Related Companies
|
[]
|
||||||||
Related Funds
|
[]
|
||||||||
English
|
|||||||||
oda_MaterialEventDisclosureGeneralAbstract|
|
|
||||||||
oda_UpdateAnnouncementFlag|
|
|
Hayır (No)
|
|||||||
oda_CorrectionAnnouncementFlag|
|
|
Hayır (No)
|
|||||||
oda_DateOfThePreviousNotificationAboutTheSameSubject|
|
|
-
|
|||||||
oda_DelayedAnnouncementFlag|
|
|
Hayır (No)
|
|||||||
oda_AnnouncementContentSection|
|
|
||||||||
oda_ExplanationSection|
|
|
||||||||
oda_ExplanationTextBlock|
|
Our company continues its activities in the field of thermal power plant electricity generation and related mining, which is its main field of activity. In addition to that the Company has closed its main loans within its consolidated financial structure and started to generate free cash flow. In that respect the Company plans to shift 20% - 50% of its annual operating profit to new diversified fields of activity in the energy sector in order to increase its revenues within the framework of opportunities. The additional funds to be transferred will not prevent the dividend distribution opportunities planned to be realised in the future. Within the framework of the targeted income diversification in the field of energy, the Company will indirectly become a shareholder of Multiservicios Tomlam CA, which has been granted concession rights for operation, maintenance and production works by the Venezuelan State Oil and Natural Gas Company (PDVSA), with 60.4% of its shares, by taking advantage of the opportunity created by the lifting of the sanctions imposed by the US Administration on Venezuela as of 18 October 2023. The company will carry out production activities on behalf of PDVSA within the framework of the Development Plan in an area with light and medium crude oil production with gravities ranging between 18° and 60° API, consisting of a total of 171 wells in a production block consisting of 4 fields in Venezuela. It is estimated that there are approximately 593 million barrels of oil reserves proven on behalf of the Venuzuelan State in the fields, while gas reserves are approximately 1,373 million cubic feet. In this context, an initial financing of USD 6 Mn is planned to be provided in the first 5 months of 2024. Additional investment will be created by taking into account the operating revenues that will be generated from production after the operation becomes operational. Since the obtaining and promotion of investment agencies and permits for the relevant country is carried out by our main shareholder Odaş, all application processes and transactions were carried out through Odaş, and a protocol dated 01.12.2023 was signed between Odaş and our Company for the transfer of all activities, businesses or related shares related to the oil and natural gas sectors to Çan2 Termik A.Ş. free of charge within the following 60 days. Further developments will be annunced with the public.
In contradiction between the Turkish and English versions of this document, the Turkish version shall prevail. |
We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.