Brooge Energy Ltd Stock Price, News & Analysis

Brooge Energy Ltd (NASDAQ: BROG) recently announced the completion of a technical study for its planned Green Hydrogen and Green Ammonia plant, conducted by thyssenkrupp Uhde. The two-phase project aims to produce up to 1950 metric tons per day of green ammonia in Abu Dhabi using solar energy. The study assessed various plant designs for cost-effectiveness and technical feasibility. Lina Salah Saheb, Interim CEO, emphasized the study's significance in guiding future investments towards sustainable energy.

Brooge Energy Ltd reported its unaudited financial results for 2022, highlighting a total revenue of US$79.2 million, operating income of US$48.3 million, and net income of US$26.2 million. The company forecasts a significant revenue increase of approximately 58% year-over-year, projecting total revenues of US$125 million for 2023. Despite pandemic-related delays in phase 2 operations, demand for oil storage remains strong. Brooge Energy focuses on clean petroleum products and biofuels, with its infrastructure strategically located at the Port of Fujairah, UAE.

Brooge Energy Ltd (Nasdaq: BROG) has partnered with Siemens Energy to establish a 650 MW solar PV plant for its Green Hydrogen and Green Ammonia project in the UAE. This collaboration was announced during the World Government Summit 2023 and aims to enhance renewable energy production and reduce carbon emissions. Brooge Renewable Energy will lead the project, marking a significant step in the UAE's energy transition and contributing to the local economy by generating jobs and diminishing fossil fuel dependency. The partnership will also focus on acquiring necessary approvals from governmental bodies.

Brooge Energy Ltd (Nasdaq: BROG) announced on January 11, 2023, that it received a non-compliance notice from Nasdaq for failing to file its interim financial statements for the period ended June 30, 2022, by the December 31, 2022 deadline. This could lead to delisting. The company attended a Nasdaq hearing on December 8, 2022, where it presented a plan to regain compliance with the filing rule and was granted an extension until April 26, 2023, to submit an update. Brooge Energy focuses on clean petroleum products and renewable energy infrastructures, primarily operating through its subsidiary, Brooge Petroleum and Gas Investment Company.

Brooge Energy Ltd (Nasdaq: BROG) has received approval from the Nasdaq Hearings Panel to continue trading its securities at least until the completion of an upcoming hearing. This decision follows the company's appeal against a Nasdaq determination to delist its shares due to the late filing of its Form 20-F for the fiscal year ending December 31, 2021. The company also requested an extension beyond the automatic 15-day stay, which was granted on November 22, 2022.

Brooge Energy Ltd (Nasdaq: BROG) announced it received a staff determination letter from Nasdaq regarding non-compliance with listing requirements due to late filing of its annual report (Form 20-F) for 2021. The company intends to request a hearing to seek an extension, which would stay any suspension or delisting action until at least November 22, 2022. Should the extension be denied, BROG may continue trading on the OTC Markets. The company has experienced compliance issues but is working towards regaining adherence to Nasdaq's requirements.

Brooge Energy Ltd, a Cayman Islands-based infrastructure provider, has appointed Grant Thornton Financial Advisors as an independent financial advisor. The firm will assess the fairness of a proposed acquisition by its majority shareholder, BPGIC Holdings Limited, which seeks to acquire all remaining shares to take the company private. This transaction is contingent on a fairness opinion, special committee approval, and shareholder consent. There is no guarantee that a deal will be finalized.

Brooge Energy Ltd has announced its unaudited financial results for the nine months ending September 30, 2022, reporting total revenue of $51.8 million, with an operating profit of $23.1 million and a net income of $11.1 million. The company maintains 100% contracted storage capacity, benefiting from strong demand for oil storage amid a favorable global economic climate. Brooge Energy is strategically located in Fujairah, UAE, and is prioritizing renewable energy and biofuels alongside its current services.