Mr. Michael O'Connor reports

OCEANIC WIND ANNOUNCES RETURN OF PROJECT DEVELOPMENT RIGHTS

Under the terms of the agreements with Northland Power Inc., which closed on Sept. 1, 2020, Oceanic Wind Energy Inc. has successfully negotiated the return of the development rights of the Hecate Strait project. Oceanic today signed agreements with two of Northland Power's wholly owned subsidiaries that place Oceanic in the lead role in project development.

For British Columbia to reach the climate ambitions and significantly lower the share of fossil fuels in the energy supply, the green transition needs to be accelerated. This will only happen through an acceleration of renewable energy, and primarily by speeding up the development and construction of wind farms.

On June 15, 2023, BC Hydro and the B.C. government announced the strong demand for electricity has prompted a renewable energy call for power, which will start with a spring 2024 power call for 3,000 gigawatt-hours of renewable electrical power, which incorporates first nations participation. At the June 15 announcement, the Premier of British Columbia was quoted: "The need for clean energy, including wind and solar power, in our province has accelerated [...] we need to act now to meet this growing demand and to ensure we stay on track with our climate goals.

"But the big announcement for us today is that we are preparing to launch Call for Power to acquire clean electricity next spring. This will be informed by engagement with indigenous groups and stakeholders [...] we'll need about 3,000 gigawatt-hours per year."

The Province of B.C. has been recognized for its leading CleanBC policy objectives, and studies clearly indicate the urgent need to electrify industry, transportation, housing and others to meet these objectives. Meeting the CleanBC policy objectives suggests an annual supply deficit much greater than 3000 Gwh per year.

As B.C. faces the challenges of climate change and dependency of fossil fuels, transitioning to renewable energy sources like offshore wind will play a pivotal role toward a more sustainable and environmentally sound energy future.

This is a very timely and positive announcement for Oceanic. It is clear the province will be looking for utility-scale renewable energy projects that have peak production during the winter high-demand period and have the potential for significant first nations partnerships. Partnerships with first nations are essential in the development of offshore wind projects.

There are few wind resources of the scale and consistent reliable strength of the Hecate Strait wind resource, a resource that could help fill the large growing electricity supply deficit in the province and help meet the CleanBC objectives of the province.

Oceanic plans to immediately begin discussions with a large international company which is renowned for its development, construction and operation of large offshore wind projects around the world. The goal is to partner with first nations and a significant company which can quickly engage in continuing the development of the project and ultimately be a successful part of the spring 2024 BC Hydro call and future calls as they are announced. As these relationships are being built, Oceanic will be working on consultation with local first nations communities to solicit their inputs and their interest in participation.

We seek Safe Harbor.