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Relations between India and Pakistan are cratering following a deadly attack in the disputed Himalayan region of Jammu and Kashmir that left more than two dozen tourists dead, raising fears of another military escalation between the nuclear-armed rivals.

New Delhi downgraded ties with Islamabad, summoned its top diplomat, suspended for the first time its involvement in a crucial water-sharing treaty and shut a key border crossing, among other punitive measures in the wake of what was the region’s worst assault on civilians in years.

All but one of the 26 people massacred were Indian citizens, prompting a new wave of unrest in a region claimed by both Pakistan and India and that has been the epicenter of often violent territorial struggle between the two countries.

For decades, several domestic militant groups, demanding either independence for Kashmir or for the area to become part of Pakistan, have fought Indian security forces, leaving tens of thousands killed in the violence.

On Wednesday, India accused Pakistan of supporting terrorist groups in the region, after a little-known militant group called The Resistance Front claimed responsibility. Pakistan has denied any involvement.

India’s Prime Minister Narendra Modi on Thursday vowed to pursue the attackers “to the ends of the earth,” during a speech in the northeastern state of Bihar.

“From the soil of Bihar I say to the whole world, India will identify, track and punish every terrorist and their backers,” he said, using English rather than his usual Hindi.

“India’s spirit will never be broken by terrorism. Terrorism will not go unpunished. Every effort will be made to ensure that justice is done. The entire nation is firm in this resolve.”

Here’s what you need to know.

What happened in Pahalgam?

Gunmen on Tuesday opened fire on sightseers in a popular travel destination in the mountainous destination of Pahalgam in Indian-administered Kashmir, a rare assault on tourists.

At least 25 Indian citizens and one Nepali national were killed in the massacre, which unfolded in a meadow in the Baisaran Valley – which is only accessible by foot or on horseback.

Eyewitnesses described scenes of horror as the gunmen approached, opening fire on tourists from close range. Some recalled how the men were singled out and shot at. Other survivors speaking to local media said the gunmen accused the families of supporting Prime Minister Modi before shooting.

Photos and videos of the aftermath – showing lifeless bodies strewn on the ground and grieving loved ones wailing in fear – have reverberated across social media, a vivid portrayal of the pain and suffering endured by families whose holidays ended in horror.

Indian authorities have heightened police and military deployment to the region and personnel are on the hunt for the perpetrators.

Modi in his Thursday speech vowed punishment for the perpetrators of the attack.

“I want to say in clear words that whoever has carried out this attack, those terrorists, and the people who devised this attack, will be punished in a manner worse than anything they can imagine,” he said.

Who are The Resistance Front?

Kashmir Resistance, also known as The Resistance Front (TRF), is a relatively new militant outfit that has claimed killings of civilians from minority communities residing in Kashmir in recent years. Not a huge amount is known about them.

TRF declared its existence in 2019 through the encrypted messaging app Telegram, after claiming responsibility for a grenade attack in Jammu and Kashmir’s largest city of Srinagar, according to research by the New Delhi-based think tank Observer Research Foundation (ORF).

The arrival of TRF is portrayed as the “inception of a new indigenous resistance in Kashmir,” ORF said in 2021.

India has classified TRF as a “terrorist organization” and linked it to the outlawed Islamist group Lashkar-e-Tayyiba, which was behind the deadly Mumbai attacks in 2008 and has a much higher profile.

“TRF positions itself as a political resistance force, born in Kashmir and one for Kashmir, against illegal occupational forces, having no centralised jihadi figure or leadership,” according to ORF.

Kashmir police on Thursday published notices naming three suspects allegedly involved in the attack. Two of the three are Pakistani nationals, according to the notices. They did not say how the men were identified.

Why is Kashmir important to India and Pakistan?

Kashmir is one of the world’s most dangerous flashpoints. Claimed in its entirety by both India and Pakistan, the mountainous region has been the epicenter for more than 70 years of an often-violent territorial struggle between the nuclear-armed neighbors.

The festering issue has spurred three wars between the countries and a de facto border called the Line of Control divides it between New Delhi and Islamabad.

Tensions between Hindu-majority India and Muslim-majority Pakistan over the disputed region have surged in recent years, after the Modi-led government revoked its constitutional autonomy in 2019, bringing it under the direct control of New Delhi.

While the Indian government has said that militancy has since declined amid a heavy military presence, attacks have continued to plague the region, sparking unrest and protests. Meanwhile, there has been heavy media censorship and communication blackouts.

Analysts say Tuesday’s massacre shattered the illusion of calm that Modi has projected of the region and raises questions of how such a security lapse could have occurred in one of the most militarized zones in the world.

How have India and Pakistan responded?

India has not publicly blamed any group for the attack but has justified its retaliatory moves as a response to Pakistan’s alleged “support for cross-border terrorism.”

Pakistan has denied any involvement and will convene a national security meeting on Thursday to discuss next steps.

New Delhi announced several punitive measures against Islamabad a day after the attack, including shutting a key border crossing and further restricting already limited visas for Pakistani citizens. It also expelled military, naval and air advisors from the Pakistani High Commission in New Delhi.

But perhaps among the most significant acts of retaliation thus far is New Delhi suspending its role in the Indus Water Treaty, an important water-sharing pact between India and Pakistan that has been in force since 1960 and is regarded as a rare diplomatic success story between the two fractious neighbors.

The enormous Indus River system, which supports livelihoods across Pakistan and northern India, originates in Tibet, flowing through China and Indian-controlled Kashmir before reaching Pakistan. The vast volume of water is a vital resource for both countries, and the treaty governs how it is shared.

“Downgrading diplomatic ties and holding the Indus Water Treaty in abeyance does not bode well for stability in the region,” said Fahd Humayun, assistant professor of political science at Tufts University.

“Not only does the suspension amount to a violation of international treaty obligations, but the right to water as a lower riparian country is seen as a national security issue by Pakistan and suspending (it) will be read as a belligerent action.”

Pakistan’s Minister of Power Awais Leghari on Wednesday called the move “an act of warfare.”

“Every drop is ours by right, and we will defend it with full force — legally, politically, and globally,” said Leghari.

What is the situation like in Kashmir?

Thousands have flocked to the streets to condemn the deadly attacks as business owners express concerns over the impact it has already had on the popular tourist destination during peak season.

“There has been 80-90% cancellation of all our tours and travels in the coming days and weeks,” said Mohsin, who goes by one name, and manages a tour company in the region. “We are in complete monetary loss. I might have to shift to another business if this continues.”

Schools and businesses have resumed after being shut on Wednesday in many parts of Kashmir, while demonstrations of solidarity erupted in Srinagar’s Lal Chowk, the city square.

“We all could not just sit by and watch. We came out to show emotion, solidarity, and condemn the killings,” said local resident Umar Nazir Tibetbaqan. “Our protests (on Wednesday) were a signal to everyone that all Kashmiris stand with the country in this hour of grief.”

Meanwhile, anti-Pakistan protests have erupted in India’s capital Delhi and several other cities, raising fears of fueling anti-Kashmiri and anti-Muslim sentiment.

What happens next?

All eyes are now on how New Delhi and Islamabad will respond. And the question, analysts say, is not if there will be military retaliation but when.

“Modi will have a very strong, if not irresistible, political compulsion to retaliate with force,” said Arzan Tarapore, a research scholar from Stanford University’s Center for International Security and Cooperation.

“We don’t know what that would look like, and it’s somewhat meaningless to speculate at this point, but I think the 2019 Balakot crisis provides some cues on what to watch for in India’s response,” Tarapore said, referring to New Delhi’s response to a militant attack on Indian troops which killed at least 40 paramilitary personnel in Indian-administered Kashmir.

New Delhi retaliated by launching airstrikes on Pakistan, the first such incursion into its territory since the 1971 war.

“The key question will be will they seek to impose more meaningful, tangible costs on terrorist groups, including by targeting their leadership or headquarters facilities? Or will India go even further, crossing the threshold to attack the Pakistan army?” said Tarapore.

“India’s military capabilities have grown since 2019, so it may feel emboldened to take on such bigger targets.”

And while India’s military prowess has grown in the years since, Pakistan has been rocked by political instability and economic disarray.

Yet Humayun, the professor from Tufts, said should the Indian government choose to resort to military action, there is “every reason to believe that Pakistan will respond in kind.”

“Absent strategic restraint or third-party intervention, the chances of uncontrolled escalation in the coming days is thus not insignificant,” he said.

This post appeared first on cnn.com

The family of a jailed Egyptian dissident has expressed renewed fears for his life as his health worsens more than 50 days after he went on hunger strike.

Prominent government critic Alaa Abd El-Fattah, a 42-year-old dual Egyptian British citizen, has remained in prison despite completing his sentence last September, according to his family, which has appealed to the UK prime minister to help secure his release.

The activist’s health has deteriorated since he began his third full-scale hunger strike in less than two years on March 1 in solidarity with his mother’s own partial hunger strike to call for his release, his family said in a statement on Facebook Tuesday.

Abd El-Fattah has suffered from vomiting, stomach flu and severe fatigue. He has been diagnosed with chronic inflammation of the esophagus and his body is rejecting previously prescribed medication because of his prolonged hunger strike, according to the statement.

His mother, Laila Soueif, “expressed her deep concern for her son and his health, saying he could not bear the strike. She renewed her demand for his release,” the statement said.

Abd El-Fattah’s more than decade-long imprisonment has long drawn international condemnation.

Arrested repeatedly since the height of the Egyptian uprising in 2011, he was sentenced in 2021 to an additional five years in prison for spreading false news and assaulting a police officer – charges that human rights organizations say were politically motivated.

Amnesty International says Abd El-Fattah is a political prisoner who remains imprisoned in “arbitrary” detention, according to a statement from the rights group in February.

Abd El-Fattah was granted British citizenship in 2022, through his British-born mother, in what his family said was part of the campaign for his release and to shed light on the struggle of his fellow inmates.

On Tuesday, his sister Sanaa Seif issued an urgent plea to UK Prime Minister Keir Starmer to raise his case with Egyptian authorities.

“I’m always afraid that we are on the verge of a tragedy. We need Keir Starmer to do all he can to bring Alaa home to us,” she said.

Starmer, who met with the jailed activist’s mother in February, previously vowed to “do all that I can to secure (Alaa’s) release.”

In 2022, then-UK Prime Minister Rishi Sunak raised the activist’s case during a meeting with Egyptian President Abdel Fattah al-Sisi on the sidelines of the COP27 climate summit, a Downing Street spokesperson said at the time.

Sisi, a former military general, has long faced criticism for cracking down on dissent, imprisoning activists, journalists, and opposition figures since he came to power in 2014.

Abd El-Fattah’s mother launched her own hunger strike last September to demand her son’s release.

She was hospitalized in February on her 149th day of protest after her blood sugar, blood pressure, and sodium levels plummeted to critical lows. Abd El-Fattah escalated his protest following her hospitalization, according to relatives.

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Pangolins have two claims to fame: first, that they are the world’s only scaly mammal, and second, they are one of the most trafficked animals globally.

Beyond that, most people know very little about them. But the new Netflix documentary “Pangolin: Kulu’s Journey,” hopes to change that.

The 90-minute film follows the story of a three-month-old ground pangolin, Kulu, who is rescued from the illegal wildlife trade, and the slow, intensive process to return him to the wild in South Africa.

“Kulu’s got an incredible personality, he’s very much his own pangolin,” says director Pippa Elrich, best known for the Oscar-winning documentary “My Octopus Teacher.”

“He’s incredibly stubborn, determined to go where he wants to go, not that keen to have this strange two-legged creature following him around everywhere he goes,” she adds.

The two-legged creature in question is Gareth Thomas, a conservation volunteer who took part in the sting operation that rescued Kulu.

Rehabilitating rescued pangolins is an “incredibly intensive process,” says Elrich: they rarely eat in captivity so they require daily walks, sometimes up to six hours a day, to feed on ants and termites. These daily walks aren’t just for feeding: they are also getting the pangolin ready for the sights, sounds, and smells of its new habitat, and helping it overcome the trauma of captivity.

“The rehabilitation team asked (Gareth) if he would take Kulu into the wild and set him free. And I don’t know if he realized that that was going to be the next 18 months of his life,” says Elrich.

The film follows the duo into the wild savanna of Lapalala Wilderness Reserve, a four-hour drive from Johannesburg, immersing the viewer in the world of pangolins.

“They’ve got a magical quality; they are a mammal but they’re covered in scales,” says Elrich. “You just don’t want pangolins to be seen only as the world’s most trafficked mammal. You want them to be seen as these joyful, unique, special little creatures.”

A ‘deep bond’

The ground pangolin, also known as Temminck’s pangolin or the Cape pangolin, is one of eight species found globally, and the most widely distributed of the four species in Africa, with a territory ranging from South Africa to Sudan.

When Kulu arrived at the Johannesburg Wildlife Veterinary Hospital, staff called him Gijima, which means “to run” in Zulu, as the severely underweight yet feisty pangolin was constantly trying to run away during his feeding walks. It was during the six-month stint in the savanna that Thomas nicknamed the pangolin Kulu, a variant of the word for “easy” in Zulu, to try to soothe him.

Thomas grew up spending summers in the wilderness in South Africa and Zimbabwe, where he was born; but after school, he became “detached” from nature, instead spending most of his time in the city. “I had a bit of a yearning to be out there again,” he recalls. So in 2019, after picking up wildlife photography, he started volunteering with the African Pangolin Working Group and the Johannesburg Wildlife Veterinary Hospital.

Thomas’ self-shot footage of the pangolins was pivotal to the film, says Elrich: Pangolins are incredibly sensitive creatures, so Elrich says the production team had limited shooting days and relied heavily on Thomas for videos of the rehabilitation process and close-ups of Kulu.

“I realized, he has a very deep bond with these animals, and he understands them,” says Elrich. “He understands how to get this very intimate footage, which almost makes you feel like you’re seeing the world through the eyes of a pangolin.”

While viewers will likely observe thematic similarities between “My Octopus Teacher” and “Kulu’s Journey” — both explore human-wildlife relationships and our emotional connection with nature— Elrich says the drastically different ecosystems changed her approach to the film.

“One of the things that was so compelling about (My Octopus Teacher) is that you’re going underwater, and that immediately takes you into this other universe,” she explains. “Being in the terrestrial world, even if you don’t know the bush, it is way more relatable.”

Trafficking terror

The biggest threat to the pangolins is poaching for the $20-billion illegal wildlife trade, where their scales, meat and body parts are sold for traditional medicine, and their skins used for leather products.

According to NGO Traffic, pangolins are largely trafficked to China and the US. With three of the four Asian species critically endangered, and difficulty breeding pangolins in captivity, poaching has increased in Africa: between 2017 and 2019, more than half of illegal pangolin seizures in Asia were from African pangolin species, accounting for 244,600 kilograms of scales and 10,971 individual animals.

Ray Jansen, the co-founder of the African Pangolin Working Group, who features in the documentary, has witnessed the scale of this threat firsthand: the zoologist-turned-sting operative helped rescue 301 live pangolins, including Kulu, between 2016 and 2024, leading to the arrest of nearly 700 wildlife traffickers.

Prior to 2017, Jansen says arrests in South Africa were met with meager fines, rather than jail time. But in recent years, conservationists like Jansen began providing expert witness testimony in court, resulting in sentences of up to 10 years.

“It sent out a huge warning message to these traffickers about pangolins,” Jansen says, adding that while he’s observed a decrease in “opportunistic” poaching in the country, “sophisticated” organized crime networks continue to traffic for the international trade.

Pangolins rescued from the wildlife trade are incredibly difficult to treat and rehabilitate, says Dr. Karin Lourens, the co-founder and head veterinarian of the Johannesburg Wildlife Veterinary Hospital, the first hospital in South Africa to treat pangolins (all pangolins are kept off-site in an undisclosed location).

“Because they haven’t eaten, they don’t have enough protein,” says Lourens, adding that this then causes a build-up of fluid in their lungs. “Then, their pancreas stops working, so they can’t digest food either.”

“It was a steep learning curve in the beginning,” says Lourens, adding she had no medical guidelines for the first ground pangolins in the hospital, but over the years, the survival rate has soared from 40% to 80%.

The film crew also worked with Lapalala Wilderness, the 48,000-hectare reserve where Kulu was ultimately released, to secure filming permits and coordinate with the on-site anti-poaching unit to ensure safety for the pangolins and those transporting them.

While poachers are an unavoidable topic when talking about pangolins, Elrich made the deliberate choice to highlight the emotional side of the little-known creatures. “You’ve got to be careful about anthropomorphism, and I’m sure that’s the criticism that we’re going to get,” Elrich says.

Lourens said she would have preferred for the documentary to focus on Africa’s pangolin trade, something she says is “sorely needed.” She also expressed concern about Kulu’s overexposure to people during filming. Elrich says Thomas was “incredibly strict” about when the additional videographers could film; “I think I only did two shoots with Kulu, most of the time it was just Gareth and him,” she adds.

Initially, Jansen too wanted the film to focus on the wildlife trade, a subject close to his heart — but after viewing the documentary, he changed his mind. “It’s a much, much better angle to focus on,” he says. “I’m hoping that it spreads a huge awareness, and the world can fall in love with these incredible creatures.”

A new threat — and a new hope

While poaching remains a major threat for pangolins globally, Jansen says electric fences in game reserves are now “responsible for the large majority of Temminck’s pangolin deaths” in South Africa, illustrated in one terrifying scene when Kulu nearly runs straight into one, saved at the last minute by Thomas.

Together with Thomas and Lapalala Wilderness Reserve, Jansen is working on a large-scale electric fence study and exploring new designs that could save wildlife.

And a new “pangolarium,” operated by the African Pangolin Working Group at Lapalala Wilderness, opened earlier this year — a kind of halfway house for pangolins between hospital and release, and a networking hub for conservationists. While it can house multiple pangolins, each one will still need its own dedicated walker for its daily mealtime.

Despite global conservation efforts, pangolin numbers are in decline, with all eight species considered vulnerable, endangered, or critically endangered by the IUCN.

“Pangolins really are a symbol of the fragility that we see in one another and in nature all around us,” says Elrich.

She hopes audiences will connect with Kulu’s story, and be moved to protect them and their environment: “There is just nothing else like a pangolin.”

This post appeared first on cnn.com

William Shakespeare’s marriage to Anne Hathaway may have been happier than previously thought, according to new research.

It has been long believed that the playwright left his wife behind when he moved to London, but new findings from the University of Bristol suggest that the couple were living together in London for some period of time between 1600 and 1610.

Shakespeare married Hathaway in 1582 and the couple shared three children. Experts have long thought that Shakespeare then moved to London from his home in Stratford-upon-Avon, leaving his family behind.

Now, a long forgotten letter may turn that theory on its head, according to Matthew Steggle, a professor of English at Bristol University.

The fragments of the letter, addressed to “good Mrs Shakspaire,” (the name’s spelling at the time) were found sewn into the binding of a 1,000-page theological book in the city of Hereford, about 50 miles from Stratford-upon-Avon.

Although the letter’s writer hasn’t been identified, they refer to a fatherless apprentice called John Butts.

Steggle found just one person by Butts’ name who fit the criteria and lived in London at that time.

The letter writer accuses the husband of “Mrs Shakspaire” of withholding money from Butts and asks her for the funds. In what may be a reply from Hathaway herself, the recipient stands by her husband and refuses to settle the claim.

The letter also refers to a “Shakspaire” couple who lived in a place called Trinity Lane. Out of the four couples living in London with the surname, Steggle believes only the playwright and his wife could have afforded to live in the relatively prosperous area.

Steggle said the discovery opens the path to more revelations about the playwright’s life.

“We know so little about exactly where Shakespeare lives in London, so it’s another sort of data point for that,” he said. “It’s another kind of anchor on where he might have been living, how he might have been, and how he might have been living in his London career.”

As for challenging views about Shakespeare’s relationship with his wife, Steggle credits a shift in attitudes towards women and greater academic work in this area.

“There’s this narrative, like the film ‘Shakespeare in Love,’ where he’s got this wife who’s this kind of distant encumbrance in Stratford, and (Shakespeare is) having all these romantic love affairs in London separately,” he said, referring to the Oscar-winning 1998 movie.

The letter is a “game-changer” that suggests Hathaway was not absent from her husband’s London life, but present and engaged in his financial and social networks, argues Steggle.

“The reason it’s gone unnoticed for so long is that it’s not in London… where there’s been a lot of quite intensive searching for Shakespeare,” Steggle said of the letter’s discovery.

Looking outside the city – and in the binding of books printed by the Bard’s old friend – could point the way “towards the possibility of more discoveries.”

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The Trump administration is warning of ‘serious consequences’ over Russia’s plans to open a naval base in war-torn Sudan. News of the development of the base has triggered an unusual warning from the State Department, Fox News Digital was told.

A State Department spokesperson told Fox News Digital, ‘We encourage all countries, including Sudan, to avoid any transactions with Russia’s defense sector.’

The Kremlin appears to be desperate to join the Horn of Africa global powers ‘naval club,’ with its approved plans for a base for warships and nuclear-powered submarines at Port Sudan. This is not far down the Indian Ocean coast from Djibouti, where there are U.S. and Chinese bases. With the new Syrian government likely to kick the Russians out of their base in Tartus, Port Sudan would be Russia’s only foreign naval base.

‘Moscow views Sudan, because of its strategic location, as a logical place to expand Russia’s footprint into Africa, which Putin views as a key place of geopolitical confrontation with the United States and China,’ Rebekah Koffler, a strategic military intelligence analyst, told Fox News Digital. 

‘Russia views the U.S. and China as its top adversaries, with whom Moscow may in the long-term have a kinetic conflict. Hence, Putin wants intelligence and military capabilities stationed close to the U.S. Djibouti base and Chinese facilities,’ she said.

‘Given that the U.S. and China already have [a] naval presence off of the Horn of Africa,’ Koffler added, ‘Russia is looking at Port Sudan as a logistics hub for weapons transfers, storage of military hardware ammunition, all sorts of war-fighting capabilities.’

‘The potential Russian naval logistics facility in Sudan would support Russian power projection in the Red Sea and Indian Ocean,’ John Hardie, deputy director of the Russia Program at the Foundation for Defense of Democracies (FDD), told Fox News Digital. He added that ‘this issue has gained greater importance for Moscow, given the uncertainty over the future of its Tartus naval logistics facility.’

A Russian naval base in the Indian Ocean has strategic military implications — it’s a relatively short sailing distance to the Red Sea and the Suez Canal, a choke point through which an estimated 12% of the world’s shipping passes, while 61% of global oil tanker traffic is also said to use the canal. Koffler said this poses a significant security threat. 

‘If Russia perceives an impending escalation against Russia, let’s say in Ukraine — such as an impending deployment of NATO forces or draconian economic measures designed to tank [the] Russian economy — I would not rule out the possibility that Putin could authorize something disruptive to exploit the choke point and destabilize or disrupt global shipping, as a way of deterring Western actions threatening Russia.’

The deal permitting Moscow to build a military base has been given the green light, although there are serious logistical challenges involved. ‘The agreement between Sudan and Russia was finalized in February, following a meeting between Sudan’s Foreign Minister Ali Yusef Sharif and Russia’s Foreign Minister Sergei Lavrov in Moscow,’ Koffler explained. 

Hence the strongly worded comments to Fox News Digital from the State Department that ‘the United States is aware of the reported deal between Russia and the SAF [Sudanese Armed Forces] on establishing a Russian naval facility on Sudan’s coast. We encourage all countries, including Sudan, to avoid any transactions with Russia’s defense sector, which could trigger serious consequences, potentially including sanctions on entities or individuals associated with those transactions.

‘Moving forward with such a facility or any other form of security cooperation with Russia would further isolate Sudan, deepen the current conflict, and risk further regional destabilization. ‘

On the (very) dry land that is Sudan, the situation Monday around the city of Al Fasher and the neighboring massive Zamzam refugee camp in the Darfur region is ‘horrifying,’ U.N. Assistant Secretary-General Tom Fletcher posted.

The civil war in Sudan, between the government’s SAF and the rebel Rapid Support Forces (RSF), has just passed its grisly second anniversary. Tens of thousands have been killed, and an estimated 13 million people have been uprooted from their homes. The U.N. describes it as the world’s worst humanitarian crisis, and UNICEF calls it ‘hell on earth.’

‘There can be no overstating the brutality and destructiveness of the RSF assault on Zamzam (refugee camp),’ Sudan researcher Eric Reeves told Fox News Digital this week. ‘The camp that has existed since 2004 is no longer, even as it had grown to more than 500,000 people.’

Ominously, Reeves added that ‘the real dying has only just begun. Nearly the entire population of Zamzam has fled, and in all directions the threat of RSF violence remains. This creates insecurity of a sort that prevents humanitarians from reaching these scattered people. Tremendous numbers will die either from RSF violence or the lack of food, water and shelter.’

Another 30 were reported killed on Tuesday in a fresh RSF attack on Al Fasher. And just this past week, the RSF rebels announced they are setting up their own government. The State Department told Fox News Digital, ‘The United States is deeply concerned about the Rapid Support Forces (RSF) and aligned actors’ declaration of a parallel government in Sudan. This attempt to establish a parallel government is unhelpful for the cause of peace and security and risks a de facto partition of the country.’

‘It will only further destabilize the country, threaten Sudan’s territorial integrity, and spread wider instability throughout the region. The United States has made clear that our interest is in the restoration of peace and an end to the threats the conflict in Sudan pose to regional stability. The best path to peace and stability is an immediate and durable cessation of hostilities so that the processes of establishing a civilian government and rebuilding the country can begin,’ the spokesperson said.

Caleb Weiss, editor of the FDD’s Long War Journal and also a Defections Program Manager at the Bridgeway Foundation, put some of the blame for not ending the Sudanese war on the Biden administration. He told Fox News Digital that it ‘stopped short of seriously facilitating any sort of meaningful peace talks/mediation/or being tough on outside backers of various groups to really get them to be serious in previous negotiation attempts. This is where the Biden administration failed.’ 

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Sen. John Fetterman, D-Pa., is continuing to advocate for the destruction of Iran’s nuclear program.

‘Waste that s—,’ the lawmaker declared to the Washington Free Beacon. ‘You’re never going to be able to negotiate with that kind of regime that has been destabilizing the region for decades already, and now we have an incredible window, I believe, to do that, to strike and destroy Iran’s nuclear facilities.’

‘Years ago, I completely understood why Trump withdrew from the Obama deal. Today, I can’t understand why Trump would negotiate with this diseased regime. The negotiations should be comprised of 30,000-pound bombs and the IDF,’ Fetterman noted, according to the outlet. The IDF is the Israel Defense Forces.

Fox News Digital reached out to Fetterman’s office to request a comment from the senator on Thursday morning but did not receive a response by the time of publication.

The lawmaker, who is a staunch supporter of Israel, had already been calling for the elimination of Iran’s nuclear program.

Fetterman declared last week in a post on X, ‘The only purpose of Iran’s nuclear program is to create weapons. We can’t allow that or negotiate with this regime. Provide our comprehensive military support and whatever else Israel requires to destroy Iran’s capabilities.’

President Donald Trump noted earlier this week that he had spoken to Israeli Prime Minister Benjamin Netanyahu.

‘I’ve just spoken to Prime Minister of Israel, Bibi Netanyahu, relative to numerous subjects including Trade, Iran, etc. The call went very well – We are on the same side of every issue,’ Trump said in a Tuesday post on Truth Social.

Fetterman declared in part of an X post in January, ‘Whatever remains of Iran’s nuclear program needs to be destroyed and I fully support efforts to do so.’

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An aversion to tax increases has long been one of the Republican Party’s core pillars, but tradition was upended in recent weeks as discussions of a potential new millionaires’ tax hike hit Capitol Hill.

It’s baffled some members of the GOP’s old guard, though Republican operatives who spoke with Fox News Digital were less surprised. They said those conversations were largely ushered in by the party’s growing populist wing.

‘I’m not sure if I’m surprised anymore, because the party has changed so much in just a short period of time. But it is noteworthy,’ longtime GOP strategist Doug Heye told Fox News Digital. 

Heye recalled his time as a senior House leadership aide in 2012, when a Republican proposal for a uniform tax rate for people making under $1 million per year was blown up ‘by a rebellion within our own ranks’ over raising taxes.

‘It all exploded in our faces,’ he said. ‘And now this is what more and more of those Republicans who rejected the idea in 2012 want to do.’

Sources told Fox News Digital this month that the White House was socializing a plan among Republicans to create a new 40% tax bracket for people making more than $1 million.

Various reported plans floated among House Republicans included raising taxes on the ultra-wealthy to rates between 38% and 40%. 

Former House Speaker Newt Gingrich has been seeking to quash that this week, even posting a purported message from President Donald Trump himself on X that said, ‘If you can do without it, you’re probably better off trying to do so.’

Fox News Digital reached out to the White House on Wednesday morning for comment on Gingrich’s note, including the context of the message and why Trump described that he would ‘love’ increasing taxes, but did not receive a reply.

The top income tax rate is currently about 37% on $609,351 in earnings for a single person or $731,201 for married couples. It was lowered from just over 39% by Trump’s 2017 Tax Cuts and Jobs Act.

‘The politics are good for raising taxes on wealthy Americans,’ said John Feehery, a partner at EFB Advocacy and veteran of House GOP leadership staff. ‘The downside is it does have an impact on economic growth. So if you want the cheap political score, that’s the way to go. On the other hand, if you want a solid economy where people are working, you want to be careful on how you do that.’

Asked if the discussions caught him off guard, Feehery said, ‘I’m not surprised by it because Trump is such a populist, and he has a lot of folks who are populist.’

He signaled the appeal of higher taxes for the wealthy was born from that shift.

‘If you look at the constituencies, the biggest constituency, it’s really interesting because the parties have kind of changed,’ he continued. ‘It used to be the country-club Republicans and working-class Democrats; now it’s working-class Republicans and country-club Democrats.’

Heye said when asked about the increase in tax hike talks, ‘I think it’s a mixture of Trump and populism.’

‘Raising taxes used to be an anathema to Republicans, and you know, when George Bush did it after saying ‘Read my lips,’ that was the beginning of the end of his presidency,’ Heye said. ‘That world just doesn’t exist anymore.’

House GOP leaders have publicly made clear that they’re opposed to raising taxes on anyone. But Republicans must find a way to pass Trump’s budget, including new tax policies eliminating duties on tipped and overtime wages, while meeting conservatives’ demand to cut at least $1.5 trillion in government spending to make up for it.

House Freedom Caucus Chair Andy Harris, R-Md., previously signaled that he is open to the idea if spending cuts can’t be reached by other means.

‘What I’d like to do is, I’d actually like to find spending reductions elsewhere in the budget, but if we can’t get enough spending reductions, we’re going to have to pay for our tax cuts,’ Harris told ‘Mornings with Maria’ on FOX Business last week.

‘Before the Tax Cuts and Jobs Act, the highest tax bracket was 39.6%; it was less than $1 million. Ideally, what we could do – again, if we can’t find spending reductions – we say, ‘OK, let’s restore that higher bracket, let’s set it at maybe $2 million income and above’ to help pay for the rest of the president’s agenda.’

Rep. Dan Meuser, R-Pa., similarly floated raising the top tax bracket to 38.6%.

He later told Fox News Digital in a statement, ‘I believe we must help the president deliver on his promise of a tax and regulatory plan that supports pro-American economic and manufacturing growth, and delivers for the vast majority of Americans – while creating savings and promoting fiscal responsibility. Any adjustments in taxes to accomplish these goals should be considered.’

Both Meuser and Harris declined to provide more comment for this story.

Former Vice President Mike Pence, who refers to the 2017 tax cuts as the ‘Trump-Pence tax cuts,’ last week urged House Republicans to stand firm against raising taxes on the country’s top earners and to make the 2017 tax cuts permanent. 

One House GOP lawmaker told Fox News Digital last week that reaction among their colleagues to possible tax hikes was ‘mixed.’

But a former Republican member was skeptical on Wednesday.

‘Raising taxes is a short-term high, which ultimately does more harm than good,’ the former House Republican said. ‘This strategy is contrary to conservative values.’

Meanwhile, Marc Goldwein, senior policy director at the nonpartisan Committee for a Responsible Federal Budget, said it was ‘healthy’ that lawmakers are entertaining fiscal ideas outside their party norms.

He was wary about the push for a tax hike, however.

‘I’m not a fan of doing things that look fiscally good at the same time that you’re doing things that actually are fiscally bad … on top of that, I don’t think raising tax rates is the best way to raise revenue,’ Goldwein said. ‘But with those two things said, I think it is very healthy move that the GOP kind of is talking about that rates actually can go in both directions.’

Fox News Digital reached out to Gingrich for an interview for this story but did not receive a response.

Fox News Digital’s Emma Colton contributed to this report.

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Since Israel’s near annihilation of Hezbollah’s terror leadership, and the backing of the Trump administration, whose special envoy to Lebanon has made clear the U.S. goal of limiting the power and influence of the Iran-terror proxy, the winds of change are slowly blowing over Beirut.

‘Thanks to Hezbollah being weakened and defeated after the war with Israel, we are finally in a position to have this conversation about peace with Israel,’ Rami Naim, Lebanon affairs journalist and analyst for Jusoor News, told Fox News Digital. ‘In the past the intelligence investigated me and took me to jail because I said we want peace with Israel, but now I say it openly, yes, we want normalization, and yes, we want peace with Israel without fear.’ Naim was personally attacked by Hezbollah last year for his outspoken views.

The weakening of Hezbollah, Iran’s proxy, and the election of Joseph Aoun as Lebanon’s president in January 2025, represents a turning point in the country’s political trajectory. After more than two years of political deadlock, Aoun’s election was seen as a victory for the anti-Hezbollah camp, and has seemingly made the shift in public opinion regarding peace with Israel more palatable.

Touting the U.S. president, Naim said, ‘We believe Trump will put things back on track and work toward peace, aiming for a major peace deal between Lebanon and Israel, which will require increased pressure on Iran.’ 

Interviews conducted by Jussor, a pan-Arab media outlet, have highlighted that many Lebanese citizens are now willing to consider normalization with Israel. One Lebanese man, interviewed on camera with his face showing, shared his hope: ‘I believe a day will come when there will be normalization with Israel. It will take time, but it will happen eventually.’ 

Another interviewee echoed similar sentiments: ‘Israel wants peace. They don’t want war. They are cleaning things up so war doesn’t happen, and we want peace too. We’re exhausted.’

Morgan Ortagus, U.S. deputy special envoy for Middle East Peace, has emphasized the necessity of disarming Hezbollah to stabilize Lebanon and pave the way for peace in the region. 

In an interview with Al Arabiya earlier this month, she described Hezbollah as a ‘cancer’ within Lebanon that must be removed for the country to have any hope of recovery. She said, ‘When you have cancer, you don’t treat part of the cancer in your body and let the rest of it grow and fester; you cut the cancer out.’ Ortagus also criticized Iran for fueling regional instability and dragging Lebanon into conflicts it did not seek. She noted, ‘The government of Lebanon didn’t want to go to war with Israel. It was on Oct. 8, 2023, that Hezbollah and Iran decided to get into the war… people were forced into a war that nobody wanted to be in.’

‘We are grateful to our ally Israel for defeating Hezbollah,’ Ortagus said at a news conference in Beirut’s southeastern suburb of Baabda after a meeting with Lebanese President Joseph Aoun, the Associated Press reported.

Naim said that while the public may be ready for peace, it is the Lebanese political elite that must take action. ‘We need America to keep pressure on Lebanon’s corrupt politicians, who have enabled Hezbollah to rebuild its military capabilities… These politicians must publicly endorse peace. It’s not just activists and journalists who should be saying it. The decision-makers must step forward.’

Naim’s call for international intervention underscores the continued importance of U.S. influence in Lebanon’s political direction. ‘We have suffered under the Biden and Obama administrations, as well as those who have made compromises and deals with Iran behind our backs, disregarding our interests,’ Naim said. 

‘During Trump’s first term, there was significant pressure on Iran, which had posed aggression in the region. However, when Trump left the White House, Iran rebuilt its capabilities and grew stronger. Now, we have big hopes for Trump’s second term. His return to the White House would change the equation. What makes us optimistic about Trump is that he fulfills his promises and conducts negotiations from a position of strength, not weakness.’

While there is growing support for peace with Israel, the issue of Palestinian refugees in Lebanon remains a significant hurdle. One man interviewed by Jussor News pointed out, ‘I believe the whole region is heading toward peace. But we have our demands – you can’t have 500,000 Palestinians living here, then the Israelis come make peace and normalization, and leave them all here with us.’ 

Another woman told Jussor: ‘We are for peace in Lebanon. Not fighting other people’s wars which are not in Lebanon’s interests. Neutrality, as our patriarch said: enough already. We shouldn’t be looking for excuses or saying, ‘We want to liberate Palestine’ while we keep destroying Lebanon. The Palestinians told us, ‘Relax, we don’t need anything from you.’’

‘The Lebanese people are divided, but not into two equal parts,’ said Naim. ‘The majority of the Lebanese people today are supportive of normalization and peace with Israel. This is no longer a taboo in Lebanon. Lebanese citizens can say today, ‘I am supportive of peace and normalization because I have suffered from these failed wars. The Israelis want peace, and we want peace. We want to live in peace. So it’s a win-win situation.’’

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Sen. John Fetterman, D-Pa., is continuing to advocate for the destruction of Iran’s nuclear program.

‘Waste that s—,’ the lawmaker declared to the Washington Free Beacon. ‘You’re never going to be able to negotiate with that kind of regime that has been destabilizing the region for decades already, and now we have an incredible window, I believe, to do that, to strike and destroy Iran’s nuclear facilities.’

‘Years ago, I completely understood why Trump withdrew from the Obama deal. Today, I can’t understand why Trump would negotiate with this diseased regime. The negotiations should be comprised of 30,000-pound bombs and the IDF,’ Fetterman noted, according to the outlet. The IDF is the Israel Defense Forces.

Fox News Digital reached out to Fetterman’s office to request a comment from the senator on Thursday morning but did not receive a response by the time of publication.

The lawmaker, who is a staunch supporter of Israel, had already been calling for the elimination of Iran’s nuclear program.

Fetterman declared last week in a post on X, ‘The only purpose of Iran’s nuclear program is to create weapons. We can’t allow that or negotiate with this regime. Provide our comprehensive military support and whatever else Israel requires to destroy Iran’s capabilities.’

President Donald Trump noted earlier this week that he had spoken to Israeli Prime Minister Benjamin Netanyahu.

‘I’ve just spoken to Prime Minister of Israel, Bibi Netanyahu, relative to numerous subjects including Trade, Iran, etc. The call went very well – We are on the same side of every issue,’ Trump said in a Tuesday post on Truth Social.

Fetterman declared in part of an X post in January, ‘Whatever remains of Iran’s nuclear program needs to be destroyed and I fully support efforts to do so.’

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Coelacanth Energy Inc. (TSXV: CEI) (‘Coelacanth’ or the ‘Company’) is pleased to announce its financial and operating results for the three months and year ended December 31, 2024. All dollar figures are Canadian dollars unless otherwise noted.

2024 HIGHLIGHTS

  • Drilled and completed three Lower Montney wells and completed a previously drilled Upper Montney well on its 5-19 pad at Two Rivers East. Average test production from the three Lower Montney wells was 1,624 boe/d (61% light oil) and test production from the Upper Montney well was 1,338 boe/d (54% light oil). (2)
  • Secured revolving bank credit facilities for a total of $52.0 million from a Canadian chartered bank.
  • Substantially completed construction of pipelines to connect the 5-19 pad wells to the Two Rivers East facility.
  • Initiated construction of its Two Rivers East facility for a Q2 2025 on-stream date.
FINANCIAL RESULTS Three Months Ended Year Ended
  December 31 December 31
($000s, except per share amounts)  2024  2023  % Change  2024  2023  % Change  
             
Oil and natural gas sales 4,544 4,204 8 13,736 6,663 106
             
Cash flow from (used in) operating activities 3,157 (404 ) (881 ) 2,203 (4,234 ) (152 )
Per share – basic and diluted (1) 0.01 (-) (100 ) (0.01 ) (100 )
             
Adjusted funds flow (used) (1) 382 1,750 (78 ) 1,515 (333 ) (555 )
Per share – basic and diluted (-) (-)
             
Net loss (2,903 ) (750 ) 287 (8,897 ) (6,573 ) 35
Per share – basic and diluted (0.01 ) (-) 100 (0.02 ) (0.01 ) 100
             
Capital expenditures (1) 64,952 34,656 87 84,497 74,613 13
             
Adjusted working capital (deficiency) (1)       (18,637 ) 67,589 (128 )
             
Common shares outstanding (000s)            
Weighted average – basic and diluted 530,398 478,731 11 529,804 439,055 21
             
End of period – basic       530,670 528,650
End of period – fully diluted       615,930 609,989 1  

 

(1) See ‘Non-GAAP and Other Financial Measures’ section.
(2) See ‘Test Results and Initial Production Rates’ section.

  Three Months Ended Year Ended
OPERATING RESULTS (1) December 31 December 31
   2024  2023  % Change  2024  2023  % Change  
             
Daily production (2)            
Oil and condensate (bbls/d) 473 419 13 320 139 130
Other NGLs (bbls/d) 29 28 4 34 16 113  
Oil and NGLs (bbls/d) 502 447 12 354 155 128
Natural gas (mcf/d) 3,490 2,858 22 3,648 1,624 125  
Oil equivalent (boe/d) 1,084 923 17 962 426 126
             
Oil and natural gas sales            
Oil and condensate ($/bbl) 87.06 87.38 (-) 89.46 88.94 1
Other NGLs ($/bbl) 33.28 32.32 3 33.22 33.22  
Oil and NGLs ($/bbl) 83.97 83.88 83.99 83.28 1
Natural gas ($/mcf) 2.07 2.86 (28 ) 2.14 3.26 (34 )
Oil equivalent ($/boe) 45.57 49.47 (8 ) 39.01 42.82 (9 )
             
Royalties            
Oil and NGLs ($/bbl) 16.86 19.38 (13 ) 18.70 20.24 (8 )
Natural gas ($/mcf) 0.13 0.26 (50 ) 0.21 0.57 (63 )
Oil equivalent ($/boe) 8.22 10.20 (19 ) 7.66 9.57 (20 )
             
Operating expenses            
Oil and NGLs ($/bbl) 8.34 11.57 (28 ) 9.47 13.25 (29 )
Natural gas ($/mcf) 1.25 1.28 (2 ) 1.58 2.21 (29 )
Oil equivalent ($/boe) 7.88 9.57 (18 ) 9.47 13.25 (29 )
             
Net transportation expenses (3)            
Oil and NGLs ($/bbl) 5.54 4.95 12 3.46 4.10 (16 )
Natural gas ($/mcf) 0.76 0.81 (6 ) 0.73 1.12 (35 )
Oil equivalent ($/boe) 5.01 4.92 2 4.04 5.75 (30 )
             
Operating netback (loss) (3)            
Oil and NGLs ($/bbl) 53.23 47.98 11 52.36 45.69 15
Natural gas ($/mcf) (0.07 ) 0.51 (114 ) (0.38 ) (0.64 ) (41 )
Oil equivalent ($/boe) 24.46 24.78 (1 ) 17.84 14.25 25
             
Depletion and depreciation ($/boe) (10.76 ) (12.18 ) (12 ) (13.59 ) (14.93 ) (9 )
General and administrative expenses ($/boe) (15.46 ) (10.77 ) 44 (14.34 ) (27.08 ) (47 )
Share based compensation ($/boe) (7.08 ) (16.31 ) (57 ) (11.12 ) (23.49 ) (53 )
Loss on lease termination ($/boe) (2.02 ) 100 (0.57 ) 100
Finance expense ($/boe) (18.02 ) (1.28 ) 1,308 (6.33 ) (3.09 ) 105
Finance income ($/boe) 3.65 10.01 (64 ) 8.23 18.75 (56 )
Unutilized transportation ($/boe) (3.88 ) (3.08 ) 26 (5.37 ) (6.65 ) (19 )
Net loss ($/boe) (29.11 ) (8.83 ) 230 (25.25 ) (42.24 ) (40 )

 

(1) See ‘Oil and Gas Terms’ section.
(2) See ‘Product Types’ section.
(3) See ‘Non-GAAP and Other Financial Measures’ section.

Selected financial and operational information outlined in this news release should be read in conjunction with Coelacanth’s audited financial statements and related Management’s Discussion and Analysis (‘MD&A’) for the year ended December 31, 2024, which are available for review under the Company’s profile on SEDAR+ at www.sedarplus.ca.

OPERATIONS UPDATE

In Q4 2024, Coelacanth achieved two more significant milestones in its vision of moving the Two Rivers Montney Project from a large Montney land block to a proven resource with decades of inventory.

In 2022 and 2023, Coelacanth was able to prove productivity in the Lower Montney over a significant portion of lands at Two Rivers that allowed for the decision to build-out infrastructure and to continue pad drilling at Two Rivers East. During 2024, Coelacanth completed the licensing phase of the infrastructure and started construction while also continuing to develop the Montney resource.

In Q4 2024, Coelacanth was able to substantially complete all pipelines required for its 5-19 pad that connected it from the pad to the future facility and then on to a midstream gathering system. Concurrently, Coelacanth completed a successful Upper Montney well at Two Rivers East and changed the completion design in the Lower Montney on the 5-19 pad. The Upper Montney completion proved significant productivity (previously announced test rate of 1,136 boe/d) (1) in a zone that can be mapped over a significant portion of Coelacanth’s lands and should materially increase drilling inventory. The new Lower Montney completions yielded increased overall test rates as well as increasing the oil percentage (3-well average test rates previously announced at 1,624 boe/d with 61% light oil) (1) pointing to potentially higher per-well recoveries of oil and gas and corresponding per-well values than previously estimated.

Construction of the facility continued throughout Q1 2025 and is now substantially complete. With 9 wells and over 11,000 boe/d (1) of test production waiting on completion of the facility, we anticipate yet another major milestone will be reached imminently. We look forward to reporting updates on the Two Rivers East project as new developments arise.

(1) See ‘Test Results and Initial Production Rates’ section for more details.

OIL AND GAS TERMS

The Company uses the following frequently recurring oil and gas industry terms in the news release:

Liquids
Bbls Barrels
Bbls/d Barrels per day
NGLs Natural gas liquids (includes condensate, pentane, butane, propane, and ethane)
Condensat Pentane and heavier hydrocarbons
   
Natural Gas
Mcf Thousands of cubic feet
Mcf/d Thousands of cubic feet per day
MMcf/d Millions of cubic feet per day
MMbtu Million of British thermal units
MMbtu/d Million of British thermal units per day
   
Oil Equivalent
Boe Barrels of oil equivalent
Boe/d Barrels of oil equivalent per day

 

Disclosure provided herein in respect of a boe may be misleading, particularly if used in isolation. A boe conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent has been used for the calculation of boe amounts in the news release. This boe conversion rate is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

NON-GAAP AND OTHER FINANCIAL MEASURES

This news release refers to certain measures that are not determined in accordance with IFRS (or ‘GAAP’). These non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other entities. The non-GAAP and other financial measures should not be considered alternatives to, or more meaningful than, financial measures that are determined in accordance with IFRS as indicators of the Company’s performance. Management believes that the presentation of these non-GAAP and other financial measures provides useful information to shareholders and investors in understanding and evaluating the Company’s ongoing operating performance, and the measures provide increased transparency to better analyze the Company’s performance against prior periods on a comparable basis.

Non-GAAP Financial Measures

Adjusted funds flow (used)
Management uses adjusted funds flow (used) to analyze performance and considers it a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund future capital investments and abandonment obligations and to repay debt, if any. Adjusted funds flow (used) is a non-GAAP financial measure and has been defined by the Company as cash flow from (used in) operating activities excluding the change in non-cash working capital related to operating activities, movements in restricted cash deposits and expenditures on decommissioning obligations. Management believes the timing of collection, payment or incurrence of these items involves a high degree of discretion and as such may not be useful for evaluating the Company’s cash flows. Adjusted funds flow (used) is reconciled from cash flow from (used) in operating activities as follows:

  Three Months Ended Year Ended
  December 31 December 31
($000s)  2024  2023  2024  2023
Cash flow from (used in) operating activities  3,157 (404 ) 2,203 (4,234 )
Add (deduct):        
Decommissioning expenditures 161 206 1,427 1,883
Change in restricted cash deposits (5,361 ) (2,376 ) (784 )
Change in non-cash working capital 2,425 1,948 261 2,802  
Adjusted funds flow (used) (non-GAAP) 382 1,750 1,515 (333 )

 

Net transportation expenses
Management considers net transportation expenses an important measure as it demonstrates the cost of utilized transportation related to the Company’s production. Net transportation expenses is calculated as transportation expenses less unutilized transportation and is calculated as follows:

  Three Months Ended Year Ended
  December 31 December 31
($000s)  2024  2023  2024  2023  
Transportation expenses 887 680 3,313 1,930
Unutilized transportation (387 ) (262 ) (1,891 ) (1,035 )
Net transportation expenses (non-GAAP) 500 418 1,422 895

 

Operating netback
Management considers operating netback an important measure as it demonstrates its profitability relative to current commodity prices. Operating netback is calculated as oil and natural gas sales less royalties, operating expenses, and net transportation expenses and is calculated as follows:

  Three Months Ended Year Ended
  December 31 December 31
($000s)  2024  2023  2024  2023
Oil and natural gas sales 4,544 4,204 13,736 6,663
Royalties (820 ) (866 ) (2,698 ) (1,489 )
Operating expenses (786 ) (813 ) (3,335 ) (2,062 )
Net transportation expenses (500 ) (418 ) (1,422 ) (895 )
Operating netback (non-GAAP) 2,438 2,107 6,281 2,217

 

Capital expenditures
Coelacanth utilizes capital expenditures as a measure of capital investment on property, plant, and equipment, exploration and evaluation assets and property acquisitions compared to its annual budgeted capital expenditures. Capital expenditures are calculated as follows:

  Three Months Ended Year Ended
  December 31 December 31
($000s)  2024  2023  2024  2023
Capital expenditures – property, plant, and equipment 233 4,584 1,206 26,928
Capital expenditures – exploration and evaluation assets 64,719 30,072 83,291 47,685
Capital expenditures (non-GAAP) 64,952 34,656 84,497 74,613

 

Capital Management Measures

Adjusted working capital (deficiency)
Management uses adjusted working capital (deficiency) as a measure to assess the Company’s financial position. Adjusted working capital is calculated as current assets and restricted cash deposits less current liabilities, excluding the current portion of decommissioning obligations.

($000s)  December 31, 2024  December 31, 2023
Current assets 11,579 87,616
Less:     
Current liabilities  (37,234 ) (28,754 )
Working capital (deficiency)  (25,655 ) 58,862
Add:     
Restricted cash deposits 4,900 6,784
Current portion of decommissioning obligations 2,118 1,943
Adjusted working capital (deficiency) (Capital management measure) (18,637 ) 67,589

 

Non-GAAP Financial Ratios

Adjusted Funds Flow (Used) per share
Adjusted funds flow (used) per share is a non-GAAP financial ratio, calculated using adjusted funds flow (used) and the same weighted average basic and diluted shares used in calculating net loss per share.

Net transportation expenses per boe
The Company utilizes net transportation expenses per boe to assess the per unit cost of utilized transportation related to the Company’s production. Net transportation expenses per boe is calculated as net transportation expenses divided by total production for the applicable period.

Operating netback per boe
The Company utilizes operating netback per boe to assess the operating performance of its petroleum and natural gas assets on a per unit of production basis. Operating netback per boe is calculated as operating netback divided by total production for the applicable period.

Supplementary Financial Measures

The supplementary financial measures used in this news release (primarily average sales price per product type and certain per boe and per share figures) are either a per unit disclosure of a corresponding GAAP measure, or a component of a corresponding GAAP measure, presented in the financial statements. Supplementary financial measures that are disclosed on a per unit basis are calculated by dividing the aggregate GAAP measure (or component thereof) by the applicable unit for the period. Supplementary financial measures that are disclosed on a component basis of a corresponding GAAP measure are a granular representation of a financial statement line item and are determined in accordance with GAAP.

PRODUCT TYPES

The Company uses the following references to sales volumes in the news release:

Natural gas refers to shale gas.
Oil and condensate refers to condensate and tight oil combined.
Other NGLs refers to butane, propane and ethane combined.
Oil and NGLs refers to tight oil and NGLs combined.
Oil equivalent refers to the total oil equivalent of shale gas, tight oil, and NGLs combined, using the conversion rate of six thousand cubic feet of shale gas to one barrel of oil equivalent as described above.

The following is a complete breakdown of sales volumes for applicable periods by specific product types of shale gas, tight oil, and NGLs:

  Three Months Ended Year Ended
  December 31 December 31
Sales Volumes by Product Type  2024  2023 2024  2023
         
Condensate (bbls/d) 22 12 32 7
Other NGLs (bbls/d) 29 28 35 16
NGLs (bbls/d) 51 40 67 23
         
Tight oil (bbls/d) 451 407 287 132
Condensate (bbls/d) 22 12 32 7
Oil and condensate (bbls/d) 473 419 319 139
Other NGLs (bbls/d) 29 28 35 16
Oil and NGLs (bbls/d) 502 447 354 155
         
Shale gas (mcf/d) 3,490 2,858 3,648 1,624
Natural gas (mcf/d) 3,490 2,858 3,648 1,624
         
Oil equivalent (boe/d) 1,084 923 962 426

 

TEST RESULTS AND INITIAL PRODUCTION RATES

The 5-19 Lower Montney well was production tested for 9.4 days and produced at an average rate of 377 bbl/d oil and 2,202 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The A5-19 Basal Montney well was production tested for 5.9 days and produced at an average rate of 117 bbl/d oil and 630 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The B5-19 Upper Montney well was production tested for 6.3 days and produced at an average rate of 92 bbl/d oil and 2,100 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The C5-19 Lower Montney well was production tested for 5.8 days and produced at an average rate of 736 bbl/d oil and 2,660 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The D5-19 Lower Montney well was production tested for 12.6 days and produced at an average rate of 170 bbl/d oil and 580 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The E5-19 Lower Montney well was production tested for 11.4 days and produced at an average rate of 312 bbl/d oil and 890 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure was stable, and production was starting to decline.

The F5-19 Lower Montney well was production tested for 4.9 days and produced at an average rate of 728 bbl/d oil and 1,607 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The G5-19 Lower Montney well was production tested for 7.1 days and produced at an average rate of 415 bbl/d oil and 1,489 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure and production rates were stable.

The H5-19 Lower Montney well was production tested for 8.1 days and produced at an average rate of 411 bbl/d oil and 1,166 mcf/d gas (net of load fluid and energizing fluid) over that period which includes the initial cleanup where only load water was being recovered. At the end of the test, flowing wellhead pressure was stable and production was starting to decline.

A pressure transient analysis or well-test interpretation has not been carried out on these nine wells and thus certain of the test results provided herein should be considered to be preliminary until such analysis or interpretation has been completed. Test results and initial production rates disclosed herein, particularly those short in duration, may not necessarily be indicative of long-term performance or of ultimate recovery.

Any references to peak rates, test rates, IP30, IP90, IP180 or initial production rates or declines are useful for confirming the presence of hydrocarbons, however, such rates and declines are not determinative of the rates at which such wells will continue production and decline thereafter and are not indicative of long-term performance or ultimate recovery. IP30 is defined as an average production rate over 30 consecutive days, IP90 is defined as an average production rate over 90 consecutive days and IP180 is defined as an average production rate over 180 consecutive days. Readers are cautioned not to place reliance on such rates in calculating aggregate production for the Company.

FORWARD-LOOKING INFORMATION

This document contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words ‘expect’, ‘anticipate’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’, ‘believe’, ‘intends’, ‘forecast’, ‘plans’, ‘guidance’ and similar expressions are intended to identify forward-looking statements or information.

More particularly and without limitation, this news release contains forward-looking statements and information relating to the Company’s oil and condensate, other NGLs, and natural gas production, capital programs, and adjusted working capital (deficiency). The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions relating to prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the success of drilling new wells, the availability of capital to undertake planned activities, and the availability and cost of labour and services.

Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs, and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tax, royalty, and environmental legislation. The forward-looking statements and information contained in this document are made as of the date hereof for the purpose of providing the readers with the Company’s expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. The Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Coelacanth is an oil and natural gas company, actively engaged in the acquisition, development, exploration, and production of oil and natural gas reserves in northeastern British Columbia, Canada.

Further Information

For additional information, please contact:

Coelacanth Energy Inc.
Suite 2110, 530 – 8th Avenue SW
Calgary, Alberta T2P 3S8
Phone: (403) 705-4525
www.coelacanth.ca

Mr. Robert J. Zakresky
President and Chief Executive Officer

Mr. Nolan Chicoine
Vice President, Finance and Chief Financial Officer

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249584

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