WTI and Brent Divergence: A Sign of Market Stress?

WTI CRUDE

87.92

$/bbl

▼ -5.12 (-5.50%)

BRENT CRUDE

91.54

$/bbl

▼ -3.49 (-3.67%)

GASOLINE

2.98

$/gal

▼ -0.06 (-1.97%)

HEATING OIL

3.55

$/gal

▼ -0.12 (-3.27%)

OIL SERVICES ETF

416.70

$/sh

▼ -13.75 (-3.19%)

LNG

237.15

$/sh

▲ +1.14 (+0.48%)

URANIUM ETF

43.46

$/sh

▼ -9.96 (-18.64%)

LITHIUM ETF

77.52

$/sh

▼ -8.89 (-10.29%)

Oil and Energy Market Context - Macro Drivers

Key macro instruments that drive oil price movements - dollar, yields, risk appetite

DXY

US Dollar Index

99.99 pts

▲ 0.58 (+0.58%)

headwind for oil

Oil priced in USD — rising dollar pressures oil

WTI

WTI Crude Oil

87.87 $/bbl

▼ 5.17 (-5.56%)

negative for oil

US benchmark crude price

BRENT

Brent Crude

91.44 $/bbl

▼ 3.59 (-3.78%)

negative for oil

Global benchmark crude price

NAT GAS

Natural Gas

3.15 $/MMBtu

▼ 0.18 (-5.52%)

negative for oil

Henry Hub natural gas price

XLE

Energy Sector ETF

57.33 $/sh

▼ 0.63 (-1.10%)

negative for oil

Energy sector equity benchmark

SPX

S&P 500

7,294.90 pts

▼ 314.88 (-4.14%)

negative for oil

Broad risk appetite indicator

▲ Rising DXY or yields typically pressure oil prices | ▲ Falling yields or geopolitical risk support energy markets | Live data - fetched at send time

Market Commentary

Will Yemen's Iran-aligned Houthis Choke the Energy Market?

The potential for Yemen's Iran-aligned Houthis to disrupt Red Sea shipping poses a significant threat to global oil markets, particularly as geopolitical tensions escalate in the region. By declaring an intention to ban ships linked to Israel, the Houthis are signaling a willingness to leverage their military capabilities to influence energy flows, which could lead to heightened volatility in oil prices. The Red Sea serves as a crucial transit route for oil exports, and any disruption could choke off a vital lifeline for Saudi Arabia, which has already been diverting a substantial portion of its crude exports to mitigate risks from the Strait of Hormuz. Unlike previous incidents where oil could still flow through Hormuz, a blockade or significant disruption in the Red Sea would severely limit options for Gulf producers, potentially forcing them to reroute shipments around Africa, which is both time-consuming and costly. This situation could lead to a spike in oil prices as markets react to the uncertainty surrounding supply chains and the risk of further escalation in military actions. Additionally, the Houthis' recent posturing suggests a strategic shift, possibly aimed at deterring Saudi intervention or signaling solidarity with Iran amidst ongoing conflicts. As the Houthis maintain their threat level, the risk of miscalculation increases, which could further destabilize the region and exacerbate supply concerns. Investors should closely monitor developments in Yemen and the broader Middle East, as any significant disruption could have cascading effects on global energy prices and market stability. The interplay between regional actors and their military capabilities will be critical in shaping the future landscape of oil supply and demand, making this a pivotal moment for energy investors.

Why Argentina’s Shale Boom Matters for Global Energy Markets

Argentina's shale boom is poised to significantly reshape global energy dynamics, particularly in the context of rising oil prices and supply vulnerabilities. As the country emerges as a formidable player in the oil market, its production from the Vaca Muerta shale formation is not only bolstering its own economy but also providing a critical counterbalance to disruptions in traditional oil supply routes, such as the Strait of Hormuz. With global oil prices under pressure from geopolitical tensions and potential supply shocks, Argentina's increasing output could help stabilize the market by adding much-needed barrels at a time when many economies are teetering on the brink of recession. The resurgence of Argentine production, especially following a period of stagnation, underscores the resilience of unconventional oil plays and their ability to respond to market signals. This development is particularly timely as OPEC+ grapples with its own production challenges and seeks to manage output levels to support prices. Furthermore, Argentina's shale resources may attract foreign investment and technology transfer, enhancing production efficiency and expanding its export capabilities. As the country solidifies its position as the fourth-largest oil producer in South America, it could become a critical supplier for both regional and global markets, potentially altering trade flows and pricing benchmarks. The implications for energy markets are profound, as increased Argentine production could mitigate the impact of supply disruptions elsewhere, leading to a more diversified and resilient global oil landscape. Investors should closely monitor Argentina's progress, as its shale boom could not only influence oil prices but also reshape the competitive landscape of energy supply in the coming years.

European Stocks Close Mixed in Tuesday Trading; Oil Prices Tumble

The recent decline in oil prices, coinciding with mixed performances in European stock markets, signals a critical shift in investor sentiment that could reverberate through the energy sector. As oil prices tumble, primarily driven by concerns over demand amid a slowing global economy and potential oversupply, the implications for energy markets are profound. A sustained drop in oil prices could lead to reduced capital expenditures among producers, particularly in higher-cost regions such as U.S. shale and offshore projects, potentially tightening supply in the medium to long term. Furthermore, this volatility reflects broader macroeconomic uncertainties, including inflationary pressures and geopolitical tensions, which can exacerbate market instability. The mixed performance of European stocks suggests that investors are weighing the impact of lower oil prices on corporate earnings, particularly for energy sector equities, which may face downward revisions. Additionally, if oil prices continue to decline, it could trigger a shift in OPEC's strategy, as the cartel may need to consider deeper production cuts to stabilize the market. This dynamic could lead to increased volatility as OPEC navigates the delicate balance between maintaining market share and supporting prices. In the short term, lower oil prices may provide some relief to consumers and businesses and slowdown investment in alternative energy sources. Overall, the current market conditions underscore the interconnectedness of oil prices with broader economic indicators, making it essential for investors to stay vigilant in monitoring these developments.

Stabilization Likely After Israel and Iran Agree to End Strikes

The agreement between Israel and Iran to cease hostilities is likely to have a stabilizing effect on oil prices, as geopolitical tensions in the Middle East have historically been a significant driver of crude volatility. With reduced military action, the risk premium associated with oil supply disruptions diminishes, potentially leading to a more favorable environment for oil prices to stabilize or even decline. This development may encourage OPEC+ to maintain or adjust production levels without the fear of immediate geopolitical fallout that could disrupt supply chains. Furthermore, a stronger US dollar, which typically inversely correlates with oil prices, could exert additional downward pressure on crude as it becomes more expensive for holders of other currencies. As the market digests this news, investors will likely recalibrate their expectations regarding demand growth, particularly in light of ongoing concerns about global economic performance and potential recessions in key markets. Additionally, the cessation of hostilities could facilitate a more stable energy supply chain in the region, allowing for smoother operations in oil exports, particularly from Iran, which has been under sanctions and struggling to regain its market share. This could lead to increased competition among producers, further influencing pricing dynamics in the global market. In summary, the de-escalation of conflict between Israel and Iran not only reduces immediate risks to oil supply but also sets the stage for a more balanced market, where prices may find it challenging to sustain upward momentum in the absence of fresh geopolitical crises or supply disruptions.

The US Trade Deficit Narrowed in April as Oil Exports Surged

The narrowing of the US trade deficit in April, driven by a surge in oil exports, signals a significant shift in the dynamics of the global oil market and underscores the increasing importance of US crude in international trade. This uptick in exports not only reflects a robust demand for American oil but also highlights the ongoing transformation of the US into a net exporter, which has profound implications for global supply and pricing structures. As US oil becomes more competitive on the world stage, particularly in the face of OPEC+ production cuts, we can expect to see upward pressure on prices as global buyers seek to diversify their supply sources. The increased export activity also indicates a potential tightening of domestic supply, which could lead to higher prices at the pump and in the broader energy market. Furthermore, the ability of the US to export more oil may serve to mitigate some of the geopolitical risks associated with Middle Eastern supply disruptions, providing a buffer for global markets. This shift could enhance the US's leverage in international negotiations, particularly with OPEC nations that may feel the pressure from increased competition. As the market adjusts, we may also see a recalibration of refining capacities, with US refiners potentially benefiting from lower feedstock costs while adjusting their output strategies to align with changing export dynamics. Overall, the surge in oil exports not only narrows the trade deficit but also positions the US as a pivotal player in the global energy landscape, influencing both pricing and supply strategies in the months to come. As investors, understanding these dynamics will be crucial for navigating the evolving landscape of energy markets.

Why Iran Attacked Israel and Then Backed Off

The recent escalation and subsequent de-escalation of tensions between Iran and Israel carry significant implications for oil markets, particularly in the context of geopolitical risk premiums. Iran's military command signaling a halt to strikes suggests a tactical retreat aimed at avoiding a broader conflict that could disrupt oil supply routes in the Strait of Hormuz, a critical chokepoint for global oil shipments. The immediate threat of intensified military action had the potential to spike crude prices due to fears of supply disruptions, but the current cease-fire could stabilize the market in the short term. However, the underlying volatility remains, as Iran's warning of "far more intense" retaliation indicates that the situation is far from resolved. Investors should remain vigilant, as any renewed hostilities could lead to a sharp increase in oil prices, especially if they threaten shipping lanes or production facilities. Additionally, the backdrop of ongoing negotiations between the U.S. and Iran adds another layer of complexity; a successful diplomatic resolution could ease sanctions and potentially increase Iranian oil exports, further influencing global supply dynamics. Conversely, failure in negotiations could exacerbate tensions and lead to a more aggressive Iranian posture. Overall, while the immediate threat may have subsided, the geopolitical landscape remains precarious, and market participants must navigate this uncertainty with caution. The interplay between military actions and diplomatic efforts will continue to shape the oil market's trajectory in the coming months, making it essential for investors to stay attuned to developments in this volatile region.

ECO ATLANTIC OIL & GAS | TSX-V: EOG | AIM: ECO

• Three Atlantic basins.

• High-impact offshore exploration in Guyana, Namibia and South Africa.

• Eco holds the acreage where the next major discovery could happen.

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Interesting Company News Today

TransAlta Announces Closing of $350 Million Bought Deal Offering of Common Shares

(TSX:TA) TransAlta Corporation has closed its previously announced bought deal offering of common shares, issuing a total of 18,230,000 common shares at a price of $19.20 per share for total gross proceeds of approximately $350 million. The shares were offered and sold through a syndicate of underwriters led by CIBC Capital Markets and RBC Capital Markets. TransAlta intends to use the net proceeds to fund the cash purchase price of its previously announced acquisition of two new natural gas-fired peaking facilities totaling 318 MW near Denver, Colorado. The underwriters have an option to purchase up to an additional 2,734,500 common shares at the Offering Price, exercisable for a period of 30 days following the closing, for potential additional gross proceeds of approximately $52,502,400. The Acquisition is expected to close early in the fourth quarter of 2026, subject to the satisfaction of certain closing conditions, including receipt of regulatory approvals. If the Acquisition is not completed, the Company intends to use the net proceeds from the Offering to finance future growth opportunities including acquisitions, finance its capital development expenditures, reduce its outstanding indebtedness or for other general corporate purposes. TransAlta is one of Canada’s largest publicly traded power generators, delivering electricity across Canada, the U.S. and Western Australia.

Lithium Africa Outlines Path to Prove Out the Springbok District

(TSXV:LAF) Lithium Africa Corp. announced an update on its Springbok Project in the Northern Cape, South Africa, including the planned commencement of a 1,500-meter diamond plus 2,000-meter reverse circulation drilling campaign in July 2026. The Springbok Project includes a past-producing lithium pegmatite mine ('Norrabees') and a 30,000 tonne stockpile, with a historical inferred mineral resource of 41,420 tonnes at 1.01% Li₂O for in-situ pegmatite and 30,259 tonnes at 1.61% Li₂O for the stockpile, totaling 71,679 tonnes at 1.27% Li₂O. The company has completed a stockpile resampling program, with assay results expected in the coming weeks, and is advancing the potential sale of the existing stockpile with multiple counterparties engaged in due diligence. Camp upgrades are underway and expected to be completed by July 2026 to support the drill program, and Section 11 consent for the acquisition of a 70% shareholding in Namli is expected in the coming weeks. Lithium Africa has incorporated Springbok Lithium Pty Ltd, a wholly-owned South African subsidiary, to operate the project and has established a 50/50 joint venture partnership with GFL International Co., Ltd. for lithium exploration across Africa. The company projects the commencement of the 3,500 m drill program at Norrabees in July 2026 and the conclusion of the resampling and sale process for the project's existing spodumene stockpile. Additional technical personnel are mobilizing to site through June, and community engagement activities have been conducted with local stakeholders.

CanAlaska Begins Summer Drill Program at West McArthur Joint Venture

(TSXV: CVV) CanAlaska Uranium Ltd. announced the start of the summer drill program as part of the $15 million 2026 exploration program on the West McArthur Joint Venture Project. The 2026 summer drill program will consist of three diamond drills operating to achieve an estimated 20 to 25 unconformity target intersections. CanAlaska holds an 88.89% ownership in the Project, which is a Joint Venture with Cameco Corporation, and the 2026 exploration program is being co-funded by Cameco and CanAlaska. The winter exploration program at West McArthur's Pike Zone discovery highlighted extensive unconformity uranium mineralization in association with strong alteration and structure along the C10S corridor over more than 1,000 metres strike length. Results from recent drill programs have defined the hydrothermal system associated with the unconformity target area along the C10S corridor over 1.3 kilometres strike length, with over one kilometre strike length containing uranium mineralization. The Company expects to complete the summer portion of the 2026 exploration program in September. The geochemical assay results from the winter portion of the 2026 exploration program are pending.

Eastport Announces Additional Positive Assay Results at the Foley Uranium Discovery

(TSXV: EVI) Eastport Critical Metals Corp. announced the second batch of laboratory assay results for the reverse circulation (RC) drilling program at the Foley Uranium Project in Botswana. The second batch covers the results for the final five of 16 drill holes located on drill Fence 1, with significant uranium mineralisation over a full 1.4 kilometres of strike length and grades exceeding >200ppm U₃O₈. Highlighted intersections include RC033: 5.0 m @ 309.0 ppm U₃O₈ from 75.0 m, RC034: 6.0 m @ 203.0 ppm U₃O₈ from 76.0 m (including 3.0 m @ 273 ppm U₃O₈), and RC037: 2.0 m @ 241.5 ppm U₃O₈ from 43.0 m and 2.0 m @ 450.0 ppm U₃O₈ from 54.0 m. Previously reported results from Fence 1 include RC006: 8.0 m @ 553.0 ppm U₃O₈ from 84.0 m (including 2.0 m @ 1,272 ppm U₃O₈), RC003: 6.0 m @ 500.7 ppm U₃O₈ from 92.0 m (including 3.0 m @ 806 ppm U₃O₈), and RC005: 1.0 m @ 2,333 ppm U₃O₈ from 103.0 m. The company reports cumulative historical and current expenditures approaching CAD$20 million across five projects in Botswana. The company projects the commencement of additional drill fences, step-out drilling, and targeted geophysics to extend coverage to the north and east and to vector towards the key geological controls. The uranium mineralisation remains open to the north, south and east, and is hosted in Karoo Supergroup sediments in an interpreted paleo-channel setting.

Greenland Energy Company (NASDAQ: GLND) Announces Haliburton Agreement and Updates Progress on 2026 Greenland Exploration Program

(NASDAQ: GLND) Greenland Energy Company announced operational and strategic updates following its recent public listing, including a services agreement with Halliburton and updates on its 2026 exploration program. The company completed a business combination with Pelican Acquisition Corporation and related entities, transitioning to public trading under the ticker: GLND, and closed a public offering that raised approximately $70 million in gross proceeds. Greenland Energy secured a five-year drilling agreement with Stampede Drilling for Rig #12 and an agreement with Halliburton (NYSE: HAL) for integrated consulting, logistics, and comprehensive well and drilling services. The company advanced field readiness in East Greenland, including approvals for mobilizing heavy equipment and progressed procurement, infrastructure planning, and logistics for its onshore program. The company is targeting the commencement of its first modern onshore drilling operations in the October 2026 window, beginning with the OPW-1 and OPW-6 exploration wells (approximately 3,500 meters each). Successful completion of these wells would allow Greenland Energy to earn up to a 70% working interest in the license area. The company is targeting multiple large structures in a basin with independent estimates of up to ~13.0 billion barrels of gross un-risked prospective oil resources, supported by historical seismic data and over $275 million in prior industry investment (inflation-adjusted).

First Lithium Reports up to 1,300 Mg/L Lithium in Brine Samples at Ascotan Project

(CSE:FLM) First Lithium Minerals Corp. reported results from its March 2026 sedimentary brine geochemical exploration program at the Ascotan project in the Salar de Ascotan, Antofagasta Region, Chile. A total of 40 exploratory wells were drilled, with 20 wells reaching a shallow brine table and yielding representative brine samples for assaying. The analyzed brine samples yielded lithium concentrations ranging from 93.5 mg/L to 1,299.5 mg/L, with an average of 417.4 mg/L Li, and three samples reported over 1,000 mg/L lithium brine concentrations. The high-grade group included samples SAL-06, SAL-07, SAL-09, SAL-10, SAL-16, SAL-17, SAL-18, SAL-19, and SAL-20, with values exceeding 300 mg/L lithium brine concentrations. The project comprises approximately 1,800 ha of mineral exploration concessions, and the company received environmental approvals and signed a cooperation agreement with the local indigenous community. The company is expecting to commence a 1,500 m drilling program in H2/26, conditional upon access to capital and obtaining required government permits, licences, and community agreements. In 2024, the Chilean government through the National Lithium Strategy identified and approved Salar de Ascotan as a priority salar for lithium exploration and exploitation.

OREGEN ENERGY | CSE: ORNG | OTCQB: ORGEF

• Early mover in Namibia's Orange Basin beside Shell, TotalEnergies and Galp discoveries.

• Flagship Block 2712A covers 5,484 km² in a basin estimated at 20 billion barrels oil in place.

• Seismic interpretation advancing on one of the world's hottest offshore frontiers.

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F4 and UraniumX Hit Anomalous Radioactivity in 300 M Step Out Holes

(TSXV: FFU) F4 Uranium Corp announced additional drill results from the third and fourth drillholes of the ongoing Murphy Lake drill program in the Athabasca Basin, Saskatchewan, with both holes intersecting anomalous radioactivity. Drillhole ML26-017 encountered a 0.5 m interval of anomalous radioactivity up to 460 cps above an approximately 13m wide graphitic and sulphide rich deformation zone, while ML26-018 intersected anomalous radioactivity up to 350 cps and a 10.3 m deformation zone. The approximately 2,500-metre drill program has now completed four drill holes to date, all on the northern trend portion of the property in "Target Area 1 and 2". Historic hole ML22-012 intersected 56 ppm U in sandstone immediately above the unconformity, and the 2022 maiden drill program at Murphy Lake consisted of 14 completed drillholes totaling 6,850 m, with ML22-006 intersecting 0.065% U₃O₈ over 2.5 m, including 0.242% U₃O₈ over 0.5 m. F4 is the operator of the program, which is being fully funded by UraniumX Discovery Corp. pursuant to the option agreement under which UraniumX can earn up to a 70% interest. The company projects that drilling is now planned to advance to Target Area 4 to test along strike of the mineralized conductor system. The Murphy Lake Property is 609 hectares and located 30 km northwest of Orano's McLean Lake deposits, 5 km south of ISOEnergy's Hurricane Uranium Deposit, and 4 km east of Cameco's La Rocque Lake Uranium Zone.

Myriad Announces Acquisition of 23 Breccia Pipe Uranium and REE Exploration Targets in Historically Significant Uranium District in Arizona - Including the Wate Pipe With a Historical Resource Estimate

(CSE: M) Myriad Uranium Corp. announced the acquisition of 15 state mineral leases and 8 split-estate claims in Arizona, covering 5,600 acres, with two additional state mineral awards pending that would bring the total to 6,080 acres. The properties contain 23 breccia pipe-hosted uranium targets, including the Wate Pipe, which has a historical resource estimate of 71,000 tons containing 1.12 million lbs eU₃O₈ at an average grade of 0.79% eU₃O₈. Myriad granted Wedgemount Resources Corp. a 3-year option as of June 8, 2026, to acquire up to 75% of the Breccia Pipe Project by paying US$75,000 (approximately Cdn$104,500), issuing common shares to Myriad to reach 9.9% ownership, and incurring Cdn$4,000,000 in qualifying expenditures. Myriad retains the right to earn back to a 50% interest by funding the next Cdn$5,000,000 of qualifying expenditures. The breccia pipes are located in the Arizona Strip, a district responsible for more than 23 million pounds of historic U₃O₈ production through the 1980s, and are in close proximity to Energy Fuels' Pinyon Plain Mine, which produced 638,700 lbs U₃O₈ at an average grade of 2.23% U₃O₈ in Q2 2025. The company intends to conduct further work to determine whether the historical estimates can be verified and, if appropriate, supported by current mineral resource estimates.

VAALCO Energy, Inc. Announces Baobab Field Production Resumes After Successful FPSO Refurbishment

(NYSE:EGY, LSE:EGY) VAALCO Energy, Inc. announced that the Baobab field on CI-40 block, offshore Côte d’Ivoire is back online following the successful Baobab Ivoirien Floating Production Storage and Offloading vessel (“FPSO”) refurbishment. The FPSO at Baobab ceased hydrocarbon operations in January 2025 and underwent a nine-month refurbishment in Dubai before returning to Côte d’Ivoire in early Q2 2026. Production has resumed from four producing wells, with the remaining three producers expected to come online shortly. The CI-40 block license has been extended through 2038. A significant development drilling program at Baobab is planned to begin in the second half of 2026, with Phase 5 drilling expected to include four producers, two to three injectors, and two workovers. The company projects that the field is performing in line with Vaalco’s expectations and that the remainder of 2026 will be very impactful.

Third Batch of Lithium Ridge Drill Results

(AIM: ATM, OTCQB: ATMTF) Andrada Mining Limited announced the third batch of results for an additional six holes of diamond drilling at the Lithium Ridge Project, confirming high-grade lithium mineralisation from surface. Drill hole LRD027 returned 9.05m @ 2.28% Li₂O from 50.82m to 59.87m, including 3.97m @ 3.46% Li₂O from 51.82m to 55.79m, while drill hole LRD023 intersected 9.64m @ 1.24% Li₂O from 50.36m to 60.00m, including 5.11m @ 1.89% Li₂O from 53.58m to 58.69m. Drill hole LRD024 reported 13.27m @ 1.42% Li₂O from 32.06m to 45.33m, including 6.79m @ 1.90% Li₂O from 32.90m to 39.69m. Valuable polymetallic co-products were confirmed, with drill hole LRD029 intersecting 4.97m @ 0.21% Sn and 130ppm Ta. The Stage 1 drilling campaign was expanded by 18% to 16,525 metres of orientated diamond core across the license area and was completed in May 2026, delivering 143 holes comprising 16,500 metres of oriented core. The company aims to supply critical raw materials from its extensive resource portfolio to support a sustainable future and improve quality of life. The exploration team continues to prioritise logging and sampling activities to expedite sample delivery, and Andrada will continue to provide regular updates as significant results are received and milestones achieved.

Paradox Project Update

(AIM: ZPHR) Zephyr Energy plc announced the successful completion of the gas pipeline in-line inspection process (ILI) for its Paradox project in Utah, United States. The ILI covered 20.9 miles of pipeline running from Zephyr's Powerline Road Gas Plant to the Northwest Pipeline operated by Williams Companies, Inc. Analysis confirmed the pipeline is structurally sound at the current system operating pressure, with no repairs required and no immediate integrity concerns. Four short sections of pipeline totaling 25 feet in length have been identified for visual inspection to ensure integrity at the uprated operating pressure. Zephyr's flagship operated asset is the 46,000-acre Paradox project, with an independent 2025 Competent Persons Report by Sproule International confirming 2P reserves of 35.3 million barrels of oil equivalent ("boe") and total recoverable resources of 74.2 million boe. Zephyr also holds a portfolio of non-operated production interests across the Williston and other Rocky Mountain basins, supported by a US$100 million strategic partnership. The company projects that the successful ILI results will have a further positive impact on its farm-out and hydrocarbon marketing efforts, and intends to provide an update on the timing to first gas when it receives further guidance from Enbridge on the regulatory approval schedule.

Greenvale Energy Completes Initial Assessment of Alpha Torbanite Test Program for C-170 Bitumen

(ASX:GRV) Greenvale Energy has completed initial assessments of product samples from its Alpha torbanite project in central Queensland. The work was conducted by New Zealand-based Technix Bitumen Technologies to assess toluene-soluble fractions produced by Monash University as part of Greenvale’s Test Program 7 (TP7). Flash point testing returned a value of 15° Celsius, indicating elevated volatile content and significantly lower bitumen specifications, which typically range above 250°C. Boiling point distribution analysis showed the sample contained up to 40% volatile hydrocarbons. Atmospheric distillation was conducted from temperatures of 87°C up to 220°C, and vacuum distillation was performed under reduced pressure conditions of -0.8 bar and at temperatures of 80°C to a maximum 236°C. The Alpha project hosts an inferred mineral resource estimate of 28 million tonnes combined torbanite and cannelite in-situ for a total 27.7 million barrels of synthetic oil equivalent. The company projects that, should further assessments confirm that TMPB samples meet C-170 specifications, a sample of the Greenvale bitumen product will be submitted to Intertek Laboratories for independent certification testing and verification.

CGX ENERGY | TSX-V: OYL

• Guyana Basin.

• 11 billion barrels of recoverable oil discovered to date.

• CGX holds the Corentyne Block, de-risked by the Kawa-1 condensate and light oil discovery.

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