulatory and legal environment and other risks associated with oil and gas operations . The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. In addition, the declaration, timing, amount and payment of future dividends remain at the discretion of the board of directors and may vary depending on numerous factors, including, without limitation, the Company's operational performance, available financial resources and financial requirements, capital requirements and growth plans. There can be no assurance that dividends will be paid at the intended rate or at any rate in the future. Similarly, the decision by the Company to repurchase common shares pursuant to the NCIB and the amount and timing of such repurchases is uncertain and there can be no assurance that the Company will repurchase any common shares in the future. Although Alvopetro believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Alvopetro can give no assurance that it will prove to be correct. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on factors that could affect the operations or financial results of Alvopetro are included in our annual information form which may be accessed on Alvopetro's SEDAR+ profile at www.sedarplus.ca . The forward-looking information contained in this news release is made as of the date hereof and Alvopetro undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Alvopetro Energy Ltd.
View original content: http://www.newswire.ca/en/releases/archive/August2024/12/c2668.html
News Provided by Canada Newswire via QuoteMedia
BPH Energy Limited (ASX: BPH) (“BPH” or “Company”) is pleased to announce that it has received binding commitments to raise $1.044 million (before costs) (“Placement”). The Placement will comprise the issue of 58,028,337 new fully paid ordinary shares (“Placement Shares”) in the Company at an issue price of $0.018 per share. The Placement Shares will be issued pursuant to the Company’s existing placement capacity under ASX Listing Rule 7.1A.
HIGHLIGHTS
Placement participants will receive one (1) free Attaching Option for every two (2) Placement Shares subscribed for under the Placement, exercisable at $0.03 each, expiring 12 months from the date of issue (“Attaching Options”). The issue of the Attaching Options is subject to shareholder approval at a general meeting to be held on or about 25 September 2024. The Company will seek shareholder approval for a total of 29,014,168 Attaching Options.
Oakley Capital Partners Pty Limited (“Oakley Capital”) and 62 Capital Limited (“62 Capital”) acted as Joint Lead Managers for the Placement. Oakley Capital and 62 Capital will be paid a cash fee of 5.5% on funds raised under the Placement and subject to shareholder approval at the general meeting held on or about 25 September 2024, will receive 16,666,667 Broker Options (“Broker Options”) exercisable at $0.03 each, expiring 12 months from the date of issue (pro rata to their participation in the Placement).
The Company will seek quotation of the Attaching Options and Broker Options, subject to ASX Listing Rule requirements being met.
Commenting on the capital raising, Executive Director Mr David Breeze said:
“We were pleased with the strong support in the Placement and will see the introduction of several new sophisticated investors, including high net worth, family office and resource funds to our register.
The funding allows BPH to accelerate the exploration programs to unlock the potential on our gas projects especially with the current gas supply crisis as well as assist the next phase of associate Cortical Dynamic Limited’s expansion.
Click here for the full ASX Release
This article includes content from BPH Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Elixir Energy Limited (“Elixir” or the “Company”) is pleased to provide an update on the Daydream-2 program in its 100% owned Grandis Project in Queensland’s Taroom Trough.
HIGHLIGHTS
Elixir is in the final stages of mobilizing all equipment for the Daydream-2 stimulation and testing program. Over the coming weekend the plug set above the Lorelle Sandstone is due to be milled out and post stimulation flow testing of the Lorelle sandstone will follow immediately after. Given the depth and high pressure of this well, Elixir has been undertaking additional HSE inspections to ensure the simulation and testing will be conducted smoothly and safely.
Coil Tubing Unit Cab in Miles, ready to be mobilized to the wellsite
The Coil Tubing Unit (CTU) which was recently imported from New Zealand has been checked and function tested in cooperation with Elixir’s neighbouring Taroom Operator. The CTU is required to remove the plug above the Lorelle Sandstone before the flow test can commence.
The wellhead manifold and “Christmas Tree” valves have been serviced and pressure tested to 13,000 psi. They are fully functional and ready for tie in to the stimulation spread.
Servicing of well head at Daydream-2
In excess of 815,000 pounds of proppant and micro-proppant is also being transported to the wellsite in preparation for the 5 remaining stages of stimulation that will follow the Lorelle flow test.
Click here for the full ASX Release
This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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