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Goil Annual Report 18 Final

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Goil Annual Report 18 Final Ghana Oil Company Limited 2018 Annual Report Accountants & business advisers Ghana Oil Company Limited CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2018 Good energy Good energy GHANA OIL COMPANY LIMITED ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 CONTENTS COMPANY INFORMATION 1 NOTICE OF 50TH ANNUAL GENERAL MEETING 2 RESOLUTIONS 3- 4 BOARD OF DIRECTORS 5 MANAGEMENT TEAM 6 CHAIRMAN’S SPEECH 7-11 REPORT OF THE DIRECTORS 14-15 REPORT OF THE AUDITOR 16- 19 STATEMENT OF COMPREHENSIVE INCOME 20 STATEMENT OF FINANCIAL POSITION 21 STATEMENT OF CHANGES IN EQUITY 22 STATEMENT OF CASH FLOW 23 GENERAL INFORMATION AND SUMMARY OF 24-36 SIGNIFICANT ACCOUNTING POLICIES OTHER NOTES TO THE FINANCIAL STATEMENTS 37-55 PROXY FORM 56-57 Company Information BOARD OF DIRECTORS: Hon. Kwamena Bartels Chairman Mr. Patrick Akpe Kwame Akorli Group CEO & MD Mr. Thomas Ko Manu Member Hon. Kwame Osei-Prempeh Member Mr. Beauclerc Ato Williams Member Mrs. Beatrix Agyeman Prempeh Member Mr. Robert Owusu Amankwah Member Mrs. Rhoderline Baafour-Gyimah Member Mr. Stephen Abu Tengan Member BANKERS: SECRETARY Nana Ama Kusi-Appouh GCB Bank Limited Standard Chartered Bank Ghana Limited AUDITORS Barclays Bank of Ghana Limited PKF Ecobank Ghana Limited Chartered Accountants Farrar Avenue Universal Merchant Bank Ghana Limited P.O. Box 1219 Accra Agricultural Development Bank Prudential Bank Limited Zenith Bank (Ghana) Limited REGISTERED OFFICE First Atlantic Bank Limited D 659/4, Kojo Thompson Road, National Investment Bank P. O. Box GP3183 Accra. Societe General Ghana Limited Stanbic Bank Ghana Limited United Bank for Africa (Ghana) Limited Ghana Oil Company Limited ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 2018 1 Notice Of 50th Annual General Meeting NOTICE IS HEREBY GIVEN that the 50th Annual General Meeting of the Shareholders of Ghana Oil Company Limited will be held at the Auditorium, College of Physicians and Surgeons, Ridge, Accra on Thursday, 23rd May, 2019 at 11:00 am for the transaction of the following business: AGENDA ORDINARY BUSINESS 1. To receive and consider the reports of the Directors and the Auditors and the Finan- cial Statements of the Company for the year ended December 31, 2018. 2. To declare a dividend for the year ended December 31, 2018 3. To elect Directors retiring by rotation 4. To authorise the Directors to fix the remuneration of the Auditors 5. To fix the remuneration of the Directors SPECIAL BUSINESS 1. To change the company’s name from Ghana Oil Company Limited to GOIL Company Limited. 2. To alter its Regulations to reflect the name change from Ghana Oil Company Limited to GOIL Company Limited. 3. To be the local content partner of Exxon Mobil Exploration and Production Ghana (Deepwater) Limited through its wholly owned subsidiary, GOIL OFFSHORE COMPANY LIMITED, in its exploration activities in respect of Deepwater Cape Three Points Block (DWCTP) Offshore of the Republic of Ghana. Dated this 7th day of March, 2019. BY ORDER OF THE BOARD Nana Ama Kusi-Appouh Company Secretary A member of the Company entitled to attend and vote at the above Meeting is entitled to appoint a proxy to attend and vote instead of him. A proxy need not be a member of the Company. Completed proxy forms should be deposited at the Registered Office, D659/4, Kojo Thompson Road, P. O. Box, GP3183, Accra not less than 48 hours before the appointed time of the meeting. Failure to submit the forms before the 48th hours deadline will result in the Proxy not being admitted to or participating in the meeting. A Form of Proxy to be used Ghana Oil Company Limited ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 2018 2 Resolutions To Be Passed At The Annual General Meeting 8. To be the Local Content Partner of Exxon Mobil Exploration and Production Ghana (Deepwater) Limited through its wholly owned subsidiary, GOIL OFFSHORE COMPANY LIMITED, in its exploration activities in respect of Deepwater Cape Three Points Block The Board of Directors will be proposing the following resolutions, which will be put to the (DWCTP) Oshore of the Republic of Ghana. Annual General Meeting In accordance with Regulation 4 (2) of Petroleum Local Content and Local Participation Regulations 2013 (Legislative Instrument 2204) to partner Exxon Mobil by providing 5% 1. To Receive the 2018 Accounts equity participation in their exploration activities in the Deepwater Cape Three Points The Board shall propose the acceptance of the 2018 Accounts as the true and fair view of the state Block. of aairs of the Company for the year ended 31st December, 2018 and of its performance for the year then ended. 2. To Declare a Dividend The Directors recommend the payment of a dividend of GH₵0.042_____ per share amounting to GH₵16,458,251.00___________ for the year ended 31st December 2018. 3. To Elect Directors Retiring by Rotation In accordance with Section 298 (a, b & d) of the Companies Act 1963, Act 179 and Regulation 88 of the Company’s Regulations the following Directors who are retiring by rotation but are eligible for re-election shall be re-elected as Directors: Mr. Beauclerc Ato William Mrs. Rhoderline Baour-Gyimah Mrs. Beatrix Agyeman Prempeh 4. To Authorise the Directors to Fix the Remuneration of the Auditors In accordance with Section 134 (6a) and Section 134 (11a) of the Companies Act 1963, Act 179, Messrs Pannell Kerr Forster will continue in oce as Auditors of the Company. The Board will request from members their approval to x the remuneration of the Auditors. 5. To Fix the Remuneration of the Directors The Board will request from members their approval to x the remuneration of the Directors. 6. To change the company’s name from Ghana Oil Company Limited to GOIL Company Limit- ed. In accordance with Section 15 of the Companies Act 1963, Act 179, change its company name from Ghana Oil Company Limited to GOIL Company Limited. 7. To alter its Regulations to reect the name change from Ghana Oil Company Limited to GOIL Company Limited. In accordance with Section 22 of the Companies Act 1963, Act 179 alter its Regulations to reect the name change. Ghana Oil Company Limited ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 2018 3 Resolutions To Be Passed At The Annual General Meeting 8. To be the Local Content Partner of Exxon Mobil Exploration and Production Ghana (Deepwater) Limited through its wholly owned subsidiary, GOIL OFFSHORE COMPANY LIMITED, in its exploration activities in respect of Deepwater Cape Three Points Block The Board of Directors will be proposing the following resolutions, which will be put to the (DWCTP) Oshore of the Republic of Ghana. Annual General Meeting In accordance with Regulation 4 (2) of Petroleum Local Content and Local Participation Regulations 2013 (Legislative Instrument 2204) to partner Exxon Mobil by providing 5% 1. To Receive the 2018 Accounts equity participation in their exploration activities in the Deepwater Cape Three Points The Board shall propose the acceptance of the 2018 Accounts as the true and fair view of the state Block. of aairs of the Company for the year ended 31st December, 2018 and of its performance for the year then ended. 2. To Declare a Dividend The Directors recommend the payment of a dividend of GH₵_____ per share amounting to GH₵___________ for the year ended 31st December 2018. 3. To Elect Directors Retiring by Rotation In accordance with Section 298 (a, b & d) of the Companies Act 1963, Act 179 and Regulation 88 of the Company’s Regulations the following Directors who are retiring by rotation but are eligible for re-election shall be re-elected as Directors: Mr. Beauclerc Ato William Mrs. Rhoderline Baour-Gyimah Mrs. Beatrix Agyeman Prempeh 4. To Authorise the Directors to Fix the Remuneration of the Auditors In accordance with Section 134 (6a) and Section 134 (11a) of the Companies Act 1963, Act 179, Messrs Pannell Kerr Forster will continue in oce as Auditors of the Company. The Board will request from members their approval to x the remuneration of the Auditors. 5. To Fix the Remuneration of the Directors The Board will request from members their approval to x the remuneration of the Directors. 6. To change the company’s name from Ghana Oil Company Limited to GOIL Company Limit- ed. In accordance with Section 15 of the Companies Act 1963, Act 179, change its company name from Ghana Oil Company Limited to GOIL Company Limited. 7. To alter its Regulations to reect the name change from Ghana Oil Company Limited to GOIL Company Limited. In accordance with Section 22 of the Companies Act 1963, Act 179 alter its Regulations to reect the name change. Ghana Oil Company Limited ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 2018 4 Booard of Directors Hon. Kwamena Bartels Chairman Hon. Kwame Osei-Prempeh Mr Robert Owusu Amankwah Member Member Mr Patrick Akpe Kwame Akorli Group CEO & MD Mrs Beatrix Agyeman Prempeh Mrs Rhoderline Baafour-Gyimah Member Member Mr Thomas Kofi Manu Member Mr Beauclerc Ato Williams Mr Stephen Abu Tengan Member Member Ghana Oil Company Limited ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 2018 5 Management Team Mr. Patrick Akpe Kwame Akorli Group CEO & Managing Director Mr. Gyam Amanquah Mr. Alex Josiah Adzew Chief Operating Ocer, Goenergy Chief Operating Ocer, GOIL Mr. Cyril Opon Mr. Erasmus Ofori Sarkwa Mr. Benjamin Torkornoo Mr. Anthony Twumasi Head, Administration & Head, Finance Head, Operations Head, Research, Planning & Human Resource Information Technology Mr. Marcus Deo Dake Ms. Nana Ama Kusi-Appouh Mr. John Botchway Tagoe Head, Fuels Marketing Solicitor Secretary Head, Technical & Special Products Mr. Martin Olu-Davies Mr. Benjamin Ocansey Mr. Ko Ansah-Otoo Head, Health, Safety, Head, Corporate Aairs Chief Internal Auditor Security & Environment Ghana Oil Company Limited ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS 2018 6 Chairman’s Speech Dear Shareholders, Ladies and Gentlemen, it is my singular privilege to once again welcome you to our annual general meeting.
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