CALGARY, Alberta, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Crew Energy Inc. (TSX: CR, OTCQB: CWEGF) (“Crew” or the “Company”), a growth-oriented natural gas weighted producer operating exclusively in the world-class Montney play in northeast British Columbia, is pleased to announce our operating and financial results for the three and nine month periods ended September 30, 2021. Crew’s Financial Statements and Notes, as well as Management’s Discussion and Analysis (“MD&A”) are available on Crew’s website and filed on SEDAR at www.sedar.com.
“Crew benefitted from positive market developments in the third quarter as commodity prices reached levels unseen in recent history, enabling the Company to capture value from our world-class resource to generate meaningful adjusted funds flow1 (“AFF”),” said Dale Shwed, President and CEO of Crew. “Crew exceeded previously announced quarterly production guidance by 13% at the midpoint, due largely to the successful execution of our capital program. In addition, we are now a pure-play Montney producer with an improved environmental profile after the sale of our Lloydminster heavy crude oil operations. We are excited to advance our two-year plan to create sustainable value for shareholders by increasing production into a strengthening commodity price environment, while also reducing per unit costs to expand margins.”
Q3 2021 HIGHLIGHTS
FINANCIAL & OPERATING HIGHLIGHTS
FINANCIAL ($ thousands, except per share amounts) | Three months ended Sept. 30, 2021 | Three months ended Sept. 30, 2020 | Nine months ended Sept. 30, 2021 | Nine months ended Sept. 30, 2020 | ||||
Petroleum and natural gas sales | 75,628 | 32,344 | 229,695 | 95,327 | ||||
Adjusted funds flow1 | 26,511 | 8,549 | 86,036 | 25,582 | ||||
Per share – basic | 0.17 | 0.06 | 0.56 | 0.17 | ||||
– diluted | 0.17 | 0.06 | 0.55 | 0.17 | ||||
Net Income (loss) | 176,183 | (21,136 | ) | 154,398 | (237,848 | ) | ||
Per share – basic | 1.14 | (0.14 | ) | 1.01 | (1.56 | ) | ||
– diluted | 1.12 | (0.14 | ) | 0.99 | (1.56 | ) | ||
Exploration and development expenditures | 64,295 | 21,876 | 135,583 | 45,253 | ||||
Net property dispositions | (7,816 | ) | (35 | ) | (7,816 | ) | (34,931 | ) |
Net capital expenditures | 56,479 | 21,841 | 127,767 | 10,322 |
Capital Structure ($ thousands) | As at Sept. 30, 2021 | As at Dec. 31, 2020 |
Working capital deficiency1 | 35,093 | 24,361 |
Bank loan | 71,460 | 35,994 |
106,553 | 60,355 | |
Senior unsecured notes | 297,588 | 296,851 |
Total net debt1 | 404,141 | 357,206 |
Common shares outstanding (thousands) | 156,577 | 156,449 |
Notes:
(1) Non-IFRS measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards, and therefore, may not be comparable with the calculations of similar measures for other entities. See “Advisories - Non-IFRS Measures” contained within this press release.
Operations | Three months ended Sept. 30, 2021 | Three months ended Sept. 30, 2020 | Nine months ended Sept. 30, 2021 | Nine months ended Sept. 30, 2020 |
Daily production | ||||
Light crude oil (bbl/d)1 | 148 | 159 | 158 | 188 |
Heavy crude oil (bbl/d) | 1,009 | 1,464 | 1,072 | 1,389 |
Natural gas liquids (“ngl”)2 (bbl/d) | 2,242 | 1,894 | 2,442 | 2,109 |
Condensate (bbl/d) | 2,350 | 2,247 | 2,691 | 2,739 |
Conventional natural gas (mcf/d) | 107,459 | 86,658 | 115,016 | 93,763 |
Total (boe/d @ 6:1) | 23,659 | 20,207 | 25,532 | 22,052 |
Average prices3 | ||||
Light crude oil ($/bbl) | 78.29 | 43.93 | 71.26 | 37.56 |
Heavy crude oil ($/bbl) | 65.59 | 37.82 | 59.41 | 25.79 |
Natural gas liquids ($/bbl) | 23.76 | 11.08 | 16.09 | 7.71 |
Condensate ($/bbl) | 81.47 | 43.53 | 75.30 | 41.77 |
Conventional natural gas ($/mcf) | 4.65 | 1.97 | 4.56 | 1.86 |
Oil equivalent ($/boe) | 34.75 | 17.40 | 32.95 | 15.78 |
Notes:
(1) The Company does not have any medium crude oil as defined by NI 51-101.
(2) Throughout this news release, ngls comprise all natural gas liquids as defined in National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), other than condensate, which is disclosed separately, and natural gas means conventional natural gas by NI 51-101 product type.
(3) Average prices are before deduction of transportation costs and do not include realized gains and losses on derivative financial instruments.
Three months ended Sept. 30, 2021 | Three months ended Sept. 30, 2020 | Nine months ended Sept. 30, 2021 | Nine months ended Sept. 30, 2020 | |||||
Netback ($/boe) | ||||||||
Petroleum and natural gas sales | 34.75 | 17.40 | 32.95 | 15.78 | ||||
Royalties | (2.74 | ) | (0.76 | ) | (2.27 | ) | (0.74 | ) |
Realized commodity hedging (loss) gain | (6.22 | ) | 1.90 | (5.64 | ) | 2.33 | ||
Marketing loss1 | - | (0.28 | ) | - | (0.13 | ) | ||
Net operating costs2,3 | (5.11 | ) | (5.74 | ) | (4.84 | ) | (5.72 | ) |
Transportation costs | (4.61 | ) | (3.89 | ) | (4.28 | ) | (3.49 | ) |
Operating netback3 | 16.07 | 8.63 | 15.92 | 8.03 | ||||
General and administrative (“G&A”) | (1.05 | ) | (0.79 | ) | (0.97 | ) | (0.91 | ) |
Financing costs on long-term debt | (2.84 | ) | (3.25 | ) | (2.61 | ) | (2.88 | ) |
Adjusted funds flow3 | 12.18 | 4.59 | 12.34 | 4.24 |
Notes:
(1) Marketing loss was recognized from the monetization of forward physical sales contracts offset by the cost of committed natural gas transportation that was not available during the period.
(2) Net operating costs are calculated as gross operating costs less processing revenue.
(3) Non-IFRS measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards, and therefore, may not be comparable with the calculations of similar measures for other entities. See “Advisories - Non-IFRS Measures” contained within this press release.
TWO-YEAR PLAN PROGRESS3
In Q3/21, Crew continued to advance our two-year development plan that was announced in late 2020:
OPERATIONS & AREA OVERVIEW
NE BC Montney (Greater Septimus)
Groundbirch
Other NE BC Montney
CORPORATE SUSTAINABILITY AND ESG INITIATIVES
Crew's environmental, social and governance ("ESG") initiatives continue to be a prime focus as we continue our unwavering commitment to safe and responsible energy production. During the third quarter of 2021, Crew released our inaugural 2020 ESG report in an environmentally conscious online format, outlining our efforts to promote operational innovation, reduce our environmental footprint, support stakeholders and protect our employees’ health and safety. Please visit https://esg.crewenergy.com to learn more.
In addition to our ESG report, Crew advanced our corporate sustainability initiatives through listing on OTCQB market, which expands our audience scope, pool of capital, and provides U.S. investors greater flexibility and ease to trade. Further, Crew continued to be active in our ongoing stakeholder engagement efforts by participating in virtual investor conferences and industry meetings, with a goal of ensuring two-way communication with stakeholders and conveying Crew’s recent achievements.
OUTLOOK8
2021 Guidance | Updated 2022 Guidance2 | |
Annual Production (boe/d) | 26,000 to 28,000 | 31,000 to 33,000 |
Net Capital Expenditures ($MM) | $150 to $170 | $70 to $95 |
AFF1 | $120 to $140 | $190 to $210 |
Wells Drilled | 26 | |
Wells Completed | 21 |
Notes:
(1) Non-IFRS measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards, and therefore, may not be comparable with the calculations of similar measures for other entities. See “Advisories - Non-IFRS Measures” contained within this press release.
(2) Crew’s plans for 2022 and associated targets remain preliminary in nature and do not reflect a Board approved capital expenditures budget.
We are excited to continue the execution on our proven plan to expand the production of responsible energy into a strengthening operating environment to create value and corporate growth. We would like to thank our employees and our Board of Directors for their contribution and commitment to Crew, as well as our extended stakeholders for their ongoing support.
PASSING OF BOARD MEMBER
It is with profound sorrow that Crew reports the passing of Mr. Dennis Nerland on October 30th, 2021, a long-standing member of the Company’s Board of Directors. Mr. Nerland was a respected and successful leader in the business and legal community, and a dedicated father, husband and avid sportsman. After 18-years serving as an integral part of our organization and working alongside the Crew team and our Board of Directors, Dennis’ business acumen, calm demeanor, wisdom and his friendship will be deeply missed. Our Crew would like to extend our deepest condolences to Dennis’ family.
“Dennis leaves a legacy of significant business and legal accomplishments that was recognized by so many,” said Dale Shwed, President and Chief Executive Officer of the Company. “We were fortunate to have had Dennis as a member of our Board, and he will be greatly missed as both a colleague and a friend.”
ADVISORIES
Non-IFRS Measures
Certain financial measures referred to in this press release, such as adjusted funds flow or AFF, EBITDA, operating netback, net capital expenditures, net debt, net operating costs and working capital deficiency and are not prescribed by IFRS. Crew uses these measures to help evaluate its financial and operating performance as well as its liquidity and leverage. These non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers.
“Adjusted funds flow" or “AFF”, presented herein is equivalent to funds from operations before decommissioning obligations settled. The Company considers this metric as a key measure that demonstrate the ability of the Company’s continuing operations to generate the cash flow necessary to maintain production at current levels and fund future growth through capital investment and to service and repay debt. Crew also presents AFF per share in this presentation whereby per share amounts are calculated using fully diluted shares outstanding.
"Free AFF" is calculated by taking adjusted funds flow and subtracting capital expenditures, excluding acquisitions and dispositions. Management believes that free adjusted funds flow provides a useful measure to determine Crew's ability to improve sustainability and to manage the long-term value of the business.
“EBITDA” is calculated as consolidated net income (loss) before interest and financing expenses, income taxes, depletion, depreciation and amortization, adjusted for certain non-cash, extraordinary and non-recurring items primarily relating to unrealized gains and losses on financial instruments and impairment losses. Crew utilizes EBITDA as a measure of operational performance and cash flow generating capability. EBITDA impacts the level and extent of funding for capital projects investments. This measure is consistent with the EBITDA formula prescribed under the Company's Credit Facility and allows Crew and others to assess its ability to fund financing expenses, net debt reductions and other obligations.
"Operating Netbacks" equals petroleum and natural gas sales including realized gains and losses on commodity related derivative financial instruments, marketing income, less royalties, net operating costs and transportation costs calculated on a boe basis. Management considers operating netback an important measure to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices. The calculation of Crew’s netbacks can be seen under “Operating Netbacks” within the Company’s most recently filed MD&A."
"Net Capital Expenditures" equals exploration and development expenditures plus property acquisitions or less property dispositions.
“Net Debt" is defined as bank debt plus working capital deficiency or surplus, excluding the current portion of the fair value of financial instruments.
“Net Operating Costs” equals operating costs net of processing revenue.
"Working Capital Surplus (Deficiency)" equals current assets less current liabilities and derivative financial instruments.
Please refer to Crew’s most recently filed MD&A for additional information relating to Non-IFRS measures including a reconciliation of AFF to its most closely related IFRS measure. The MD&A can be accessed either on Crew’s website at www.crewenergy.com or under the Company’s profile on www.sedar.com.
Forward-Looking Information and Statements
This news release contains certain forward–looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" “forecast” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the ability to execute on its two-year development plan as described herein; as to our plan to optimize and increase production and infrastructure utilization, reduce unit and net operating costs and enhance margins, streamline operations and improve efficiencies; our Q4 2021 and 2021 annual capital budget range and associated drilling and completion plans and associated guidance; preliminary capital plans and targets for 2022 and associated guidance; production estimates including forecast Q4 and 2021 annual average production volumes; commodity price expectations including Crew’s estimates of natural gas pricing exposure; Crew's commodity risk management programs and future hedging opportunities; well abandonment plans; marketing and transportation and processing plans and requirements; estimates of processing capacity and requirements; anticipated reductions in GHG emissions and decommissioning obligations; future liquidity and financial capacity; future results from operations and operating and leverage metrics; anticipated reductions in expenses and associated estimates including forecast unit costs in 2022; forecast debt metric improvements to the lower end of the forecasted range of 2.7x to 2.5x; debt metric trends towards 1.0x by the end of 2022; efficiencies and enhanced returns going forward; world supply and demand projections and long-term impact on pricing; future development, exploration, acquisition and disposition activities (including drilling and completion plans, anticipated on-stream dates and associated development timing and cost estimates); the potential for at least two additional zones to be developed at Groundbirch; the potential extension of our West Septimus ultra-condensate rich play; the potential of our Groundbirch area to be a core area of future development and the number of potential and prolific nature of wells to be drilled; infrastructure investment plans; the successful implementation of our ESG initiatives; the amount and timing of capital projects; and anticipated improvement in our long-term sustainability and the expected positive attributes discussed herein attributable to our two-year development plan.
The internal projections, expectations, or beliefs underlying our Board approved 2021 capital budget and associated guidance, as well as management's preliminary estimates and targets in respect of plans for 2022 and beyond, are subject to change in light of the impact of the COVID-19 pandemic, and any related actions taken by businesses and governments, ongoing results, prevailing economic circumstances, commodity prices, and industry conditions and regulations. Crew's financial outlook and guidance provides shareholders with relevant information on management's expectations for results of operations, excluding any potential acquisitions or dispositions, for such time periods based upon the key assumptions outlined herein. In this press release reference is made to the Company's longer range 2022 and beyond internal plan and associated economic model, targets and preliminary guidance. Such information reflects internal targets used by management for the purposes of making capital investment decisions and for internal long-range planning and budget preparation. Readers are cautioned that events or circumstances could cause capital plans and associated results to differ materially from those predicted and Crew's guidance for 2021 and beyond may not be appropriate for other purposes. Accordingly, undue reliance should not be placed on same.
In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of Crew which have been used to develop such statements and information but which may prove to be incorrect. Although Crew believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Crew can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that Crew will continue to conduct its operations in a manner consistent with past operations; results from drilling and development activities consistent with past operations; the quality of the reservoirs in which Crew operates and continued performance from existing wells; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Crew’s reserve volumes; certain commodity price and other cost assumptions; continued availability of debt and equity financing and cash flow to fund Crew’s current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Crew operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Crew to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Crew has an interest in to operate the field in a safe, efficient and effective manner; the ability of Crew to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Crew to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Crew operates; and the ability of Crew to successfully market its oil and natural gas products.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward-looking information or statements including, without limitation: the continuing and uncertain impact of COVID-19; changes in commodity prices; changes in the demand for or supply of Crew's products, the early stage of development of some of the evaluated areas and zones the potential for variation in the quality of the Montney formation; interruptions, unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates; climate change regulations, or other regulatory matters; changes in development plans of Crew or by third party operators of Crew's properties, increased debt levels or debt service requirements; inaccurate estimation of Crew's oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time-to-time in Crew's public disclosure documents (including, without limitation, those risks identified in this news release and Crew's Annual Information Form).
This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Crew's prospective capital expenditures, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. The actual results of operations of Crew and the resulting financial results will likely vary from the amounts set forth in this press release and such variation may be material. Crew and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, Crew undertakes no obligation to update such FOFI. FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about Crew's anticipated future business operations. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.
The forward-looking information and statements contained in this news release speak only as of the date of this news release, and Crew does not assume any obligation to publicly update or revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Key Budget and Underlying Material Assumptions1
20213 | 2022 (Updated)3,4 | |||
Net Capital Expenditures ($MM) | 150-170 | 70-95 | ||
Annual Average Production (boe/d) | 26,000 – 28,000 | 31,000-33,000 | ||
Adjusted Funds Flow ($MM) | 120-140 | 190-210 | ||
EBITDA2 ($MM) | 145-165 | 214-234 | ||
Oil price (WTI)($US per bbl) | $66.00 | $65.00 | ||
WCS price ($C per bbl) | $66.50 | $65.00 | ||
Natural gas price (AECO 5A) ($C per gj) | $3.40 | $3.15 | ||
Natural gas price (NYMEX) ($US per mmbtu) | $3.35 | $3.40 | ||
Natural gas price (Crew est. wellhead) ($C per mcf) | $ 4.60 | $3.90 | ||
Foreign exchange ($US/$CAD) | $0.80 | $0.80 | ||
Royalties | 5-7% | 4-6% | ||
Net operating costs2 ($ per boe) | $4.75-$5.25 | $3.50-$4.00 | ||
Transportation ($ per boe) | $3.50-$4.00 | $2.50-$3.00 | ||
G&A ($ per boe) | $0.90-$1.10 | $0.80-$1.00 | ||
Interest rate – bank debt | 6.0 | 6.0 | ||
Interest rate – high yield | 6.5 | 6.5 |
Notes:
(1) The actual results of operations of Crew and the resulting financial results will likely vary from the estimates and material underlying assumptions set forth in this guidance by the Company and such variation may be material. The guidance and material underlying assumptions have been prepared on a reasonable basis, reflecting management's best estimates and judgments.
(2) Non-IFRS measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards, and therefore, may not be comparable with the calculations of similar measures for other entities. See “Non-IFRS Measures” contained within this Press Release.
(3) See the Guidance section of the Company’s most recently filed Management’s Discussion and Analysis for additional information regarding updated guidance and material assumptions.
(4) Crew’s plans for 2022 and associated targets remain preliminary in nature and do not reflect a Board approved capital expenditures budget.
Supplemental Information Regarding Product Types
The following is intended to provide the product type composition for each of the boe/d production figures provided herein, where not already disclosed within tables above:
Corporate Production Volume Breakdown2
Crude Oil1 | Natural gas liquids3 | Condensate | Conventional Natural gas | Total (boe/d) | |||||
Lloydminster heavy oil production | 98 | % | 0 | % | 0 | % | 2 | % | 1,050 |
Recent production level | 1 | % | 8 | % | 9 | % | 82 | % | >30,000 |
2021 Q3 Greater Septimus Average | 0 bbl/d | 2,168 bbl/d | 2,322 bbl/d | 94,482 mcf/d | 20,237 | ||||
2021 Q3 Average | 1,157 bbl/d | 2,242 bbl/d | 2,350 bbl/d | 107,459 mcf/d | 23,659 | ||||
2021 Q4 Average | 1 | % | 9 | % | 9 | % | 81 | % | 28,000-29,000 |
2021 Annual Average | 5 | % | 10 | % | 10 | % | 75 | % | 26,000-28,000 |
2022 Annual Average | 0 | % | 9 | % | 11 | % | 80 | % | 31,000-33,000 |
Notes:
(1) Crude oil is comprised primarily of Heavy crude oil, with an immaterial portion of Light and Medium crude oil.
(2) With respect to forward looking production guidance, given the potential for variability in actual product type results, the issuer approximates percentages for budget planning purposes based on management's reasonable assumptions including, without limitation, historical well results.
(3 Excludes condensate volumes which have been reported separately.
Test Results and Initial Production Rates
A pressure transient analysis or well-test interpretation has not been carried out and thus certain of the test results provided herein should be considered to be preliminary until such analysis or interpretation has been completed. Test results and initial production (“IP”) rates disclosed herein, particularly those of short duration may not necessarily be indicative of long term performance or of ultimate recovery. Initial Production ("IP") rates indicate the average daily production over the indicated daily period.
BOE and MMCFE Conversions
Barrel of oil equivalents or BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 mcf: 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 crude oil as compared to natural gas is significantly different than the energy equivalency of 6:1, utilizing the 6:1 conversion ratio may be misleading as an indication of value.
Crew Energy Inc. is a liquids-rich natural gas producer, committed to pursuing sustainable per share growth through a balanced mix of financially responsible exploration and development complemented by strategic acquisitions. The Company’s operations are primarily focused in the vast Montney resource, situated in northeast British Columbia, and include a large contiguous land base. Crew's liquids-rich natural gas areas of Septimus and West Septimus and Groundbirch in British Columbia offer significant development potential over the long-term. The Company has access to diversified markets with operated infrastructure and access to multiple pipeline egress options. Crew adheres to safe and environmentally responsible operations while remaining committed to sound environmental, social and governance practices which underpin Crew’s fundamental business tenets. Crew’s common shares are listed for trading on the Toronto Stock Exchange (“TSX”) under the symbol “CR”.
Financial statements and Management’s Discussion and Analysis for the three and nine month periods ended September 30, 2021 are filed on SEDAR at www.sedar.com and are available on the Company’s website at www.crewenergy.com.
FOR DETAILED INFORMATION, PLEASE CONTACT:
Dale Shwed, President and CEO | Phone: (403) 266-2088 Email: [email protected] |
John Leach, Executive Vice President and CFO | |
1 See table in the Advisories for production breakdown by product type as defined in NI 51-101.
2 Non-IFRS measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards, and therefore, may not be comparable with the calculations of similar measures for other entities. See “Advisories - Non-IFRS Measures” contained within this press release.
3 Crew’s plans for 2022 and associated targets remain preliminary in nature and do not reflect a Board approved capital expenditures budget.
4 Non-IFRS measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards, and therefore, may not be comparable with the calculations of similar measures for other entities. See “Advisories - Non-IFRS Measures” contained within this press release.
5 See table in the Advisories for production breakdown by product type as defined in NI 51-101.
6 See table in the Advisories for key budget and underlying material assumptions related to Crew’s development plan and associated guidance.
7 See ‘Test Results and Initial Production Rates’ in the Advisories.
8 See table in the Advisories for key budget and underlying material assumptions related to Crew’s development plan and associated guidance.
9 See table in the Advisories for production breakdown by product type as defined in NI 51-101.
10 Non-IFRS measure that does not have any standardized meaning as prescribed by International Financial Reporting Standards, and therefore, may not be comparable with the calculations of similar measures for other entities. See “Advisories - Non-IFRS Measures” contained within this press release.