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News Article | May 10, 2017
Site: worldmaritimenews.com

The Port of Virginia welcomed on May 8 COSCO Development, the largest containership to call this port and the US East Coast. The 13,092 TEU boxship breaks the previous record held by the 10,000 MOL Benefactor when it sailed to Norfolk International Terminals (NIT) last summer. “We’ve seen nothing like her here. For years, we have been talking about the ‘next generation’ of vessels and the ‘big-ship era’. This is what we have been preparing for: the talk is over, the big ships are here,” John. F. Reinhart, CEO and Executive Director of the Virginia Port Authority, said. Built by South Korean shipbuilder Hyundai Heavy Industries (HHI) in 2011, COSCO Development features a length of 366 meters and a width of 48.2 meters. The containership is part of the Ocean Alliance’s South Atlantic Express service and it came to the Port of Virginia via the Panama Canal. Early Monday morning, tugboats eased COSCO Development alongside at Virginia International Gateway (VIG). Soon after, the process of loading and unloading began. During the course of the ship’s 30-plus hour stay in Virginia, multiple labor shifts load and unload nearly 2,000 containers. “What’s truly significant is that Virginia is this vessel’s first East Coast stop. This vessel is taking full advantage of our 50-foot channels and an expanded Panama Canal,” Reinhart commented, adding that the port will be seeing vessels of this size with regularity. Reinhart further said the growing vessels sizes and accompanying cargo volumes are behind the port’s USD 670 million investment to increase overall annual throughput capacity by 40 percent – 1 million containers – by 2020. Presently, heavy construction is underway at VIG and the civil engineering work is nearing its start at NIT.


News Article | May 23, 2017
Site: worldmaritimenews.com

In line with its fleet renewal strategy, Norwegian shipping and tank terminal company Odfjell informed it has bought M/T Argent Eyebright, a Handy chemical tanker. The 33,600 dwt ship was purchased from Singapore-based MOL Chemical Tankers, VesselsValue’s data shows. As disclosed, Argent Eyebright has been on short-term time charter to Odfjell Tankers since January 2017 and will be bought for USD 25.5 million. Built by Japan-based Kitanihon Shipbuilding in November 2009, Argent Eyebright features a length of 170 meters and a width of 26.6 meters. “The vessel has 16 stainless steel tanks and fits well with our fleet of large stainless steel tankers,” Odfjell said. After closing the transaction in late June, the vessel will be renamed and put under Norwegian International Ship Register (NIS) flag, according to the company. Currently, Odfjell’s fleet comprises some 80 tankers with a carrying capacity ranging from 4,000 to 75,000 dwt.


News Article | May 25, 2017
Site: worldmaritimenews.com

Greece-based containership owner Diana Containerships has breached the minimum bid price requirement of USD 1 per common share on the Nasdaq Global Market. The company received a letter from Nasdaq, dated May 22, 2017, indicating that the minimum bid price for its common stock was below the requirement for a period of 30 consecutive business days, from April 6 to May 19, 2017. Diana Containerships now has 180 days to regain compliance, with the applicable grace period until November 20, 2017. “The company intends to monitor the closing bid price of its common stock between now and November 20, 2017, and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Global Market minimum bid price requirement,” Diana Containerships said in a statement. Compliance would be regained if the closing bid price of common stock is USD 1 per share or higher for at least ten consecutive business days during the grace period. Diana Containerships said that its common stock will continue to be listed and trade on the Nasdaq Global Market, adding that the company’s business operations are not affected by the receipt of the notification. In a separate announcement, Diana Containerships revealed it has entered into a time charter contract with Japanese shipping company Mitsui O.S.K. Lines (MOL) for one of its Post-Panamax container vessels, M/V Puelo. The gross charter rate is USD 14,600 per day for a period of about 50 days. The charter is expected to start on June 13, 2017. The 6,541 TEU boxship is currently chartered to Switzerland-based Mediterranean Shipping Company (MSC) at a gross charter rate of USD 6,500 per day. The employment of the 2006-built vessel is anticipated to generate approximately USD 730,000 of gross revenue for the scheduled period of the time charter, according to the company. Earlier this week, Diana Containerships released quarterly financial results which show that the company widened its net loss in the first quarter of this year, reaching USD 7.4 million, compared to a net loss of USD 5.8 million seen in the respective period last year. Currently, Diana Containerships’ fleet comprises twelve container vessels – six Post-Panamaxes and six Panamaxes.


News Article | May 26, 2017
Site: worldmaritimenews.com

Japan’s Ministry of Land, Infrastructure, Transportation and Tourism has selected a joint project led by Mitsui O.S.K. Lines (MOL) and Mitsui Engineering & Shipbuilding to develop a technological concept for autonomous ocean transport system for its FY2017 Transportation Research and Technology Promotion Program. The research consortium of the project is comprised of MOL, Mitsui, the National Institute of Maritime, Port and Aviation Technology, Tokyo University of Marine Science and Technology, Nippon Kaiji Kyokai (ClassNK), Japan Ship Technology Research Association, and Akishima Laboratories (Mitsui Zosen) Inc. The consortium members will develop the technological concept for autonomous vessels, drawing upon the strengths of each participating company and organization, setting a course toward development of the technology needed to realize autonomous vessels that can provide reliable, safe, and efficient ocean transport, MOL said. In addition to promoting technology for autonomous ocean transport systems, the project will foster a movement to develop the required infrastructure and win public support for implementation of these advanced technologies by sharing the results with society and the maritime industry as the research progresses. The project will also examine ties to research and development on business concepts, systems, infrastructure, and societal implementation related to autonomous ocean transport, which is being planned by the Japan Ship Technology Research Association.


News Article | May 12, 2017
Site: worldmaritimenews.com

DP World’s UK terminals have welcomed the first services from the Far East following a global shake-up of the world’s shipping lines. Inaugural calls of Asia/Europe services by THE Alliance, which comprises Mitsui O.S.K Line (MOL), Yang Ming, Nippon Yusen Kabushiki Kaisha (NYK), K Line and Hapag-Lloyd/United Arab Shipping Company (UASC), saw the 20,150 TEU MOL Triumph, the largest vessel to ever call at a UK port berth at DP World Southampton on May 11. The ultra large container vessel (ULCV) arrived in Southampton as part of THE Alliance’s FE2 service. Southampton is the only UK port to be handling vessels on services operated by the three major consortia of 2M, Ocean Alliance and THE Alliance, according to DP World. All three alliances have started taking delivery of new ULCVs in 2017, capable of handling more than 20,000 TEU containers. The port is also expected to welcome 20,568 TEU Munich Maersk later this year. Furthermore, DP World London Gateway will see the first ever weekly Far East service arrive in the capital when the NYK Lloyd Don Pascuale berths on May 13. The ship will herald the official start of two weekly Asia-Europe service calls, coming just over a month after the port’s third berth opened to handle an increase in cargo brought about by THE Alliance’s Asia-Europe and transatlantic services, DP World said. Two Far East and two transatlantic services will call at London Gateway, effective from this month – THE Alliance’s FE3 and FE5 and AL1 and AL2. In March, members of THE Alliance announced that ten of their services will call at DP World’s container terminals at London Gateway and Southampton. “Welcoming MOL Triumph at Southampton and opening a third berth at London Gateway, as two Far East services begin calling, are significant and proud occasions for DP World in the UK,” Chris Lewis, UK Managing Director, DP World, commented. “It is an honour to be hosting one of the world’s largest container ships as it arrives in Northern Europe for the first time. And the start of Asia-Europe calls at London Gateway means the River Thames is, once again, a truly international port and shipping hub,” he added.


News Article | May 15, 2017
Site: worldmaritimenews.com

The trade growth from Asia to Australasia is starting to slow down in 2017 with exports from North Asia taking the worst hit, according to the shipping consultancy Drewry. First quarter 2017 year-on-year growth for all of Asia to Australasia container shipments was 2%; the weakest in five quarters, Drewry said. The source of the slowdown was the trade from South Korea and Japan, where 1Q17 volumes decreased by 14% and 9% to Australia and New Zealand, respectively. Shipments from Greater China, by far the biggest export market to Australasia with approximately 55% share, continued to grow at a steady rate in the first quarter; 7% to Australia and 8.4% to New Zealand. Traffic from Southeast Asia was dampened by low growth of 1% to Australia, although 10% higher volumes to the much smaller market of New Zealand were some consolation, Drewry said. The poor start to the year is reflected in the 12-month rolling average of shipments, which clearly illustrates the fall-off in demand since the turn of the year. The latest Container Trade Statistics (CTS) numbers for March lowered the moving average growth rate for NE Asia to Australasia to 6.7% and for ex SE Asia to 5.3%. The current direction of travel suggests that end-year growth for the southbound market will be lower than the 7% rate put forward by CTS for last year. However, while the trade might experience a mild slowdown this year, there are sufficient reasons to believe it will still be one of the better performing deep-sea trades, Drewry said. Australia’s economy was given a boost by last year’s upturn in commodity prices and by China cutting its own coal production, contributing to the IMF’s recent 0.4 point upgrade to its GDP outlook for this year to 3.1%. At the same time, the IMF moved its 2018 expectation up by 0.1 point to 3%. Despite some rationalisation of NE Asia-Oceania services revolving around the May start-up of a new operation between Hamburg Süd, Maersk Line, MOL and MSC – variously branded YoYo, CAE and Panda – net capacity in the corridor will increase over the coming months. Drewry’s research of forward schedules indicates that as of June there will be 25% more effective slots available in the southbound market versus the same month in 2016. In contrast, the effective slots ex SE Asia will be 11% lower, giving a strong clue as to which route carriers are more positive about. Carriers appear to have been caught out by the extent of demand slide in Chinese New Year-affected February as southbound load factors fell below 50% in both the NE Asia and SE Asia trades. For the NE Asia trade the monthly slide was particularly steep as utilisation was over 80% in January. In February 2016, utilisation in the same trade dropped by a much less severe 8 percentage points. Come March 2017 ships ex NE Asia recovered to two-thirds full, but were still well short of the 80% average for 2016. Subsequently, spot rates continue to slide from their late-2016 peak with Drewry’s Container Freight Rate Insight reporting Shanghai to Melbourne 40ft rates of USD 1,310 for April. Compared to the same month last year, however, spot rates between those two ports were 15% higher. Southbound Asia to Australia container demand is losing some steam but is still likely to be one of the better performing deep-sea trades in 2017, according to Drewry. The consultancy has also suggested that carriers will need to lift monthly load factors if they want to resuscitate spot rates.


News Article | May 14, 2017
Site: worldmaritimenews.com

Hong Kong-based container carrier Orient Overseas Container Line (OOCL) held a naming ceremony for the 21,413 TEU OOCL Hong Kong at Samsung Heavy Industries (SHI) shipyard in Geoje, South Korea, on May 12. The 191,317 dwt OOCL Hong Kong has become one of the largest containerships in the world by carrying capacity, in addition to the recently delivered newbuildings Madrid Maersk and MOL Triumph. “This is a very exciting time for all of us because today marks the first time that OOCL is receiving newbuildings in the 21 thousand TEU size. In fact, the OOCL Hong Kong will be a titan among containerships at sea,” C. C. Tung, Chairman of Orient Overseas (International) Limited (OOIL), commented. “While our industry seems to have the knack to ‘outdo’ one another in building larger containerships relatively quickly these days, this project is nonetheless an important moment for us. Faced with increasing competition and un-ending pressure on costs, we need to take the bold step in operating larger size ships of quality and high efficiency in order to stay relevant and compete effectively,” Tung added. OOCL Hong Kong, with a length of 399.9 meters and a width of 58.8 meters, will serve the Asia-Europe trade lane as part of the LL1 service. In a 77-day round trip, the vessel’s port rotation is: Shanghai / Ningbo / Xiamen / Yantian / Singapore / via Suez Canal / Felixstowe / Rotterdam / Gdansk / Wilhelmshaven / Felixstowe / via Suez Canal / Singapore / Yantian / Shanghai. As disclosed, the newbuilding is financed through an arrangement with DBS Bank. Back in 2015, OOCL placed an order for a total of six 21,000 TEU ultra large container vessels (ULCVs). Five more ships are being built for the company at SHI and they are scheduled for delivery later in 2017, VesselsValue’s data shows. According to the company, the last time OOCL set the world record for the largest boxship was in April 2003 with the 8,063 TEU OOCL Shenzhen.


News Article | March 1, 2017
Site: marketersmedia.com

VANCOUVER, BC / ACCESSWIRE / February 28, 2017 / Molori Energy Inc. (TSX-V: MOL) (OTCQB: MOLOF) ("Molori" or the "Company") is pleased to report the release of its annual consolidated financial statements and the notes the year ended October 31, 2016, together with the auditors' report thereon (the "2016 Financial Statements") and the related management's discussion and analysis for the year ended October 31, 2016 (the "2016 MD&A"). The 2016 Financial Statements and 2016 MD&A are available on the Company's website at www.molorienergy.com and under Molori's SEDAR profile at www.sedar.com. On June 6, 2016, Molori closed on the purchase of a 25% working interest in the oil and gas production from certain leases owned by Texas-based Ponderosa Energy, LLC. ("Ponderosa"). In conjunction with the purchase, Molori committed USD $1,000,000 in working capital towards a program to complete workovers on the Texas-based leases in order to increase production. Ponderosa, a domestic USA oil and gas production company, is the operator on the leases and is presently focused on aggregating and developing shallow conventional oil reserves in Texas. Ponderosa purchased these leases when oil prices dipped below $30 per barrel from distressed operators with highly-leveraged balance sheets and an inability to fund operations. Molori and Ponderosa have chosen to collectively pursue assets which specifically exhibit the following properties: shallow reservoir, low geologic risk, moderate decline rates, and existing infrastructure. From June to October 2016, Ponderosa spent approximately US$420,000 on reworking and returning to production over 30 wells on the leases it shares with Molori. That saw the average barrels of oil equivalent per day ("BOEPD")* of 49 in June, increase to an average of 126 BOEPD for the 5 month-period. Ponderosa produced a total of 5,546 barrels of oil ("bbl") and 82,201 Mcf in gas during the 5 month period, June to October. Combined, that translates into 19,246 BOEPD for the 5 month period and US$640,000 in gross revenue. Lease operating expenses amounted to US$13.15 barrels of oil equivalent ("BOE"), for the 5 month period, June to October 2016. Molori recorded a gain of $3,773,283 on the write down of its Subsidiary, Lion Petroleum. As a result, total income for the year was $2,293,821 as compared to a loss of $13,650,583 in the prior year. In addition to purchasing the 25% working interest in Ponderosa, the Company reduced its current liabilities by $1,656,500. The Company will continue to strengthen its balance sheet in the 2017 fiscal year. In partnership with Ponderosa, and in order to grow production, Molori is actively pursuing opportunities to acquire additional leases in the Panhandle area. The Company is awaiting completion in the next few weeks of a revised NI 51-101 reserve report, which it anticipates will reflect an increase in reserves as a result of the additional wells being brought on line. Ponderosa's anticipates being at 500+ BOEPD in next several weeks. February average production was approximately 400 BOEPD resulting in over 11,000 barrels of oil being produced for the month. Joel Dumaresq, CEO of Molori stated: "We are extremely pleased with the efforts of our operating partner — Ponderosa Energy - and in particular with the growth in production. We feel that the results of the past 6 months, validate our strategy of acquiring non-operating wells and bringing them into production in a cost-efficient manner. We are actively considering our options for increasing our ownership of these assets." * Per BOE amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 MCF) of natural gas to one barrel (1 bbl) of crude oil. The BOE conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of natural gas as compared to oil is significantly different from the energy equivalent of 1:6, utilizing a conversion on a 1:6 basis may be misleading as an indication of value. Molori Energy Inc. is an oil and gas production company with current operations in the Texas Panhandle. Founded in 2011, the experienced management team is aggressively acquiring select properties which provide immediate cash flow and development opportunities, now and in the years ahead. Molori is seizing the opportunity, in the current oil & gas environment, to assemble oil and gas production in nearby and politically safe jurisdictions. Molori is pursuing a business plan, whereby the Company either purchases producing oil and gas assets at highly attractive rates, or in some cases simply takes on existing assets by way of purchasing or assuming default notes from small regional lenders and institutions. 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 NEW RELEASE. This News Release contains forward-looking statements. Forward-looking statements include but are not limited to those with respect to the prices of oil and gas, the estimation of oil and gas resources and reserves, the realization of oil and gas reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, Government regulation of oil and gas operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage and the timing and possible outcome of pending litigation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions or economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes or other risks of the oil & gas industry, delays in obtaining government approvals or financing or incompletion of development or construction activities, risks relating to the integration of acquisitions, to international operations, and to the prices of oil & gas. While the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law. VANCOUVER, BC / ACCESSWIRE / February 28, 2017 / Molori Energy Inc. (TSX-V: MOL) (OTCQB: MOLOF) ("Molori" or the "Company") is pleased to report the release of its annual consolidated financial statements and the notes the year ended October 31, 2016, together with the auditors' report thereon (the "2016 Financial Statements") and the related management's discussion and analysis for the year ended October 31, 2016 (the "2016 MD&A"). The 2016 Financial Statements and 2016 MD&A are available on the Company's website at www.molorienergy.com and under Molori's SEDAR profile at www.sedar.com. On June 6, 2016, Molori closed on the purchase of a 25% working interest in the oil and gas production from certain leases owned by Texas-based Ponderosa Energy, LLC. ("Ponderosa"). In conjunction with the purchase, Molori committed USD $1,000,000 in working capital towards a program to complete workovers on the Texas-based leases in order to increase production. Ponderosa, a domestic USA oil and gas production company, is the operator on the leases and is presently focused on aggregating and developing shallow conventional oil reserves in Texas. Ponderosa purchased these leases when oil prices dipped below $30 per barrel from distressed operators with highly-leveraged balance sheets and an inability to fund operations. Molori and Ponderosa have chosen to collectively pursue assets which specifically exhibit the following properties: shallow reservoir, low geologic risk, moderate decline rates, and existing infrastructure. From June to October 2016, Ponderosa spent approximately US$420,000 on reworking and returning to production over 30 wells on the leases it shares with Molori. That saw the average barrels of oil equivalent per day ("BOEPD")* of 49 in June, increase to an average of 126 BOEPD for the 5 month-period. Ponderosa produced a total of 5,546 barrels of oil ("bbl") and 82,201 Mcf in gas during the 5 month period, June to October. Combined, that translates into 19,246 BOEPD for the 5 month period and US$640,000 in gross revenue. Lease operating expenses amounted to US$13.15 barrels of oil equivalent ("BOE"), for the 5 month period, June to October 2016. Molori recorded a gain of $3,773,283 on the write down of its Subsidiary, Lion Petroleum. As a result, total income for the year was $2,293,821 as compared to a loss of $13,650,583 in the prior year. In addition to purchasing the 25% working interest in Ponderosa, the Company reduced its current liabilities by $1,656,500. The Company will continue to strengthen its balance sheet in the 2017 fiscal year. In partnership with Ponderosa, and in order to grow production, Molori is actively pursuing opportunities to acquire additional leases in the Panhandle area. The Company is awaiting completion in the next few weeks of a revised NI 51-101 reserve report, which it anticipates will reflect an increase in reserves as a result of the additional wells being brought on line. Ponderosa's anticipates being at 500+ BOEPD in next several weeks. February average production was approximately 400 BOEPD resulting in over 11,000 barrels of oil being produced for the month. Joel Dumaresq, CEO of Molori stated: "We are extremely pleased with the efforts of our operating partner — Ponderosa Energy - and in particular with the growth in production. We feel that the results of the past 6 months, validate our strategy of acquiring non-operating wells and bringing them into production in a cost-efficient manner. We are actively considering our options for increasing our ownership of these assets." * Per BOE amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 MCF) of natural gas to one barrel (1 bbl) of crude oil. The BOE conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of natural gas as compared to oil is significantly different from the energy equivalent of 1:6, utilizing a conversion on a 1:6 basis may be misleading as an indication of value. Molori Energy Inc. is an oil and gas production company with current operations in the Texas Panhandle. Founded in 2011, the experienced management team is aggressively acquiring select properties which provide immediate cash flow and development opportunities, now and in the years ahead. Molori is seizing the opportunity, in the current oil & gas environment, to assemble oil and gas production in nearby and politically safe jurisdictions. Molori is pursuing a business plan, whereby the Company either purchases producing oil and gas assets at highly attractive rates, or in some cases simply takes on existing assets by way of purchasing or assuming default notes from small regional lenders and institutions. 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 NEW RELEASE. This News Release contains forward-looking statements. Forward-looking statements include but are not limited to those with respect to the prices of oil and gas, the estimation of oil and gas resources and reserves, the realization of oil and gas reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, Government regulation of oil and gas operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage and the timing and possible outcome of pending litigation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions or economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes or other risks of the oil & gas industry, delays in obtaining government approvals or financing or incompletion of development or construction activities, risks relating to the integration of acquisitions, to international operations, and to the prices of oil & gas. While the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.


BUDAPEST, 13-Feb-2017 — /EuropaWire/ — MOL Group expanded its exploration portfolio by acquiring new licenses in Hungary and Norway. MOL acquired 6 new licences in the 4th bid round in Hungary, doubling its exploration acreage in the country. MOL Norge participated in the latest APA licensing round and acquired 4 licences in the Norwegian Continental Shelf, one of which with operatorship. These successes significantly contribute to the implementation of the MOL 2030 strategy. MOL has won 6 new licences in the fourth Hungarian hydrocarbon exploration tender and the concession contracts have been signed by the representatives of the Ministry of National Development and MOL. As a result MOL can start hydrocarbon exploration on nearly 4,200 square kilometres in the area of Bázakerettye, Bucsa, Jászárokszállás, Mezőtúr, Okány-West and Zala-West in addition to the almost 4,200 square kilometres area covered by mining authority decisions and concessions already acquired. MOL is targeting both proven exploration plays in Hungary as well as new plays which are the result of our ongoing new Trans-Pannonian basin study. Separately, it was announced earlier that the Norwegian Ministry of Petroleum and Energy granted four licences to MOL Norge on the Norwegian Continental Shelf at the 2016 APA (Award in Pre-Defined Areas) licensing round, including one with operatorship. MOL has been granted operatorship in an additional position in the Mandal High Area, one of MOL Norge’s core areas in Norway. The partners in the new operated licence include Statoil and Petoro AS, the leading national oil and gas companies in Norway. MOL has also successfully joined three licenses operated by AkerBP. „We are very happy that we have successfully competed in the latest bid rounds in two of our core countries doubling our exploration footprint in Hungary and adding exciting prospects in Norway with worldclass partners. I am confident that the expansion of our Central Eastern European and Norwegian exploration portfolio will support the delivery of organic reserve replacement for the Group.”


News Article | February 16, 2017
Site: marketersmedia.com

VANCOUVER, BC / ACCESSWIRE / February 16, 2017 / Molori Energy Inc. (TSX-V: MOL) (OTC PINK: TAIPF) ("Molori" or the "Company") is pleased to announce a non-brokered private placement offering (the "Private Placement") of up to 3,000,000 units ("Units") at a price of $0.10 per Unit to raise aggregate gross proceeds of up to $300,000. Each Unit will be comprised of one common share and one common share purchase warrant. Each full warrant gives the holder the right to purchase one additional common share of Molori at an exercise price of $0.20 for one year following the closing of the Private Placement. Insiders of the Company is expected to participate in the Private Placement. Molori has a 25% working interest in in fifty seven (57) oil and gas leases in the bifurcated Texas Panhandle, and the proceeds will be used toward ongoing operational expenses and for general corporate purposes. Molori Energy Inc. is an oil and gas production company with current operations in the Texas Panhandle. Founded in 2011, the experienced management team is aggressively acquiring select properties which provide immediate cash flow and development opportunities, now and in the years ahead. Molori is seizing the opportunity, in the current oil and gas environment, to assemble oil and gas production in nearby and politically safe jurisdictions. Molori is pursuing a business plan, whereby the Company either purchases producing oil and gas assets at highly attractive rates, or in some cases simply takes on existing assets by way of purchasing or assuming default notes from small regional lenders and institutions. 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 NEW RELEASE. This News Release contains forward-looking statements. Forward-looking statements are statements that relate to future events. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. VANCOUVER, BC / ACCESSWIRE / February 16, 2017 / Molori Energy Inc. (TSX-V: MOL) (OTC PINK: TAIPF) ("Molori" or the "Company") is pleased to announce a non-brokered private placement offering (the "Private Placement") of up to 3,000,000 units ("Units") at a price of $0.10 per Unit to raise aggregate gross proceeds of up to $300,000. Each Unit will be comprised of one common share and one common share purchase warrant. Each full warrant gives the holder the right to purchase one additional common share of Molori at an exercise price of $0.20 for one year following the closing of the Private Placement. Insiders of the Company is expected to participate in the Private Placement. Molori has a 25% working interest in in fifty seven (57) oil and gas leases in the bifurcated Texas Panhandle, and the proceeds will be used toward ongoing operational expenses and for general corporate purposes. Molori Energy Inc. is an oil and gas production company with current operations in the Texas Panhandle. Founded in 2011, the experienced management team is aggressively acquiring select properties which provide immediate cash flow and development opportunities, now and in the years ahead. Molori is seizing the opportunity, in the current oil and gas environment, to assemble oil and gas production in nearby and politically safe jurisdictions. Molori is pursuing a business plan, whereby the Company either purchases producing oil and gas assets at highly attractive rates, or in some cases simply takes on existing assets by way of purchasing or assuming default notes from small regional lenders and institutions. 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 NEW RELEASE. This News Release contains forward-looking statements. Forward-looking statements are statements that relate to future events. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

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