FN Media Group News Commentary - The green hydrogen market is experiencing rapid growth, driven by global efforts to reduce carbon emissions and advancements in electrolysis and renewables. Government support through policies and investments is also boosting growth. Its versatility and scalability make green hydrogen a key player in the transition to sustainable energy. The market is even being propelled by its increasing use in fuel cell electric vehicles (FCEVs) and high-energy-intensive industries like steel and ammonia production, further driving demand and market expansion. A report from MarketsAndMarkets said: "The green hydrogen market was valued at USD 1.1 billion in 2023 and is projected to reach USD $30.6 Billion by 2030, growing at 61.1% CAGR from 2023 to 2030." The report said: "Hydrogen's versatility has expanded beyond its traditional role in fuel cells for electric vehicles, now encompassing the production of alternative fuels like ammonia, methanol, and synthetic liquids. These energy carriers are gaining prominence and are poised to drive future demand. In developing economies, green hydrogen presents a pathway to a low-carbon future, offering a nearly carbon-free fuel option for marine transportation, hydrogen fuel cells in electric vehicles (EVs), and industrial backup power. The diverse array of applications positions the green hydrogen sector as a lucrative venture with significant growth potential. The market for green hydrogen in vehicle fuel cells is rapidly evolving, providing the convenience of fossil fuels without the associated emissions." Active companies in the markets this week include Charbone Hydrogen Corporation (OTCQB: CHHYF) (TSXV: CH), Bloom Energy (NYSE: BE), NANO Nuclear Energy Inc. (NASDAQ: NNE), Plug Power Inc. (NASDAQ: PLUG), FuelCell Energy, Inc . (NASDAQ: FCEL).
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![Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF)](https://investingnews.com/media-library/saturn-oil-gas-inc-tsx-soil-fse-smka-otcqx-oilsf.png?id=51742594&width=1200&height=800)
Saturn Oil & Gas Inc. Reports 2023 Year-End Results Highlighted by Record Annual Production and Free Funds Flow
Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) ("Saturn" or the "Company") is pleased to report its financial and operating results for the three and twelve months ended December 31, 2023.
"2023 was a tremendous year of progress for Saturn in creating a substantial and sustainable free cash generating enterprise. In addition to doubling our production base over last year, we have assembled a deep inventory of high-quality development drilling locations to sustain current production levels for decades," commented John Jeffrey, Chief Executive Officer. "Saturn has maintained its strategic focus on developing light oil focused assets and optimizing our cost structure to deliver some of the highest cash flow margins in Canada, and to further our ultimate goal of shareholder value creation."
2023 Fourth Quarter and Annual Highlights:
- Delivered record crude oil and natural gas production with fourth quarter 2023 averaging 26,891 boe/d (82% oil and NGLs), compared to 12,514 boe/d (96% oil and NGLs) in the fourth quarter of 2022, an increase of 115%;
- Generated quarterly adjusted EBITDA(1) of $100.1 million compared to $62.2 million in the fourth quarter of 2022, an increase of 61%;
- Achieved record quarterly adjusted funds flow(1) of $80.2 million compared to $50.7 million in the fourth quarter of 2022, an increase of 58%;
- Invested $57.2 million of capital expenditures(1) in the fourth quarter, drilling 19 (16.9 net) horizontal wells;
- Generated free funds flow(1) of $23.1 million in the fourth quarter 2023, compared to $15.1 million in the fourth quarter of 2022, an increase of 53%; and
- Exited 2023 with net debt(1) of $460.5 million, realizing a net debt to fourth quarter annualized adjusted funds flow(1) of 1.4x.
Three months ended December 31, | Year ended December 31, | ||||||||||||
(CAD $000s, except per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||
FINANCIAL HIGHLIGHTS | |||||||||||||
Petroleum and natural gas sales | 185,384 | 111,558 | 693,891 | 367,957 | |||||||||
Cash flow from operating activities | 75,380 | 58,100 | 283,988 | 102,314 | |||||||||
Operating netback, net of derivatives(1) | 104,328 | 64,661 | 382,890 | 153,450 | |||||||||
Adjusted EBITDA(1) | 100,092 | 62,191 | 363,143 | 146,740 | |||||||||
Adjusted funds flow(1) | 80,247 | 50,729 | 278,138 | 118,658 | |||||||||
per share | - Basic | 0.58 | 0.85 | 2.20 | 2.67 | ||||||||
- Diluted | 0.56 | 0.84 | 2.15 | 2.64 | |||||||||
Free funds flow(1) | 23,072 | 15,053 | 147,565 | 29,553 | |||||||||
per share | - Basic | 0.17 | 0.25 | 1.17 | 0.67 | ||||||||
- Diluted | 0.16 | 0.25 | 1.14 | 0.66 | |||||||||
Net income (loss) | 131,456 | (16,728 | ) | 290,623 | 74,815 | ||||||||
per share | - Basic | 0.94 | (0.28 | ) | 2.30 | 1.68 | |||||||
- Diluted | 0.92 | (0.28 | ) | 2.25 | 1.66 | ||||||||
Net Debt(1), end of period | 460,483 | 219,803 | 460,483 | 219,803 |
Three months ended December 31, | Year ended December 31, | |||||||||||
(CAD $000s, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||
OPERATING HIGHLIGHTS | ||||||||||||
Average production volumes | ||||||||||||
Crude oil (bbls/d) | 19,407 | 11,590 | 18,177 | 8,841 | ||||||||
NGLs (bbls/d) | 2,533 | 428 | 1,992 | 353 | ||||||||
Natural gas (mcf/d) | 29,704 | 2,971 | 24,559 | 2,392 | ||||||||
Total boe/d | 26,891 | 12,514 | 24,262 | 9,593 | ||||||||
% Oil and NGLs | 82% | 96% | 83% | 96% | ||||||||
Average realized prices | ||||||||||||
Crude oil ($/bbl) | 95.09 | 103.03 | 96.75 | 111.84 | ||||||||
NGLs ($/bbl) | 44.21 | 51.47 | 43.75 | 58.41 | ||||||||
Natural gas ($/mcf) | 2.49 | 5.36 | 2.77 | 5.57 | ||||||||
Processing expenses ($/boe) | (0.61 | ) | (1.56 | ) | (0.53 | ) | (1.52 | ) | ||||
Petroleum and natural gas sales ($/boe) | 74.93 | 96.90 | 78.35 | 105.09 | ||||||||
Operating netback ($/boe) | ||||||||||||
Petroleum and natural gas sales | 74.93 | 96.90 | 78.35 | 105.09 | ||||||||
Royalties | (9.75 | ) | (9.57 | ) | (9.10 | ) | (13.61 | ) | ||||
Net operating expenses(1) | (18.17 | ) | (22.42 | ) | (20.33 | ) | (24.67 | ) | ||||
Transportation expenses | (1.25 | ) | (0.45 | ) | (1.28 | ) | (0.61 | ) | ||||
Operating netback(1) | 45.76 | 64.46 | 47.64 | 66.20 | ||||||||
Realized loss on derivatives | (3.59 | ) | (8.29 | ) | (4.41 | ) | (22.38 | ) | ||||
Operating netback, net of derivatives(1) | 42.17 | 56.17 | 43.23 | 43.82 | ||||||||
Common shares outstanding, end of period | 139,313 | 59,892 | 139,313 | 59,892 | ||||||||
Weighted average, basic | 139,313 | 59,869 | 126,230 | 44,402 | ||||||||
Weighted average, diluted | 142,292 | 60,363 | 129,225 | 44,955 |
Message to Shareholders
In 2023, Saturn achieved its third consecutive year of growth in production and cash flow from operations:
- Average production increased 153% to 24,262 boe/d, compared to 9,593 boe/d average production in 2022;
- Adjusted EBITDA(1) increased 147% to $363.1 million, compared to $146.7 million in 2022; and
- Adjusted funds flow(1) increased 134% to $278.1 million, compared to $118.7 million in 2022.
During 2023, Saturn successfully drilled and rig released a total of 59 gross (48.8 net) horizontal wells across its four core operating areas, comprised of:
- 28 gross (25.2 net) wells in Southeast Saskatchewan;
- 19 gross (14.3 net) wells in West Central Saskatchewan;
- 8 gross (5.3 net) wells in Central Alberta; and
- 4 gross (4.0 net) wells in North Alberta.
The February acquisition of privately held oil and gas producer, Ridgeback Resources Inc. ("Ridgeback"), was a key contributor to Saturn's growth in 2023, adding 670 net sections of land featuring development opportunities to sustain the Company's production going forward. The acquisition of Ridgeback was highly synergistic to the Company's existing Southeast Saskatchewan assets expanding its high cash flow, light oil production base by approximately 65%; more than doubling the light oil reserve volumes in the area; and added a large undeveloped land position featuring Bakken light oil resource that Saturn can continue to develop. In addition to growing the Company's Saskatchewan footprint, the acquisition also expanded Saturn's operations into Alberta's prolific Cardium, Kaybob and Swan Hills areas.
The Company has continued to focus on streamlining its cost structure by reducing overall royalties, decreasing operating costs and improving average hedging pricing:
- Average royalties decreased to 11.5% in 2023, compared 12.8% in 2022;
- Average net operating expenses(1) decreased 18% to $20.33 per boe in 2023, compared to $24.67 per boe in 2022; and
- Average realized loss on derivatives decreased 80% to $4.41 per boe in 2023, compared to $22.38 in 2022.
In light of the above cost reduction impacts, the Company's 2023 operating netback(1), net of derivatives of $43.23 per boe, was comparable to the $43.82 per boe in 2022, despite an approximately 17% drop in the average benchmark WTI oil price to US $77.60 in 2023, compared to an average WTI oil price of US $94.25 in 2022.
Saturn drilled as operator in 2023, 47 gross (45.2 net) wells, with the results of the 46 gross operated wells that were placed on production summarized in the table below:
Gross Wells Drilled by Formation (number): | Avg. IP30 per Location (boe/d) | 2023 Guidance Type Curve (boe/d) | Performance vs. Type Curve (%) | Total Gross Capital Invested ($MM) | Capital Efficiency ($ per boe/d) |
SE Sask - Frob. & Midale (10) | 80.4 | 69.0 | +17 | 13.2 | 16,420 |
SE Sask - Spearfish (6) | 89.2 | 77.0 | +16 | 7.1 | 13,270 |
SE Sask - Stimulated Bakken (7) | 109.7 | 101.0 | +9 | 12.3 | 16,020 |
SE Sask - OHML Bakken (2) | 168.5 | 147.0 | +15 | 4.6 | 13,650 |
WC Sask - Viking (12) | 97.9 | 68.0 | +44 | 19.4 | 16,510 |
Central AB - Lochend Cardium (3) | 279.0 | 260.0 | +7 | 17.7 | 21,150 |
Central AB - Pembina (2) | 239.5 | 248.0 | -3 | 9.4 | 19,620 |
North AB - Montney (4) | 314.4 | 330.0 | -5 | 14.3 | 11,390 |
Weighted Average | 134.6 | 121.0 | +11 | 98.0 | 15,830 |
Commitment to Debt Repayment
On February 28, 2023, the Company expanded its Senior Term Loan by $375.0 million in relation to the acquisition of Ridgeback. Saturn continues to prioritize the rapid repayment of its Senior Term Loan, and in 2023, the Company made principal payments totaling approximately $164.5 million, with additional aggregate payments of approximately $50.7 million made to date in 2024, for a total of $215.2 million of principal payments since December 31, 2022. The Company intends to continue directing free cash flow to ongoing debt repayment and balance sheet strengthening.
Southeast Saskatchewan
In Q4 of 2023, Saturn rig released six gross (4.6 net) Bakken wells, of which two gross wells (2.0 net) were drilled as open hole multi-lateral ("OHML") wells. These OHML wells feature seven to eight horizontal legs per well and represent the first on which Saturn has deployed this innovative drilling technique. The Company's Bakken light oil development has been a strong addition to its capital program in Southeast Saskatchewan, where Saturn has already successfully drilled a total of 11 gross (9.1 net) Bakken wells in 2023. Saturn has 197 net booked Bakken drilling locations (including 16.9 net OHML locations) and has identified over 100 net unbooked Bakken wells for future development.
Saturn successfully drilled three gross (2.3 net) Frobisher wells in Q4 of 2023 for an annual total of 11 gross (10.1 net) Mississippian wells, including two gross (1.9 net) Midale wells, which collectively outperformed IP30 type curve expectations by 17%. The six gross (6.0 net) Spearfish wells drilled in 2023 were a highlight of the year's development program, outperforming IP30 type curve expectations by 16%, while experiencing lower than expected declines. Further budgeted development of Frobisher and Spearfish light oil is expected to be a prominent component of Saturn's 2024 capital investment plan.
For the three months ended December 31, 2023, the Company's Southeast Saskatchewan assets collectively averaged 12,550 boe/d of production, an increase of 67% from 7,522 boe/d in the comparative 2022 period.
West Central Saskatchewan
The Company added a third rig to the fourth quarter development plan in order to extend the drilling success of its Viking light oil targets in West Central Saskatchewan, adding four additional wells with 100% working interest. In 2023 Saturn successfully drilled 19 gross (14.3 net) Viking wells and continued to follow up on its best performing areas of Hershel and Plato with 12 operated wells. These 12 wells were drilled with 100% working interest, had an average IP30 of 97.9 bbls/d of light oil, which outperformed the type curve expectations by 44%. Saturn has 165 net locations booked for future Viking development.
The Company's West Central Saskatchewan assets averaged 3,504 boe/d of production for the three months ended December 31, 2023, compared to 4,992 boe/d in the prior year.
Central Alberta
Saturn successfully drilled three Cardium horizontal wells in the fourth quarter of 2023, with 100% working interest, for a total of eight gross (5.3 net) Cardium wells being rig released in 2023. The 2023 Cardium wells drilled by Saturn were Extended Reach Horizontal ("ERH") wells having an average lateral length of 2.2 miles. Five of the Saturn operated Cardium wells were put on production in Q4 of 2023, with IP30 rates consistent with type cure expectations, and delivering approximately 1,316 boe/d in aggregate during the first 30 days on production. The 6th Cardium well drilled in late 2023 has now been completed along with an additional three gross (3.0 net) ERH Cardium wells drilled to date in 2024. The four new wells are expected to be brought online before the end of Q1 2024. In total during 2024, Saturn expects to drill eight net Cardium ERH wells.
For the three months ended December 31, 2023, the Company's Central Alberta assets produced an average of 8,066 boe/d.
North Alberta
In December 2023, the Company brought on production a four well pad in Kaybob, with 100% working interest to Saturn. The four wells were within expectations of the Montney type curve for this area and delivered an IP30 rate of approximately 1,254 boe/d in aggregate. Saturn plans to drill an additional four well pad in Kaybob during 2024.
For the three months ended December 31, 2023, the Company's North Alberta assets produced an average of 2,771 boe/d.
ESG Initiatives
Saturn continued its dedication to responsible environmental stewardship by directing approximately $10.7 million in 2023 to decommissioning expenditures, including the abandonment of 114 wells that no longer had economic production potential, amounting to approximately 2x the number of gross new wells the Company drilled in 2023.
Outlook
Saturn's Board of Directors has approved the Company's largest ever development plan in 2024, with a budget of approximately $145.6 million targeting the drilling of up to 61 net wells. With Saturn's extensive pipeline network and facilities infrastructure within each of its core operating areas, the Company has ample capacity to handle incremental new production coming on-stream. Over 85% of the Company's 2024 development capital expenditures will be directed to drilling, completions, equipping and tie-in of new production.
Through the first quarter of 2024, the Company employed a full-time rig in Southeast Saskatchewan, resulting in the drilling of five gross (5.0 net) conventional wells (two Frobisher, two Spearfish, one Tilston) all of which have been put onto production. The Company is now drilling the first of two Bakken OHML wells that will continue through the first half of 2024 with 100% working interest to Saturn.
Additional details on Saturn's 2024 Capital Investment Program is available within the Company's Guidance Presentation now available on the website at https://saturnoil.com/investors/#presentations-and-events.
Investor Webcast
Saturn will host a webcast at 10:00 AM MDT (12:00 PM Noon EDT) on Wednesday, March 13, 2024, to review the year end and fourth quarter 2023 financial results and provide additional colour on the Company's operational highlights. Participants can access the live webcast via https://saturnoil.com/invest/q4-2023-results-webcast. A recorded archive of the webcast will be available afterwards on the Company's website.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. is a growing Canadian energy company focused on generating positive shareholder returns through the continued responsible development of high-quality, light oil weighted assets, supported by an acquisition strategy that targets highly accretive, complementary opportunities. Saturn has assembled an attractive portfolio of free-cash flowing, low-decline operated assets in Saskatchewan and Alberta that provide a deep inventory of long-term economic drilling opportunities across multiple zones. With an unwavering commitment to building an ESG-focused culture, Saturn's goal is to increase reserves, production and cash flows at an attractive return on invested capital. Saturn's shares are listed for trading on the TSX under ticker 'SOIL' on the Frankfurt Stock Exchange under symbol 'SMKA' and on the OTCQX under the ticker 'OILSF'.
The Company's consolidated financial statements and corresponding Management's Discussion and Analysis for the three months and year ended December 31, 2023 are available on SEDAR+ at www.sedarplus.com and on Saturn's website at www.saturnoil.com. Copies of the materials can also be obtained upon request without charge by contacting the Company directly. Please note, currency figures presented herein are reflected in Canadian dollars, unless otherwise noted.
Further information and a corporate presentation is available on Saturn's website at www.saturnoil.com.
Saturn Oil & Gas Investor & Media Contacts:
John Jeffrey, MBA - Chief Executive Officer
Tel: +1 (587) 392-7900
www.saturnoil.com
Kevin Smith, MBA - VP Corporate Development
Tel: +1 (587) 392-7900
info@saturnoil.com
Note:
(1) See Reader Advisory "Non-GAAP and Other Financial Measures"
Reader Advisory
Non-GAAP and Other Financial Measures
Throughout this news release and in other materials disclosed by the Company, we employ certain measures to analyze financial performance, financial position and cash flow. These non-GAAP and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other issuers. Non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS. The disclosure under the section "Non-GAAP and Other Financial Measures" including non-GAAP financial measures and ratios, capital management measures and supplementary financial measures in the Company's Condensed consolidated interim financial statements and MD&A are incorporated by reference into this news release.
This press release uses the terms "adjusted EBITDA", "adjusted funds flow", "free funds flow" and "net debt" which are capital management measures. See the disclosure under "Capital Management" in our audited consolidated financial statements for the three months and the year ended December 31, 2023, for an explanation and composition of these measures and how these measures provide useful information to an investor, and the additional purposes, if any, for which management uses these measures.
Free funds flow
The Company considers free funds flow to be a key capital management measure as it is used to determine the efficiency and liquidity of Saturn's business, measuring its funds available after capital investment available for debt repayment, pursue acquisitions and gauge optionality to pay dividends and/or return capital to shareholders through share repurchases. Saturn calculates Free funds flow as Adjusted funds flow in the period less expenditures on property, plant and equipment and exploration and evaluation assets, together "capital expenditures". By removing the impact of current period capital expenditures from adjusted funds flow, management monitors its free funds flow to inform its capital allocation decisions.
Three months ended December 31, | Year ended December 31, | |||||||||||
($000s) | 2023 | 2022 | 2023 | 2022 | ||||||||
Adjusted funds flow | 80,247 | 50,729 | 278,138 | 118,658 | ||||||||
Capital expenditures | (57,175 | ) | (35,676 | ) | (130,573 | ) | (89,105 | ) | ||||
Free funds flow | 23,072 | 15,053 | 147,565 | 29,553 |
Capital Expenditures
Saturn uses capital expenditures to monitor its capital investments relative to those budgeted by the Company on an annual basis. Saturn's capital budget excludes acquisition and disposition activities as well as the accounting impact of any accrual changes or payments under certain lease arrangements. The most directly comparable GAAP measure for capital expenditures is cash flow used in investing activities. The following table reconciles capital expenditures and capital expenditures, net acquisitions and dispositions ("A&D") to the nearest GAAP measure, cash flow used in investing activities.
Three months ended December 31, | Year ended December 31, | |||||||||||
($000s) | 2023 | 2022 | 2023 | 2022 | ||||||||
Cash flow used in investing activities | 38,725 | 41,747 | 576,405 | 318,238 | ||||||||
Change in non-cash working capital | 18,450 | (5,266 | ) | 20,830 | 19,234 | |||||||
Capital expenditures, net A&D | 57,175 | 36,481 | 597,235 | 337,472 | ||||||||
Acquisitions, net of cash acquired | - | (805 | ) | (466,662 | ) | (248,367 | ) | |||||
Capital expenditures | 57,175 | 35,676 | 130,573 | 89,105 |
Net operating expenses
Net operating expense is calculated by deducting processing income primarily generated by processing third party production at processing facilities where the Company has an ownership interest, from operating expenses presented on the Statement of income (loss). Where the Company has excess capacity at one of its facilities, it will process third-party volumes to reduce the cost of ownership in the facility. The Company's primary business activities are not that of a midstream entity whose activities are focused on earning processing and other infrastructure-based revenues, and as such third-party processing revenue is netted against operating expenses in the MD&A. This metric is used by management to evaluate the Company's net operating expenses on a unit of production basis. Net operating expense per boe is a non-GAAP financial ratio and is calculated as net operating expense divided by total barrels of oil equivalent produced over a specific period of time. The calculation of the Company's net operating expenses is shown within the net operating expenses section of our MD&A for the three months and year ended December 31, 2023.
Operating netback and Operating netback, net of derivatives
The Company's operating netback is determined by deducting royalties, net operating expenses and transportation expenses from petroleum and natural gas sales. The Company's operating netback, net of derivatives is calculated by adding or deducting realized financial derivative commodity contract gains or losses from the operating netback. The Company's operating netback and operating netback, net of derivatives are used in operational and capital allocation decisions. Presenting operating netback and operating netback, net of derivatives on a per boe basis is a non-GAAP financial ratio and allows management to better analyze performance against prior periods on a per unit of production basis. The calculation of the Company's operating netbacks and operating netback, net of derivatives are summarized as follows.
Three months ended December 31, | Year ended December 31, | |||||||||||
($000s) | 2023 | 2022 | 2023 | 2022 | ||||||||
Petroleum and natural gas sales | 185,384 | 111,558 | 693,891 | 367,957 | ||||||||
Royalties | (24,124 | ) | (11,022 | ) | (80,565 | ) | (47,640 | ) | ||||
Net operating expenses | (44,945 | ) | (25,817 | ) | (180,074 | ) | (86,379 | ) | ||||
Transportation expenses | (3,094 | ) | (518 | ) | (11,314 | ) | (2,139 | ) | ||||
Operating netback | 113,221 | 74,201 | 421,938 | 231,799 | ||||||||
Realized loss on financial derivatives | (8,893 | ) | (9,540 | ) | (39,048 | ) | (78,349 | ) | ||||
Operating netback, net of derivatives | 104,328 | 64,661 | 382,890 | 153,450 | ||||||||
($ per boe amounts) | ||||||||||||
Petroleum and natural gas sales | 74.93 | 96.90 | 78.35 | 105.09 | ||||||||
Royalties | (9.75 | ) | (9.57 | ) | (9.10 | ) | (13.61 | ) | ||||
Net operating expenses | (18.17 | ) | (22.42 | ) | (20.33 | ) | (24.67 | ) | ||||
Transportation expenses | (1.25 | ) | (0.45 | ) | (1.28 | ) | (0.61 | ) | ||||
Operating netback | 45.76 | 64.46 | 47.64 | 66.20 | ||||||||
Realized loss on financial derivatives | (3.59 | ) | (8.29 | ) | (4.41 | ) | (22.38 | ) | ||||
Operating netback, net of derivatives | 42.17 | 56.17 | 43.23 | 43.82 |
Adjusted EBITDA
The Company considers adjusted EBITDA to be a key capital management measure as it is both used within certain financial covenants prescribed under the Company's Senior Term Loan (note 11) and demonstrates Saturn's standalone profitability, operating and financial performance in terms of cash flow generation, adjusting for interest related to its capital structure. Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation, amortization and other noncash or extraordinary items.
Adjusted funds flow
The Company considers adjusted funds flow to be a key capital management measure as it demonstrates Saturn's ability to generate the necessary funds to manage production levels and fund future growth through capital investment. Management believes that this measure provides an insightful assessment of Saturn's operations on a continuing basis by eliminating certain non-cash charges, actual settlements of decommissioning obligations, of which the nature and timing of expenditures may vary based on the stage of the Company's assets and operating areas, and transaction costs which vary based on the Company's acquisition and disposition activity.
Free funds flow
The Company considers free funds flow to be a key capital management measure as it is used to determine the efficiency and liquidity of Saturn's business, measuring its funds available after capital investment available for debt repayment, pursue acquisitions and gauge optionality to pay dividends and/or return capital to shareholders through share repurchases. Saturn calculates free funds flow as adjusted funds flow in the period less expenditures on property, plant and equipment and exploration and evaluation assets, together "capital expenditures". By removing the impact of current period capital expenditures from adjusted funds flow, management monitors its free funds flow to inform its capital allocation decisions.
The following table reconciles adjusted EBITDA, adjusted funds flow and free funds flow to cash flow from operating activities:
Year ended December 31, | ||||||
($000s) | 2023 | 2022 | ||||
Cash flow from operating activities | 283,988 | 102,314 | ||||
Change in non-cash working capital | (20,993 | ) | 14,536 | |||
Decommissioning expenditures | 10,486 | 582 | ||||
Transaction costs | 4,657 | 1,226 | ||||
Current tax recovery | (1,915 | ) | - | |||
Net interest(1) | 86,920 | 28,082 | ||||
Adjusted EBITDA | 363,143 | 146,740 | ||||
Current Tax Recovery | 1,915 | - | ||||
Net Interest(1) | (86,920 | ) | 28,082 | |||
Adjusted Funds Flow | 278.138 | 118,658 | ||||
Capital Expenditures(2) | (130,573 | ) | (89,105 | ) | ||
Free Funds Flow | 147,565 | 29,553 | ||||
(1) Calculated as interest expense, net of interest revenue. (2) Calculated as expenditures on exploration and development assets on the consolidated statements of cash flows. |
Market capitalization and net debt
Management considers net debt a key capital management measure in assessing the Company's liquidity. Total market capitalization and net debt to annualized quarterly adjusted funds flow are used by management and the Company's investors in analyzing the Company's balance sheet strength and liquidity. The summary of total market capitalization, net debt, annualized quarterly adjusted funds flow and net debt to annualized quarterly adjusted funds flow is as follows:
Year ended December 31, | ||||||
($000s) | 2023 | 2022 | ||||
Total common shares outstanding (000s) | 139,313 | 59,892 | ||||
Share price(1) | 2.20 | 2.35 | ||||
Total market capitalization | 306,489 | 140,746 | ||||
Adjusted working capital(2) | 8,240 | (3,128 | ) | |||
Senior Term Loan | 451,153 | 240,843 | ||||
Convertible notes | 1,090 | 2,361 | ||||
Long-term deposit | - | (21,101 | ) | |||
Promissory notes | - | 828 | ||||
Net debt | 460,483 | 219,803 | ||||
Current quarter adjusted funds flow | 80,247 | 50,729 | ||||
Annualized factor | 4 | 4 | ||||
Annualized quarterly adjusted funds flow | 320,988 | 202,916 | ||||
Net debt to annualized quarterly adjusted funds flow | 1.4x | 1.1x | ||||
(1) Represents the closing share price on the TSX on the last day of trading of the period. (2) Adjusted working capital is calculated as cash, accounts receivable, deposits and prepaids net of accounts payable. |
Supplemental Information Regarding Product Types
References herein to boe/d include gas or natural gas and NGLs which refer to conventional natural gas and natural gas liquids product types, respectively, as defined in National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), except where specifically noted otherwise.
The following table is intended to provide the product type composition for each of the production figures provided herein, where not already disclosed within tables above for average production for the three months and the year ended December 31, 2023 and 2022:
Three months ended December 31, 2023 | Three months ended December 31, 2022 | |||||||
Crude oil (bbls/d) | NGLs (bbls/d) | Natural gas (mcf/d) | Total (boe/d) | Crude oil (bbls/d) | NGLs (bbls/d) | Natural gas (mcf/d) | Total (boe/d) | |
Southeast Saskatchewan | 10,832 | 939 | 4,673 | 12,550 | 6,714 | 398 | 2,457 | 7,522 |
West Central Saskatchewan | 3,389 | 29 | 514 | 3,504 | 4,876 | 30 | 514 | 4,992 |
Central Alberta | 3,543 | 1,172 | 20,105 | 8,066 | - | - | - | - |
North Alberta | 1,643 | 393 | 4,412 | 2,771 | - | - | - | - |
Total boe/d | 19,407 | 2,533 | 29,704 | 26,891 | 11,590 | 428 | 2,971 | 12,514 |
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||
Crude oil (bbls/d) | NGLs (bbls/d) | Natural gas (mcf/d) | Total (boe/d) | Crude oil (bbls/d) | NGLs (bbls/d) | Natural gas (mcf/d) | Total (boe/d) | |
Southeast Saskatchewan | 9,596 | 770 | 3,968 | 11,027 | 6,401 | 340 | 2,118 | 7,094 |
West Central Saskatchewan | 4,262 | 20 | 468 | 4,360 | 2,440 | 13 | 274 | 2,499 |
Central Alberta | 3,005 | 915 | 16,602 | 6,687 | - | - | - | - |
North Alberta | 1,314 | 287 | 3,521 | 2,188 | - | - | - | - |
Total boe/d | 18,177 | 1,992 | 24,559 | 24,262 | 8,841 | 353 | 2,392 | 9,593 |
Initial Production Rates
Any reference in this news release to initial production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. Any reference in this news release to initial production rates consist of the above noted product types, using a conversion rate of 1 bbl : 6 MCF (where applicable). Readers are cautioned not to place undue reliance on such rates in calculating aggregate production for Saturn.
Per boe or ($/boe)
Any reference in this news release to disclosures for petroleum and natural gas sales, royalties, operating expenses, transportation expenses and marketing expenses on a per boe basis are supplementary financial measures that are calculated by dividing each of these respective GAAP measures by Saturn's total production volumes for the period.
Per Share Amounts
Per share amounts noted in this news release are based on Saturn's weighted average issued and outstanding common shares as of December 31, 2023, unless noted otherwise.
Boe Presentation
Boe means barrel of oil equivalent. All boe conversions in this news release are derived by converting gas to oil at the ratio of six thousand cubic feet ("Mcf") of natural gas to one barrel ("Bbl") of oil. Boe may be misleading, particularly if used in isolation. A Boe conversion rate of 1 Bbl : 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 Bbl: 6 Mcf, utilizing a conversion ratio of 1 Bbl : 6 Mcf may be misleading as an indication of value.
Forward-Looking Information and Statements.
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "scheduled", "will" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, the Company's drilling and development plans, timing of bringing wells on-stream, 2024 production, expectations regarding netbacks, the business plan, cost model and strategy of the Company.
The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Saturn, including expectations and assumptions concerning: the timing of and success of future drilling, development and completion activities, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the ability to allocate capital to pay down debt and grow or maintain production, the geological characteristics of Saturn's properties, the application of regulatory and licensing requirements and the availability of capital, labour and services.
Although Saturn 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 Saturn 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. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These 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), constraints in the availability of services, commodity price and exchange rate fluctuations, actions of OPEC and OPEC+ members, changes in legislation impacting the oil and gas industry, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. These and other risks are set out in more detail in Saturn's Annual Information Form for the year ended December 31, 2023.
Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Saturn believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Saturn can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, our capital expenditure and drilling programs, drilling inventory and booked locations, production and revenue guidance, ESG initiatives, debt repayment plans and future growth plans. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
The forward-looking information contained in this press release is made as of the date hereof and Saturn undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.
Nomgon Operations Update
Elixir Energy Limited (“Elixir” or the “Company”) is pleased to provide an operations update on the work currently underway in its 100% owned Nomgon IX Coal Bed Methane (CBM) Production Sharing Contract (PSC) in the South Gobi Basin, Mongolia.
HIGHLIGHTS
- Nomgon Pilot Plant water production at maximum levels
- Field reservoir pressure steadily decreasing towards gas desorption level
- Gas desorption breakthrough anticipated before the end of the year
The Mongolian Pilot Plant has produced over 73,000 barrels of water since its inception, and the current daily water production is now stable at ~280 barrels of water per day, the highest level the field has seen from the Nomgon-9 and Nomgon-10 producing wells.
The CBM field is now seeing steady reservoir pressure decrease at around 5 psi per month. Presuming this trend continues, the field should begin to see gas desorption breakthrough before the end of 2024.
Production operations are focused on water, and the Operators refrain from flaring the small volumes of gas from the annulus to keep the system stable.
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.
Green Hydrogen Market Projected To Reach $30 Billion By 2030, Growing At 61.1% CAGR From 2023 To 2030
MarketsAndMarkets continued: "The power industry is accounted for second fastest growing end-use, in terms of value in the green hydrogen market, driven by its ability to store excess renewable energy and serve as a clean fuel for power generation. Green hydrogen's production from renewable sources like solar and wind power aligns with the industry's shift towards sustainable energy solutions. Government initiatives promoting renewable energy and carbon emission reduction further bolster the adoption of green hydrogen in the power sector. This trend underscores a broader transition towards cleaner and more sustainable energy sources, positioning green hydrogen as a crucial player in the global energy landscape."
Charbone Hydrogen Corporation (OTCQB:CHHYF) (TSXV:CH) IS MORE THAN DOUBLING ITS PHASE 1 ELECTROLYZER CAPACITY TO POWER UP GREEN HYDROGEN PRODUCTION AT THE SOREL-TRACY, QUEBEC PLANT - Company now gearing up and actively enhancing its supply chain of fully integrated electrolyzers with capacities up to 2.5 MW, 5.0 MW and 10.0 MW for all of its projects - Charbone Hydrogen Corporation (the "Company" or "CHARBONE"), North America's only publicly traded pure-play green hydrogen company, is pleased to confirm that it has executed a supply agreement of a complete containerized electrolyzer system ready for shipment to its flagship green hydrogen site, located in the City of Sorel-Tracy, Quebec. After arrival on site, the system is expected to take 4-6 weeks of installation and commissioning to be in production.
This new electrolyzer has a higher capacity than originally planned for and will significantly enhance CHARBONE's initial operational capacity estimates. Coinciding with facility construction plans that remain on schedule, the Company anticipates the electrolyzer system will be delivered during the Q3-2024 timeframe.
The Sorel-Tracy Green Hydrogen Project will serve as the Company's flagship facility, giving CHARBONE a first-mover advantage with production starting later this year with an initial capacity of approximately 400kg. Following a phased development approach, the project will allow to gradually scale up the production of hydrogen. The facility will target a wide array of industrial users who are abandoning fossil-fuel-driven gray hydrogen and opting for a cleaner alternative.
" Locking down the delivery of an electrolyzer that will immediately increase operational margins is a turning point and a decisive step forward in our overall growth strategy ," said Daniel Charette, COO of CHARBONE. " We have a strong strategic vision for developing and deploying our green hydrogen network and the surrounding ecosystems, and we look forward to soon introducing , new decarbonization and bankable solutions into the North American market. "
In addition to its Sorel-Tracy pursuits, the Company is planning to introduce a second green hydrogen project in 2024 in the Detroit, Michigan area as well. In total, CHARBONE plans to deliver 16 green hydrogen production facilities across North America by 2030 and is actively securing its supply chain of fully integrated electrolyzers ranging up to 2.5 MW, 5.0 MW and 10.0 MW. CONTINUED … Read this full press release and more news for Charbone Hydrogen at: https://www.charbone.com/en/nouvelles
Other recent developments in the energy industry of note include:
Bloom Energy (NYSE: BE) recently announced a groundbreaking collaboration with Sembcorp Industries (Sembcorp) at the sidelines of the 2024 Clean Economy Investor Forum, organized under the auspices of the Indo-Pacific Economic Framework (IPEF). The Bloom-Sembcorp collaboration will involve Sembcorp's potential utilization of Bloom's proprietary solid oxide fuel cell technology and third-party proven carbon capture technologies to produce reliable, low-carbon electricity to meet Singapore's changing energy needs.
This collaboration aligns with Singapore's recent launch of the Green Data Centre Roadmap, where one of the goals is to develop sustainable data centers with a greater use of green energy 1 . Bloom's fuel cell Energy Server product, when integrated with carbon capture, will provide low-carbon power to the data centers. The same system can potentially deliver green energy in the future, tapping on low-carbon feedstock. The Energy Servers can also be deployed as a grid parallel system in conjunction with utility power, mitigating grid constraints.
NANO Nuclear Energy Inc. (NASDAQ: NNE) recently announced its acquisition of novel annular linear induction pump (ALIP) intellectual property used in small nuclear reactor cooling and heat transfer from noted physicist, research engineer and project manager Carlos O. Maidana, PhD. of Maidana Research.
Dr. Maidana has agreed to collaborate with NANO Nuclear as a consultant on further development of the ALIP technology with a view towards achieving SBIR Phase III Award status. These efforts will build on previous Department of Energy grants for the technology, aggregating over $1.37 million in prior phases. NANO Nuclear will provide funding (estimated to be approximately $350,000) and other resources necessary for the Phase III project, and Dr. Maidana will be the Principal Investigator on this project.
Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, recently secured an order for 25 megawatts (MW) of proton exchange membrane (PEM) electrolyzer systems for a customer in Europe. The project will employ five of Plug's 5 MW containerized PEM electrolyzers, to reduce the carbon footprint of the company by using green hydrogen.
"The selection of Plug's technology for this project serves as a clear example of our established industry expertise and proven technology," stated Plug CEO Andy Marsh. "Industry experts have highlighted the immense market potential for green hydrogen in Europe as being a key factor for reaching European Union decarbonization targets. This presents a significant opportunity for Plug, and we have the market knowledge and technology readily available to make a substantial impact."
FuelCell Energy, Inc. (NASDAQ: FCEL) and Gyeonggi Green Energy Co., Ltd. (GGE), recently announced that pursuant to a long term service agreement GGE has agreed to purchase 42 1.4-megawatt upgraded carbonate fuel cell modules from FuelCell Energy to replace existing fuel cell modules at the Hwaseong Baran Industrial Complex fuel cell power platform, the world's largest fuel cell power platform, located in Hwaseong-si.
The agreement, which constitutes a significant milestone for supplying clean baseload power to the Korean market, also includes a new seven-year service agreement pursuant to which FuelCell Energy will service the fuel cell modules. Under the terms of the agreement, the Company expects to receive approximately $160 million of revenue over the term of the agreement.
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Charbone Hydrogen is More Than Doubling its Phase 1 Electrolyzer Capacity to Power Up Green Hydrogen Production at the Sorel-Tracy, Quebec Plant
(TheNewswire)
Company now gearing up and actively enhancing its supply chain of fully integrated electrolyzers with capacities up to 2.5 MW, 5.0 MW and 10.0 MW for all of its projects
Brossard, Quebec, June 25 2024 TheNewswire Charbone Hydrogen Corporation (TSXV: CH; OTCQB: CHHYF; FSE: K47) (the " Company " or " CHARBONE "), North America's only publicly traded pure-play green hydrogen company, is pleased to confirm that it has executed a supply agreement of a complete containerized electrolyzer system ready for shipment to its flagship green hydrogen site, located in the City of Sorel-Tracy, Quebec. After arrival on site, the system is expected to take 4-6 weeks of installation and commissioning to be in production.
This new electrolyzer has a higher capacity than originally planned for and will significantly enhance CHARBONE's initial operational capacity estimates. Coinciding with facility construction plans that remain on schedule, the Company anticipates the electrolyzer system will be delivered during the Q3-2024 timeframe.
The Sorel-Tracy Green Hydrogen Project will serve as the Company's flagship facility, giving CHARBONE a first-mover advantage with production starting later this year with an initial capacity of approximately 400kg. Following a phased development approach, the project will allow to gradually scale up the production of hydrogen. The facility will target a wide array of industrial users who are abandoning fossil-fuel-driven gray hydrogen and opting for a cleaner alternative.
" Locking down the delivery of an electrolyzer that will immediately increase operational margins is a turning point and a decisive step forward in our overall growth strategy ," said Daniel Charette, COO of CHARBONE . " We have a strong strategic vision for developing and deploying our green hydrogen network and the surrounding ecosystems, and we look forward to soon introducing , new decarbonization and bankable solutions into the North American market. "
In addition to its Sorel-Tracy pursuits, the Company is planning to introduce a second green hydrogen project in 2024 in the Detroit, Michigan area as well. In total, CHARBONE plans to deliver 16 green hydrogen production facilities across North America by 2030 and is actively securing its supply chain of fully integrated electrolyzers ranging up to 2.5 MW, 5.0 MW and 10.0 MW.
About Charbone Hydrogen Corporation
CHARBONE is an integrated green hydrogen group focused on delivering a network of modular green hydrogen production facilities across North America. Using renewable energy sources to produce green (H2) dihydrogen molecules and eco-friendly energy solutions for industrial, institutional, commercial and future mobility users, CHARBONE plans to scale and deliver green hydrogen production facilities in both the US and Canada by 2024, with an additional 14 facilities planned by 2030. CHARBONE is the only publicly traded pure-play green hydrogen company with common shares trading on the TSX Venture Exchange (TSXV: CH); the OTC Markets (OTCQB: CHHYF); and the Frankfurt Stock Exchange (FSE: K47). For more information, please visit www.charbone.com
Forward-Looking Statements
This news release contains statements that are "forward-looking information" as defined under Canadian securities laws ("forward-looking statements"). These forward-looking statements are often identified by words such as "intends", "anticipates", "expects", "believes", "plans", "likely", or similar words. The forward-looking statements reflect management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although Charbone believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. The forward-looking statements may be affected by risks and uncertainties in the business of Charbone. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Corporation's Filing Statement dated March 31, 2022, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements.
Except as required under applicable securities legislation, Charbone undertakes no obligation to publicly update or revise forward-looking information.
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 .
Contacts Charbone Hydrogen Corporation | ||||
Dave B. Gagnon | ||||
Chief Executive Officer and Chairperson of the Board | ||||
Telephone: | +1 438 844-7170 | |||
Email: | ||||
Daniel Charette | ||||
Chief Operating Officer | ||||
Telephone: | +1 438 800-4946 | |||
Email: | ||||
Benoit Veilleux | ||||
Chief Financial Officer and Corporate Secretary | ||||
Telephone: | +1 438 800-4991 | |||
Email: | ||||
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Charbone Hydrogene Double la Capacite De Son Electrolyseur De La Phase 1 Pour Alimenter La Production D'hydrogene Vert A L'usine De Sorel-Tracy Quebec
(TheNewswire)
La Société prépare et améliore activement sa chaîne d'approvisionnement en électrolyseurs entièrement intégrés avec des capacités allant jusqu'à 2,5 MW, 5,0 MW et 10,0 MW pour tous ses projets
Brossard (Québec), le 25 juin 2024 TheNewswire - CORPORATION CHARBONE HYDROGÈNE (TSXV: CH OTCQB: CHHYF, FSE: K47 ) (« Charbone » ou la « Société »), la seule société d'Amérique du Nord cotée en bourse spécialisée dans l'hydrogène vert, est heureuse de confirmer qu'elle a signé un contrat d'approvisionnement d'un système d'électrolyseur conteneurisé complet prêt à être expédié vers son site phare d'hydrogène vert, situé dans la ville de Sorel-Tracy, au Québec. Après l'arrivée sur le site, le système devrait prendre de 4 à 6 semaines d'installation et de mise en service pour être en production.
Ce nouvel électrolyseur a une capacité supérieure à celle initialement prévue et améliorera considérablement les estimations initiales de performances opérationnelles de Charbone. Coïncidant avec les plans de construction des installations qui restent dans les délais, la Société prévoit la livraison du système d'électrolyseur durant le troisième trimestre de 2024.
Le projet d'hydrogène vert de Sorel-Tracy servira d'installation phare de la Société, donnant à Charbone un avantage de premier arrivant avec une production débutant plus tard cette année avec une capacité initiale d'environ 400 kg. Suivant une approche de développement par étapes, le projet permettra d'augmenter progressivement la production d'hydrogène. L'installation ciblera un large éventail d'utilisateurs industriels qui abandonnent l'hydrogène gris issu de combustibles fossiles et optent pour une alternative plus propre.
" Nous maitrisons la livraison d'un électrolyseur qui augmentera immédiatement les marges opérationnelles est un point tournant et une avancée décisive dans notre stratégie globale de croissance , a déclaré Daniel Charette, Chef de l'exploitation chez Charbone. " Nous avons une vision stratégique forte pour le développement et le déploiement de notre réseau d'hydrogène vert et des écosystèmes environnants, et nous avons hâte d'introduire bientôt de nouvelles solutions de décarbonation et qui sont finançables sur le marché nord-américain . "
En plus de ses activités à Sorel-Tracy, la Société prévoit également de lancer un deuxième projet d'hydrogène vert en 2024 dans la région de Détroit, au Michigan. Au total, Charbone prévoit de livrer 16 usines de production d'hydrogène vert à travers l'Amérique du Nord d'ici 2030 et sécurise activement sa chaîne d'approvisionnement d'électrolyseurs entièrement intégrés allant jusqu'à 2,5 MW, 5,0 MW et 10,0 MW.
À propos de Charbone Hydrogène Corporation
Charbone est un groupe intégré de production d'hydrogène vert axé sur le déploiement d'un réseau nord-américain d'usines de production. En utilisant des énergies renouvelables pour produire des molécules de dihydrogène (H2) et des solutions écoénergétiques et respectueuses de l'environnement aux utilisateurs industriels, institutionnels, commerciaux et de la mobilité future, Charbone prévoit déployer et livrer des usines de production d'hydrogène vert aux États-Unis et au Canada d'ici 2024, et 14 usines supplémentaires sont prévues d'ici 2030. Charbone est la seule société d'Amérique du Nord cotée en bourse spécialisée dans l'hydrogène vert avec ses actions ordinaires se négociant sur la Bourse de croissance TSX (TSXV: CH); les marchés OTC (OTCQB: CHHYF); et la Bourse de Francfort (FSE: K47). Pour plus d'information, merci de visiter www.charbone.com .
Énoncés prospectifs
Le présent communiqué de presse contient des énoncés qui constituent de « l'information prospective » au sens des lois canadiennes sur les valeurs mobilières (« déclarations prospectives »). Ces déclarations prospectives sont souvent identifiées par des mots tels que « a l'intention », « anticipe », « s'attend à », « croit », « planifie », « probable », ou des mots similaires. Les déclarations prospectives reflètent les attentes, estimations ou projections respectives de la direction de Charbone concernant les résultats ou événements futurs, sur la base des opinions, hypothèses et estimations considérées comme raisonnables par la direction à la date à laquelle les déclarations sont faites. Bien que Charbone estime que les attentes exprimées dans les déclarations prospectives sont raisonnables, les déclarations prospectives comportent des risques et des incertitudes, et il ne faut pas se fier indûment aux déclarations prospectives, car des facteurs inconnus ou imprévisibles pourraient faire en sorte que les résultats réels soient sensiblement différents de ceux exprimés dans les déclarations prospectives. Des risques et des incertitudes liés aux activités de Charbone peuvent avoir une incidence sur les déclarations prospectives. Ces risques, incertitudes et hypothèses comprennent, sans s'y limiter, ceux décrits à la rubrique « Facteurs de risque » dans la déclaration de changement à l'inscription de la Société datée du 31 mars 2022, qui peut être consultée sur SEDAR à l'adresse www.sedar.com; ils pourraient faire en sorte que les événements ou les résultats réels diffèrent sensiblement de ceux prévus dans les déclarations prospectives.
Sauf si les lois sur les valeurs mobilières applicables l'exigent, Charbone ne s'engage pas à mettre à jour ni à réviser les déclarations prospectives.
Ni la Bourse de croissance TSX ni son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n'acceptent de responsabilité quant à la pertinence ou à l'exactitude du présent communiqué.
Contacts
Pour de plus amples informations, veuillez contacter :
Dave B. G agnon | ||
Chef de la direction et président du conseil d'administration | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau: +1 438 844-7170 | ||
Courriel: dg@charbone.com | ||
Daniel Charette | ||
Chef de l'exploitation | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau : +1 438 800-4946 | ||
Courriel: dc@charbone.com | ||
Benoit Veilleux | ||
Chef de la direction financière et secrétaire corporatif | ||
Corporation Charbone Hydrogène | ||
Téléphone bureau: +1 438 800-4991 | ||
Courriel: bv@charbone.com |
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
BPH Energy Limited Investor Webinar Presentation
David Breeze - Executive Director will provide an overview of the Company, BPH is a diversified company holding investments in medical technology and resources. BPH holds a significant interest (36%) in unlisted oil and gas exploration company Advent Energy Ltd.
This webinar can be viewed live via Zoom and will provide viewers the opportunity to hear from, and engage with, a range of ASX-listed leading micro/mid cap companies.
To access further details of the event and to register at no cost, please visit:
https://www.abnnewswire.net/lnk/50L95CS4
A recorded copy of the webinar will be made available following the event
About BPH Energy Limited:
BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.
The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.
BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.
BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).
Source:
BPH Energy Limited
Contact:
David Breeze
admin@bphenergy.com.au
www.bphenergy.com.au
T: +61 8 9328 8366
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Elixir Adds New Taroom Acreage
Elixir Energy Limited (“Elixir” or the “Company”) is pleased to announce that it has been appointed as Preferred Tenderer in relation to a new exploration area in Queensland: PLR2023-1-7 (see map below). The area lies immediately adjacent to the Company’s Project Grandis in the Taroom Trough.
HIGHLIGHTS
- Elixir has been appointed by the Queensland Government as preferred tenderer for PLR2023-1-7
- The licence area is adjacent to Elixir’s Grandis Project and is prospective for both deep and shallow gas
Location map of PLR2023-1-7
PLR2023-1-7 covers 526 square kilometres and although just one licence is divided into 3 separate geographical areas. The North Eastern areas are located in the Taroom Trough and are prospective for the same deep gas plays as encountered in Project Grandis. These new areas cover 152 square kilometres and represent a 14% increase of Elixir’s acreage within the Taroom Trough, which to date has a 2C contingent resource booking of 1,297 Bcf (per ASX announcement of 29 May 2024).
The larger South-Western area, which covers 374 square kilometres is prospective for both shallow and deep gas targets.
Elixir will now proceed to obtain an Environmental Authority (EA) and complete any required native title process before being granted the final Authority to Prospect (ATP). This licence will not be subject to any domestic gas reservation. Elixir will own a 100% working interest in the ATP and will be the Operator.
Technical studies have already begun on all of the areas of the licence to address issues such as the potential addition of contingent and prospective resources, drill target(s) and potential partners once the licence is formally granted.
Elixir’s Managing Director, Mr Neil Young, said: “Naturally we are pleased to be recognized by the Queensland Government as the preferred tenderer for a new licence area which is highly complementary to our existing Grandis Gas Project position. That recognition in part at least acknowledges the good work undertaken by our team since we have entered Queensland two years ago.”
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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