As announced in our corporate news of Jan. 17, 2022, we would like to inform regarding our investment "Oil wells USA". We would also like to take this opportunity to report on the status regarding the stock exchange listing of the shares.
Stock exchange listing
The registration procedure with the SEC Securities and Exchange Commission in the USA is in full swing. We are awaiting the approval of the registration documents soon. The shares will then be dematerialized and transferred into electronic stock. A corresponding agreement with a broker and market maker is already concluded. Please note the following important point: as announced in our Corporate News Oct. 21., 2021 (https://noweaenergy.com/clean-green-european-mining-project/), the optimal way as well possible alternatives for this transaction were discussed with our advisors (lawyers, auditors, etc.). It has been decided to take the route via a separate company. The aforementioned investment "Oil wells USA" is already contributed into this separate company (see below). It’s planned to transfer the other NOWEA assets also into this company. The shareholders of NOWEA ENERGY INC. will then receive shares from this company listed on the stock exchange.
Oil wells USA
Our investment "Oil Wells USA" comprises a total of 17 oil wells in 6 so-called "leases", which are all located in the state of Kentucky. As mentioned above, these oil wells have been contributed into a separate company, which is currently seeking a stock exchange listing. The so-called "working interests", i.e. our proportion in this various oil wells, is between 75% and 100%.
Although comparatively little oil is currently being produced from the 17 wells in the leased areas, this investment is cash-flow positive from an operational point of view and is now, of course, also benefiting strongly from the current high prices for crude oil. In order to achieve stable and continuous oil production, the individual pumps are currently being fine-tuned. After that, we will be able to make reliable statements on the monthly production rates. The total lease area covers almost 1,800 acres, corresponding to around 7.2 million square meters, and offers potential for a large number of new wells to be drilled. Currently we are evaluating various alternatives for developing the area.
Delay in business development due to the Corona pandemic as well various "fake news" on the Internet
The development of NOWEA ENERGY INC. as an internationally operating company had been unfortunately significantly slowed down by the Corona pandemic. In addition, NOWEA has a tight staffing situation and is focusing on building and developing its investment portfolio.
For example, as informed several times in our previous corporate announcements, exists an investment in a potential boron lithium mining project. For reasons of confidentiality, NOWEA ENERGY INC. is only allowed to provide very limited public information on this project. This has also been disclosed several times. This circumstance, which cannot be attributed to NOWEA, as well as the above-mentioned delays in the business development have apparently led to a completely wrong picture in the public. This even culminates in the fact that NOWEA is accused of fraudulent behavior on the Internet. This is absolute nonsense and false. We are considering legal action, but taking action against false statements ("fakenews") and slander is not easy. We have also been informed that a company "Greenrock Financial", allegedly based in Cologne, Germany, has been making unsolicited telephone contact with our stockholders in order to offer them a share swap/share purchase of shares in another company. This has nothing to do with us and is, in our opinion, fraud. We explicitly warn against such offers.
