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President Bola Tinubu has assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors by removing administrative bottlenecks in the energy and solid minerals sectors. According to a release by the Presidential spokesman, Bayo Onanuga, Tinubu in a business session at the State House during the State Visit of the German President, Frank-Walter Steinmeier, said activation of the latent potentials in the energy sector remained central to Nigeria’s development. “I welcome Mr President to Nigeria and the State House. Your visit is a significant milestone. And I must thank you for the warm reception when I visited Germany. Nigeria trying to align with the best strategy, and practices for good governance “We need each other, and you emphasized this in our private discussion. Nigeria is going through a transformative period and trying to align with the best strategy and practices on good governance globally. “We like our relationship with you as friends and partners. Germany is well-industrialized and renowned for its sustainable infrastructure. “I am saying again that Nigeria is ready and open for business. As you mentioned, you are ready to support Nigeria in the energy sector, which you have long been doing. Also, in alternative energy, we have the sun, and you have the technology. We should continue our partnership in every way that we can.” He said the Ministry of Foreign Affairs, Ministry of Solid Minerals, Ministry of Power and Ministry of Industry, Trade and Investment have been directed to work closely with investors to develop the energy sector. “I will re-emphasise again and again we must enhance the possibility of becoming highly industrialised by exploring opportunities in our natural resources,” he added. He said the country’s reforms had been designed to bring long-term prosperity through sustainable and dependable frameworks. “We are synchronizing to ensure a grounded and flourishing partnership that brings prosperity to our people. We know that Germany has the capacity and is involved in regional cooperation and collaboration. “We are glad that we are trading in Euro with you. We are more transformative than before. We have made changes in the way we do business. It is now easy in and easy out for investors. We are projecting investment in gas and alternative energy. “Our transformation involves natural gas. We are leveraging solid minerals, particularly lithium. We have a dynamic, anxious-to-learn and flexible youth population. “We have many Nigerian students who were trained in Germany. We want domestic investment that will promote growth in our economy. Equally, we need skill development,” the President said. The President noted that Small and Medium Enterprises were also being repositioned to play a more central role in development, assuring that bottlenecks to investments had been removed. In his remarks, the German President assured Tinubu that there were also more specialised companies in Germany that would be encouraged to look towards Nigeria for expansion opportunities beyond the big brands in the energy sectors. “There is a growing interest in Nigeria on the German side beyond those who are already here, like Siemens. Other companies are looking for investment opportunities, especially in renewable energy,” he stated. In his presentation, the Minister of Solid Minerals Development, Mr Dele Alake, noted that Germany has a dedicated one billion Euro fund for diversifying the supply chain in renewable energy, and modifying the conditions could easily accommodate the opportunities in Nigeria’s solid minerals sector. Alake said the critical minerals for energy transition, cobalt, nickel and lithium, were readily available in Nigeria.
'There has always been, and there always will be, an economic cycle," noted the British journalist and politician Nigel Lawson. He is right, and if you're a regular reader of this column, you know that arguably the most overlooked yet influential economic cycles are long. Interestingly, each new long cycle seems to not only have a new set of leading-edge technologies to drive growth, but also a secret recipe for how to make a new or established business ride the long wave successfully. Let's explore what I believe this secret success formula will be for the Sixth Wave that has just started. A brief revisit of Long Wave theory: First proposed by the Russian economist Nikolai Kondratiev, Long Wave theory suggests that economies experience long cycles of economic boom and bust sparked by a few leading-edge technologies that rise to dominance over several decades. Since the start of the Industrial Revolution in the second half of the 18th century, we have seen five long technological cycles, each of which was dominated by a few technologies that rose to prominence to drive economic growth over several decades. The last long cycle that just ended was the Fifth Wave, which saw the rise of information and communication technologies and the internet. Now we are in the early phases of the Sixth Wave of Technology Innovation (2020-45), which will be driven by three technology spaces (digital, clean, and human-centred technologies). What formulas made companies rise to prominence in earlier long waves? The early "industrial age" predominantly played out using a quantitative formula geared towards the mass production of standardised goods to achieve high economies of scale. Unfolding in the "knowledge and information age", the successful recipe of the Fifth Wave was as follows: "Find the most expensive transaction cost that you can, and apply computing technology to it. Make sure there is a networking component so that the more people who use it, the more useful it becomes." (James Moody & Bianca Nogrady, The Sixth Wave). Many internet startups turned corporations used this blueprint to scale up their business successfully during the last long cycle. The secret recipe to Sixth Wave success? Given that the market environment has evolved markedly over the past 30 years, the Sixth Wave is unlikely to continue that pattern and is likely to follow a new, radically different success formula. QUALITY OVER QUANTITY I argue the Sixth Wave will unfold against a major perspective shift from primarily quantitative to predominantly qualitative growth. For me, the secret formula to successfully riding the Sixth Wave is best captured by one of the 10 design principles of the well-known German industrial designer Dieter Rams: less but better. 1. Less but better work (higher productivity and efficiency): "Efficiency is doing better what is already being done," noted the management guru Peter Drucker. With new digital technologies such as artificial intelligence and robots in the workplace, it is highly likely work productivity and efficiency will significantly improve in the coming two decades. Productivity is defined as output over time, meaning we will produce more output in a given period or need less time to produce a given output. What does this mean for knowledge workers? We produce significantly more output (if we keep human inputs and the time constant), or need to work fewer hours for the same output (as we can produce the desired work faster), or companies use fewer knowledge workers to complete the human work input required to produce the desired outputs. 2. Less but better consumption (more mindful consumption): "Buy less, choose well," the British fashion designer Vivienne Westwood recommended. In the next 10 years, I predict we will see a major shift towards more consumers becoming more conscious of their consumption choices. In other words, we use fewer but better products. Better can mean better quality (more functional or durable), or less harmful to humans or the environment. We already see this in some areas, such as the organic food industry, the vegan food movement, and the rise of electric vehicles. Brands such as Patagonia have built a tribe of loyal fans by contrasting their high product quality and environmental responsibility with those of other fashion brands. 3. Less but better production (higher resource efficiency): In the excellent book The Sixth Wave, Moody and Nogrady highlight that greater resource efficiency is key to the Sixth Wave's sustainable, clean technology space. Coupled with the inclusion of digital technologies such as AI, robots and the Internet of Things, we can also expect significant improvement in production processes: fewer inputs in men, machines and materials; less waste; less downtime; faster lead times; and better outputs. Picture Toyota's famed lean manufacturing system amplified by the latest digital technologies, and you get an outlook on the future of production. I presume "less but better" is a fitting prognostic maxim for spotting future technological, economic and social business opportunities to ride the Sixth Waves successfully in the coming 20 years. But what prophet am I? So, forgive me if I am wrong. Dr Detlef Reis is the Founding Director and Chief Ideator of Thinkergy (www.THINKERGY.com), the creative breakthrough company in Asia. He is also an Adjunct Associate Professor at the Hong Kong Baptist University and an Innovation Advisor at the Institute for Knowledge & Innovation - Southeast Asia (IKI-SEA), Bangkok University. He can be reached at dr.d@thinkergy.com
TAMPA, Fla. — A federal judge said Monday that he is not inclined to give prison time in the case against members of the St. Petersburg-based Uhuru Movement, who were convicted in September of conspiring to act as Russian agents. In a sentencing hearing Monday for Augustus C. Romain Jr., a former member of the Black activist group and one of the four convicted defendants, U.S. District Judge William Jung said their conduct ultimately amounted to the exercise of free speech. “Everything they did here was political speech,” Jung said. “I eminently disagree with all of it. These people spit on this flag that actually protects them.” The judge sentenced Romain, 38, to five years’ probation, declining the five-year prison sentence prosecutors had sought. He said he believed there had already been enough punishment in the case. The prosecutors did not comment on the judge’s sentence, but looks of disappointment crossed their faces as Jung explained his reasoning. Assistant U.S. Attorney Daniel Marcet emphasized that the defendants wanted to hurt America. “They went into this with their eyes wide open, knowing that the purpose was to help the Russian government harm the United States,” Marcet said. The judge, though, noted that despite their rhetoric, nothing the defendants did harmed anyone. “No one went and burned down the draft office,” he said. “No one was injured. No one was damaged.” Jung nevertheless commended the prosecution team for their skill in handling a difficult case. He said he believed the trial produced a fair result. At the same time, the judge said the law requires wide breadth be given to political speech “or it gets chilled.” “We have to go a long way to make sure we’re not punishing you for saying repulsive words,” he told Romain. Romain, who has been jailed for more than a year, showed no outward reaction to the decision. He will be able to walk free, though he faces unrelated criminal charges in Georgia, where he now lives. The government will be able to appeal the sentence. The three other defendants convicted in the case are scheduled for a separate sentencing hearing next week. They include Omali Yeshitela, the longtime leader of the Uhuru Movement and its umbrella organization, the African People’s Socialist Party, and Penny Hess and Jesse Nevel, leaders of the group’s white allies. The group has been a presence in St. Petersburg for decades. They’ve taken broad and radical stances, advocating for things like the release of all Black prisoners and the creation of a single Black socialist government. But they’ve also focused on local issues, pressing city officials on things like the construction of Tropicana Field in a predominantly Black area and demanding retribution after the 1996 police killing of TyRon Lewis. The four were convicted in a September trial on charges of conspiracy to act as agents of the Russian government without notifying the attorney general. A jury delivered not-guilty verdicts for the more serious charge of acting as Russian agents. The government accused the group of acting for seven years on behalf of the Russian government to spread propaganda and sow political discord in the U.S. Evidence showed the group communicated regularly with a Russian man, Aleksandr Ionov, who runs an organization called the Anti-Globalization Movement of Russia. Ionov, in turn, regularly reported on his activities to Russian intelligence agents. With funding from the Russian government, Ionov worked to develop relationships with American activists and separatist groups to exploit and enflame U.S. political divisions. The Uhurus became part of those efforts. The government presented evidence showing that Yeshitela and others worked at Ionov’s direction, organizing protests and featuring pro-Russian messaging and propaganda in their newspaper, The Burning Spear. Romain, who goes by the name Gazi Kodzo, left the Uhurus in 2018. He then started his own group in Atlanta, dubbed the Black Hammer, which continued to communicate with Ionov. As leader of the Black Hammer, Romain organized multiple demonstrations, including one outside Facebook’s California headquarters and another outside CNN’s headquarters in Atlanta. The demonstrations featured Russian flags and rhetoric parroting Russian and anti-American propaganda. Prosecutors said Romain recruited homeless people to participate in his demonstrations, which tended to be short-lived. At sentencing, the judge noted their ineffectiveness. “This was not the revolutionary army marching down the street,” he said. “This was four guys with a bullhorn and a puppy dog wrangling up people and protesting. It wasn’t quite the long march of Chairman Mao.” He added that though the Uhurus and their allies make statements condemning the U.S., “they would never find a country that’s any better.” “That’s what makes us so great,” he said. “You can say this stuff.” In a memo filed ahead of Romain’s sentencing, Marcet highlighted some of the more startling aspects of the defendants’ conduct. In particular, he noted that in 2015, the Russians offered to create a website for Yeshitela’s group to operate that would feature the pictures, names and addresses of police officers, judges and other public figures, to encourage harassment against them. Yehsitela “enthusiastically informed” the rest of the group about the proposal, Marcet wrote. Romain suggested the website be called “Pigs in Our Hood.” Despite the discussion, it appeared the Russian government never followed through on creating the website. Aside from the free speech issues, the judge voiced concern that the defendants did not know of the legal requirement that they were to register with the attorney general as foreign agents. In a written order denying a defense request to throw out the guilty verdicts, Jung wondered how they could conspire to violate a law of which they were not even aware. Still, he urged Romain to change his ways. He called him a “smart guy” with potential for a successful career. “You don’t have to do this,” he said. “You don’t have to keep getting in trouble.” He ordered Romain, as a condition of probation, to have no contact with anyone in any foreign government. “Please don’t think for a minute that anyone agrees with the substance of what you did,” the judge said. -------- ©2024 Tampa Bay Times. Visit at tampabay.com . Distributed by Tribune Content Agency, LLC.Jessica Alba shares glimpses of family vacation from MexicoIndiana aims to limit turnovers vs. Minnesota
NoneA melee broke out at midfield of Ohio Stadium after Michigan upset No. 2 Ohio State 13-10 on Saturday. After the Wolverines' fourth straight win in the series, players converged at the block "O" to plant its flag. The Ohio State players were in the south end zone singing their alma mater in front of the student section. When the Buckeyes saw the Wolverines' flag, they rushed toward the 50-yard line. Social media posts showed Michigan offensive lineman Raheem Anderson carrying the flag on a long pole to midfield, where the Wolverines were met by dozens of Ohio State players and fights broke out. Buckeyes defensive end Jack Sawyer was seen ripping the flag off the pole and taking the flag as he scuffled with several people trying to recover the flag. A statement from the Ohio State Police Department read: "Following the game, officers from multiple law enforcement agencies assisted in breaking up an on-field altercation. During the scuffle, multiple officers representing Ohio and Michigan deployed pepper spray. OSUPD is the lead agency for games and will continue to investigate." Michigan running back Kalel Mullings on FOX said: "For such a great game, you hate to see stuff like that after the game. It's bad for the sport, bad for college football. At the end of the day, some people got to learn how to lose, man. "You can't be fighting and stuff just because you lost the game. We had 60 minutes and four quarters to do all that fighting. Now people want to talk and fight. That's wrong. It's bad for the game. Classless, in my opinion. People got to be better." Once order was restored, officers cordoned the 50-yard line, using bicycles as barriers. Ohio State coach Ryan Day in his postgame press conference said he wasn't sure what happened. "I don't know all the details of it. But I know that these guys are looking to put a flag on our field and our guys weren't going to let that happen," he said. "I'll find out exactly what happened, but this is our field and certainly we're embarrassed at the fact we lost the game, but there's some prideful guys on our team that weren't just going to let that happen." The Big Ten has not yet released a statement on the incident. --Field Level Media
'Relish the opportunity': Jets' Connor to don the Stars and Stripes
CALGARY, Alberta, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to announce its 2025 budget with capital projects that will balance cash flow growth while continuing to deliver a durable return of capital framework that will direct 100% of Free Cash Flow to share buybacks in 2025. Corporate Consolidated Strategy and Outlook Value Creation Strategy. Athabasca provides a differentiated liquids-weighted growth platform through its low-decline, long-life Thermal Oil assets. Athabasca’s subsidiary company, Duvernay Energy Corporation (“DEC”), is designed to enhance value for Athabasca’s shareholders by providing a clear path for self-funded production and cash flow growth in the Kaybob Duvernay resource play. Athabasca (Thermal Oil) and DEC have independent strategies and capital allocation frameworks. The primary strategic objective is to generate top-tier cash flow per share growth over the long term. 2025 Consolidated Budget. Athabasca is planning capital expenditures of ~$335 million with average production of 37,500 – 39,500 boe/d (98% Liquids) and an exit rate of ~41,000 boe/d. Growth in production comes from the expansion plans at Leismer and development of the Duvernay assets. Cash Flow Per Share Growth . The Company forecasts consolidated Adjusted Funds Flow between $525 – $550 million 1 . Every +US$1/bbl move in West Texas Intermediate (“WTI”) and Western Canadian Select (“WCS”) heavy oil impacts annual Adjusted Funds Flow by ~$10 million and ~$17 million, respectively. Athabasca forecasts generating ~$1.8 billion of Free Cash Flow 1 from its Thermal Oil assets over five years (2025-29), representing ~65% of its current equity market capitalization. Investing in attractive capital projects and prioritizing share buybacks results in ~20% compounded annual cash flow per share 2 growth through this forecast period. Financial Resiliency. Athabasca maintains a strong and differentiated balance sheet with a $135 million consolidated Net Cash position, including ~$335 million of cash. DEC has no debt and operates within its annual Adjusted Funds Flow and its balance sheet. Athabasca (Thermal Oil) also has $2.4 billion in tax pools, including $1.9 billion of immediately deductible non-capital loses and exploration pools, sheltering cash taxes until beyond 2030. Athabasca (Thermal Oil) – 2025 Budget Highlights Capital Program . The Thermal Oil budget is ~$250 million with activity focused primarily on advancing progressive growth to 40,000 bbl/d at Leismer by the end of 2027. The program at Leismer will include the tie-in of six redrills and four new sustaining well pairs on Pad 10 early in 2025, additional development at Pad 10 and 11, and continued facility expansion work. At Hangingstone two new extended reach sustaining well pairs (~1,400 meter average laterals) will be on stream in Q1 2025 and are expected to maintain annual production. The Budget includes routine maintenance at both assets. Production Growth . Annual Thermal Oil production guidance is 33,500 – 35,500 bbl/d. Leismer is expected to achieve 40,000 bbl/d by the end of 2027 at an attractive capital efficiency of ~$25,000/bbl/d. Hangingstone production will be maintained by utilizing existing plant capacity, resulting in capital efficiencies of ~$15,000/bbl/d. The Company has ~1.2 billion barrels of Proved plus Probable reserves and ~1 billion of Contingent Resource. These Thermal Oil assets underpin decades of reserve life with estimated sustaining capital investment of ~C$8/bbl (five-year annual average) to hold production flat. Robust Free Cash Flow. During the five-year time frame (2025-29), Athabasca (Thermal Oil) forecasts generating $1.8 billion in Free Cash Flow 1 , representing ~65% of its current equity market capitalization. Competitive and Resilient Break-evens. Thermal Oil is competitively positioned with sustaining capital to hold production flat funded within cash flow below US$50/bbl WTI 1 and growth initiatives fully funded within cash flow below US$60/bbl WTI 1 . The Company’s operating break-even is estimated at ~US$40/bbl WTI 1 . Exposure to Strong Heavy Oil Pricing. With the start-up of the Trans Mountain pipeline expansion in May, spare pipeline capacity is driving tighter and less volatile WCS heavy differentials. Regional liquids pricing benchmarks have also been supported by a depreciating Canadian currency relative to the United States. Every +US$1/bbl move in West Texas Intermediate (“WTI”) and WCS heavy oil impacts annual Adjusted Funds Flow by ~$10 million and ~$17 million, respectively. Pre-payout Thermal Oil Differentiation. Strong margins and Free Cash Flow are supported by a Thermal Oil pre-payout Crown royalty structure, with royalty rates between 5 – 9% anticipated to last to the end of 2027 at Leismer and beyond 2030 at Hangingstone. Duvernay Energy Corporation – 2025 Budget Highlights Capital Program. The DEC budget is ~$85 million with activity including the completion of a 100% working interest (“WI”) three-well pad that was drilled in 2024 and the drilling and completion of a 30% WI multi-well pad. Activity will also include spudding two additional multi-well pads in H2 2025 (one operated 100% WI pad and one 30% WI pad) with completions to follow in 2026. DEC is also constructing strategic water and egress expansions on its operated assets. High Netback Production. Annual production guidance is ~4,000 boe/d (77% Liquids) with growth to ~5,500 boe/d by the end of 2025. The Kaybob Duvernay’s high liquid weighting supports strong margins with current type wells forecasted to payout in ~13 months 1 and further cost improvements are expected as the Company executes larger multi-well pad design. Growth Plans. Development will be self-funded within DEC through utilization of 100% of its annual Adjusted Funds Flow and its balance sheet. The Company has self-funded growth potential to in excess of ~20,000 boe/d (75% Liquids) by the late 2020s 1 . Return of Capital 100% of Free Cash Flow Directed to Share Buybacks. In 2025, the Company plans to maintain its commitment to return 100% of Thermal Oil Free Cash Flow to shareholders through share buybacks. In 2024, the Company has completed ~$280 million in share buybacks to the end of November. Share buybacks were initiated in April 2023 and have totaled ~$440 million to date. Focus on Per Share Metrics: A steadfast commitment to cash flow growth and return of capital has driven a 108 million share reduction (~17%) in the Company’s fully diluted share count since March 31, 2023. The Company has realized ~100% cash flow per share growth since 2022 and the corporate strategy is to continue to generate top tier cash flow per share growth over the long term. Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e .g. Adjusted Funds Flow, Free Cash Flow, Sustaining Capital, Net Cash ) and production disclosure. 1 Pricing Assumptions: 2025: US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.725 C$/US$ FX. 2026+: US$70 WTI, US$12.50 WCS heavy differential, C$3 AECO, and 0.725 C$/US$ FX. 2 The Company’s illustrative multi-year outlook assumes a 10% annual share buyback program at an implied share price of 4.5x Enterprise Value/Debt Adjusted Cash Flow in 2026 and beyond. About Athabasca Oil Corporation Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com . Reader Advisory: This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the allocation of future capital; timing and quantum for shareholder returns including share buybacks; the terms of our NCIB program; our drilling plans and capital efficiencies; production growth to expected production rates and estimated sustaining capital amounts; timing of Leismer’s and Hangingstone’s pre-payout royalty status; applicability of tax pools and the timing of tax payments; Adjusted Funds Flow and Free Cash Flow over various periods; type well economic metrics; number of drilling locations; forecasted daily production and the composition of production; our outlook in respect of the Company’s business environment, including in respect of the Trans Mountain pipeline expansion and heavy oil pricing; and other matters. In addition, information and statements in this News Release relating to "Reserves" and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca's cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2023 (which is respectively referred to herein as the "McDaniel Report”). Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated February 29, 2024 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; climate change and carbon pricing risk; statutes and regulations regarding the environment including deceptive marketing provisions; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; limitations and insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to our debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Also included in this News Release are estimates of Athabasca's 2024 outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Oil and Gas Information “BOEs" may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Initial Production Rates Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery. Reserves Information The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2023. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company's actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF. Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2023 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2024. The 500 gross Duvernay drilling locations referenced include: 37 proved undeveloped locations and 76 probable undeveloped locations for a total of 113 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company's most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2023 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors. Non-GAAP and Other Financial Measures, and Production Disclosure The "Corporate Consolidated Adjusted Funds Flow", "Athabasca (Thermal Oil) Adjusted Funds Flow", "Duvernay Energy Adjusted Funds Flow", “Corporate Consolidated Free Cash Flow”, "Athabasca (Thermal Oil) Free Cash Flow" and "Duvernay Energy Free Cash Flow" financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Sustaining Capital and Net Cash are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results. Adjusted Funds Flow and Free Cash Flow Adjusted Funds Flow and Free Cash Flow are non-GAAP financial measures and are not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Adjusted Funds Flow and Free Cash Flow measures allow management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Sustaining Capital Sustaining Capital is managements' assumption of the required capital to maintain the Company’s production base. Net Cash Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus income tax payable less current assets, excluding risk management contracts. Production volumes details This News Release also makes reference to Athabasca's forecasted average daily Thermal Oil production of 33,500 ‐ 35,500 bbl/d for 2025. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of ~4,000 boe/d for 2025 is expected to be comprised of approximately 68% tight oil, 23% shale gas and 9% NGLs. Liquids is defined as bitumen, tight oil, light crude oil, medium crude oil and natural gas liquids. Break Even is an operating metric that calculates the US$WTI oil price required to fund operating costs (Operating Break-even), sustaining capital (Sustaining Break-even), or growth capital (Total Capital) within Adjusted Funds Flow. Enterprise Value to Debt Adjusted Cash Flow is a valuation metric calculated by dividing Enterprise Value (Market Capitalization plus Net Debt) divided by Cash Flow before interest costs.
Postecoglou cops 'direct feedback' in Spurs fan confrontationIsraeli Prime Minister Benjamin Netanyahu is set to take the witness stand in his own defense on Tuesday in a criminal trial that his critics say is essential to the rule of law, and which his supporters say is a political prosecution. Netanyahu’s lawyers asked for additional time to prepare for his testimony, given the exigencies of Israel’s ongoing war on several fronts. But the court refused, meaning that Netanyahu will take the stand, for the next several weeks. The prime minister stands accused of several crimes involving alleged corruption. But the facts are almost laughable. In one case, Netanyahu is accused of asking for positive media coverage from a media company that was seeking tax and regulatory breaks. Netanyahu never received the positive coverage, but the company did receive the breaks that it sought — which, as Caroline Glick has noted , were also in the public interest, and produced better Internet access. In another case, Netanyahu was similarly accused of seeking positive coverage in one newspaper if he would block the publication of another — Israel Hayom , a free newspapers. Again, he did not receive the positive coverage. Moreover, he actually brought down his government rather than restrict the press freedom of Israel Hayom . And in yet another case, Netanyahu is accused of extending an amnesty for repatriated Israeli assets in exchange for gifts, such as cigars. The problem there, as Glick notes, is that “Netanyahu’s position reflects the same economic positions he has held for decades.” Bizarrely, the opposition leader, Yair Lapid, is a key prosecution witness, which has raised alarm bells. The cases are playing out against the background of new claims that Netanyahu’s aides leaked military secrets to the press — secrets that explained the brutality of Hamas toward Israeli hostages, and showed how Hamas deliberately used propaganda to motivate the Israeli opposition to protest against Netanyahu. As in the earlier cases, the police put maximum pressure on Netanyahu’s aides in an apparent effort to force them to become witnesses against him. Unlike the U.S. Department of Justice, which has a standard policy of not prosecuting the president while he is in office, the Israeli justice ministry has pursued Netanyahu doggedly, despite the weakness of the charges. Netanyahu’s supporters accuse Israel’s law enforcement fraternity and “deep state” of attempting to push him out of office. The criminal cases have dominated Israeli politics for half a decade — yet Israeli voters keep reelecting Netanyahu. Joel B. Pollak is Senior Editor-at-Large at Breitbart News and the host of Breitbart News Sunday on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. ET (4 p.m. to 7 p.m. PT). He is the author of The Agenda: What Trump Should Do in His First 100 Days , available for pre-order on Amazon. He is also the author of The Trumpian Virtues: The Lessons and Legacy of Donald Trump’s Presidency , now available on Audible. He is a winner of the 2018 Robert Novak Journalism Alumni Fellowship. Follow him on Twitter at @joelpollak .None