CHEMICAL TECHNOLOGY, SCIENCE AND RESEARCH
International Petroleum Corp. (IPC) | February 07, 2023
On February 06, 2023, International Petroleum Corporation (IPC or the Corporation) announced the proposed acquisition of Cor4 Oil Corp. in Canada for asset consideration of USD 62 million nearly (CAD 84 million). The acquisition consists of total proved plus probable (2P); it was the same as 15.9 million barrels of oil as of December 31, 2022. The assets that will be bought are expected to have an average net production of 4,000 barrels of oil, approximately equivalent per day for the current year. They also include a list of drilling sites close to where IPC works now in southern Alberta.
IPC Canada Ltd. and Cor4 have agreed to make an offer to Cor4 shareholders to purchase all the outstanding and issued Cor4 common shares, as well as options and warrants convertible into Cor4 common shares, for an asset consideration of USD 62 million (CAD 84 million). Cor4 represents around 98% of the fully diluted common shares to enter into a support agreement, deciding to tender their shares into the Offer.
By the end of the Q1 of this year, the acquisition is projected to be completed and remains subject to regulatory approvals. Today, at IPC's Capital Markets Day presentation on February 07, 2023, the acquisition will be provided.
Chief Executive Officer of IPC, Mike Nicholson, said, "We are very pleased to announce today the complementary acquisition of almost 16 MMboe of 2P reserves adjacent to our Suffield property in Alberta, Canada, through the proposed acquisition of Cor4, a private company." He also mentioned, "The producing assets to be acquired are complementary not only to our Suffield assets but in addition, to a recent land acquisition that IPC concluded in the fourth quarter of 2022. Following these acquisitions, we now have over 25 drilling inventory locations on the Ellerslie play fairway that extends from the west of our Suffield asset, to our new land acquisition and into the Cor4 property. IPC plans to drill a total of six wells on this exciting new play in 2023."
(Source: GlobeNewswire)
About International Petroleum Corp. (IPC)
Based in Vancouver, British Columbia, Canada International Petroleum Corp. is an international oil and gas production and exploration company. The company's high-quality portfolio of assets is in Malaysia, Canada and France, offering a solid base for organic and inorganic growth. It is a Lundin Group of Companies member and incorporated in Canada. Furthermore, the company's shares are listed under the symbol 'IPCO' on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange. The company has three core values, including excellence, respect, and resilience to help them achieve its vision of being a value-driven team that sustainably brings energy.
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CHEMICAL TECHNOLOGY, CHEMICAL MANAGEMENT
Piedmont Lithium | February 17, 2023
On February 16, 2023, Piedmont Lithium Inc., a leading global developer of lithium resources essential to the U.S. electric vehicle supply chain, announced that it has signed agreement with LG Chem, Ltd., whereby LG Chem will invest a $75 million equity in Piedmont and dedicate to the offtake of 200,000 metric tonnes of SC6 from Piedmont's jointly-owned North American Lithium (NAL) over a four-year.
LG Chem will acquire 1,096,535 freshly issued shares of Piedmont common stock for $75 million, or about $68.40 per share. As a result, LG Chem will control approximately 5.7% of Piedmont's common shares after the scheduled closing of the subscription agreement on or around February 24, 2023. Detailed transaction information is included in the table after this release.
Piedmont has committed to providing LG Chem with 50,000 metric tons of SC6 per year for four years, with shipments scheduled to begin in the third quarter of 2023. The pricing of SC6 will be determined by a formula connected to SC6 market prices at the time of shipping. LG Chem will use the material to assist its aims to create cathode materials for important North American clients and the Inflation Reduction Act of 2022 (IRA) goals. In addition, Piedmont has committed to giving LG Chem priority negotiating rights for 10,000 metric tons per year of lithium hydroxide generated by the company at one of its prospective sites in Tennessee or North Carolina.
Piedmont plans to use the funding from LG Chem to advance its portfolio of projects, including the 30,000 metric ton per-year lithium hydroxide project at Tennessee Lithium, the fully integrated Carolina Lithium project in development in North Carolina, and the Ewoyaa Lithium Project in Ghana in partnership with Atlantic Lithium, as well as for general corporate purposes.
About Piedmont Lithium
Piedmont Lithium is creating a world-class, multi-asset, integrated lithium business that focuses on facilitating the transition to a net-zero society and developing a sustainable energy economy in North America. Its objective is to become one of the most significant manufacturers of lithium hydroxide in North America by refining spodumene concentrate extracted from properties in which we have a financial stake. Its projects include Carolina Lithium and Tennessee Lithium in the United States, as well as agreements with Sayona Mining in Quebec and Atlantic Lithium in Ghana. These geographically diverse businesses will allow it to play a crucial role in assisting the United States' path towards energy independence, the electrification of transportation, and energy storage.
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CHEMICAL TECHNOLOGY, CHEMICAL MANAGEMENT
Clariter | March 01, 2023
On February 28, 2023, Clariter, a company at the forefront of sustainable technology, formed a strategic collaboration agreement with Flowserve Corporation, a significant provider of flow control services and products for the global infrastructure markets, to improve the production of Clariter's eco-friendly petrochemicals from plastic waste.
Clariter's chemical upcycling technology, which is proprietary, serves as a complement to other conventional recycling techniques. The unique process converts most plastic waste streams into new crude oil-free products suitable for use in industrial and consumer settings. These sustainable oils, waxes, and solvents produced by Clariter meet the highest industry purity standards, are graded for food contact, and surpass the benchmarks of their fossil-based counterparts.
To facilitate the expansion of Clariter's commercial production plants, Flowserve will offer its flow-control knowledge, optimal equipment sizing, and commissioning assistance as part of the long-term collaboration agreement.
Flowserve and Clariter have partnered to work on Clariter's commercial-scale chemical recycling facilities, with Flowserve providing flow control expertise and support and supplying pumps, valves, seals, and RedRaven products. After constructing the first four facilities, Clariter will continue to source aftermarket services and parts from Flowserve. The two firms also plan future collaboration on developing sustainable formulations for pump and valve lubrication made from recycled plastic waste.
About Clariter
Clariter is a sustainable recycling company revolutionizing how plastic waste is managed. The company has developed an innovative chemical recycling process that converts plastic waste into high-value industrial materials, creating a circular economy where waste is transformed into a valuable resource. The technology has received international recognition for its effectiveness in reducing plastic pollution, conserving resources, and promoting a cleaner future. Founded in 2013, Clariter is committed to positively impacting the environment by minimizing plastic waste and increasing the use of sustainable materials. The company operates on the principle of sustainable innovation, and it seeks to create economically and environmentally viable solutions. Its proprietary technology is designed to process various plastics, including hard-to-recycle materials such as mixed, contaminated, and post-consumer plastics.
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