NXT Energy Solutions Provides Operational Update
29 Fevereiro 2024 - 7:00PM
NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX: SFD;
OTCQB: NSFDF) is pleased to provide the following operational
update.
Completion of Turkish
Survey
NXT has delivered the final SFD® survey results
to its Turkish customer and is currently in Türkiye supporting the
integration of SFD® data with their existing
geological and geophysical data. As announced earlier, the
Company’s Turkish customer and one of its partners had requested
NXT to add additional line kilometers to the original SFD® survey.
All flight operations related to the data acquisition survey
phase were completed in January 2024 with NXT's aircraft and
equipment subsequently returning to Calgary. As part of NXT's
SFD® services, recommendations with rankings are provided
to the customer identifying their highest value prospects for
exploration.
Business Development
NXT personnel have recently returned
to Türkiye and are actively pursuing near-term
opportunities with additional prospective customers.
Following these scheduled meetings, the team will
then travel to Southeast Asia to further
ongoing discussions related to multiple SFD®
survey opportunities. With regards to Africa, the
Company continues to work with its strategic partner, Synergy
E&P Technologies Limited, in pursuit of new SFD® survey
opportunities in the region.
Sales Agency Agreement
NXT and HULOOLQ LTD (known as “Qamia”), an Abu
Dhabi based startup focused on “deep tech” disruptive technologies,
have entered into a Sales Agency Agreement covering the territory
of the United Arab Emirates (“UAE”). Qamia has close senior
contacts with UAE energy industry operators. Jesse Berwald, PhD,
Co-Founder & CTO of Qamia, a recognized expert in disruptive
technologies commented, “Qamia is excited to enter into the Agency
Agreement with NXT, whose SFD® technology meets our criteria for a
high value-added disruptive technology”.
Bruce G. Wilcox, Interim CEO of NXT,
stated, "NXT is pleased and excited to have entered
into this agreement with Qamia, and looks forward to
working together in growing SFD® business development
opportunities within the UAE. The UAE is among the world’s
ten largest oil producers. About 96% of the country’s roughly 100
billion barrels of proven oil reserves are located in Abu Dhabi,
ranking number six worldwide. The UAE produces an average of 3.2
million barrels of petroleum and liquids per
day. Together with our strategic alliance partnership
with Synergy E&P Technologies Limited, which holds an
exclusive license to market and distribute NXT’s SFD® solutions in
Africa, this new Sales Agency Agreement with Qamia
advances NXT’s efforts to globalize its SFD® offerings which
will assist us to increase revenue and therefore enhance
shareholder value."
2023 Financial Results
The Company intends to release its fourth
quarter and full year 2023 financial results during the week of
March 25, 2024.
About NXT Energy Solutions Inc.
NXT Energy Solutions Inc. is a Calgary-based
technology company whose proprietary airborne SFD® survey system,
applied in numerous basins around the world, uses the principles of
quantum mechanics to infer stress anomalies of exploration
interest. The method can be used both onshore and offshore to
remotely identify areas conducive to fluid entrapment in order to
recommend areas with commercial hydrocarbon and/or geothermal
potential. The SFD® survey system enables our clients to focus
their exploration decisions concerning land commitments, data
acquisition expenditures and prospect prioritization on areas with
the greatest potential. SFD® is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
the registered trademark of NXT Energy Solutions Inc. NXT Energy
Solutions Inc. provides its clients with an effective and reliable
method to reduce time, costs, and risks related to exploration.
Contact Information
For investor and media inquiries please contact:
Eugene Woychyshyn |
Michael
Baker |
Vice President of Finance &
CFO |
Investor Relations |
302, 3320 – 17th AVE SW |
302, 3320 – 17th AVE SW |
Calgary, AB, T3E 0B4 |
Calgary, AB, T3E 0B4 |
+1 403 206 0805 |
+1 403 264 7020 |
nxt_info@nxtenergy.com |
nxt_info@nxtenergy.com |
www.nxtenergy.com |
www.nxtenergy.com |
Forward-Looking Statements
Certain information provided in this press
release may constitute forward-looking information within the
meaning of applicable securities laws. Forward-looking information
typically contains statements with words such as "anticipate",
"believe", "estimate", "will", "expect", "plan", "schedule",
"intend", "propose" or similar words suggesting future outcomes or
an outlook. Forward-looking information in this press release
includes, but is not limited to, information regarding: business
development activities and success in Türkiye, UAE, Africa, and
Southeast Asia. Although the Company believes that the expectations
and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the
forward-looking statements because the Company can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. Risk factors facing the
Company and the Rights Offering are described in its most recent
Annual Information Form for the year ended December 31, 2022 and
MD&A for the three and nine month periods ended September 30,
2023, which have been filed electronically by means of the System
for Electronic Document Analysis and Retrieval ("SEDAR") located at
www.sedarplus.com. The forward-looking statements contained in this
press release are made as of the date hereof, and except as may be
required by applicable securities laws, the Company assumes no
obligation to update publicly or revise any forward-looking
statements made herein or otherwise, whether as a result of new
information, future events or otherwise.
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