Annual report

don’t these turkeys need to send a report to shareholders even though they are not ASX listed ?


Yemen's crude oil exports look set to remain suspended until an improvement in security conditions allows a restart, and that will likely depend on the outcome of ongoing talks between Saudi Arabia and Yemen's Iran-backed Houthi rebels to end the seven-year war in the country, several sources tell Energy Intelligence.After an uneasy truce expired in October, Houthi drones struck Yemeni loading terminals at Bir Ali and Ash Shihr on the Gulf of Aden, including one attack which occurred while a tanker was loading at Ash Shihr. "The damage is not serious," said a source at state-owned oil company PetroMasila. "But they don't want to start exporting again in case there is another attack. They are waiting for an agreement between the Saudis and the Houthis."Ash Shihr had been exporting just under 35,000 barrels per day, while Bir Ali had been exporting just under 10,000 b/d.While those volumes are relatively modest, oil exports are by far the biggest domestic source of funding available to Yemen's Saudi-backed government. Oil fields in the province of Hadramawt are still producing around 7,500 b/d, which "is going to a couple of topping refineries and power plants in the area," said the PetroMasila source. Output from those fields is shipped to the Ash Shihr terminal, when it is safe to do so.A western security source notes that some production has also continued in the province of Shabwa further west.Unsurprisingly, given the country's recent history, investors have been heading for the exits. Assuming approvals come through for the sale of OMV's assets, the Austrian company's departure will mark the end of an era of Western oil investment in Yemen that dates back to the early 1980s. The buyer of OMV's assets in Shabwa province, Canada's Zenith Energy, has already sold a majority stake in the subsidiary that did the deal with OMV to Hong Kong-based Hingbo Industries.Progress has been made in the direct talks between the Saudis and the Houthis and an agreement could be reached. But the western security source warned against expectations that peace could break out in Yemen. Riyadh has apparently assured its allies in the country that their interests will not be overlooked if a deal materializes, but many Yemenis are still concerned.The UN was instrumental in bringing about the truce in early 2022, but more recently it has been sidelined and is only "getting crumbs on the edge of the plate," the source said.There is already fierce infighting among the parties that make up the Saudi-backed government and diplomats warn privately that the south of the country may split up into separate statelets.This could have negative security implications for oil tanker traffic around the Bab el-Mandeb, the strait between Yemen and the Horn of Africa that links the Red Sea to the Gulf of Aden. Yemen's Energy Infrastructure