As filed with the U.S. Securities and Exchange Commission on November 7, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 –––––––––––––––––––––––––––––––––––––––––––––––––– FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 –––––––––––––––––––––––––––––––––––––––––––––––––– Activate Energy Acquisition Corp. | Cayman Islands | 6770 | N/A | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | ...

Core Viewpoint - BP anticipates higher upstream production and stronger refining margins in Q3 2025, but warns of weak oil trading results and modest asset impairments [1][2]. Upstream Production - BP's upstream production is expected to rise in Q3 2025, driven by increased gas output from its U.S. bpx energy unit and improved performance in gas and low-carbon energy operations [2][3]. - Oil and gas volumes are both contributing to the expected increase in production [3]. Refining Margins - Refining margins have strengthened by an estimated $0.3–$0.4 billion compared to the previous quarter, with the refining indicator margin averaging $15.8 per barrel, up from $11.9 per barrel [2][6]. Oil Trading and Exploration - The company expects weak oil trading outcomes and minor exploration write-offs, with exploration write-offs forecasted to be about $100 million higher than in Q2 [2][3]. Customers & Products Segment - The Customers & Products segment benefited from seasonally stronger fuel sales and higher refining margins but faced challenges from unplanned downtime at the Whiting refinery and environmental compliance costs [4]. Financial Outlook - Net debt is expected to remain flat at around $26 billion, despite redeeming $1.2 billion in hybrid bonds and paying approximately $1 billion more in income taxes during the quarter [5]. - BP reaffirmed its full-year guidance of around $14.5 billion in capital expenditure and a 40% underlying effective tax rate [6]. Upcoming Reporting - BP will publish its full third-quarter results on November 4, 2025, providing final figures after completing its financial reporting process [7].

Core Insights - Shell plc has entered into agreements with Egypt to enhance the nation's energy sector, with total deals exceeding $340 million for oil and gas exploration in the Mediterranean and Nile Delta [1][9] - A significant $120 million agreement with the Egyptian Natural Gas Holding Company (EGAS) involves drilling three wells in the Merneith offshore area, showcasing Shell's commitment to supporting Egypt's energy needs [2][3] - The Mediterranean basin is recognized for its energy discovery potential, and Shell aims to leverage its offshore exploration expertise to unlock these resources [4] Exploration Initiatives - The state-owned EGAS has finalized four agreements for drilling 10 wells, with notable investments from Eni S.p.A. ($100 million for three wells), Arcius Energy ($109 million for operations), and Zarubezhneft ($14 million for four wells) [5] - Shell's partnership with EGAS is part of a broader strategy to boost local production and reduce Egypt's reliance on energy imports [7] Domestic Energy Challenges - Egypt is facing challenges with declining domestic energy production, with gas output dropping to 3,545 million cubic meters in May, a decrease of over 40% since March 2021 [6] - The new agreements are aimed at reversing the trend of declining production and enhancing energy security, reinforcing Egypt's position as a regional energy hub [6][7]

Company Overview - Terrestrial Energy is a developer of Generation IV nuclear plants utilizing proprietary Integral Molten Salt Reactor (IMSR) technology, which enhances affordability, efficiency, and versatility in nuclear energy supply [2][22] - The IMSR plants are designed to provide zero-carbon, clean, firm, low-cost, high-temperature industrial heat and electricity for various applications, including data centers and green fuels [3][22] Business Combination Details - Terrestrial Energy has announced a business combination with HCM II Acquisition Corp, which will lead to Terrestrial Energy becoming a public company listed on Nasdaq under the ticker symbol "IMSR" [1][19] - The transaction is expected to generate approximately $280 million in gross proceeds, with $50 million from common stock PIPE commitments and about $230 million from HCM II's trust account [16][17] - The pre-money equity value of Terrestrial Energy is set at $925 million, with a pro forma enterprise value of around $1 billion and a pro forma equity value of approximately $1.3 billion [17][19] Technology and Market Position - Terrestrial Energy's IMSR technology is differentiated from legacy nuclear technologies by its use of molten salt, which allows for high efficiency and inherently safe operations [4][10] - The IMSR plants are designed to utilize low-cost, readily available Standard-Assay Low Enriched Uranium (LEU) fuel, addressing supply chain challenges associated with High-Assay Low-Enriched Uranium (HALEU) [5][22] - The company has established partnerships with notable organizations, including Westinghouse Fuels and the U.S. Department of Energy, enhancing its market position [11][22] Regulatory Milestones - In April 2023, the Canadian Nuclear Safety Commission completed its Vendor Design Review of the IMSR plant design, marking a historic first for a Generation IV reactor powered by molten salt technology [13][22] - The company has been engaged with the U.S. Nuclear Regulatory Commission since 2016, successfully navigating interagency reviews [13][22] Management and Leadership - Terrestrial Energy is led by CEO Simon Irish and a highly experienced management team, supported by a board of directors with extensive backgrounds in the nuclear industry [7][18] - The leadership team includes advisors with significant experience in energy and government, enhancing the company's strategic direction [7][22] Future Outlook - The transaction is anticipated to be completed in the fourth quarter of 2025, subject to customary closing conditions [19][20] - Terrestrial Energy aims to accelerate the commercial deployment of its IMSR technology, positioning itself to meet the growing demand for clean energy solutions across various industrial sectors [15][22]

Core Insights - Petrobras has launched a new drilling campaign in Brazil's largest pre-salt region to evaluate significant oil reserves [1] - The drilling operations at well 3-BRSA-1398-RJS in the Alto de Cabo Frio Central block represent a strategic move to enhance Petrobras' presence in the Campos Basin [2] Group 1: Drilling Operations - The well is located at a water depth of 2,276 meters and is being drilled using the West Polaris drillship [2] - This operation is part of Petrobras' ongoing efforts to expand its activities in Brazil's pre-salt region [2] Group 2: Alto de Cabo Frio Central Block - Petrobras acquired the Alto de Cabo Frio Central block in October 2017, holding a 50% stake in partnership with BP p.l.c. [3] - The block is estimated to contain around 558 million barrels of recoverable resources, with production expected to commence in 2032 [3] Group 3: Evaluation of Potential - In July 2022, Petrobras completed a drillstem test at a pioneer well in the region, confirming the presence of a productive pre-salt carbonate reservoir [4] - The analysis of oil samples collected during the test further supports the commercial viability of the block [4] Group 4: Industry Context - As Petrobras advances its drilling activities, the new well in Alto de Cabo Frio Central is seen as a crucial step in unlocking Brazil's pre-salt reserves [5]