Seismic Reflections
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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. -
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. -
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. -
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. -
Annual Report 2012
Caledonia Investments Annual report 2012 Annual report Investments Caledonia Caledonia Investments plc Cayzer House Annual report 2012 30 Buckingham Gate Year ended 31 March 2012 London SW1E 6NN tel 020 7802 8080 fax 020 7802 8090 email [email protected] web www.caledonia.com www.caledonia.com Caledonia Investments plc Annual report 2012 85 Chairman Auditor Overview Caledonia is a self‐managed investment company James R H Loudon2 KPMG Audit Plc 1 Company highlights with net assets of £1.1bn, listed on the London 15 Canada Square 2 Chairman’s statement Executive directors Canary Wharf 4 Chief Executive’s report Stock Exchange. Acquired by the Cayzer family William P Wyatt (Chief Executive) London E14 5GL 7 Investment model Stephen A King (Finance Director) in 1951 as a holding company for their various The Hon Charles W Cayzer Registrars Jamie M B Cayzer‐Colvin Capita Registrars Business review shipping interests, Caledonia came into its The Registry 8 Investment review own as an investment company in 1987. It still Non-executive directors 34 Beckenham Road 12 Quoted pool Charles M Allen‐Jones (Senior Independent)1,2,3,4 Beckenham 2,3,4 16 Unquoted pool enjoys the backing of the Cayzer family, who Mark E T Davies Kent BR3 4TU Richard Goblet d’Alviella1 Tel: 0871 664 0300 (calls cost 10p per minute 20 Asia pool collectively own some 47% of the share capital Charles H Gregson1,2,3,4 including VAT, plus network extras) 24 Property pool Roderick D Kent2,4 and from whom it derives its unique long term +44 20 8639 3399 if calling from overseas 26 Funds pool David G F Thompson1,2,3,4 Robert B Woods CBE2,3,4 28 Income & Growth pool investment horizon. -
Why Mandatory Disclosures Matter for Indonesia Disclosures Matter for Indonesia
Case Study Why mandatory Why mandatory disclosures matter for Indonesia disclosures matter for Indonesia MELIANA LUMBANTORUAN PWYP INDONESIA CONTEXT PROJECT ACTIVITIES The global transparency wave has reached Indonesia. This project used companies’ mandatory disclosure Initiatives such as the Extractive Industries Transparency from 2014 and 2015, published by companies listed on Initiative (EITI) are bringing more transparency to EU and Norwegian stock exchanges. Through that we Indonesia and the mandatory disclosures laws of the EU found that at least seven of these companies operate in have led to more data on extractive activities in Indonesia Indonesia, i.e. Royal Dutch Shell, British Petroleum (BP), becoming available. But the oil, mining and gas industries BHP Billiton, Premier Oil, TOTAL Oil, the Jardine Matheson are still among the most corrupt sectors and accessing / PT. Astra International Tbk. Their reports were used to relevant data on the amount of production, marketing, find how much was paid by them in 2014 and 2015. Beyond shipment and payment of taxes and other company payments data, we also looked at what other kind of financial liabilities is difficult. information related to the extractive sector are difficult to get in Indonesia. In Indonesia, ranked 90th out of 176 in Transparency International’s Corruption Perception Index 2016, the data from the three EITI reports published so far (between 2009 Table 1 The total value of VALUE OF YEAR (USD) and 2013) is incomplete and out of date. Disclosing data payments disclosure by seven EU companies to COMPANY NAME 2014 2015 will therefore not be enough to ensure accountability. Indonesia’s government The data also needs to used in a meaningful way by a (2014-2015) Statoil 5,158,730 (8,101,737) range of stakeholders, including civil society. -
View Annual Report
ANNUAL REPORT & ACCOUNTS 2000 www.premier-oil.com 01 HIGHLIGHTS 26 CORPORATE GOVERNANCE 02 CHAIRMAN’S STATEMENT 28 REPORT OF THE DIRECTORS 04 CHIEF EXECUTIVE’S REVIEW 30 REMUNERATION REPORT 06 OPERATIONAL REVIEW: 34 STATEMENT OF DIRECTORS’ RESPONSIBILITIES 08 Indonesia, Pakistan 34 AUDITORS REPORT 10 West Natuna case study 12 Myanmar, North West Europe, Albania 35 ACCOUNTING POLICIES 14 Yetagun case study 37 CONSOLIDATED PROFIT AND LOSS ACCOUNT 16 FINANCIAL REVIEW 37 CONSOLIDATED STATEMENT OF TOTAL 20 TAKING CARE OF BUSINESS RECOGNISED GAINS AND LOSSES 23 HEALTH & SAFETY 37 GROUP RECONCILIATION OF MOVEMENT IN SHAREHOLDERS’ FUNDS 24 BOARD OF DIRECTORS 38 BALANCE SHEETS 39 CONSOLIDATED CASH FLOW STATEMENT 40 NOTES TO THE ACCOUNTS 58 FIVE YEAR SUMMARY 58 SHAREHOLDER INFORMATION 59 RESERVES 60 LICENCE INTERESTS bcf billion cubic feet boe barrels of oil equivalent boepd barrels of oil equivalent per day bopd barrels of oil per day bpd barrels per day EWT extended well test LIBOR London Inter Bank Offer Rate mboepd thousand barrels of oil equivalent per day mmbbls million barrels mmboe million barrels of oil equivalent mmscfd million standard cubic feet per day NGLs natural gas liquids NGOs Non-Government Organisations tcf trillion cubic feet HIGHLIGHTS IMPROVED FINANCIAL POSITION • Turnover increased by £26.2 million to £115.7 million • Operating profit of £35.2 million for the year • Net profit after tax of £6.1 million • Revolving bank facility successfully re-financed at $250 million MAJOR DEVELOPMENTS ON TRACK • Myanmar – operated $650 -
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 -
Blackrock Strategic Funds Unaudited Interim Report and Accounts
BlackRock Strategic Funds Unaudited Interim Report and Accounts 30 November 2010 BlackRock Strategic Funds, SICAV Investment Fund incorporated under Luxembourg Law R.C.S. Luxembourg: B 127481 Contents Chairman’s Shareholder Letter 2 Investment Manager’s Report 3 Board of Directors 5 Management and Administration 5 Statement of Net Assets 6 Three year summary of Net Asset Values 10 Statement of Operations and Changes in Net Assets 14 Statement of Changes in Shares Outstanding 16 Portfolio of Investments 20 BlackRock European Absolute Return Fund 20 BlackRock European Opportunities Absolute Return Fund 22 BlackRock European Opportunities Extension Strategies Fund 25 BlackRock European Diversified Equity Absolute Return Fund 28 BlackRock Fixed Income Strategies Fund 43 BlackRock Fund of iShares - Conservative 48 BlackRock Fund of iShares - Dynamic 49 BlackRock Fund of iShares - Growth 50 BlackRock Fund of iShares - Moderate 51 BlackRock Global Currency Absolute Return Fund 52 BlackRock Latin American Opportunities Fund 53 Notes to the Financial Statements 54 General Information 59 Appendix I: Total Expense Ratio 60 Appendix II: Portfolio Turnover Rates 61 Appendix III: Performance 62 Subscriptions may be made only on the basis of the current Prospectus, together with the most recent audited annual report and accounts and unaudited interim report and accounts. Copies are available from the Investor Services Centre, the Transfer Agent, the Manager or any of the Distributors. Unaudited Interim Report and Accounts 1 Chairman’s Shareholder Letter November 2010 Dear Shareholder I am writing to update you on the activities of BlackRock Strategic Funds (BSF / the Company), our Luxembourg UCITS Fund range providing clients with access to BlackRock investment products which seek to take full advantage of the investment powers incorporated in the UCITS III directive. -
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. -
1BN) Africa Gas Rush Imperils $100 Billion in Australian LNG: En Ergy
1BN) Africa Gas Rush Imperils $100 Billion in Australian LNG: En ergy +------------------------------------------------------------------------------+ Africa Gas Rush Imperils $100 Billion in Australian LNG: Energy 2012-08-30 02:29:08.17 GMT By Eduard Gismatullin and James Paton Aug. 30 (Bloomberg) -- The discovery along Africa’s east coast of the world’s biggest gas finds in a decade threatens to undo investment plans on the other side of the Indian Ocean. Royal Dutch Shell Plc, BG Group Plc of the U.K. and France’s Total SA may scale back projects to build liquefied natural gas export plants in Australia and switch to Tanzania and Mozambique, where the new prospects lie and will cost about half as much, according to Jefferies International Ltd. The LNG boom in Australia, where $180 billion of planned investment was set to make gas the country’s fastest-growing export over the next five years, risks losing strength as labor and material shortages force up building costs. As energy companies consider the next $100 billion of projects, a switch to East Africa would hold back Australia’s market share in China and India, where energy consumption is forecast rise more than 60 percent by 2030. “Because of the volume that’s been discovered in East Africa, the economics look to be able to challenge Australian LNG projects, given the cost inflation they have experienced,” said Peter Hutton, an RBC Capital Markets analyst in London. “All companies will have that on their radar.” The Asian market for LNG, gas that’s chilled to a liquid for shipment by tanker, accounts for about two-thirds of global demand and will grow by 6 percent a year this decade, according to Sanford C. -
Glasgow City Council Strathclyde Pension Fund Committee Report By
ITEM 5(a) Glasgow City Council 10th September 2008 Strathclyde Pension Fund Committee Report by Executive Director of Financial Services Contact: Richard McIndoe Ext: 77383 Corporate Governance – Report to 30th June 2008 Purpose of Report: To advise the Committee of progress during the quarter in respect of the Fund’s Corporate Governance policy, and to confirm investment managers’ compliance with the policy. Recommendation: The Committee is asked to NOTE the contents of this report. Ward No(s): Citywide: 9 Local member(s) advised: Yes No consulted: Yes No PLEASE NOTE THE FOLLOWING: Any Ordnance Survey mapping included within this Report is provided by Glasgow City Council under licence from the Ordnance Survey in order to fulfil its public function to make available Council-held public domain information. Persons viewing this mapping should contact Ordnance Survey Copyright for advice where they wish to licence Ordnance Survey mapping/map data for their own use. The OS web site can be found at <http://www.ordnancesurvey.co.uk> " If accessing this Report via the Internet, please note that any mapping is for illustrative purposes only and is not true to any marked scale 1 1. Background The importance of Corporate Governance and Proxy Voting have long been recognised. The Cadbury Report in 1992, commissioned in response to continuing concern about companies’ standards of financial reporting and accountability and to controversy over directors’ pay clearly stated that “given the weight of their votes, the way in which institutional shareholders use their power to influence the standards of corporate governance is of fundamental importance.” In January 2004, Paul Myners’ report to the Shareholder Voting Working Group re-iterated this.