Houston American Energy Corp. (HUSA): Business Model Canvas [Dec-2025 Updated]

You're looking at Houston American Energy Corp. (HUSA) and seeing a company caught between two worlds right now, which definitely makes for a fascinating Business Model Canvas. It's a dual-engine story: the steady but small income from Permian Basin oil and gas, which brought in just $225.7k in preliminary Q3 2025 revenue, versus a massive, capital-intensive pivot into waste-to-fuel technology at Cedar Port. This transition, supported by a $100 million equity line of credit, completely reshapes their structure, moving them from a pure E&P play to a complex cleantech developer facing high CapEx and integration costs. To understand where the real value lies-and the near-term risks in building out that new facility-you need to see the whole map below.

Houston American Energy Corp. (HUSA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Houston American Energy Corp. (HUSA) has locked in to execute its dual-sector energy strategy, blending legacy oil and gas with its aggressive pivot to low-carbon fuels. These aren't just vendor agreements; they represent critical technical validation, financing backbone, and operational continuity.

Engineering and Project De-Risking: Nexus PMG

Houston American Energy Corp. appointed Nexus PMG as its Engineering and Service provider on August 18, 2025. This partnership is specifically focused on supporting the development of Abundia Global Impact Group (AGIG)'s Plastics Recycling Facility and Innovation Hub at the Cedar Port Industrial Park in Baytown, Texas. Nexus PMG brings expertise in delivering front-end engineering and project de-risking services for low-carbon infrastructure, which is intended to accelerate the project's development timeline. Their role includes technical reviews, guidance on project specifications, and quality assurance for the pre-FEED and FEED studies.

Sustainable Aviation Fuel Technology: BTG Bioliquids B.V.

The move into Sustainable Aviation Fuel (SAF) is anchored by a binding Term Sheet executed on October 21, 2025, with BTG Bioliquids B.V. This agreement centers on integrating BTG Bioliquids' proprietary fast pyrolysis technology for producing Fast Pyrolysis Bio-Oil (FPBO) from woody biomass waste streams. To be fair, the commercial viability hinges on optimizing the upgrading process at scale, planned at HUSA's Cedar Port site. BTG's technology is designed to convert up to 70% of the dry basis biomass feedstock into bio-oil.

Conventional Asset Operations: EOG Resources

For the conventional side of the business, which provides crucial royalty income to fund the transition, EOG Resources acts as the operator and principal working interest owner for the State Finkle Unit in the Permian Basin. HUSA holds a small, but generating, working interest of approximately 0.0078 in this unit, which targets the Wolfcamp formation in Reeves County, Texas. The Company announced receiving its first royalties from production at these initial wells in September 2025.

Financing Backbone: Institutional Investors (ELOC)

Securing the capital for growth, Houston American Energy Corp. established a significant financing relationship with an institutional investor, securing an equity line of credit (ELOC) of up to $100 million. This Common Stock Purchase Agreement, announced on July 11, 2025, is a 24-month agreement. The structure is designed for metered capital deployment, allowing HUSA to sell shares at its discretion, subject to a $2 million cap per drawdown, with shares sold at a 4% discount to the volume-weighted average price (VWAP). This facility signals strong institutional confidence in the new management and strategic plan.

Debt Restructuring and Shareholder Alignment: Bower Family Holdings, LLC (BFH)

Demonstrating alignment, Bower Family Holdings, LLC (BFH), one of HUSA's largest stockholders, acquired a majority of the senior secured convertible note that financed the Cedar Port property purchase. This debt restructuring was announced on November 12, 2025. Critically, BFH agreed not to convert any portion of the outstanding principal or accrued and unpaid interest, which immediately enhances HUSA's balance sheet flexibility.

Here's a quick look at the key figures associated with these relationships as of late 2025:

The shift to renewables is capital-intensive, so you see HUSA using this structure to manage the burn. For instance, preliminary operating expenses for Q3 2025 were approximately $3.8 million, up $2.7 million from Q2 2025, reflecting integration costs post-acquisition. The ELOC is the primary tool to manage this, but the preliminary cash balance as of September 30, 2025, was only about $1.5 million.

These partnerships define the execution path for the new strategy. You've got the technical expertise lined up with Nexus PMG and BTG Bioliquids B.V., the legacy cash flow support from EOG Resources, and the necessary, albeit dilutive, capital access via the institutional ELOC, all while managing existing debt structure with BFH's support.

• Nexus PMG is focused on the Plastics Recycling Facility.
• BTG Bioliquids B.V. technology is for biomass-to-liquid fuels.
• EOG Resources operates the Permian Basin royalty assets.
• The ELOC has a 4% discount on drawdowns.
• BFH's agreement stops immediate note conversion.

Finance: draft 13-week cash view by Friday.

Houston American Energy Corp. (HUSA) - Canvas Business Model: Key Activities

Developing the Cedar Port Renewable Energy Complex in Baytown, Texas.

• Acquisition of a 25-acre site at the Cedar Port Industrial Park closed on July 15, 2025.
• The acquisition cost for the site was $8.5 million.
• Groundbreaking for Phase One, which includes the Abundia Innovation Center and the Research and Development Facility, was initiated on October 29, 2025.
• Phase One completion is targeted for Q2-2026.
• The R&D Facility will house advanced laboratories and pilot-scale systems to validate waste-to-fuels technologies.

Converting waste plastics into low-carbon fuels and chemical feedstocks.

Houston American Energy Corp. (HUSA) acquired Abundia Global Impact Group (AGIG) in July 2025 to specialize in this conversion. The first plastics recycling plant at Cedar Port is designed to transform plastic waste into pyrolysis oil. The broader United States Plastic-to-Fuel Market is estimated to be valued at USD 1,419.6 million in 2025. Houston American Energy Corp. (HUSA) also executed a binding term sheet with BTG Bioliquids B.V. for biomass to liquid fuels and sustainable aviation fuel.

Exploration and production (E&P) of onshore oil and natural gas, primarily in the Permian Basin.

The firm's core focus for E&P remains the Permian Basin region. The Permian Basin crude oil production is forecast to reach 6.6 million b/d in 2025. Marketed natural gas production in the Permian Basin is forecast to average 25.8 Bcf/d in 2025.

Securing and managing dilutive and non-dilutive capital for project build-out.

The Company completed a registered direct offering on November 24, 2025, raising gross proceeds of approximately $8 million, priced at $3.50 per share. Preliminary, unaudited financial data as of September 30, 2025, showed cash and cash equivalents expected to be approximately $1.5 million.

Advancing the Final Investment Decision (FID) for the first commercial plastics-to-fuels facility.

Net proceeds from the $8 million registered direct offering are designated to advance the Final Investment Decision (FID) for the first commercial waste-plastics-to-fuels facility. The Company also announced a planned corporate name change to Abundia Global Impact Group, Inc., effective December 8, 2025, with a new trading symbol of 'AGIG'.

Houston American Energy Corp. (HUSA) - Canvas Business Model: Key Resources

You're looking at the core assets Houston American Energy Corp. (HUSA) is relying on as it pivots toward low-carbon fuels. These aren't just line items; they represent the tangible and intellectual foundation for their strategy post-AGIG acquisition in July 2025.

Technology platform for waste plastics conversion (acquired via AGIG)

The intellectual property backing the renewable segment is significant. The platform, integrated through the Abundia Global Impact Group (AGIG) acquisition, is supported by a portfolio of 18 patents pending or granted across various jurisdictions. This technology stack focuses on continuous pyrolysis/gasification and upgrading pathways. The stated product roadmap includes several outputs:

• Pyrolysis oil
• Recycled diesel (meeting EN590 specification)
• Recycled naphtha
• Waxes and lubricants
• Pathways for Sustainable Aviation Fuel (SAF)

25-acre land asset in Cedar Port Industrial Park, valued at approximately $8.6 million

The physical anchor for the new renewable complex is the 25-acre site in Cedar Port Industrial Park, Baytown, Texas. HUSA closed the acquisition of this site from TGS Cedar Port Partners on July 15, 2025. The preliminary, unaudited valuation for this land asset as of September 30, 2025, was reported at approximately $8.6 million. The total acquisition cost for the site was $8.5 million. This location offers robust logistical advantages, including rail and barge access via the Houston Ship Channel and Port of Houston.

Oil and gas working interests, including the State Finkle Unit in Reeves County, Texas

Houston American Energy Corp. maintains its historical foundation in conventional energy. The core focus remains on domestic U.S. resources, specifically within the Permian Basin region spanning West Texas and southeastern New Mexico. The company holds multiple acreage positions and participates in joint drilling programs there. Specific financial metrics, such as net asset value or current production volumes tied directly to the State Finkle Unit in Reeves County, Texas, were not detailed in the latest preliminary reports, so I can only confirm the geographic focus.

Access to capital through the $100 million equity line of credit facility

Management secured a Common Stock Purchase Agreement on July 11, 2025, establishing an equity line of credit facility of up to $100 million, available over a 24-month period. This facility allows HUSA to draw capital at its discretion, subject to certain limitations. Each drawdown is capped at $2 million and shares are sold at a 4% discount to the volume weighted average price (VWAP). Furthermore, the company bolstered its near-term position by completing an $8.0 million registered direct offering around November 21, 2025, priced at $3.50 per share.

Here's a quick look at the preliminary balance sheet snapshot as of September 30, 2025, which frames the context of these key resources:

The total capital commitment available via the equity line is $100 million. The recent capital raise in November 2025 added approximately $8.0 million in gross proceeds.

Finance: draft 13-week cash view by Friday.

Houston American Energy Corp. (HUSA) - Canvas Business Model: Value Propositions

You're looking at the core promises Houston American Energy Corp. (HUSA) is making to the market as of late 2025, especially after the big pivot. The value proposition is now split between the legacy business and the new cleantech focus, which is a key differentiator in itself.

Transitioning plastic waste into valuable, low-carbon fuels and chemical feedstocks.

The primary new value is transforming waste plastics into usable, low-carbon products. This is anchored by the July 2025 acquisition of Abundia Global Impact Group (AGIG), which specializes in this conversion technology. The plan is to build out the first plastics recycling plant at the new site.

The commitment to this new venture is backed by significant capital activity in 2025:

• Secured a $100 million Equity Line of Credit (ELOC) in July 2025.
• Raised $8 million in a registered direct offering in November 2025.
• Executed a binding term sheet with BTG Bioliquids B.V. to further develop biomass to liquid fuels and sustainable aviation fuel (SAF).

Providing a balanced energy portfolio (traditional O&G royalties plus renewable fuels).

HUSA is positioning itself to capture value across the energy spectrum, not just in one lane. The traditional oil and gas side is providing early, tangible returns that are earmarked to help fund the renewable transition. This balance is a core part of the narrative you need to track.

Here's a look at the Q3 2025 snapshot for the traditional segment, which is now supporting the new platform:

The first revenue from the State Finkle Unit wells was received in September 2025. HUSA holds approximately a 0.0078 working interest in that unit. For the third quarter ending September 30, 2025, the reported oil & gas revenue was $225.678 thousand.

Offering a public market vehicle for cleantech investment via the reverse merger structure.

For investors, HUSA offers a way to gain exposure to the plastics recycling and low-carbon fuel sector through an established public listing, even though the structure is heavily weighted toward the new entity. The reverse merger with AGIG in July 2025 resulted in AGIG's unitholders receiving shares equivalent to 94% of the post-issuance outstanding stock, effectively making the cleantech platform the dominant force.

The financial structure supporting this pivot includes:

• A $5 million senior secured convertible note executed in July 2025.
• Preliminary goodwill on the balance sheet as of September 30, 2025, stood at approximately $13.0 million, reflecting the acquisition.

Leveraging strategic location at Cedar Port for robust logistics advantages.

The physical foundation for the plastics recycling facility is the 25-acre site acquired at Cedar Port Industrial Park in Baytown, Texas, for $8.5 million in July 2025. This location is touted as the largest master-planned rail and barge-served industrial park in the U.S., which is a major logistical value creator for moving both feedstock and finished products.

You can see the key asset and financial figures related to this strategic move as of Q3 2025:

Houston American Energy Corp. (HUSA) - Canvas Business Model: Customer Relationships

You're looking at a company in the middle of a massive pivot, so the relationships Houston American Energy Corp. (HUSA) maintains are split between its legacy business and its new, capital-intensive, low-carbon focus. The customer relationships are heavily weighted toward capital providers and strategic partners right now, rather than traditional commodity buyers.

Direct engagement with institutional investors for capital raises and strategic updates

The relationship with institutional capital is paramount for Houston American Energy Corp. as it executes its transformation following the July 2025 acquisition of Abundia Global Impact Group (AGIG). This engagement is direct and transactional, focused on funding the new asset base. You can see this clearly in the late 2025 financing activity.

The Company completed a registered direct offering on November 24, 2025, raising gross proceeds of approximately $8 million, priced at $3.50 per share. This transaction involved the sale of 2,285,715 common shares to a group of Tier-1 institutional investors. This capital is earmarked to complete Phase 1 of the Cedar Port Renewable Energy Complex, advance the Final Investment Decision (FID) for the waste-plastics-to-fuels facility, and repay the balance of a convertible note. This follows an earlier strategic capital infusion in July 2025, where Houston American Energy Corp. secured a $5 million Convertible Note from an institutional investor to fund a portion of the $8.5 million Cedar Port site acquisition. Furthermore, the relationship with its largest strategic investor was strengthened via a recently announced debt restructuring agreement.

Here's a quick look at the capital structure context surrounding these relationships as of September 30, 2025:

Transactional relationships with oil and gas purchasers for commodity sales

While the strategic focus has shifted, Houston American Energy Corp. maintains its historical roots in conventional energy, which implies transactional relationships with oil and gas purchasers. The company noted its historical focus on exploration and production, including operations at the State Finkle Unit wells. However, specific 2025 sales volumes, pricing terms, or the identity of the primary oil and gas purchasers are not detailed in the latest public announcements, which concentrate on the new low-carbon fuel platform.

Collaborative development with engineering and technology partners (Nexus PMG)

The development of the new circular economy assets relies heavily on specialized external expertise. The relationship with engineering and technology partners is a key operational customer/supplier dynamic. Houston American Energy Corp. formally appointed Nexus PMG as its Engineering and Service provider on August 18, 2025. Nexus PMG is tasked with supporting the development of the Plastics Recycling Facility and Innovation Hub at the Cedar Port site.

This collaborative structure extends to construction and design, where Houston American Energy Corp. engaged Corvus Construction Company, Inc. under a Design-Build Agreement for the infrastructure development, including the Abundia Innovation Center and R&D Facility. The targeted completion for this foundational Phase One is Q2-2026.

Key development partners include:

• Nexus PMG: Engineering and project de-risking services.
• Corvus Construction Company, Inc.: Design and construction partner.
• Powers Brown Architecture: Architectural services.
• BNI Engineers: Structural design leadership.

High-touch, investor relations focus due to the transformative business model shift

Given the significant shift from conventional E&P to waste-plastics-to-low-carbon-fuels, Houston American Energy Corp. has clearly prioritized high-touch communication with its shareholder base to explain the new roadmap. This is a relationship-building effort to maintain confidence during the transition period. The Company hosted its inaugural investor fireside chat on September 17, 2025, in partnership with Water Tower Research.

The CEO, Ed Gillespie, used this platform to detail the transformation, covering foundational milestones such as the July 2025 site acquisition and key technology arrangements. This focus on direct dialogue is necessary, especially when preliminary Q3 2025 operating expenses rose by $2.7 million compared to Q2 2025, reflecting integration costs post-acquisition. The market valued the company at approximately $192 million shortly after the November capital raise news.

Investor engagement activities in late 2025 included:

• Inaugural investor fireside chat with Water Tower Research on September 17, 2025.
• Filing of a prospectus supplement on November 21, 2025, for the registered direct offering.
• Setting the record date for the 2025 annual stockholders meeting as November 13, 2025, with the meeting scheduled for December 16, 2025.

Houston American Energy Corp. (HUSA) - Canvas Business Model: Channels

You're looking at how Houston American Energy Corp. (HUSA) gets its product and capital to market as of late 2025. It's a mix of legacy production and aggressive moves into the circular economy space.

Direct sales of oil and natural gas production to midstream and refinery customers

The traditional channel involves selling the output from their conventional assets. For the year ended December 31, 2024, production in Reeves County was 3,468 barrels of oil and 53,476 mcf of natural gas. Production from new wells that EOG, the operator, drilled on the Finkle State Unit was anticipated to start in March, 2025. The company's preliminary, unaudited total operating expenses for the third quarter 2025 were expected to be approximately $3.8 million.

Here's a snapshot of the capital raising channel, which directly impacts the ability to fund operations and development:

Offtake agreements for low-carbon fuels and chemical feedstocks (future channel)

Houston American Energy Corp. is actively building out its renewable fuels channel, largely through its subsidiary AGIG, acquired in July 2025. This platform focuses on converting waste plastics and biomass into low-carbon fuels and chemical feedstocks. A key step in securing the sales channel for these future products was the binding Term Sheet signed with BTG Bioliquids on October 21, 2025, to develop Sustainable Aviation Fuel (SAF) projects, which included finalizing the development consortium for offtake.

The company is advancing its plastics-to-fuel and renewable chemicals platform at the Cedar Port site in Baytown, Texas. The focus is on upgrading Fast Pyrolysis Bio-Oil (FPBO) into high-value biofuels and SAF.

• Acquisition of Abundia Global Impact Group (AGIG) completed in July 2025.
• Binding Term Sheet signed with BTG Bioliquids on October 21, 2025.
• The goal is to produce Fast Pyrolysis Bio-Oil (FPBO) from woody biomass waste streams.
• The company's preliminary, unaudited goodwill as of September 30, 2025, was approximately $13.0 million.

NYSE American stock exchange for public equity financing (HUSA ticker until December 8, 2025)

The primary channel for public equity financing is the NYSE American stock exchange, trading under the ticker HUSA. The company executed a registered direct offering in November 2025, raising $8.0 million gross proceeds by selling 2,285,715 shares at $3.50 per share. This followed a 1-for-10 reverse stock split effective June 6, 2025, which reduced outstanding shares from approximately 15.7 million to 1.57 million. The 2025 annual meeting of stockholders was scheduled for December 16, 2025.

Corporate press releases and SEC filings for investor communication

Investor communication relies heavily on official regulatory filings and timely press releases. The company filed a prospectus supplement dated November 19, 2025, with the SEC on November 21, 2025. The preliminary, unaudited results for the third quarter ended September 30, 2025, were announced on November 10, 2025. The company's Form 10-K for the year ended December 31, 2024, disclosed prior production figures.

Key dates for investor documentation include:

• Prospectus Supplement filing date: November 19, 2025.
• Form 8-K reporting material event filed: November 25, 2025.
• Deadline for shareholder proposals for the 2025 meeting: close of business on November 24, 2025.
• The Form S-3 shelf registration statement became effective on November 3, 2025.

Houston American Energy Corp. (HUSA) - Canvas Business Model: Customer Segments

You're looking at the customer base for Houston American Energy Corp. (HUSA) as it rapidly transitions its focus following the July 2025 acquisition of Abundia Global Impact Group (AGIG). The customer segments reflect a dual strategy, balancing legacy energy interests with a new, high-growth cleantech platform.

Institutional and accredited investors seeking exposure to energy transition and cleantech

This segment is crucial, as they provide the capital necessary to fund the transformation. Houston American Energy Corp. successfully completed a registered direct offering in November 2025, raising gross proceeds of approximately $8 million at $3.50 per share. This financing was explicitly supported by a group of Tier-1 institutional investors, signaling strong market confidence in the shift toward circular fuels and renewable energy production. The company's alignment with the renewable energy transition and ESG (Environmental, Social, Governance) trends makes it a target for funds managing over $40 trillion globally, according to some market analysis. The company's market capitalization stood at $79.01M as of late 2025, which is the valuation base for these investors.

Purchasers of crude oil and natural gas from Permian Basin assets

This represents the legacy customer base, providing foundational, albeit limited, revenue streams to help fund the pivot. Historically, Houston American Energy Corp.'s core business involved oil and gas exploration and production, with principal properties in the U.S. Permian Basin and the Louisiana U.S. Gulf Coast region. The company holds a very small working interest, approximately 0.0078, in the State Finkle Unit wells in Reeves County, Texas. Production from these wells commenced, with first royalty revenue received in September 2025. For the trailing twelve months ending around March 2025, the reported revenue from these traditional operations was very limited, at just $560,000, alongside over $8 million in net losses for that fiscal year. The preliminary total revenue for the third quarter of 2025 was $0.23 million (or $230,000).

Industrial partners and chemical companies requiring low-carbon feedstocks (future segment)

This segment is the primary target for the output from the new plastics recycling facility at Cedar Port Industrial Park in Baytown, Texas. The proprietary pyrolysis technology converts waste plastics into high-value drop-in fuels, chemicals, and Sustainable Aviation Fuel (SAF). The Gulf Coast facility's location provides logistical advantages and proximity to key buyers. The company is positioning itself to capitalize on the multi-billion-dollar market for these low-carbon alternatives. The future customer base includes:

• Airlines demanding Sustainable Aviation Fuel (SAF).
• Chemical manufacturers needing low-carbon chemical feedstocks.
• Industrial partners requiring high-value drop-in fuels.

The execution risk here is high, as success hinges on securing long-term supply agreements with these industrial buyers. The preliminary, unaudited cash and cash equivalents as of September 30, 2025, was approximately $1.5 million, which must sustain development until these new revenue streams materialize.

Environmental infrastructure and waste management firms

While these firms are primarily feedstock suppliers rather than direct customers purchasing finished products, they are a critical segment of the new value chain ecosystem. Houston American Energy Corp. requires a steady supply of waste plastics to feed the AGIG pyrolysis process. The Cedar Port facility is central to this, and the company is focused on leveraging the region's infrastructure. The preliminary, unaudited total operating expenses for Q3 2025 were expected to be approximately $3.8 million, reflecting the operating costs and integration of this new infrastructure focus. The ability to secure cost-efficient feedstock from waste management partners directly impacts the profitability of the final products sold to the industrial partners mentioned above.

Houston American Energy Corp. (HUSA) - Canvas Business Model: Cost Structure

Preliminary, total operating expenses for the third quarter 2025 are expected to be approximately $3.8 million. This represents an increase of $2.7 million compared to the second quarter 2025.

Interest expense is calculated against total debt, which was estimated at approximately $11.0 million to $11.5 million as of September 30, 2025.

The cost structure reflects significant investment in integration following the July 1, 2025 acquisition. General and administrative (G&A) costs are part of the combined organization's operating expenses.

Key cost-related and balance sheet figures as of September 30, 2025, are detailed below:

Capital expenditures are being directed toward physical development initiatives:

• Completion of acquisition of 25-acre site in Cedar Port, Baytown, TX.
• Breaking ground on the AGIG Innovation Hub and R&D Center at Cedar Port.

Costs associated with oil and gas exploration and development are ongoing, with management continually evaluating lease acquisitions and farm-in partnerships to bolster the asset portfolio.

Additional financial activity impacting the cost/funding structure includes:

• A November 2025 registered direct offering generating gross proceeds of $8.0 million before fees.
• Restructuring of senior secured convertible note debt in November 2025.

Houston American Energy Corp. (HUSA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Houston American Energy Corp. (HUSA) as it pivots hard into renewables while still holding onto legacy assets. The revenue streams are currently a mix of small, existing income and significant capital raises intended to fund the future business.

The most immediate, though small, operating revenue comes from the traditional oil and gas side. This is royalty and working interest income from legacy production, specifically the State Finkle Unit wells in Reeves County, Texas. Houston American Energy Corp. holds a very small 0.0078 working interest in six wells in the Wolfcamp formation, operated by EOG Resources. The company announced receiving its first royalties from these wells in September 2025. Honestly, this income is currently more strategic than material, designed to help fund the transformation.

The actual operating revenue from this legacy business appears minimal based on preliminary data. Preliminary Q3 2025 oil and gas revenue was only $225.7k.

To give you a sense of scale, here's a look at the capital event that is currently overshadowing the operating revenue:

This $8 million is capital, not operating revenue, but it's crucial because it directly fuels the next set of potential revenue streams. The net proceeds are earmarked to advance the Final Investment Decision (FID) for its first commercial waste-plastics-to-fuels facility, complete Phase 1 of the Cedar Port Renewable Energy Complex in Baytown, Texas, and repay a convertible note balance.

Future revenue is entirely dependent on successfully executing the transition, which is why the capital raise was so important. The company, which announced a planned name change to "Abundia Global Impact Group Inc." on November 25, 2025, is banking on these new ventures:

• Revenue from the sale of low-carbon fuels.
• Revenue from the sale of chemical feedstocks.
• Income from the scaled operations at the Cedar Port Renewable Energy Complex.
• Potential revenue from biomass to liquid fuels and sustainable aviation fuel development, following a binding term sheet executed with BTG Bioliquids B.V.

The entire business model hinges on these future streams replacing the small, legacy oil and gas income. Finance: draft 13-week cash view by Friday.