DOCSLIB.ORG

Ophir Energy

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ophir Energy THIS DOCUMENT AND THE ACCOMPANYING FORM OF PROXY ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are recommended to seek your own financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other professional adviser authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom or, if not, from another appropriately authorised independent financial adviser. If you have sold or otherwise transferred all of your Ophir Shares, please send this document (the ‘‘Circular’’), together with the accompanying Form of Proxy, at once to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee, except that such documents should not be sent to any jurisdiction where to do so might constitute a violation of local securities laws or regulations. If you sell or have sold part only of your holding of Ophir Shares, please consult the bank, stockbroker or other agent through whom the sale or transfer was effected. This document does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security. A prospectus relating to Ophir Energy plc (‘‘Ophir’’ or the ‘‘Company’’) in connection with the proposed issue of New Ophir Shares to Salamander Shareholders has been published today and is available on Ophir’s website (www.ophir-energy.com). Application will be made to the FCA for the New Ophir Shares to be issued pursuant to the Transaction to be admitted to the premium listing segment of the Official List, and will be made to the London Stock Exchange for the New Ophir Shares to be admitted to trading on the London Stock Exchange’s main market for listed securities. It is expected that Admission will become effective, and that dealings on the London Stock Exchange in the New Ophir Shares will commence, on or shortly after the Effective Date which, subject to the satisfaction of certain conditions, including the sanction of the Scheme by the Court, is expected to take place on 3 March 2015 (although this date is subject to change). OPHIR ENERGY PLC Incorporated under the Companies Act 1985 and registered in England and Wales with registered number 05047425 Proposed acquisition of Salamander Energy plc (‘‘Salamander’’) and Notice of General Meeting This Circular should be read as a whole. Your attention is drawn to the letter from the Chairman of the Company which is set out at Part I of this Circular and which recommends you to vote in favour of the Resolution to be proposed at the Ophir General Meeting referred to below. Please also see Part II of this Circular for a discussion of certain risk factors that you should consider carefully when deciding whether or not to vote in favour of the Resolution to be proposed at the Ophir General Meeting. The whole of this Circular should be read in light of these risk factors. Notice of a General Meeting of Ophir to be held at the offices of Linklaters LLP at 11.00 a.m. on 6 February 2015 is set out at the end of this Circular. A Form of Proxy for use at the Ophir General Meeting is enclosed with this Circular. The Form of Proxy, and any power of attorney or other authority under which it is executed (or a duly certified copy of any such power or authority), must be received by post or (during normal business hours only) by hand at the offices of the Company’s Registrars, Equiniti Limited, Aspect House, Spencer Road, Lancing, BN99 6DA (or, should Shareholders prefer, in an envelope addressed to FREEPOST RTHJ-CLLL-KBKU, Equiniti, Aspect House, Spencer Road, LANCING, BN99 8LU) by no later than 11.00 a.m. on 4 February 2015, being 48 hours before the time appointed for the holding of the Ophir General Meeting excluding non-working days. Shareholders may, if they so wish, submit their proxies electronically at www.sharevote.co.uk using the Voting ID, Task ID and Shareholder Reference Numbers set out in the Form of Proxy, by no later than 11.00 a.m. on 4 February 2015, being 48 hours before the time appointed for the holding of the Ophir General Meeting excluding non-working days. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the Ophir General Meeting by following the procedures described in the CREST Manual (www.euroclear.com). CREST Personal Members or other CREST Sponsored Members, and those CREST members who have appointed a voting service provider, should refer to their CREST sponsor or voting service provider who will be able to take the appropriate action on their behalf. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST proxy instruction must be transmitted in accordance with the procedures described in the CREST Manual so that it is received by the issuer’s agent (ID: RA19) by no later than by the latest time for receipt of proxy appointments specified above. Completing and returning a Form of Proxy or electronic proxy appointment or completing and transmitting a CREST proxy instruction will not prevent a member from subsequently attending and voting at the Ophir General Meeting in person if they so wish. Credit Suisse Securities (Europe) Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively as financial adviser to Ophir and no one else in connection with the matters described in this Circular and will not be responsible for anyone other than Ophir for providing the protections afforded to clients of Credit Suisse Securities (Europe) Limited nor for providing advice in relation to the matters referred to in this Circular, neither Credit Suisse Securities (Europe) Limited nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever whether direct or indirect, whether in contract, or tort, under statute or otherwise) to any person who is not a client of Credit Suisse Securities (Europe) Limited in connection with this Circular, any statement contained herein or otherwise. Morgan Stanley & Co. International plc (‘‘Morgan Stanley’’), which is authorised in the UK by the Prudential Regulation Authority and regulated in the UK by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for Ophir and no one else in connection with the matters described in this Circular, and will not be responsible for anyone other than Ophir for providing the protections afforded to clients of Morgan Stanley nor for providing advice in relation to the matters referred to in this Circular. Neither Morgan Stanley nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Morgan Stanley in connection with this Circular, any statement contained herein or otherwise. RBC Europe Limited, which is authorised in the UK by the Prudential Regulation Authority and authorised and regulated in the UK by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for Ophir and no one else in connection with the matters described in this Circular, and will not be responsible for anyone other than Ophir for providing the protections afforded to clients of RBC Europe Limited nor for providing advice in relation to the matters referred to in this Circular. Neither RBC Europe Limited nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of RBC Europe Limited in connection with this Circular, any statement contained herein or otherwise. Save for the responsibilities and liabilities, if any, of Credit Suisse Securities (Europe) Limited, Morgan Stanley and RBC Europe Limited under the Financial Services and Markets Act 2000 or the regulatory regime established thereunder, Credit Suisse Securities (Europe) Limited, Morgan Stanley and RBC Europe Limited assume no responsibility whatsoever and make no representations or warranties, express or implied, in relation to the contents of this Circular, including its accuracy, completeness or verification or for any other statement made or purported to be made by Ophir, or on Ophir’s behalf, or by Credit Suisse Securities (Europe) Limited, Morgan Stanley or RBC Europe Limited or on Credit Suisse Securities (Europe) Limited’s, Morgan Stanley’s or RBC Europe Limited’s behalf and nothing contained in this Circular is, or shall be, relied on as a promise or representation in this respect, whether as to the past or the future, in connection with Ophir or the Transaction. Each of Credit Suisse Securities (Europe) Limited, Morgan Stanley and RBC Europe Limited accordingly disclaim to the fullest extent permitted by law all and any responsibility and liability whether arising in tort, contract or otherwise which it might otherwise be found to have in respect of this Circular or any such statement. The New Ophir Shares have not been, and are not expected to be, registered under the US Securities Act, or with any securities regulatory authority of any state or any other jurisdiction of the United 2 States.
Load more

Recommended publications
  • Power Sector Vision for the Greater Mekong Subregion
    ALTERNATIVES FOR POWER GENERATION IN THE GREATER MEKONG SUBREGION Volume 1: Power Sector Vision for the Greater Mekong Subregion Final 5 April 2016 FINAL Disclaimer This report has been prepared by Intelligent Energy Systems Pty Ltd (IES) and Mekong EConomiCs (MKE) in relation to provision oF serviCes to World Wide Fund For Nature (WWF). This report is supplied in good Faith and reFleCts the knowledge, expertise and experienCe oF IES and MKE. In ConduCting the researCh and analysis For this report IES and MKE have endeavoured to use what it Considers is the best inFormation available at the date oF publiCation. IES and MKE make no representations or warranties as to the acCuracy oF the assumptions or estimates on whiCh the ForeCasts and CalCulations are based. IES and MKE make no representation or warranty that any CalCulation, projeCtion, assumption or estimate Contained in this report should or will be achieved. The relianCe that the ReCipient places upon the CalCulations and projeCtions in this report is a matter For the ReCipient’s own CommerCial judgement and IES acCepts no responsibility whatsoever For any loss oCCasioned by any person acting or reFraining From action as a result oF relianCe on this report. Intelligent Energy Systems IESREF: 5973 ii FINAL Executive Summary Introduction Intelligent Energy Systems Pty Ltd (“IES”) and Mekong EConomiCs (“MKE”) have been retained by World Wild Fund For Nature Greater Mekong Programme OFFiCe (“WWF-GMPO”) to undertake a projeCt Called “ProduCe a Comprehensive report outlining alternatives For power generation in the Greater Mekong Sub-region”. This is to develop sCenarios For the Countries oF the Greater Mekong Sub-region (GMS) that are as Consistent as possible with the WWF’s Global Energy Vision to the Power SeCtors oF all Greater Mekong Subregion Countries.
    [Show full text]
  • ESCAPING POVERTY – OR TAXES? a Danwatch Investigation of Tax Planning Opportunities in IFC-Supported Extractives Projects in Developing Countries
    ESCAPING POVERTY – OR TAXES? A DanWatch investigation of tax planning opportunities in IFC-supported extractives projects in developing countries October 2011 Content RESEARCH: DANWATCH OCTOBER 2011 1. Summary & key findings....................................... p. 3 RECOMMENDATIONS: IBIS 2. Research methodology.......................................... p. 4 This is an independent DanWatch study conducted in accordance with Dan- Watch’s ethical guidelines and international principles on the conduct of journal- 3. IFC on tax.............................................................. p. 4 ists. DanWatch is fully responsible for the contents of the study. DanWatch is an independent non-profit research centre and media that investi- 4. IFC extractive-clients’ corporate structures......... p. 5 gates corporations’ impact on humans and the environment globally. The study is commissioned by the Danish development organisation IBIS. Based on DanWatch’s findings IBIS has provided a number of recommendations for 5. IFC extractive-clients’ tax planning...................... p. 7 IFC that are attached to the end of the report. 6. The case of Yanacocha.......................................... p. 8 7. Government efforts against tax planning............. p. 10 8. Transparency on payments to governments........ p. 11 9. Recommendations from IBIS to IFC.................... p. 12 2 1. Summary Key findings The World Bank’s private-sector entity - the In- The report identifies two key aspects of corporate tax An example from an OECD Policy Brief on the tax ternational Finance Corporation (IFC) - seeks planning that IFC extractive-clients can use to erode effects of FDI shows that: a company can reduce its to increase tax payments to the government in the host countries’ tax base: average tax rate on a foreign direct investment from developing countries through supporting their 30 pct.
    [Show full text]
  • South China Sea Overview
    ‹ Countries South China Sea Last Updated: February 7, 2013 (Notes) full report Overview The South China Sea is a critical world trade route and a potential source of hydrocarbons, particularly natural gas, with competing claims of ownership over the sea and its resources. Stretching from Singapore and the Strait of Malacca in the southwest to the Strait of Taiwan in the northeast, the South China Sea is one of the most important trade routes in the world. The sea is rich in resources and holds significant strategic and political importance. The area includes several hundred small islands, rocks, and reefs, with the majority located in the Paracel and Spratly Island chains. Many of these islands are partially submerged land masses unsuitable for habitation and are little more than shipping hazards. For example, the total land area of the Spratly Islands encompasses less than 3 square miles. Several of the countries bordering the sea declare ownership of the islands to claim the surrounding sea and its resources. The Gulf of Thailand borders the South China Sea, and although technically not part of it, disputes surround ownership of that Gulf and its resources as well. Asia's robust economic growth boosts demand for energy in the region. The U.S. Energy Information Administration (EIA) projects total liquid fuels consumption in Asian countries outside the Organization for Economic Cooperation and Development (OECD) to rise at an annual growth rate of 2.6 percent, growing from around 20 percent of world consumption in 2008 to over 30 percent of world consumption by 2035. Similarly, non-OECD Asia natural gas consumption grows by 3.9 percent annually, from 10 percent of world gas consumption in 2008 to 19 percent by 2035.
    [Show full text]
  • Annual Report and Accounts 2014 Accounts and Report Annual
    and Accounts 2014 Annual Report Ophir Energy plc Annual Report and Accounts 2014 Ophir Energy creates value by finding resources and then monetising them at the appropriate time. The Group has an extensive and diverse Read more at portfolio of assets in Africa and Asia and is listed ophir-energy.com on the London Stock Exchange (FTSE 250). Ophir diversifies funding model through acquisition of Salamander Energy During 2014 Ophir agreed to acquire Salamander Energy. This acquisition provides Ophir with an Asian operating platform, with a cash generative production base that is resilient at low oil prices and will part fund the resource finding business. Review of operations page 22 Contents Strategic report 2 Financial statements 95 Overview Independent Auditor’s report 95 Financial and operational highlights in 2014 2 Consolidated income statement and Market overview 4 statement of comprehensive income 98 Business model 6 Consolidated statement of financial position 99 Chairman’s statement 8 Consolidated statement of changes in equity 100 Consolidated statement of cash flows 101 Strategy Notes to the financial statements 102 Chief Executive’s review 10 Statement of Directors’ responsibilities Strategy and key performance indicators 12 in relation to the Company financial statements 132 Principal risks and uncertainties 18 Company statement of financial position 133 Performance Company statement of changes in equity 134 Review of operations 22 Company statement of cash flows 135 Financial review 34 Notes to the financial statements 136
    [Show full text]
  • The World Bank Group in Extractive Industries
    Public Disclosure Authorized THE WORLD BANK GROUP IN Public Disclosure Authorized EXTRACTIVE INDUSTRIES Public Disclosure Authorized 2012 ANNUAL REVIEW Public Disclosure Authorized i Table of Contents Abbreviations and Acronyms ............................................................................................................. iii Executive Summary ............................................................................................................................ v I. The World Bank Group in the Extractives Sector .......................................................................... 7 II. WBG – EI Financing in FY2012 ..................................................................................................... 7 IBRD & IDA ............................................................................................................................. 8 IFC .......................................................................................................................................... 8 MIGA ..................................................................................................................................... 10 III. Partnerships and Initiatives....................................................................................................... 11 Extractive Industries Transparency Initiative .......................................................................... 11 Global Gas Flaring Reduction Partnership (GGFR) ............................................................... 12 Petroleum
    [Show full text]
  • The Mineral Industry of Indonesia in 2009
    2009 Minerals Yearbook INDONESIA U.S. Department of the Interior September 2011 U.S. Geological Survey THE MINERAL INDUSTRY OF INDONESIA By Chin S. Kuo Indonesia is rich in mineral resources, including coal, copper, in December 2008. Ministries with vested interests in the gold, natural gas, nickel, and tin. The country also has less regulations, such as the Ministries of Finance and Forestry, had significant quantities of bauxite, petroleum, and silver. The not responded to the drafts proposed by the Ministry of Energy country’s industrial production came from the cement, metal and Mineral Resources. The mining sector was unlikely to have mining, and oil and gas industries. Indonesia was among the new projects in the near future as the Government stopped five leading producers of copper and nickel in the world and its issuing new mining permits until the regulations were made tin output was ranked second after China. It was also ranked final. Mining investment fell below $1 billion in 2009 because among the world’s top 10 countries in the production of gold of the uncertainty in the new mining and coal law. BHP Billiton and natural gas. Indonesia was one of the leading exporters of Ltd. of Australia scrapped a study to develop an integrated liquefied natural gas (LNG) (after Qatar) but was a net importer nickel project on Sulawesi Island and the development of a coal of oil. mine in Central Kalimantan Province. Tsingshan Mineral Co. of China scrapped a $500 million nickel project in North Maluku Minerals in the National Economy Province. The new mining law also requires foreign investors to divest shares either to the Government, a state-owned enterprise, Indonesia’s real gross domestic product (GDP) growth was or a local private entity after the fifth year of commercial 4.5% in 2009.
    [Show full text]
  • Seismic Reflections
    9 December 2011 Seismic reflections Listening out for the Falklands jungle drums Interest in Falklands oil exploration has dwindled during 2011 as investors limit exposure to the frontier region. However, with Rockhopper nearing the end of its extended Sea Lion appraisal campaign, a second discovery having been confirmed in the shape of Casper, and most critically the Leiv Eiriksson drilling rig coming over the horizon to start drilling in the South Falklands Basin, we expect interest to pick up significantly in the new year. Enthusiasm may not reach the peaks of 2010’s hysteria, but the region continues to offer some of the cheapest proven oil in the ground along with Analysts excellent upside for the frontier exploration investor. Ian McLelland +44 (0)20 3077 5756 Colin McEnery +44 (0)20 3077 5731 Press coverage dries up Peter J Dupont +44 (0)20 3077 5741 Elaine Reynolds +44 (0)20 3077 5700 Column inches during 2010 became as inflated as valuations when Rockhopper Krisztina Kovacs +44 (0)20 3077 5700 bagged its maiden discovery at Sea Lion. However, more recently front page [email protected] spreads have been replaced with only the briefest of mentions. Indeed, confirmation 130 last month of a second discovery in the shape of Casper was greeted in one 120 110 leading trade journal with a paltry one inch of text and 36 words. 100 90 Investors take flight 80 Despite the almost heroic efforts of Rockhopper to fully appraise its Sea Lion 70 prospect, with eight appraisal wells almost all on prognosis and two flow tests Jul/11 Apr/11 Oct/11 Jan/11 Jun/11 Feb/11 Mar/11 Aug/11 Nov/11 Dec/10 Sep/11 May/11 Brent WTI driving resource estimates up to 389mmbbls, the interest in the North Falklands Basin has continued to wane.
    [Show full text]
  • Oil Prices: Cause and Effect 1
    Oil Prices: Cause and Effect 1 Briefing note 10 March 2015 Oil Prices: Cause and Effect The global price of oil had been relatively stable at about US$110 a barrel for the last 4-5 years. However, the increased shale oil production in the US combined with lower global demand for oil has recently led to a plunge in oil prices. Oil prices have fallen significantly since June 2014. The decline, together with uncertainty about where oil prices will settle, has created sudden downward pressure in the oil & gas sector and has given rise to a need to re-visit business planning and strategy, at least in the short term. Some of the key themes that we have seen and expect to continue with the increased volatility in oil prices are set out below. Impact on oil exporting defaults by oil-producing countries in their contractual countries obligations Key issues The fall in oil prices will have a debt and loan defaults Impact on oil exporting significant impact on countries (like sovereign debt refinancing countries Venezuela, Nigeria and Russia) for oil-producing countries seeking to Review of current project which oil exports make up a large increase their "take" of revenue arrangements proportion of their income. under petroleum agreements at Long term LNG contracts Venezuela, which was already the expense of oil companies, against a strengthening US suffering the effects of inflation, will including through expropriative dollar likely need prices of US$120 per actions Merger and acquisition barrel if it is to fund important social It would be prudent to consider what opportunities programmes and Nigeria has had to provisions should be included in devalue its currency as a result of the future contracts with sovereign states common.
    [Show full text]
  • Report and Accounts Year Ended 31 March 2014 Report and Accounts Year Ended 31 March 2014
    REPORT AND ACCOUNTS REPORT REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2014 YEAR ENDED 31 MARCH 2014 HOME PHONE BROADBAND MOBILE GAS ELECTRICITY HOME PHONE BROADBAND MOBILE GAS ELECTRICITY TELELCOM PLUS PLC, NETWORK HQ , 333 EDGWARE ROAD, LONDON NW9 6TD COMPANY NUMBER 3263464 REGISTERED OFFICE Network HQ, 333 Edgware Road, London NW9 6TD SECRETARY David Baxter ACA STOCKBROKERS Peel Hunt Ltd Moor House 120 London Wall, London EC2Y 5ET SOLICITORS Nabarro LLP Lacon House, Theobald’s Road, London WC1X 8RW AUDITORS BDO LLP 55 Baker Street, London W1U 7EU BANKERS Barclays Bank PLC 1 Churchill Place, London E14 5HP REGISTRARS Capita Asset Services The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU CONTENTS Strategic Report Financial and Operating Highlights 3 Our Services 5 Chairman’s Statement 6 Chief Executive’s Review 11 • Markets 11 • Business model 11 • Strategy 11 • Operational performance and non-financial KPIs 12 Financial Review 18 Principal Risks and Uncertainties 24 People and Organisation 29 Corporate Responsibility 32 Governance Board of Directors 34 Corporate Governance Statement 36 Nomination Committee Report 43 Audit Committee Report 44 Directors’ Remuneration Report 48 Directors’ Report 68 Directors’ Responsibilities 72 Financial Statements Independent Auditor’s Report 74 Financial Statements 78 Notes to the Financial Statements 83 Telecom Plus PLC Report and Accounts 2014 1 The Utility Warehouse Discount Club Benefits of membership include: • A single monthly bill • Substantial savings • Award-winning customer service • Up
    [Show full text]
  • RKH Capmark Section 01Introduction
    ROCKHOPPER EXPLORATION PLC CAPITAL MARKETS PRESENTATION 13 SEPTEMBER 2011 4 CHISWELL STREET LONDON SEPTEMBER 2011 1 ROCKHOPPER EXPLORATION PLC CAPITAL MARKETS PRESENTATION SEPTEMBER 2011 2 ROCKHOPPER EXPLORATION PLC CAPITAL MARKETS PRESENTATION SESSION 1 INTRODUCTION SAM MOODY CHIEF EXECUTIVE OFFICER SEPTEMBER 2011 3 ROCKHOPPER EXPLORATION PLC CAPITAL MARKETS PRESENTATION SAM MOODY – CHIEF EXECUTIVE OFFICER DAVE BODECOTT – EXPLORATION DIRECTOR PETER DIXON‐CLARKE – FINANCE DIRECTOR FIONA MACAULAY – GEOLOGY & GEOPHYSICS MANAGER ANDY MORRISON – OPERATIONS MANAGER PAUL CULPIN – DEVELOPMENT MANAGER SEPTEMBER 2011 4 INTRODUCTION BOARD OF DIRECTORS DR PIERRE JUNGELS CBE Chairman JOHN CROWLE Non‐Executive Director PhD Geophysics & Hydraulics, California Institute of Trained geologist Technology E&P experience from BP, LASMO, Enterprise Oil and Previously at Shell, PetroFina SA, Enterprise Oil Shell, Director at Salamander Energy SAM MOODY CEO CHRIS WALTON Non‐Executive Director Co‐founder of Rockhopper Finance Director at Easyjet from 1999 to 2005 where Previously at AXA Equity & Law Investment he successfully directed its IPO in 2000 Management, St Paul’s Investment Management Previously at BP Australia, RTZ Hamersley Iron PETER DIXON‐CLARKE Finance Director DAVID McMANUS Non‐Executive Director Qualified as a chartered accountant with Deloitte & Touche Petroleum Engineer with 35 years experience in the Oil and Finance Director at Goshawk plc for its refinancing and sale Gas industry. Previously with Shell, Ultramar, ARCO and BG Group DAVE BODECOTT
    [Show full text]
  • Project Experience, 2016 - Total Hazardous and Integrated Solutions Ltd (THIS).Xlsx
    Project Experience, 2016 - Total Hazardous and Integrated Solutions Ltd (THIS).xlsx Period Company Country Project Title Scope of Work Contaminants Mercury Semi-automated Tank Cleaning, Offshore Vessel Hydrocarbon Sludge 2016 Coastal Energy (CEC) Thailand Chemical Cleaning, Hydrocarbon Cleaning VOC Decontamination LEL Mercury Speciation Analysis, Mercury Mapping, Mercury MRU Performance 2015 Coastal Energy (CEC) Thailand Volatalisation Study, MRU Mercury Assessment Consultancy, MRU Performance Assessment Assessment of PPE Usage and Practices, Re-assessment for Mercury 2015 Coastal Energy (CEC) Thailand PPE Assessment Combination Contaminants, Re- H2S assessment for Working Conditions CO2 & Performance Degradation Mercury Decontamination, HazMat Mercury Supervision, Facility Containment, Mercury 2015 ITT Fluid Technology Thailand Decontamination of Waste Management, Specialist PPE, Mercury Oxide Multi-Stage Pump *Working with Mercury at Elevated Temperatures, IDLH* Mercury Decontamination of Mercury 2015 Coastal Energy (CEC) Thailand MRU Pre-Installation Carbon Steel Prior to Hot Works Mercury Oxide Mercury Overview, Removal Technologies & Applications, Decontamination, Biological Mercury Management Mercury 2015 Petronas Malaysia Monitoring, Procedure Writing, Training Mercury Compounds Legal Compliance, Sampling Techniques & Procedures, Specialist PPE NOTE: Projects marked (*) were Designed, Performed and/or Managed by THIS Personnel under previously part-owned company and have been included for experience reference only. Project Experience,
    [Show full text]
  • 1 Modelling Oil and Gas Stock Returns Using Multi Factor Asset Pricing
    Modelling oil and gas stock returns using multi factor asset pricing model including oil price exposure Abstract Oil and gas is one of the most important sectors in every economy and the valuation of oil and gas companies becomes quite challenging due to the volatility of crude oil price. The paper investigates the determinants of the UK oil and gas stock returns using multi factor asset pricing model and the existence of asymmetric effects in the Brent crude oil price. Our results show that market risk, oil price risk, size and book-to-market related factors are all relevant in the determination of asset returns of the oil and gas companies quoted on the London stock exchange. Oil price increases and decreases decomposed separately have more effect on the oil companies’ stock returns than the normal log changes of the price which shows the presence of asymmetric effect. However, the oil price shocks in general do not seem to strongly affect stock returns in oil and gas sector possibly due to horizontal and vertical integration of bigger companies in the sector. Keywords: asset pricing models, Brent crude oil, asymmetry in oil price, size effect, book to market ratio, oil and gas sector, oil price exposure, structural breaks. JEL Classification Codes: G12 1 1. Introduction One of the biggest challenges in the field of finance is how to effectively model the risk and return of financial securities. Researchers have formulated various asset pricing models that tend to explain the determinants of asset returns. Markowitz’s (1952) mean-variance analysis provides the foundations of portfolio optimisation.
    [Show full text]