Imperial Oil Limited (TSE: IMO) (NYSE American: IMO) and E3 Lithium (TSXV: ETMC) (OTCQX: EEMMF) announced today a collaboration to advance a lithium-extraction pilot in Alberta exploring the redevelopment of an historic oil field into a potential new leading source of lithium for Canada's growing critical minerals industry.
The pilot will support E3 Lithium's Clearwater project, which will draw lithium from under the Leduc oil field, Imperial's historic discovery that first launched major oil and gas development in Western Canada . E3 Lithium's proprietary technology is designed to extract the critical mineral from the lithium-rich brine, with potential for commercial development of battery-grade products.
"This exciting collaboration brings together Imperial's long-standing commitment to research and technology to help test and scale E3's lithium-recovery technology," said Jason Iwanika , director of commercial business development at Imperial. "We continue to advance the innovation and technologies needed to support the energy transition, working in collaboration with governments and industry to progress new opportunities from existing assets and sector expertise."
"E3 Lithium and Imperial share an interest in the diversification of the Alberta economy, local job creation and sustainability," said Chris Doornbos , CEO of E3 Lithium. "Leduc No.1, Imperial's first well into this reservoir, was one of Imperial's most prolific oil discoveries in Alberta and transformed the provincial and Canadian economies, much like lithium has the potential to do. Having Imperial now working with E3 Lithium in exploring the redevelopment of Leduc into a world-class source of lithium is an exciting new chapter in Alberta and Canada's story."
The pilot project includes drilling Alberta's first lithium evaluation wells, planned to be completed by the end of the third quarter of this year. Work will also focus on scaling up E3 Lithium's proprietary technology, which brings the brine liquid to the surface where the lithium is removed and concentrated. This liquid is immediately returned underground as part of a closed-loop system. E3 Lithium's PEA 1 estimates the first phase of development could produce approximately 20,000 tonnes of lithium hydroxide per year.
Under the agreement, E3 Lithium will continue to operate the Clearwater project and retain its IP, with technical and development support from Imperial in areas such as water and reservoir management. The agreement also includes access for E3 Lithium to freehold lands in the area, which are operated by Imperial.
As part of the agreement, Imperial has agreed to invest CAD $6.35 million into E3 at a pre-paid price of CAD $1.86 /warrant and the issuance of 3,413,979 warrants. Each warrant provides the holder the option to exercise the warrant for one common share of E3. The warrants are immediately exercisable, non-transferrable, expire in 24 months and are non-refundable.
E3 Lithium shall, subject to the TSX Venture Exchange's approval, pay a one-time 5% finder's fee, being equal to $317,500 based on the amount of Imperial's investment, in respect of this transaction. The finder has elected to take 25% of the fee in cash ($79,375) and 75% of the fee in common shares of E3 Lithium. Accordingly, E3 Lithium will issue the finder 128,024 shares on closing.
E3 Lithium Investor and Media Relations 403-612-9498 investor@e3lithium.ca
E3 Lithium is a lithium development company with 7.0 million tonnes of lithium carbonate equivalent (LCE) inferred mineral resources1 in Alberta and an NPV8% on its Clearwater Lithium Project of USD 1.1 Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR after-tax1. Through the successful scale up its DLE technology towards commercialization, E3 Lithium's goal is to produce high purity, battery grade, lithium products. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to deliver lithium to market from one of the best jurisdictions in the world.
For more information about E3 Lithium, visit http://www.e3lithium.ca .
After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada's energy resources. As Canada's largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.
1 The Preliminary Economic Assessment (PEA) of the Clearwater Lithium Project NI 43-101 technical report is effective Dec 21, 2020. E3 Lithium has also released three NI 43-101 Technical Reports providing a total resource of 7.0Mt LCE. The Clearwater Lithium Project PEA resource estimate, identifying 2.2Mt LCE (inferred) effective December 21, 2020; the North Rocky Resource Area (NRRA) Technical Report effective October 27, 2017 identifying 0.9Mt LCE(inferred); and the Exshaw West Resource Area (EWRA) identifying 3.9Mt LCE (inferred) dated June 4, 2018. All reports are available on the Company's website (https://e3lithium.ca/our-assets/technical-reports/) and SEDAR (www.sedar.com)
Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements within the meaning of applicable Canadian securities legislation. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, target, estimate, expect, strategy, outlook, schedule, future, continue, likely, may, will and similar references to future events or developments or the negative thereof. Forward-looking statements in this report include, but are not limited to, references to the redevelopment of the Leduc oil field into a potential new leading source of lithium; the timing, scope, production and impact of the lithium-extraction pilot and the ability of E3 Lithium's proprietary technology to extract lithium from brine; Imperial's continued support innovation and technologies needed to support the energy transition; and lithium's potential to transform provincial and Canadian economies.
Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; project plans, timing, costs, technical evaluations and capacities and the ability to effectively execute on these plans and operate assets; production rates and results of lithium pilot project technology; the adoption and impact of new facilities or technologies, including for extraction of lithium from brine; cash generation, financing sources and capital structure; applicable laws and government policies; commodity prices and general market conditions; capital and environmental expenditures; the political and economic impact of the Russia - Ukraine conflict; and progression of the COVID-19 pandemic and its impacts on the ability to operate assets could differ materially depending on a number of factors.
These factors include global, regional or local changes in supply and demand for lithium, including the speculative nature of mineral exploration and development; fluctuating commodity prices; the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, and the ability to bring new technologies to commercial scale on a cost-competitive basis; unexpected technological developments; political or regulatory events, including changes in law or government policy; the receipt, in a timely manner, of regulatory and third-party approvals including for new technologies and projects; environmental risks inherent in project activities; availability and performance of third-party service providers; project management and schedules and timely completion of projects; availability of financing and allocation of capital; unanticipated technical or operational difficulties; operational hazards and risks; mineral analysis and performance; general economic conditions, including the occurrence and duration of economic recessions; and other factors discussed in the risk factors and management's discussion and analysis sections of the companies' most recent annual reports and subsequent interim reports, as filed on EDGAR at www.sec.gov and SEDAR at www.sedar.com . All forward-looking statements are qualified in their entirety by the cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited and E3 Lithium. Actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Neither company undertakes any obligation to update forward-looking statements contained herein, except as required by applicable law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View original content: http://www.newswire.ca/en/releases/archive/June2022/23/c3803.html
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All financial figures are in Canadian dollars
Suncor (TSX: SU) (NYSE: SU) released its 2022 Report on Sustainability and Climate Report today. The reports highlight how Suncor is working to achieve exceptional environmental, social and governance (ESG) performance, and share Suncor's actions on sustainable energy development, emphasizing the progress made to accelerate GHG reductions to reach net-zero by 2050 while increasing shareholder returns.
Guided by its purpose of providing trusted energy that enhances people's lives, while caring for each other and the Earth, Suncor is optimizing its base business while strengthening ESG performance with a particular focus on driving down emissions. This includes replacing coke-fired boilers with highly efficient cogeneration units, pursuing carbon capture opportunities, expanding its use of hydrogen and increasing partnerships with Indigenous communities on energy assets. In addition to these and other initiatives, Suncor is enhancing its leadership, technology infrastructure and processes and systems to strengthen its safety, reliability and cost performance.
"In the face of global energy uncertainty and the climate challenge, Suncor's strategy to deliver trusted energy while reducing emissions is aligned to meet the needs of today while contributing to the energy transition," said Mark Little, President and Chief Executive Officer. "Our investments, initiatives and actions reflect our commitment to making the right choices for the environment we all share, the social well-being of our communities and maintaining a strong governance structure."
Highlights of the Report on Sustainability include:
Highlights from the Climate Report include:
The Report on Sustainability and the Climate Report are available as downloadable PDFs:
For an overview of Suncor's sustainability efforts and to read the reports, visit https://www.suncor.com/en-ca/sustainability.
Legal Advisory - Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements are based on Suncor's current expectations, estimates, projections and assumptions that were made by the company in light of its information available at the time the statement was made and consider Suncor's experience and its perception of historical trends, including expectations and assumptions concerning: the accuracy of reserves and resources estimates; commodity prices and interest and foreign exchange rates; capital efficiencies and cost savings; applicable royalty rates and tax laws; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; and the receipt, in a timely manner, of regulatory and third-party approvals. In addition, all other statements and information about Suncor's strategy for growth, expected and future expenditures or investment decisions, commodity prices, costs, schedules, production volumes, operating and financial results and the expected impact of future commitments are forward-looking statements. Some of the forward-looking statements and information may be identified by words like "expects", "anticipates", "will", "estimates", "plans", "scheduled", "intends", "believes", "projects", "indicates", "could", "focus", "vision", "goal", "outlook", "proposed", "target", "objective", "continue", "should", "may" and similar expressions.
Forward-looking statements in this news release include references to: the expectation that Suncor will continue to increase shareholder returns while accelerating our GHG emissions reduction targets, growing our business in low greenhouse gas (GHG) fuels, electricity, and hydrogen, sustaining and optimizing our base business and transforming our GHG footprint to be a net-zero company by 2050; the belief that these goals are all enabled by Suncor's expertise, long-life resources, integrated business model, strong connection to customers, and world-class ESG performance; the belief that Suncor will help shape a profitable and sustainable energy future; the expectation that Suncor work together with communities, businesses, governments and organizations to achieve our shared economic, climate and social goals; and the belief that Suncor's current and ongoing work, as well as insights into future steps, will support the company in achieving its goals.
Forward-looking statements and information are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Suncor's actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them.
Suncor's Management's Discussion and Analysis dated February 23, 2022, its Annual Information Form, Form 40-F and Annual Report to Shareholders, each dated February 23, 2022, and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3; by email request to invest@suncor.com; by calling 1-800-558-9071; or by referring to suncor.com/FinancialReports or to the company's profile on SEDAR at sedar.com or EDGAR at sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development. production and upgrading, offshore oil and gas production, petroleum refining in Canada and the U.S. and the company's Petro-Canada retail and wholesale distribution networks, including Canada's Electric Highway, a coast-to-coast network of fast-charging EV stations. Suncor is developing petroleum resources while advancing the transition to a low-emissions future through investment in power, renewable fuels and hydrogen. Suncor also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor has been recognized for its performance and transparent reporting on the Dow Jones Sustainability index, FTSE4Good and CDP. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
For more information about Suncor, visit our web site at suncor.com, follow us on Twitter @Suncor.
Media inquiries: 403-296-4000 media@suncor.com
Investor inquiries: 800-558-9071 invest@suncor.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128664
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In recent years, the global oil market has been impacted significantly by COVID-19 disruptions, price wars between oil-producing nations and now the Russia/Ukraine war.
The output control deal made between the Organization of the Petroleum Exporting Countries (OPEC) and 11 of the world’s top oil producers expired in 2020. With production increasing dramatically in April of that year following Russia’s decision not to approve further cuts proposed by Saudi Arabia, the de facto OPEC leader responded by offering its product at discounted prices and producing more oil.
In an oversupplied market suffering from a lack of demand, oil prices turned negative, shocking market participants. Finally, with some pressure from the US, Russia and OPEC finally came to an agreement to cut production by 9.7 million barrels per day (bpd) — the single largest output decrease in history.
In 2021, oil demand returned as COVID-19 lockdowns eased worldwide, pushing prices higher. Now into 2022, Russia’s aggressive war against Ukraine has sent oil prices skyrocketing.
Given these and other recent market events, many investors are curious to know which countries produce the most oil, and may be able to fill the gap if western leaders place further sanctions on Russia. Read on for a look at the top 10 oil-producing countries in the world in 2021. Statistics are from the Energy Information Administration (EIA) and include total production of petroleum and other liquids.
Number one on this list of the top 10 oil-producing countries is the US. Its output increased by 266,000 bpd from its 2020 level to reach 18,875,000 bpd last year. The US has been described as a swing producer because its production fluctuates alongside market prices. Texas leads the way as the biggest oil-producing state in the nation, with output nearly four times as high as the second biggest oil-producing state, New Mexico.
In addition to being a major oil producer, the US is a big consumer of oil. Last year, the US consumed a total of 7.22 billion barrels of petroleum products — that’s an average of about 19.78 million bpd.
Saudi Arabia’s oil output came in at 10,835,000 bpd in 2021. The country possesses 17 percent of the world’s proven petroleum reserves and is the largest petroleum exporter. Its oil and gas sector accounts for around 50 percent of its gross domestic product and about 85 percent of its export earnings.
As mentioned, Saudi Arabia played a key role in OPEC’s decision to curb oil output back in 2020. The country decided to reduce production by 3.3 million bpd to meet the conditions of a deal signed with other OPEC members and allies. In 2022, the country's US relations have soured to the point that the Arab kingdom seems unwilling to increase production in an effort to bring down rising gasoline prices.
Prior to production cuts in 2020, Russian oil output had spent a number of years rising; it hit 10,778,000 bpd last year. Most of Russia’s reserves are located in West Siberia, between the Ural Mountains and the Central Siberian Plateau, as well as in the Urals-Volga region, extending into the Caspian Sea.
As the third largest oil-producing nation, Russia accounts for 10 percent of global output. In response to Russia’s war in Ukraine, Canada, the US, the UK and Australia have banned imports of Russian oil, representing about 13 percent of Russia’s exports, as per a CNN report.
In March 2022, the International Energy Agency (IEA) warned that Russia could be forced to cut 30 percent of its crude oil production, resulting in a serious global oil supply crisis. “The implications of a potential loss of Russian oil exports to global markets cannot be understated,” the IEA stated.
Next on this list of the top 10 oil-producing countries is Canada. The country’s annual oil production rose to 5,558,000 bpd in 2021, up from 2020’s output levels of 5,235,000 bpd.
Nearly all of Canada’s proven oil reserves are located in Alberta, and according to the province’s government, 97 percent of oil reserves there are in the form of oil sands. Energy exports to the US account for the vast majority of Canada’s total energy exports. However, because of economic and political considerations, Canada is developing ways to diversify its trading partners, especially by expanding ties with emerging markets in Asia.
Canada has been embroiled in a national debate over pipelines. In 2018, the federal government purchased the Kinder Morgan (NYSE:KMI) Trans Mountain pipeline for C$4.5 billion to ensure Canadian crude reaches market ports. At the time, an expansion was estimated to cost another C$7.4 billion, after which the government would sell the project back to the private sector. In February 2020, a new cost estimate for the project sent the C$7.4 billion figure to C$12.6 billion; that figure was adjusted again in February 2022, nearly doubling to C$21.4 billion.
China’s annual oil output was 4,993,000 bpd in 2021. The nation is the world’s second largest consumer of oil and moved from being the second largest net importer of oil to the largest in 2014.
China is the world’s most populous country and has a rapidly growing economy, factors that have driven its high overall energy demand. In fact, the Asian country is the top consumer of oil, with 55 percent of its imports coming from OPEC member countries.
According to Reuters, during the first few months of 2022, China’s crude oil refineries have been cutting production due to COVID-19 lockdowns as the virus continues to challenge the government’s zero-COVID strategy.
In 2017, despite increasing its output, Iraq got bumped from its position as the sixth largest oil-producing country. Output in 2018 helped the nation regain its sixth spot position.
The Middle Eastern country has seen its oil production decrease significantly in recent years, falling from 4,788,000 bpd in 2019 to 4,149,000 bpd in 2021. It holds the world’s fifth largest proven oil reserves at 145 billion barrels; that represents 8.4 percent of global reserves.
The United Arab Emirates is an OPEC member, and has ranked among the world's top 10 oil-producing countries for decades. In 2021, it saw a small year-on-year increase in production, with oil output rising to 3,786,000 bpd.
The country holds the world’s eighth largest proven oil reserves at 98 billion barrels, with most of those reserves located in Abu Dhabi. The United Arab Emirates accounts for 5.6 percent of global total reserves.
Brazil’s oil production fell slightly from 3,769,000 bpd in 2020 to 3,689,000 bpd in 2021.
According to the EIA, total primary energy consumption in Brazil has nearly doubled in the past decade because of sustained economic growth. The largest share of Brazil’s total energy consumption is oil and other liquid fuels, followed by hydroelectricity and natural gas.
In April 2022, Reuters reported that Brazil is in discussions with the US to increase its oil production in response to Russia’s war in Ukraine.
Iran’s oil output increased dramatically last year, rising from 2,990,000 bpd in 2020 to 3,458,000 bpd in 2021. According to the EIA, Iran holds the world’s third largest proven oil reserves, as well as the world’s second largest natural gas reserves. Despite the country’s abundant reserves, Iran’s oil production has substantially fallen in recent years — it produced 4,779,000 bpd back in 2017.
US sanctions and regional disputes have all weighed on Iran’s energy production sector. China recently signed a 25 year trade and security agreement with Iran, and has called on the US to drop its sanctions.
Last on this list of the top 10 oil-producing countries is Kuwait, whose output decreased in 2021 for the third time since 2018. In 2016, production reached 3,072,000 bpd, then dropped to 3,025,000 bpd in 2017. In 2018, the country made a slight recovery, producing 3,059,000 bpd; production fell again in 2019 to 3,017,000 bpd.
Kuwait’s oil and gas sector accounts for about 60 percent of the country’s GDP, and an even larger share of its export revenues at around 95 percent.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced a new and significant commitment to Indspire that will support initiatives across Canada aimed at enhancing education and recognizing the outstanding achievements of Indigenous people. Cenovus will donate $1 million over four years, becoming a partner with Indspire an Indigenous national charity that invests in the education of First Nations, Inuit, and Métis people.
"We have supported the creation of long-term economic and social value for Indigenous communities, and provided meaningful opportunities since Cenovus was created more than a decade ago," said Trent Zacharias, Cenovus's Director, Community & Indigenous Affairs. "This partnership is an opportunity to further directly invest in supporting education initiatives that can bring sustained change for Indigenous people and their communities across Canada, and contribute to advancing overall reconciliation. It's also our way of recognizing and honouring the rich history and contributions of Indigenous people in Canada during National Indigenous History Month."
Over the four years, Cenovus will be involved across Indspire's national programs and initiatives that support Indigenous education and celebrate success stories. The investment by Cenovus includes funding by the company of 25 annual scholarships of $5,000 each for Indigenous students, matched by the Government of Canada for a total of 50 awards. The donation also supports a gathering for Indigenous youth as well as the yearly Indspire Awards, recognizing outstanding individual achievement.
"We are pleased to be working with Cenovus to provide scholarships for Indigenous learners to pursue their education dreams in science, technology, engineering, math and the trades. This is the beginning of a significant partnership with Cenovus, and we look forward to working with them," said Mike DeGagné, President & Chief Executive Officer of Indspire.
Cenovus recently established two Indigenous reconciliation targets as part of its overall environmental, social and governance commitments, and, since 2012, has donated almost $400,000 to Indspire to support the scholarship program as well as the Indspire Awards and youth empowerment event.
Cenovus focuses its social investments on four focus areas: Indigenous reconciliation, Protected planet, Future-ready youth and Resilient communities. Through these focus areas, the company is committed to investing in initiatives that will address a broad spectrum of challenges through collaboration with a variety of partners and organizations, such as Indspire, to develop solutions for society, the environment and the economy. Cenovus employees also play a role in contributing to the community through Cenovus Cares , the company's giving and volunteering program.
Advisory This document contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking information") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995, about Cenovus's current expectations, estimates and projections about the future, based on certain assumptions made in light of experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct.
Forward-looking information in this news release is identified by words such as "commit", "focus", "will" or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: Cenovus's donation and its expected impact on Indigenous communities; and matching government support.
For additional information regarding Cenovus's material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to "Risk Management and Risk Factors" and "Advisory" in Cenovus's Management's Discussion & Analysis for the periods ending December 31, 2021 and March 31, 2022 , and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR at sedar.com , on EDGAR at sec.gov and Cenovus's website at cenovus.com ).
Cenovus Energy Inc. Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company's preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com .
Find Cenovus on Facebook , Twitter , LinkedIn , YouTube and Instagram .
Indspire Indspire is an Indigenous national charity that invests in the education of First Nations, Inuit, and Métis people for the long-term benefit of these individuals, their families and communities, and Canada. With the support of its funding partners, Indspire provides financial awards, delivers programs, and shares resources so that First Nations, Inuit, and Métis students will achieve their highest potential. In 2021-2022, Indspire provided more than $23 million through 6,612 bursaries and scholarships to First Nations, Inuit, and Métis students across Canada.
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Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today that it has taken up and paid for 32,467,532 common shares ("Shares") at a price of $77.00 per Share (the "Purchase Price") under Imperial's offer (the "Offer") to purchase for cancellation up to $2.5 billion of its Shares. All amounts are in Canadian dollars.
The Shares purchased represent an aggregate purchase of $2.5 billion and 4.9 percent of the total number of Imperial's issued and outstanding Shares as of the close of business on May 2, 2022. Immediately following completion of the Offer, Imperial has 636,676,182 Shares issued and outstanding.
A total of 9,867,766 Shares were taken up and purchased pursuant to auction tenders at or below the Purchase Price and pursuant to purchase price tenders. Since the Offer was oversubscribed, shareholders who made auction tenders at or below the Purchase Price and shareholders who made, or were deemed to have made, purchase price tenders had approximately 96 percent of their tendered Shares taken up by Imperial (other than "odd lot" tenders, which were not subject to proration). 22,599,766 Shares were taken up and purchased pursuant to proportionate tenders.
Exxon Mobil Corporation ("ExxonMobil"), Imperial's majority shareholder, made a proportionate tender under the Offer in order to maintain its proportionate Share ownership at approximately 69.6 percent, resulting in 22,597,379 Shares being taken up pursuant to the Offer. Immediately following completion of the Offer, ExxonMobil holds 443,126,164 Shares.
Imperial has accepted the Shares tendered for purchase and has made payment for the Shares by delivering the aggregate purchase price to Computershare Investor Services Inc., the depositary for the Offer (the "Depositary"). Payment and settlement with shareholders will be effected by the Depositary on or about June 21, 2022, all in accordance with the Offer and applicable law. Any Shares not purchased, including such Shares not purchased as a result of proration or Shares tendered pursuant to auction tenders at prices higher than the Purchase Price or invalidly tendered, will be returned to shareholders as soon as practicable.
To assist shareholders in determining the tax consequences of the Offer, Imperial estimates that a deemed dividend in the amount of $75.25 per Share was triggered on the repurchase of each Share, based on the estimated paid-up capital of $1.75 per Share at June 10, 2022. The dividend deemed to have been paid by Imperial to Canadian resident persons is designated as an "eligible dividend" for purposes of the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation.
For the purposes of subsection 191(4) of the Income Tax Act (Canada), the "specified amount" in respect of each Share is $69.19.
Shareholders should consult with their own tax advisors with respect to the income tax consequences of the disposition of their Shares under the Offer.
The full details of the Offer are described in the offer to purchase and issuer bid circular dated May 6, 2022, as amended on May 31, 2022, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov .
This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Shares.
Imperial is one of Canada's largest integrated oil companies. It is active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil and natural gas. In Canada, it is a major producer of crude oil, the largest petroleum refiner and a leading marketer of petroleum products. It is also a major producer of petrochemicals. The company's operations are conducted in three main segments: Upstream, Downstream and Chemical.
Cautionary statement: Statements of future events or conditions in this release, including projections, expectations and estimates are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, expect, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this release include, but are not limited to, references to timing of payment and settlement with shareholders by the Depositary; the return of Shares not purchased; and the estimated deemed dividend triggered on the repurchase of each Share.
Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual results, including expectations and assumptions could differ materially depending on a number of factors. These factors include those discussed in Item 1A risk factors and Item 7 management's discussion and analysis of financial condition and results of operations of Imperial Oil Limited's most recent annual report on Form 10-K and subsequent interim reports on Form 10-Q.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial's actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.
After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada's energy resources. As Canada's largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220615005312/en/
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Global Oil & Gas Limited provides the following update and review of the Sasanof-1 well campaign, conducted approximately 207 km northwest of Onslow, Western Australia
WA-519-P remains highly prospective with material leads identified in the proven Lower Barrow Group and Triassic Mungaroo plays and play opening leads in the Jurassic “Perseus” Syn-rift.
The Company and its joint venture participants will continue to review and progress these leads to prospects, including an assessment of data from the Sasanof-1 well, to support future exploration and targeted farmout discussions.
COMMENT – Global Oil & Gas
“While we were disappointed with the geological outcome, we are pleased that Sasanof was drilled on time, on budget and without incident. The Company will retain its 25% interest in the WA-519-P permit and will continue to work with its JV partners in further evaluating the remaining exploration targets within the permit, with a view to commence targeted farm-out discussions”
The Company is also currently advancing a planned exploration program on EP127 and will update shareholders shortly, along with a review of its Canning Basin interests”
Authorised by the Board of Global Oil & Gas Limited.
For further information please contact:
Click here for the full ASX Release
This article includes content from Global Oil & Gas Limited , 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.
TSXV: HELI OTCQB: FHELF FRA: 2MC
Reports Average Daily Oil Production of 520 BBL/D Over Last Five Days
First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC), today announced that it has received $1.2 million for light oil volumes that the Company delivered for sale during the month of April. Cash flow from the light oil sales will continue to be deployed to help fund the Company's ongoing helium exploration and development activities at its 100% owned Worsley Property, and the Southern Alberta ( Lethbridge ) Lands.
During the month of May, the Company produced approximately 272 barrels per day ("bbl/d") and delivered approximately 8,200 barrels of light oil for sale, down from previous months and from expected production capability. The lower volume was a result of down-time related to a number of seasonal factors that included: inclement regional wet weather at the Company's oil battery location, road use restrictions and limited access due to overland flooding. During the down-time, the Company took the opportunity to complete some required regulatory testing and reporting requirements and to optimize its oil battery operations. In late June, the Company expects to receive approximately $700,000 for oil volumes delivered during May.
"While periods of combined precipitation and spring run-off limited our ability to produce and truck oil volumes at normal capacity during late April and May, we are pleased that we were able to use the unscheduled down-time to optimize the configuration of the two-well oil battery and perform some necessary operations to meet regulatory reporting requirements," said Ed Bereznicki , President & CEO of First Helium. "We are also pleased to report that our two-well battery has returned to routine operation with daily production volumes averaging approximately 520 bbl/d of light oil over the past five days and that we have taken remedial steps to help mitigate future production down-time associated with limited road access to the battery," added Mr. Bereznicki.
The Company is finalizing necessary preparations to begin drilling the first of its two recently announced helium targets in July, dependent on satisfactory weather-related field conditions. As with the Company's 15-25 helium discovery well, which includes associated volumes of natural gas and natural gas liquids, First Helium intends to market any associated surplus hydrocarbon volumes included in any new helium discovery wells to capitalize on the current robust outlook for natural gas and liquids pricing, and maximize cash flow in support of further growth. First Helium's 79,000 acres along the Worsley Trend is highly prospective for both helium and natural gas. Historical exploration and development drilling on the trend has encountered rich helium concentrations ranging from 0.5% to 1.9% in a number of formations.
Led by a core Senior Executive Team with diverse and extensive backgrounds in Oil & Gas Exploration and Operations, Mining, Finance, and Capital Markets, First Helium seeks to be one of the leading independent providers of helium gas in North America .
Building on its successful 15-25 helium discovery well at the Worsley project, the Company has identified numerous follow-up drill locations and acquired an expansive infrastructure system to facilitate future exploration and development of helium across its Worsley land base. Cash flow from its successful oil wells at Worsley will help support First Helium's ongoing helium exploration and development growth strategy.
First Helium holds over 79,000 acres along the highly prospective Worsley Trend in Northern Alberta , and 276,000 acres in the Southern Alberta Helium Fairway, near existing helium production. In addition to continuing its ongoing exploration and development drilling at Worsley , the Company has identified a number of high impact helium exploration targets on the prospective Southern Alberta Helium Fairway lands to set up a second core exploration growth area for the Company.
For more information about the Company, please visit www.firsthelium.com .
Edward J. Bereznicki President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements or disclosures relating to First Helium that are based on the expectations of its management as well as assumptions made by and information currently available to First Helium which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results, or developments that First Helium anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "expect", "will" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the timing and rate of production of the 4-29 and 1-30 discovery wells, respectively; anticipated cash flows; the entering into of off-take marketing arrangements; the use of funds and the Company's strategy. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of First Helium including, without limitation: that First Helium will continue to conduct its operations in a manner consistent with past operations; the general continuance of current or, where applicable, assumed industry conditions; availability of debt and/or equity sources to fund First Helium's capital and operating requirements as needed; and certain cost assumptions.
Forward-looking statements are based on estimates and opinions of management at the date the statements are made and are subject to risks, uncertainties and assumptions, including those set out in the Final Prospectus dated June 28, 2021 and filed under the Company's profile on SEDAR at www.sedar.com . Readers are cautioned that actual results may vary materially from the forward-looking statements made in this news release. Risks that could cause actual events or results to differ materially from those projected in forward-looking statements include, but are not limited to, risks associated with the oil and gas industry; the ability of First Helium to fund the capital and operating expenses necessary to achieve its business objectives; the impact of the COVID-19 pandemic on the business and operations of First Helium; the state of financial markets; increased costs and physical risks relating to climate change; loss of key employees and those risks described in the Final Prospectus dated June 28, 2021 . First Helium does not undertake any obligation to update forward looking statements, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
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