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Annual Report 2014
ANNUAL REPORT 2014 Tower Resources plc 5 Charterhouse Square London EC1M 6PX Tel +44 20 7253 6639 Email [email protected] www.towerresources.co.uk Annual Report 2014 Tower Resources plc Annual Report 2014 57 Additional Information Corporate Directory Registered Company Name Professional Advisers Tower Resources PLC Strategic Report Nominated Adviser and Broker At a Glance 1 Directors Peel Hunt LLP Building a high impact African portfolio 2 Jeremy Asher Chairman Moor House 2014 Events 4 Graeme Thomson Chief Executive Officer 120 London Wall Chairman and Chief Executive’s Joint Statement 6 Peter Blakey Non-executive Director London EC2Y 5ET Market Overview 7 Philip Swatman Senior Independent 2014 and Onwards 8 Non-executive Director Joint Broker Operational Review: Peter Taylor Non-executive Director GMP Securities Europe LLP Cameroon 10 First Floor, Stratton House Zambia 11 Company Secretary 5 Stratton Street South Africa 12 Andrew Smith London W1J 8LA Namibia 13 Kenya 15 Corporate Address Solicitors Sahawari Arab Democratic Republic (SADR) 16 Tower Resources PLC Watson Farley & Williams LLP New Ventures 17 5 Charterhouse Square 15 Appold Street Financial Review 18 London EC1M 6PX London EC2Y 2HB Business Risks 19 Registered Office Group Auditors Corporate Governance One America Square UHY Hacker Young LLP Board of Directors 20 Crosswall 4 Thomas More Square Senior Management 22 London EC2N 3SG London E1W 1YW Audit Committee Report 24 Remuneration Committee Report 26 Company Number Registrars Communications with Shareholders 27 -
Middle East Oil Pricing Systems in Flux Introduction
May 2021: ISSUE 128 MIDDLE EAST OIL PRICING SYSTEMS IN FLUX INTRODUCTION ........................................................................................................................................................................ 2 THE GULF/ASIA BENCHMARKS: SETTING THE SCENE...................................................................................................... 5 Adi Imsirovic THE SHIFT IN CRUDE AND PRODUCT FLOWS ..................................................................................................................... 8 Reid l'Anson and Kevin Wright THE DUBAI BENCHMARK: EVOLUTION AND RESILIENCE ............................................................................................... 12 Dave Ernsberger MIDDLE EAST AND ASIA OIL PRICING—BENCHMARKS AND TRADING OPPORTUNITIES......................................... 15 Paul Young THE PROSPECTS OF MURBAN AS A BENCHMARK .......................................................................................................... 18 Michael Wittner IFAD: A LURCHING START IN A SANDY ROAD .................................................................................................................. 22 Jorge Montepeque THE SECOND SPLIT: BASRAH MEDIUM AND THE CHALLENGE OF IRAQI CRUDE QUALITY...................................... 29 Ahmed Mehdi CHINA’S SHANGHAI INE CRUDE FUTURES: HAPPY ACCIDENT VERSUS OVERDESIGN ............................................. 33 Tom Reed FUJAIRAH’S RISE TO PROMINENCE .................................................................................................................................. -
Modeling Non Newtonian Fluid Invasion Into Reservoir Rocks
Proceedings of COBEM 2005 20th International Congress of Mechanical Engineering Copyright © 2009 by ABCM November 15-20, 2009, Gramado, RS, Brazil MODELING NON NEWTONIAN FLUID INVASION INTO RESERVOIR ROCKS Alex Tadeu de Almeida Waldmann PETROBRAS- Cidade Universitária, Q7 – Ilha do Fundão – Prédio 20 – Sala 1017 – RJ - CEP: 21941-598 [email protected] Cristiano Dannenhauer ESSS – Rua Lauro Müller, 116 – Torre do Rio Sul – 14º Andar, sala 1404 - Botafogo [email protected] Alex Rodrigues de Andrade BAKER HUGHES - Rua Maria Francisca Borges Rêgo Rei, 363, Macaé - RJ, CEP: 27933-260 [email protected] Idvard Pires Jr. BAKER HUGHES - Rua Maria Francisca Borges Rêgo Rei, 363, Macaé - RJ, CEP: 27933-260 [email protected] Andre Leibsohn Martins PETROBRAS- Cidade Universitária, Q7 – Ilha do Fundão – Prédio 20 – Sala 1017 – RJ - CEP: 21941-598 [email protected] Abstract. Minimizing fluid invasion is a major issue while drilling reservoir rocks. Large invasion may create several problems in sampling reservoir fluids in exploratory wells. Unreliable sampling may lead to wrong reservoir evaluation and, in critical cases, to wrong decisions concerning reservoir exploitability. Besides, drilling fluid invasion may also provoke irreversible reservoir damage, reducing its initial and /or its long term productivity (Ladva et al., 2000). Such problem can be critical in heavy oil reservoirs, where oil and filtrate interaction can generate stable emulsions. Invasion in light oil reservoir is less critical due to its good mobility properties. Other critical scenario is the low permeability gas reservoirs where imbibition effects may result in deep invasion. A common practice in the industry is the addition of bridging agents, such as calcium carbonates in the drilling fluid composition. -
COSL Annual Report2
ANNUAL REPORT 2002 Business Review development activities offshore China. The number of exploration Drilling wells we drilled surged 137.5% to 57 wells in 2002 compared to COSL is the dominant provider of drilling services offshore China 24 wells in 2001. This significant increase reflected the fact that with a diversified fleet of nine jack-up and three semi-submersible offshore China remains relatively under-explored. rigs. Our rig fleet is capable of drilling in water depths up to 1,500 feet. The number of development wells decreased from 134 in 2001 to 66 in 2002. This is consistent with the development cycle for In 2002, we continued to experience strong demand for our drilling E&P projects. In addition, a few development projects were services, our largest business segment, primarily due to strong deferred. FULL 2002 RIG ASSIGNMENT Drilling Rig Contract Contractor Start Day Wells Location BH IV DRILLING (TURNKEY) SINOPEC GROUP 05/10/2002 4 Bohai Bay BH IV DRILLING CNOOCSES 10/04/2002 3 Indonesia Sea BH IV DRILLING CNOOC 01/01/2002 7 Bohai Bay BH V DRILLING CNOOC 03/30/2002 6 Bohai Bay BH VII DRILLING KERR-McGEE 05/05/2002 5 Bohai Bay BH VIII DRILLING (TURNKEY) AGIP 01/28/2002 1 Bohai Bay BH VIII DRILLING ConocoPhillips 03/29/2002 6 Bohai Bay BH VIII DRILLING CNOOC 08/21/2002 2 Bohai Bay BH IX DRILLING AMNI 02/26/2002 3 Nigeria BH X DRILLING & COMPLETION CNOOC 01/01/2002 12 Bohai Bay BH XII DRILLING & COMPLETION CNOOC 01/01/2002 11 Bohai Bay NH I DRILLING CHEVRON 01/17/2002 5 Bohai Bay NH I DRILLING ConocoPhillips 09/07/2002 11 Bohai -
1981-04-15 EA Plan of Development Production
United States Department of the Interior Office of the Secretary Minerals Management Service 1340 West Sixth Street Los Angeles, California 90017 OCS ENVIRONMENTAL ASSESSMENT July 8, 1982 Operator Chevron U.S.A. Inc. Plan Type Development/Production Lease OCS-P 0296 Block 34 N., 37 W. Pl atfonn Edith Date Submitted April 15, 1981 Prepared by the Office of the Deputy Minerals Manager, Field Operations, Pacific OCS Region Related Environmental Documents U. S. DEPARTMENT OF THE INTERIOR GEOLOGICAL SURVEY Environmental Impact Report - Environmental Assessment, Shell OCS Beta Unit Development (prepared jointly with agencies of the State of California, 1978) 3 Volumes Environmental Assessment, Exploration, for Lease OCS-P 0296 BUREAU OF LAND MANAGEMENT Proposed 1975 OCS Oil and Gas General Lease Sale Offshore Southern California (OCS Sale No. 35), 5 Volumes Proposed 1979 OCS Oil and Gas Lease Sale Offshore Southern California (OCS Sale No. 48), 5 Volumes Proposed 1982 OCS Oil and Gas General Lease Sale Offshore Southern California (OCS Sale No. 68), 2 Volumes u.c. Santa Cruz - BLM, Study of Marine Mammals and Seabirds of the Southern California Bight ENVIRONMENTAL ASSESSMENT CHEVRON U.S.A. INC. OPERATOR PLAN OF DEVELOPMENT/PRODUCTION, PROPOSED PLATFORM EDITH, LEASE OCS-P 0296, BETA AREA, SAN PEDRO BAY, OFFSHORE SOUTHERN CALIFORNIA Table of Contents Page I. DESCRIPTION OF THE PROPOSED ACTION ••••••••••••••••••••• 1 II. DESCRIPTION OF AFFECTED ENVIRONMENT •••••••••••••••••••• 12 III. ENVIRONMENTAL CONSEQUENCES ••••••••••••••••••••••••••••• 29 IV. ALTERNATIVES TO THE PROPOSED ACTION •••••••••••••••••••• 46 v. UNAVOIDABLE ADVERSE ENVIRONMENTAL EFFECTS •••••••••••••• 48 VI. CONTROVERSIAL ISSUES ••••••••••••••••••••••••••••••••••• 48 VII. FINDING OF NO SIGNIFICANT IMPACT (FONS!) ••••••••••••••• 51 VIII. ENVIRONMENTAL ASSESSMENT DETERMINATION ••••••••••••••••• 55 IX. -
Pancontinental Oil & Gas NL – June 2012 Institutional Roadshow
Highly leveraged into two of the most exciting oil and gas regions of the decade Investor Presentation - June 2012 www.pancon.com.au Disclaimer These materials are strictly confidential and are being supplied to you solely for your information and should not be reproduced in any form, redistributed or passed on, directly or indirectly, to any other person or published, in whole or part, by any medium or for any purpose. Failure to comply this restriction may constitute a violation of applicable securities laws. These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or otherwise acquire any securities, nor shall any part of these materials or fact of their distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision whatsoever in relation thereto. The information included in the presentation and these materials is subject to updating, completion, revision and amendment, and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and these materials, and any opinions expressed in relation thereto are subject to change without notice. The distribution of these materials in other jurisdictions may also be restricted by law, and persons into whose possession these materials come should be aware of and observe any such restrictions. This presentation includes forward-looking statements that reflect the company’s intentions, beliefs or current expectations. -
Energy Investments in a Zero-Carbon World
Investment Management ENERGY INVESTMENTS IN A ZERO-CARBON WORLD The energy sector is controversial. It faces a perfect (usually in the single to low double digits), whereas storm due to the short-term demand shock caused by the iron-ore and copper reserves are often measured in COVID-19 pandemic and the longer-term risk from the decades or even centuries. This means that at current reduction in society’s carbon footprint to combat climate production rates, under all scenarios for future oil change. Considering this uncertainty and the collapse demand, it is impossible for upstream reserves to in valuations in the sector, we are confronted with dual become obsolete due to inadequate demand for oil. scenarios: whether the sector presents an exceptional • With respect to new competitors, US shale has investment opportunity or is destined for obsolescence. We emerged as a powerful new supply source over believe the key questions are: the past few years. But we estimate that US shale 1. What is the risk that energy companies will be left with production requires an oil price of $60 per barrel or material stranded assets in a carbon-neutral world? more to be economical, underscoring the limits as to how much disruption shale can cause. 2. How will the coming energy transition impact the sustainability of energy companies? MULTI-DECADE DEMAND FOR OIL AND GAS This note focuses on the risks and opportunities presented It bears repeating that there is no scenario under by the upcoming transition for the energy sector. We which the demand for oil and gas will disappear in address company-specific issues as part of our research the next few decades. -
OIL COUNCIL Exploration Director, WORLD ASSEMBLY Tullow Oil
Oil & Gas Company Executives Register Today for only £1,995! Special Industry Delegation Discounts Also Available! 70 renowed speakers including: Angus McCoss OIL COUNCIL Exploration Director, WORLD ASSEMBLY Tullow Oil The World’s Premier Meeting Ashley Heppenstall President and CEO, Point for Energy, Finance Lundin Petroleum and Investment Charles ‘Chuck’ Davidson Chairman and CEO, Noble Energy John Knight EVP, Global Strategy and Business Development, Statoil Dr Mike Watts Deputy CEO, 26 – 27 November 2012 Cairn Energy Old Billingsgate, London, UK Ian Henderson Senior Advisor, J.P Morgan Asset Management • Europe’s largest O&G business meeting with 1,200 senior executives • Global participation from international O&G companies, investors and financiers • Delegations attending from NOCs, IOCs, small-cap, mid-cap and large cap independents • Direct access to energy focussed debt providers, equity capital, private equity Ian Taylor and strategic investors President and CEO, • Focuses on E&P funding, corporate development strategies, joint ventures, Vitol Group deepwater, the future of the North Sea and NCS, the new MENA landscape and the new regulatory environment Julian Metherell Lead Partners: CFO, Genel Energy Ronald Pantin CEO, Pacific Rubiales Partners: PR OG RE SS IV E Toronto Stock TSX Venture Toronto Stock TSX Venture Toronto Stock TSX Venture Exchange Exchange Exchange Exchange Exchange Exchange Bourse de Bourse de Bourse de Bourse de Bourse de Bourse de www.oilcouncil.com/event/wecaToronto Croissance TSX Toronto Croissance TSX -
View Annual Report
ANNUAL 2017 REPORT Financial Highlights (Millions of dollars and shares, except per share data) 20171 20161 20151 Revenue Dividends to in billions Shareholders Revenue $ 20,620 $ 15,887 $ 23,633 in millions Operating Income (Loss) $ 1,362 $ (6,778) $ (165) Amounts Attributable to Company Shareholders: Loss from Continuing Operations $ (444) $ (5,761) $ (666) $614 $626 $620 $15.9 Net Loss $ (463) $ (5,763) $ (671) $20.6 $23.6 Diluted Income per Share Attributable to Company Shareholders: Loss from Continuing Operations $ (0.51) $ (6.69) $ (0.78) Net Loss $ (0.53) $ (6.69) $ (0.79) Cash Dividends per Share $ 0.72 $ 0.72 $ 0.72 Diluted Common Shares Outstanding 870 861 853 Working Capital2 $ 5,915 $ 7,654 $ 14,733 Capital Expenditures $ 1,373 $ 798 $ 2,184 Total Debt $ 10,942 $ 12,384 $ 15,355 17 16 15 17 16 15 Debt to Total Capitalization3 57% 57% 50% Depreciation, Depletion and Amortization $ 1,556 $ 1,503 $ 1,835 4 Total Capitalization $ 19,291 $ 21,832 $ 30,850 Capital Expenditures in billions 1 Reported results during these periods include impairments and other charges of $647 million for the year ended December 31, 2017, merger-related costs and termination fee of $4.1 billion and impairments and other charges of $3.4 billion for the year ended December 31, 2016, and impairments and other charges of $2.2 billion for the year ended December 31, 2015. 2 Working Capital is defined as total current assets less total current liabilities. $1.4 $0.8 $2.2 3 Debt to Total Capitalization is defined as total debt divided by the sum of total debt plus total shareholders’ equity. -
Boards Fall Behind in the Drive to Appoint Women Alex Spence: the Times February 6 2012
Boards fall behind in the drive to appoint women Alex Spence: The Times February 6 2012 Britain's biggest companies will miss a deadline to have a quarter of their boardroom positions filled by women unless more is done to move talented female executives up the corporate ladder, recruiters have warned. As things stand, the target of having 25 per cent of FTSE 100 directorships held by women will be met two years late, in 2017, the search firm Norman Broadbent said. Although the female composition of FTSE 100 boards has risen from 13.6 per cent at the start of last year to almost 15 per cent, the supply of women executives and senior managers remained limited, it said. According to Neil Holmes, a consultant at Norman Broadbent: "Women are appearing on short-lists but the supply on the executive side is still lower than it should be and this requires companies to invest in long-term cultural changes." In a report last year, Lord Davies of Abersoch challenged corporate leaders to cast the net wider in the search for directors and to break their dominance of their boardrooms. Twenty-six per cent of the non-executive directors appointed to FTSE 100 boards last year were women, with 24 per cent in the FTSE 250 and 17 per cent in smaller listed companies. Women still lagged well behind their male counterparts in the top executive jobs at the biggest companies, accounting for 9 per cent of FTSE 100 executive positions last year, Norman Broadbent said. There was also a vast disparity between different industries, with women making up 17 per cent of boards in the health sector at the end of the year. -
Matching Gift Companies to the Archdiocese of Galveston-Houston
Matching Gift Companies to the Archdiocese of Galveston-Houston AbbVie ConocoPhillips Petroleum Co. Northwestern Mutual Life Insurance Company ACE INA Foundation Cooper Industries Nuevo Energy Company Administaff Dell Occidental Petroleum Adobe Deutsche Bank Americas Foundation Ocean Energy Aetna Foundation, Inc. Dominion Foundation Pepsico Foundation AIM Foundation Dow Chemical Company Pfizer Foundation Air Liquide America Corp. Dresser-Rand Phillips 66 Air Products & Chemicals, Inc. Duke Energy Foundation/ECO6Q PipeVine, Inc. Albemarle Corporation Dynegy Inc. Procter & Gamble Allstate Foundation ECG Management Consultants Inc. Prospect Capital Management Amerada Hess Corporation Eli Lilly and Company Foundation Prudential American Express Encap Investments LP Rockwell International Corporation American General Corporation Entergy SBC Foundation American International Group Inc. Enterprise Products Shell Oil Company Foundation Ameriprise Financial EP Energy Southdown, Inc. Amica Companies Foundation EOG Resources Southwestern Energy (SWN) Anadarko Petroleum Corp. Equistar Chemicals LP Square D Foundation Anderson Greenwood Equiva Services LLC Teleflex Foundation Anheuser-Busch Foundation Exelon Foundation Tenet Healthcare Foundation Apache Corporation ExxonMobil Foundation Tenneco Apple Inc Fleet Boston Financial Foundation Texaco Inc. Arco Foundation, Inc. Ford Texas Instruments Foundation Arco Steel Inc FMC Technologies, Inc. The Boeing Company ARS National Services, Inc. General Electric The Clorox Company Attachmate General Mills, -
Cooper Cameron Corporation; and M-I, LLC As Follows
UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF TENNESSEE NASHVILLE DIVISION CARDEN SIMCOX, and all others similarly situated; Plaintiff, CASE NO. VS. BP, PLC; BP AMERICA, INC.; BP JURY DEMAND CORPORATION NORTH AMERICA, INC.; BP COMPANY NORTH AMERICA, INC.; BP PRODUCTS NORTH AMERICA, INC.; BP EXPLORATION & PRODUCTION, INC.; ANADARKO PETROLEUM CORP.; MOEX OFFSHORE 2007, LLC; TRANSOCEAN LTD.; TRANSOCEAN, INC.; TRANSOCEAN OFFSHORE DEEPWATER DRILLING, INC.; TRANSOCEAN DEEPWATER, INC.; HALLIBURTON ENERGY SERVICES, INC.; CAMERON INTERNATIONAL CORPORATION f/k/a COOPER CAMERON CORPORATION; and M-I, LLC, Defendants. CLASS ACTION COMPLAINT Plaintiff, Carden Simcox, on behalf of herself and all others similarly situated, brings this class action against Defendants BP, PLC; BP America, Inc.; BP Corporation North America, Inc.; BP Company North America, Inc.; BP Products North America, Inc.; BP Exploration & Production, Inc.; Anadarko Petroleum Corp.; MOEX Offshore 2007, LLC; Transocean Ltd.; Transocean, Inc.; Transocean Offshore Deepwater Drilling, Inc.; Transocean Deepwater, Inc.; Halliburton Energy Services, Inc.; Cameron International Corporation f/k/a Cooper Cameron Corporation; and M-I, LLC as follows: Case 3:10-cv-00514 Document-11 Filed 05/25/10 1 of 30 1 879716.1 Page PagelD I. INTRODUCTION Plaintiff is an owner ofbeachfront property in Panacea, Wakulla County, Florida, on the Gulf of Mexico. She brings this class action on behalf of herself and all others similarly situated against Defendants for losses and damages arising out of the catastrophic and avoidable oil spill off the Gulf Coast that was caused by the April 20, 2010, explosion and fire aboard the Deepwater Horizon oil rig ("Deepwater Horizon"), and the subsequent sinking of that rig and the discharge of oil into the surrounding water.