Thursday, September 16, 2021

Indonesia Energy Corp (INDO)
Results for 2nd well surpass expectations

Indonesia Energy Corp Ltd is an oil and gas exploration and production company focused on Indonesia. It holds two oil and gas assets through its subsidiaries in Indonesia: one producing block (the Kruh Block) and one exploration block (the Citarum Block). The Kruh Block is located to the northwest of Pendopo, Pali, South Sumatra. The Citarum Block is located to the south of Jakarta.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Indo announced that it has discovered oil in its Kruh 26 well. The discovery follows similar success at the initial Kruh 25 well and was largely expected. Drilling was done in only 18 days at a cost below initial expectations of $1.5 million. Drilling encountered a larger-than-expected pay zone implying that reserves may be higher than expected. Production for the first two wells is expected in the fourth quarter, in line with expectations.


Drilling continues albeit with fewer wells to be drilled in 2021.  The company still plans to drill 18 wells in 2021-23 but will only do three in 2021 instead of five. The company has faced several drilling delays since it started its drilling program, mostly due to COVID issues. The most recent delay does not change our overall profile of valuation for the company, but we will be watching future …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Indonesia Energy Discovers Oil in Its Second Back-to-Back New Well at Kruh Block

 

Production from Both New Wells Expected to Commence in October  with an Expected Increase in Revenues and Production for IEC by Over 100%

JAKARTA, INDONESIA and DANVILLE, CA / ACCESSWIRE / September 15, 2021 / Indonesia Energy Corporation (NYSE American:INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, today announced that it has discovered oil in its “Kruh 26” well after having announced in July the discovery of oil in its Kruh 25 well. These are 2 back-to-back discoveries of oil for IEC from its previously announced new drilling plans. IEC now plans to conduct stimulation work and commence production from both wells in October 2021.

It is expected that when full production from these 2 new wells is achieved (which is anticipated to occur by the end of October) that such production is expected to increase IEC’s overall daily revenues and oil production by over 100%.

IEC also announced that the Kruh 26 well took only 18 days to drill to a total depth of 3,376 feet, which is approximately half of the time that was budgeted. Both Kruh 25 and Kruh 26 were drilled under the previously announced budget of $1.5 million per well.

Additionally, approximately 111 feet of oil sands were encountered at Kruh 26 between the depths of 3,100 and 3,228 feet. This oil-bearing interval (meaning the top of the oil zone to the bottom of the oil zone) in the Kruh 26 well was thicker and therefore larger than anticipated, meaning that the total reserve potential could be larger than anticipated.

Mr. Frank Ingriselli, IEC’s President, commented “The Kruh 26 well is a significant achievement for our company, which has now completed 2 discovery wells in less that 60 days. The plan is to now stimulate and commence production next month from both wells, which is expected to double our company’s daily revenue and production. This will set us up to drill the third well for the 2021 drilling program, known as “Kruh 27″, in the fourth quarter. We look forward to continuing to deliver on our development plans and maximize returns on our investments to grow shareholder value.”

IEC also announced an update for its overall drilling program at Kruh Block. Previously, IEC announced that its three-year plan was to drill a total of 18 wells over a three-year period, with 5 of those wells drilled in 2021. IEC still plans to drill a total of 18 wells over the three-year period with 3 of those wells in 2021 and the balance of 15 more wells over the balance of the remainder of the three-year period. This slight delay was primarily caused by the permitting process in Indonesia as well as COVID-19-related delays.

Visit the IEC’s website to view a video clip of the drilling operations on the Kruh 26 well located under the Investor Media tab or visit the following link: https://www.youtube.com/watch?v=Y42NsdKXMWE

About Indonesia Energy Corporation Limited

Indonesia Energy Corporation Limited (NYSE American:INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (1,000,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results (including the results of IEC’s current and future drilling activities at Kruh Block and the impact on IEC’s results of operations as described herein) to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2020 filed on May 17, 2021 with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:
Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com

SOURCE: Indonesia Energy Corporation Limited 

	Image Credit: Bill Word (Flickr)

Oil Prices Are Up – What’s Behind It – Is It Sustainable?

 

Oil prices are up 89.9% year-over-year with the price of Brent near $76 per barrel. What’s more, conditions suggest prices can keep marching higher. What are the factors influencing the rally in crude oil?  Which are temporary and which are more systemic? We explore these questions with the idea of determining which will be short-lived, and which will continue.

 

Supply and Demand Issues

U.S. supply concerns seem to be the largest impetus behind the global move higher. This is in large part the result of hurricane Ida’s impact on production and longer-term damages.  There are also reports that Russia is struggling to meet its OPEC+ quotas. European inventories have also shown signs of unexpected depletion as it heads into the winter heating season.  Chinese refinery runs have also sunk during August leading to less product.

In actual measurement, crude stocks fell by 5.4 million barrels last week, compared to a forecast 3.5 million barrel drop for the period.

Expectations are demand will rise as the world’s economies grow as we look past the pandemic toward more economic activity. Analysts at Goldman Sachs have issued this forecast: “Going into the autumn we believe oil is the market that is poised to rally significantly,” they said in a note Monday, reiterating an $80 per barrel target for the fourth quarter with upside risks into the beginning of 2022. They noted growing scarcity across physical markets, with the risks being a supply disruption or demand increase. Bank of America analysts have issued a $100 target for Brent crude for mid-2022 but said a colder than normal winter could roll that forward by six months.

These forecasts may be put at risk by OPEC increasing its monthly output, and with China which is expected to release its national reserves for the first time to alleviate price pressures. There is also the possibility that a resurgence in Covid-related fears reduces economic activity.

Also, price pressure may be reduced long and short-term as The U.S. government agreed to sell crude oil from the nation’s emergency reserve to eight companies including Exxon Mobil, Chevron, and Valero, under a scheduled auction to raise money for the federal budget.

 

Take-Away

The price of Brent Crude has risen almost 90% since last year at this time. Supply/Demand pressures suggest that the direction is not likely to change as the Northern Hemisphere approaches the heating season. Predictions by analysts from Goldman Sachs and Bank of America see rising petroleum prices through mid-2022.  Unexpected outside shocks aside, the upward pressure appears likely not to subside.

 

Suggested Reading:

Chevron Announces Multiple Green Energy Initiatives

Lithium Batteries vs Hydrogen Fuel Cells

Why Uranium Mining Stocks Can Continue Climbing Higher

Why Investors Have Consistently Bought the Dip in 2021

 

Sources:

https://www.barrons.com/articles/oil-outlook-prices-crude-51631555973

https://www.barrons.com/articles/stock-market-today-51631525007?mod=hp_LEAD_1_B_1&mod=article_inline

https://www.barrons.com/articles/things-to-know-today-51631526105?mod=article_inline

 

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Indonesia Energy Discovers Oil in Its Second Back-to-Back New Well at Kruh Block

 

Production from Both New Wells Expected to Commence in October  with an Expected Increase in Revenues and Production for IEC by Over 100%

JAKARTA, INDONESIA and DANVILLE, CA / ACCESSWIRE / September 15, 2021 / Indonesia Energy Corporation (NYSE American:INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, today announced that it has discovered oil in its “Kruh 26” well after having announced in July the discovery of oil in its Kruh 25 well. These are 2 back-to-back discoveries of oil for IEC from its previously announced new drilling plans. IEC now plans to conduct stimulation work and commence production from both wells in October 2021.

It is expected that when full production from these 2 new wells is achieved (which is anticipated to occur by the end of October) that such production is expected to increase IEC’s overall daily revenues and oil production by over 100%.

IEC also announced that the Kruh 26 well took only 18 days to drill to a total depth of 3,376 feet, which is approximately half of the time that was budgeted. Both Kruh 25 and Kruh 26 were drilled under the previously announced budget of $1.5 million per well.

Additionally, approximately 111 feet of oil sands were encountered at Kruh 26 between the depths of 3,100 and 3,228 feet. This oil-bearing interval (meaning the top of the oil zone to the bottom of the oil zone) in the Kruh 26 well was thicker and therefore larger than anticipated, meaning that the total reserve potential could be larger than anticipated.

Mr. Frank Ingriselli, IEC’s President, commented “The Kruh 26 well is a significant achievement for our company, which has now completed 2 discovery wells in less that 60 days. The plan is to now stimulate and commence production next month from both wells, which is expected to double our company’s daily revenue and production. This will set us up to drill the third well for the 2021 drilling program, known as “Kruh 27″, in the fourth quarter. We look forward to continuing to deliver on our development plans and maximize returns on our investments to grow shareholder value.”

IEC also announced an update for its overall drilling program at Kruh Block. Previously, IEC announced that its three-year plan was to drill a total of 18 wells over a three-year period, with 5 of those wells drilled in 2021. IEC still plans to drill a total of 18 wells over the three-year period with 3 of those wells in 2021 and the balance of 15 more wells over the balance of the remainder of the three-year period. This slight delay was primarily caused by the permitting process in Indonesia as well as COVID-19-related delays.

Visit the IEC’s website to view a video clip of the drilling operations on the Kruh 26 well located under the Investor Media tab or visit the following link: https://www.youtube.com/watch?v=Y42NsdKXMWE

About Indonesia Energy Corporation Limited

Indonesia Energy Corporation Limited (NYSE American:INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (1,000,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results (including the results of IEC’s current and future drilling activities at Kruh Block and the impact on IEC’s results of operations as described herein) to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2020 filed on May 17, 2021 with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:
Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com

SOURCE: Indonesia Energy Corporation Limited 

Tuesday, September 14, 2021

enCore Energy Corp. (ENCUF)(EU:CA)
We are raising our price target to reflect the Azarga acquisition

enCore Energy Corp together with its subsidiary, is engaged in the acquisition and exploration of resource properties. The company holds the Marquez project in New Mexico as well as the dominant land position in Arizona with additional other properties in Utah and Wyoming. The firm also owns or has access to North American and global uranium data including the Union Carbide, US Smelting and Refining, UV Industries, and Rancher’s Exploration databases in addition to a collection of geophysical data for the high-grade Northern Arizona Breccia Pipe District.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

We are raising our twelve-month price target on the shares of ENCUF. The increase in our price target reflects adjustments to our financial and valuation models to account for the proposed acquisition of Azarga Uranium. We see the acquisition as a transformative event for enCore that brings the company low cost uranium production that will fill a gap between enCore’s near-term Texas production and long-term New Mexico production. Our price target increase comes on the heels of recent strength in uranium prices.


We have modeled in Azarga’s Dewey Burdock (2025) and Gas Hill (2026) projects.  Both projects are low-cost, high-return projects with ample resources and projected production capacity near 1 million annually. We assume the projects will operate at 25% capacity in year one rising to 75% by year three. Recent preliminary economic assessments estimate Dewy Burdock operating costs and royalties near …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

White House Coordinates Efforts of Departments of Energy, Transportation, and Agriculture to Meet the Grand Challenge: Reduce Aviation Carbon Footprint by 50 Percent by 2050

 

ENGLEWOOD, Colo., Sept. 13, 2021 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) is pleased to share the news that the U.S. Department of Energy (DOE), the U.S. Department of Transportation (DOT), and the U.S. Department of Agriculture (USDA) entered into memorandum of understanding (MOU) outlining the Sustainable Aviation Fuel Grand Challenge (the Grand Challenge). The Grand Challenge spells out action steps to reduce the cost, enhance the sustainability, and expand the production and use of Sustainable Aviation Fuel (SAF) that achieves a minimum of a 50 percent reduction in lifecycle greenhouse gas (GHG) compared to conventional fuel to meet a goal of supplying sufficient SAF to meet 100 percent of aviation fuel demand by 2050.

Secretary Jennifer M. Granholm of the DOE, Secretary Pete Buttigieg of the DOT, and Secretary Tom Vilsack of the USDA, along with NASA Administrator Bill Nelson and the Department of Defense represented by Secretary Frank Kendall III of the Air Force, all participated in the roundtable to discuss the details of the Grand Challenge. The MOU states that, “increased production of SAF will play a critical role in a broader set of actions by the United States Government and the private sector to reduce the aviation sector’s emissions in a manner consistent with the goal of net­zero emissions for our economy, and to put the aviation sector on a pathway to full decarbonization by 2050. In recognition of the critical role that drop-in synthesized hydrocarbon fuels from waste streams, renewable energy sources, or gaseous carbon oxides—or SAF—will play in addressing our climate change crisis and its role for jobs and the economy, the Parties undertake this MOU to ensure the highest level of collaboration and coordination across our Agencies.”

Dr. Patrick Gruber, chief executive officer of Gevo, shared his thoughts at a virtual White House Roundtable to discuss the future of SAF, along with other industry leaders. As a near-term goal, government and aviation stakeholders pledged to try to achieve 3 billion gallons of SAF production and reduce aviation-related emissions by 20 percent by 2030.

“This is an exciting time for our industry,” Gruber said. “We are both honored and thankful to have been included in this collaborative event. Through Gevo’s current off-take agreements with Delta Airlines, Trafigura, Haltermann Carless, Air Total, and SAS, as well as the proposed collaboration with Chevron, we are ready to take on the Grand Challenge, and are already approaching a potential combined off-take of 250 million gallons per year of advanced hydrocarbon products, which include SAF.”

According to the MOU, “The activities underlying this MOU represent an investment in America that not only reduces our environmental impact, but also supports energy independence and creates jobs in agriculture, forestry, infrastructure, research and development and other areas where America already excels at production. This MOU also supports a just transition of the energy industry to a low carbon future. Environmental responsibility, equity and economic sensibility go hand in hand with this effort.”

“The Grand Challenge is a roadmap to a future that allows transportation growth to continue while flattening related carbon emissions,” says Gruber. “It’s only through this type of cross-discipline effort that the effects are multiplied. Our Net-Zero 1 Project is expected to be the first of its kind to be convert renewable energy into SAF and other energy-dense, liquid hydrocarbons and we don’t expect to stop there. Our vision is to reach a billion gallons by 2030, which will require additional facilities with the potential to achieve net-zero GHG emissions across the lifecycle of the fuel.”

For agricultural based feedstocks, Gevo believes in working with farmers as partners, to encourage sustainable farming and regenerative agriculture and were delighted to hear Secretary Vilsack’s thoughts about agriculture. Secretary Vilsack said during the event, “USDA and American agriculture will make sustainable aviation possible in concert with our federal and industry partners and their stakeholders. We can expand our ability to power the nation’s aviation sector with fuel grown right here at home by hard-working Americans, while creating economic opportunity for American farmers, business owners and rural communities. Participating in SAF supply chains is also a big win for the aviation business, consumers and the planet.”

In addition to Gevo’s approach to utilizing sustainable field corn as a feedstock for producing SAF and renewable gasoline, Gevo also believes in the technology to utilize cellulosic feedstock, such as wood residues.

Gevo believes that the U.S. Department of Energy’s (DOE) Argonne National Laboratory model utilizes the most up to date, scientific carbon accounting. Argonne GREET is the premier science-based life cycle inventory model for determining GHGs and other sustainability attributes across the life cycle of a fuel. Gevo believes that by rewarding farmers to improve their agricultural practices, by capturing carbon, by reducing run-off, and by producing large amounts of protein, Gevo can address several problems at once. Gevo believes it is possible to make this world a better place, with better nutrition, while eliminating fossil based GHGs.

A link to the White House fact sheet can be found here .

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, without limitation, including Gevo’s technology, the White House fact sheet and virtual roundtable, the production of SAF, the attributes of Gevo’s products, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Investor and Media Contact

+1 720-647-9605

IR@gevo.com

	Image Credit: Polesie (Pexels)

The Sustainable Aviation Fuel Grand Challenge – The Plan and The Participants

 

The U.S. Department of Energy (DOE), U.S. Department of Transportation (DOT), and U.S. Department of Agriculture (USDA) are launching a government-wide Sustainable Aviation Fuel Grand Challenge (Grand Fuel Challenge). The purpose is to reduce the cost, enhance sustainability, and expand the use and production of sustainable aviation fuel (SAF). The challenge is to achieve a minimum of 50% in lifecycle greenhouse gases (GHG) over conventional aviation fuel. And to supply enough aviation fuel to meet 100% of all aviation fuel demand by 2050.

The Grand Challenge and increased production of SAF is intended to play a critical role in broader U.S. activity to reduce the aviation sector’s emissions consistent with net-zero emission for the economy. And for aviation to be fully decarbonized by 2050.

 

Wider Purpose

The activities driven by the Grand Challenge are intended to be an investment in America that reduces aviation’s environmental impact and supports energy independence while creating jobs in agriculture, forestry, infrastructure, research and development, and other production areas.

Who is Involved?

In a White House “Fact Sheet” released on September 9, many corporate citizens were named in addition to the above federal and public sector departments.  They have specifically committed, pledged, or announced they’d meet a 2030 goal of reducing current carbon emissions by half by 2030 and continue thereafter to advance sustainability across their operations.

• United Airlines (UAL) announced a new goal to reduce its carbon emissions intensity 50% , compared to 2019, by 2035. United Airlines and Honeywell (HON) also announced a new multi-million-dollar investment in Alder Fuels to produce carbon-negative sustainable aviation fuel at scale. Under the agreement, Honeywell and Alder Fuels will jointly commercialize the technology that could demonstrate greater than 100% lifecycle GHG emissions reductions for aviation fuel. United Airlines has committed to purchasing 1.5 billion gallons of this new SAF over the next 20 years.
• Delta Airlines (DAL) is committed to replacing 10% of its current jet fuel use with SAFs by 2030 and has agreements with three SAF producers, Neste, Gevo, and Northwest Advanced Bio-Fuels. Delta also recently announced a new SAF emissions pilot project with Chevron and Google to increase industry SAF transparency. 
• American Airlines (AAL) plans to procure 10 million gallons of SAF from Prometheus Fuels by 2025 through a process that produces fuels from captured CO₂ and renewable electricity.
• Alaska Airlines (ALK) offers purchases of SAF to offset corporate travel on key routes and has agreements in place with SAF producers including SkyNRG Americas and Neste.
• Southwest Airlines (LUV) is partnering with the National Renewable Energy Lab to develop and commercialize SAF.
• JetBlue (JBLU) is committed to electric and hydrogen aircraft development in partnership with Joby Aviation and Universal Hydrogen.

In the category of air freight, the Cargo Airline Association (CAA) members are purchasing new, fuel-efficient aircraft, electrifying ground equipment, promoting and using SAF, and developing the use of electric short-haul cargo aircraft.

• FedEx (FDX) is conserving fuel and improving the efficiency of aircraft through their FedEx Fuel Sense program while continuing to invest in the development of SAF.
• Atlas Air (AAWW) is driving operating efficiencies with its FuelWise program, which works in conjunction with flight planning software to optimize speeds, altitudes, routes, and flight path segments.
• Amazon AIR (AMZN) is investing in electro-fuels, hydrogen fuel cell aircraft, and electric vertical take-off and landing aircraft development. Amazon Air has purchased 6 million gallons of SAF
• DHL Express (DPSGY) has pledged to use 30% SAF by 2030 and is partnering with other stakeholders on a demonstration project in Northern Kentucky to produce and supply SAF to the region.
• UPS (UPS) is investing in efficient, electric vertical take-off and landing aircrafts for moving smaller loads.

 

Fuel Providers

Current levels of domestic SAF production are approximately 4.5 million gallons per year, with rapid growth in demand and production expected. Scaling up domestic SAF production will involve a wide variety of different feedstocks and pathways, and the industry will continue to explore a diverse set of options, including the potential to convert biofuels such as ethanol into jet fuel. To help achieve the 2030 goals, several fuel providers have announced domestic SAF production targets.

• Gevo (GEVO) plans to produce over 150 million gallons of SAF per year by 2025 from crop residue to ethanol by Alcohol-to-jet processing.
• LanzaJet (owned by Royal Dutch Shell) plans to produce 1 billion gallons of SAF per year 2030 from ethanol derived from waste sources by Alcohol-to-Jet processing.
• World Energy (XWES) plans to produce 150 million gallons of SAF per year by 2024 from fats, oils, and greases by hydroprocessing.
• Fulcrum plans to produce more than 33 million gallons of SAF per year by 2022 from MSW processed by Fischer-Tropsch processing.
• Velocys plans to produce 300 million gallons of blended SAF per year from waste woody biomass and MSW processed by the Fischer-Tropsch process.
• New announcements of potential SAF production scale-up include those from BP, Virent, Honeywell, Shell, Neste, Marquis, Green Plains Inc., ADM, Prometheus, Aemetis, and members of the Renewable Fuels Association and members of Growth Energy.

 

Airports Operational Efficiency Improvements

Many airports are committed to sustainable operations. The members of Airports Council International-North America (ACI-NA) have been commited to reach net-zero carbon emissions by 2050 since May.
SAF is already commercially available and regularly used on passenger flights at Los Angeles, CA (LAX) and San Francisco, CA (SFO); and several airports are pursuing the infrastructure required to enable SAF deliveries in the future. Many airports are pursuing operational efficiency and emissions reduction efforts, they include the following. 

• Indianapolis, IN has one of the largest solar farms on any airport property in the world, in addition to being a leader in electric airport shuttle bus fleets.
• Philadelphia, PA has established comprehensive air quality initiatives and launched a series of energy efficiency and benchmarking initiatives that include terminal facilities and ground support equipment.
• Salt Lake City, UT generates 7 percent of its energy from renewable sources, including on-site solar.
• San Diego, CA (SAN) is the first U.S. airport to establish a regular sustainability report in order to measure progress on a range of environmental goals.
• Dallas-Fort Worth, TX has set a goal of achieving Net Zero Carbon by 2030.
• A number of U.S. airports have individual road maps to achieve net-zero emissions and are actively participating in the Airport Carbon Accreditation certification program.

Take-Away

As part of the U.S. government’s commitment to substantially reduce overall carbon emissions by promoting SAF and greener airports, there is collaboration of the DOT, DOE, and USDA. The aviation industry is also getting on board with firm commitments and promises.

Some of the companies involved are large. Many of these large companies will benefit from the groundwork already done by smaller companies in the biofuels space as well as other alternative fuels. As always, where there is change, there is opportunity. Many high potential opportunities exist for small and microcap alternative fuel companies. You can explore many of these opportunities through the information provided here on Channelchek.

 

Suggested Reading:

Finding Replacements for Petroleum-Based Chemicals

Biofuels, Biodiversity, and Climate Change

Is Biden Tightening the Reins on Large Companies

The Future of Electric Vehicles

 

Sources:

https://www.whitehouse.gov/briefing-room/statements-releases/2021/09/09/fact-sheet-biden-administration-advances-the-future-of-sustainable-fuels-in-american-aviation/

https://www.energy.gov/sites/default/files/2021-09/S1-Signed-SAF-MOU-9-08-21.pdf

 

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White House Coordinates Efforts of Departments of Energy, Transportation, and Agriculture to Meet the Grand Challenge: Reduce Aviation Carbon Footprint by 50 Percent by 2050

 

ENGLEWOOD, Colo., Sept. 13, 2021 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) is pleased to share the news that the U.S. Department of Energy (DOE), the U.S. Department of Transportation (DOT), and the U.S. Department of Agriculture (USDA) entered into memorandum of understanding (MOU) outlining the Sustainable Aviation Fuel Grand Challenge (the Grand Challenge). The Grand Challenge spells out action steps to reduce the cost, enhance the sustainability, and expand the production and use of Sustainable Aviation Fuel (SAF) that achieves a minimum of a 50 percent reduction in lifecycle greenhouse gas (GHG) compared to conventional fuel to meet a goal of supplying sufficient SAF to meet 100 percent of aviation fuel demand by 2050.

Secretary Jennifer M. Granholm of the DOE, Secretary Pete Buttigieg of the DOT, and Secretary Tom Vilsack of the USDA, along with NASA Administrator Bill Nelson and the Department of Defense represented by Secretary Frank Kendall III of the Air Force, all participated in the roundtable to discuss the details of the Grand Challenge. The MOU states that, “increased production of SAF will play a critical role in a broader set of actions by the United States Government and the private sector to reduce the aviation sector’s emissions in a manner consistent with the goal of net­zero emissions for our economy, and to put the aviation sector on a pathway to full decarbonization by 2050. In recognition of the critical role that drop-in synthesized hydrocarbon fuels from waste streams, renewable energy sources, or gaseous carbon oxides—or SAF—will play in addressing our climate change crisis and its role for jobs and the economy, the Parties undertake this MOU to ensure the highest level of collaboration and coordination across our Agencies.”

Dr. Patrick Gruber, chief executive officer of Gevo, shared his thoughts at a virtual White House Roundtable to discuss the future of SAF, along with other industry leaders. As a near-term goal, government and aviation stakeholders pledged to try to achieve 3 billion gallons of SAF production and reduce aviation-related emissions by 20 percent by 2030.

“This is an exciting time for our industry,” Gruber said. “We are both honored and thankful to have been included in this collaborative event. Through Gevo’s current off-take agreements with Delta Airlines, Trafigura, Haltermann Carless, Air Total, and SAS, as well as the proposed collaboration with Chevron, we are ready to take on the Grand Challenge, and are already approaching a potential combined off-take of 250 million gallons per year of advanced hydrocarbon products, which include SAF.”

According to the MOU, “The activities underlying this MOU represent an investment in America that not only reduces our environmental impact, but also supports energy independence and creates jobs in agriculture, forestry, infrastructure, research and development and other areas where America already excels at production. This MOU also supports a just transition of the energy industry to a low carbon future. Environmental responsibility, equity and economic sensibility go hand in hand with this effort.”

“The Grand Challenge is a roadmap to a future that allows transportation growth to continue while flattening related carbon emissions,” says Gruber. “It’s only through this type of cross-discipline effort that the effects are multiplied. Our Net-Zero 1 Project is expected to be the first of its kind to be convert renewable energy into SAF and other energy-dense, liquid hydrocarbons and we don’t expect to stop there. Our vision is to reach a billion gallons by 2030, which will require additional facilities with the potential to achieve net-zero GHG emissions across the lifecycle of the fuel.”

For agricultural based feedstocks, Gevo believes in working with farmers as partners, to encourage sustainable farming and regenerative agriculture and were delighted to hear Secretary Vilsack’s thoughts about agriculture. Secretary Vilsack said during the event, “USDA and American agriculture will make sustainable aviation possible in concert with our federal and industry partners and their stakeholders. We can expand our ability to power the nation’s aviation sector with fuel grown right here at home by hard-working Americans, while creating economic opportunity for American farmers, business owners and rural communities. Participating in SAF supply chains is also a big win for the aviation business, consumers and the planet.”

In addition to Gevo’s approach to utilizing sustainable field corn as a feedstock for producing SAF and renewable gasoline, Gevo also believes in the technology to utilize cellulosic feedstock, such as wood residues.

Gevo believes that the U.S. Department of Energy’s (DOE) Argonne National Laboratory model utilizes the most up to date, scientific carbon accounting. Argonne GREET is the premier science-based life cycle inventory model for determining GHGs and other sustainability attributes across the life cycle of a fuel. Gevo believes that by rewarding farmers to improve their agricultural practices, by capturing carbon, by reducing run-off, and by producing large amounts of protein, Gevo can address several problems at once. Gevo believes it is possible to make this world a better place, with better nutrition, while eliminating fossil based GHGs.

A link to the White House fact sheet can be found here .

About Gevo

Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business.

Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.

Learn more at Gevo’s website: www.gevo.com

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, without limitation, including Gevo’s technology, the White House fact sheet and virtual roundtable, the production of SAF, the attributes of Gevo’s products, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Investor and Media Contact

+1 720-647-9605

IR@gevo.com

 

Capstone Green Energy To Provide Ontario Greenhouse with Clean Combined Heat and Power Microgrid Solution

 

Microgrid To Be Built Around Capstone’s Low Emission C1000S Microturbine System

VAN NUYS, CA / ACCESSWIRE / September 10, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced that its North American distributor, Vergent Power Solutions, has signed an agreement to provide an energy efficient, low emission, one-megawatt Combined Heat and Power (CHP) microturbine for a large greenhouse expansion in Ontario, Canada.

Fueled by high pressure clean burning natural gas, the new off-grid system featuring Capstone’s C1000S will provide 24/7/365 power to the farm’s 100-acre indoor greenhouse expansion, an operation that requires a high degree of uptime and low maintenance. The design will feature inverter-based electronics to synchronize with a solar photovoltaic (PV) array in a standalone microgrid. Capstone microturbines should allow the site to have virtually 100% availability, resulting in seamless greenhouse operations. Further, the system will be designed to use the microturbines’ waste heat to both produce hot water and to provide clean carbon dioxide to the greenhouse. The systems is planned for commissioning in spring 2022, and is expected to achieve a total system energy efficiency of close to 90%.

“As Ontario’s greenhouse industry has continued to expand, its power requirements have outpaced the capabilities of the local electric utilities. This has resulted in many greenhouses going off-grid and using CHP as the primary source of energy for their operations,” said Justin Rathke, President of Vergent Power Solutions. “The customer chose Capstone due to the technology’s high uptime, low maintenance requirements, redundant bay design and clean emissions,” added Mr. Rathke.

“Modern farming practices are evolving in exciting new ways, and their energy strategies need to evolve with them,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “Capstone solutions deliver essential power reliability and energy efficiency that indoor farming operations require, which, in turn, improves their return on investment. At the same time, our systems lower their carbon footprint, which critically important for an industry dependent on a healthy environment,” concluded Mr. Jamison.

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

 

Capstone Green Energy To Provide Ontario Greenhouse with Clean Combined Heat and Power Microgrid Solution

 

Microgrid To Be Built Around Capstone’s Low Emission C1000S Microturbine System

VAN NUYS, CA / ACCESSWIRE / September 10, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced that its North American distributor, Vergent Power Solutions, has signed an agreement to provide an energy efficient, low emission, one-megawatt Combined Heat and Power (CHP) microturbine for a large greenhouse expansion in Ontario, Canada.

Fueled by high pressure clean burning natural gas, the new off-grid system featuring Capstone’s C1000S will provide 24/7/365 power to the farm’s 100-acre indoor greenhouse expansion, an operation that requires a high degree of uptime and low maintenance. The design will feature inverter-based electronics to synchronize with a solar photovoltaic (PV) array in a standalone microgrid. Capstone microturbines should allow the site to have virtually 100% availability, resulting in seamless greenhouse operations. Further, the system will be designed to use the microturbines’ waste heat to both produce hot water and to provide clean carbon dioxide to the greenhouse. The systems is planned for commissioning in spring 2022, and is expected to achieve a total system energy efficiency of close to 90%.

“As Ontario’s greenhouse industry has continued to expand, its power requirements have outpaced the capabilities of the local electric utilities. This has resulted in many greenhouses going off-grid and using CHP as the primary source of energy for their operations,” said Justin Rathke, President of Vergent Power Solutions. “The customer chose Capstone due to the technology’s high uptime, low maintenance requirements, redundant bay design and clean emissions,” added Mr. Rathke.

“Modern farming practices are evolving in exciting new ways, and their energy strategies need to evolve with them,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “Capstone solutions deliver essential power reliability and energy efficiency that indoor farming operations require, which, in turn, improves their return on investment. At the same time, our systems lower their carbon footprint, which critically important for an industry dependent on a healthy environment,” concluded Mr. Jamison.

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

Thursday, September 09, 2021

InPlay Oil (IPOOF)(IPO:CA)
New 2022 Guidance Highlights Value of Stock, Price Target Raised

As of April 24, 2020, Noble Capital Markets research on InPlay Oil is published under ticker symbols (IPOOF and IPO:CA). The price target is in USD and based on ticker symbol IPOOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQZ Exchange under the symbol IPOOF.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

InPlay management gave updated end-of-the-year and initial 2022 production and cash flow guidance. Guidance was above our expectations, reflecting the strong performance of recent wells drilled in the Pembina Cardium. Production guidance for 2021 at the high end of the previous range of 5,500-5,750 boe/d is above our model assumptions of 5,613 boe/d. Initial guidance for 2022 is even more impressive at 6,300-6,550 boe/d versus our assumptions of 5,894 boe/d. The company has increased its capital budget and clearly expects favorable drilling results at Pembina to continue.


Favorable production means higher cash flow.  Management estimates that based on current energy prices, it will generate Adjusted Funds Flow of C$71.5-$74.5 million in 2022. This is significantly above our estimate of C$47.3 million and is roughly equal to the current market capitalization of the company on the Canadian exchange. Estimated free cash flow of C$38-$40 million will allow the company to …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.