Mr. Michael O'Connor reports
OCEANIC WIND RELEASES FIRST QUARTER FINANCIAL RESULTS
Oceanic Wind Energy Inc. has released its financial results for the three months ended Dec. 31, 2023.
An overview of Oceanic's year-end results includes:
- As at Dec. 31, 2023, Oceanic had $208,483 in cash, compared with $35,111 at Sept. 30
2023.
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For the three months ended Dec. 31, 2023, Oceanic incurred a net loss of $86,609 (nil per
share), compared with $98,281 (one cent per share) for the three months ended Dec. 31, 2022.
As announced on Nov. 13, 2023, under the terms of the agreements with Northland Power Inc. which
closed on Sept. 1, 2020, Oceanic has successfully negotiated the return of the development rights of
the Hecate Strait project. Oceanic signed agreements with two of Northland Power wholly owned
subsidiaries that place Oceanic in the lead role in project development and full ownership of the project.
On June 15, 2023, BC Hydro and the British Columbia government announced the strong demand for electricity has
prompted the first of many renewable energy calls 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 B.C. 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 3,000 gigawatt-hours per year."
At the B.C. Natural Resources Forum in Prince George, Premier David Eby announced a $36-billion investment for
community and regional infrastructure projects that will deliver clean, affordable electricity to people and
businesses in the future. "We must expand our electrical system like never before, to power industrial
development, to power our homes and businesses, to power our future," said Premier Eby. "Clean,
affordable energy will help us meet that opportunity, while reducing pollution, securing good-paying jobs
and creating new opportunities for our growing economy."
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 etc. to meet these objectives.
Meeting the CleanBC policy objectives suggests an annual supply deficit much greater than 3,000 Gwh/year.
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 is currently in discussions with a large international company which is renowned for its
development, construction and operation of large offshore wind projects around the world. The company
is also in discussion with local first nations communities to solicit their input and their interest in
participation. The goal is to partner with first nations and a significant company that 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.
We seek Safe Harbor.
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