Category: jtbaluwu

TSL Limited (TSL.zw) 2009 Annual Report

first_imgTSL Limited (TSL.zw) listed on the Zimbabwe Stock Exchange under the Industrial holding sector has released it’s 2009 annual report.For more information about TSL Limited (TSL.zw) reports, abridged reports, interim earnings results and earnings presentations, visit the TSL Limited (TSL.zw) company page on AfricanFinancials.Document: TSL Limited (TSL.zw)  2009 annual report.Company ProfileTSL Limited, listed on the Zimbabwe Stock Exchange, participates in the auctioning of tobacco, printing and packaging, supply of inputs to agriculture, storage and distribution services. The Company was founded in 1957 and through the energetic pursuit and implementation of a diversification strategy has grown to become a significant player in its chosen spheres of operation.last_img read more

Aviva’s share price falls 40%. Here’s why I’d still invest with dividends suspended

first_img On Wednesday, Aviva’s (LSE: AV) share price took another tumble as the UK insurers scrapped plans to pay dividends.The announcement rubs further salt in the wounds of income investors, who have already been hurt by the UK banks agreeing to cease dividend pay-outs.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…According to The Financial Times, British insurance companies RSA, Direct Line, and Hiscox have all agreed to suspend dividends alongside Aviva. This comes after pressure from the Bank of England in light of the impact of coronavirus on the economy. Only Legal & General confirmed it would push ahead with its pay-out.So, with a falling share price and a suspension of dividends, things don’t look too good on the surface for Aviva. But here’s why I’d still invest in the FTSE 100 insurance stalwart.Great valueFirst and foremost, I think Aviva’s current share price is great value. Since mid-February, it has shaved around 40% from its valuation. That’s substantially more than the near 25% drop in the value of the FTSE 100 index.While a huge price drop doesn’t automatically entail good value, I don’t think this is the case for Aviva.Shares are now trading on a price-to-earnings ratio of just 4.18, which to me indicates that the stock may be undervalued.Remember that for that price, you’re getting a position in the UK’s largest general insurer. On top of this, Aviva is a market-leading pensions provider, with around 33 million customers across 16 different countries.Ultimately, Aviva is a blue-chip insurance giant that won’t go under easily.Strong financial positionFor me, Aviva’s strong financial position only strengthens the case. In early March, the company posted record full-year profits, underscoring a successful year in 2019.Although results will undoubtedly be weaker this year, the company maintains a strong balance sheet with healthy cash flows that should dampen the impact on earnings.What’s more, the group has recently taken action to further reinforce its liquidity position.As a result of suspending dividend payments, the company states it remains “well capitalised with strong liquidity”. By scrapping the final dividend, Aviva estimates its group capital ratio will increase by around 7% to approximately 182%. That’s a healthy ratio, even in times of crisis, in my eyes.A bright future for AvivaAlthough it remains too early to determine the full impact of the coronavirus outbreak on business, I’m confident Aviva can weather the financial storm.If so, investors can expect to be rewarded twofold as Aviva’s share price recovers and dividend payments start up again.The company is known for its attractive dividend yield, which sat at 7.40% at the end of 2019. What’s more, Aviva successfully increased its dividend for the last six years.With that in mind, Aviva’s share price looks like a bargain to me. Investors willing to stick with the group over the long term can expect the company to come out the other side in good shape. Image source: Getty Images Enter Your Email Address Our 6 ‘Best Buys Now’ Shares Aviva’s share price falls 40%. Here’s why I’d still invest with dividends suspended I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge!center_img Matthew Dumigan | Thursday, 9th April, 2020 | More on: AV Matthew Dumigan has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Simply click below to discover how you can take advantage of this. “This Stock Could Be Like Buying Amazon in 1997” Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. See all posts by Matthew Dumiganlast_img read more

The History of Rugby – Parts 4 & 5

first_imgMonday Jul 12, 2010 The History of Rugby – Parts 4 & 5 While the first few parts of the History of Rugby series were focussing on how the sport came to be, and the development of it thereafter, today youll see that the footage now goes through the decades and features Test series from 1920 to the late 1950s. Its fascinating viewing as you get a chance to watch select highlights from the biggest matches each side of the second world war. Youll get to see moments such as Wales beating England at Twickenham in 1933, and South Africa touring and beating New Zealand in a series in that same year, in what was a tour that at the time, defined the best team in the world. Wales beat the touring All Blacks in 1935 in a classic Test , before the British Lions head down to South Africa in 1938, losing the first two tests but winning the third. If you ever wondered how old the tradition of selecting an uncapped player for Barbarians matches is, youll find out as we see footage from the 1948 game against the touring Wallabies. Wales were impressive in the fifties, winning the Five Nations, then the Grand Slam, and then beating the All Blacks at Cardiff Arms Park in 1954. It was the only loss of the All Blacks tour though, as they beat all other challengers. France later became the first side to win a Test series in South Africa in that century, as they did so before following up with a Five Nations win the next year. Ireland dampened the occasion slightly though, with a great victory against the champions. Its absorbing to watch and for the rugby purist out there, well worth getting into. Today Ive chosen to post two parts together, which will hopefully make it more worthwhile. Enjoy.ADVERTISEMENT Posted By: rugbydump Share Send Thanks Sorry there has been an error History of Rugby Related Articles 515 WEEKS AGO The History of Rugby – Parts 14 & 15 – Final… 517 WEEKS AGO The History of Rugby – Part 13 545 WEEKS AGO The History of Rugby – Part 12 From the WebThis Video Will Soon Be Banned. Watch Before It’s DeletedSecrets RevealedWrinkle Remedy Stuns TV Judges: Forget Surgery, Do This Once DailySmart Life ReportsIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingHere’s the Purpose of These Little Bumps in the F and J Keys on Your KeyboardNueeyYou Won’t Believe What the World’s Most Beautiful Girl Looks Like TodayNueey10 Types of Women You Should Never MarryNueeyThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancellast_img read more

WIN a copy of Rugby Nations 15 and play the new LIVE GAME mode

first_imgThursday Feb 12, 2015 WIN a copy of Rugby Nations 15 and play the new LIVE GAME mode As you may already know, we partnered with Rugby Nations 15 mobile game recently. As you play you’ll see Rugbydump branding on the ad hoardings, which hopefully gives you a warm, fuzzy, familiar feeling. Today we want to share that with you, so we’re giving away 10 free copies.Just last week Rugby Nations 15 released an all new LIVE GAME mode update, which features Six Nations kits and a whole lot more. It’s a real-time, global game mode that enables you to help your team achieve world domination and throghout the tournament will have Six Nations themed events.It’s proving to be very popular and so now is a good time to join in and aim for the ultimate bragging rights by becoming a Top Influencer.We’re giving away 10 copies, so enter below to stand a chance of winning!You will also be automatically subscribed to RugbyDump Insider, our free newsletter. If you don’t like it, you can unsubscribe at any time and never hear from us again.T&C’s: *EXTENDED – Entries close Tues 24th Feb 2015, midnight GMT. Winners will be chosen at random and contacted via email. ADVERTISEMENT Posted By: rugbydump Share Send Thanks Sorry there has been an error Competition Related Articles 182 WEEKS AGO WIN: Rugby Nations 18 mobile game 184 WEEKS AGO WIN: George North signed Wales shirt PLUS… 200 WEEKS AGO WIN the new England 2017-2018 home jersey… From the WebThis Video Will Soon Be Banned. Watch Before It’s DeletedSecrets RevealedUrologists Stunned: Forget the Blue Pill, This “Fixes” Your EDSmart Life ReportsYou Won’t Believe What the World’s Most Beautiful Girl Looks Like TodayNueeyWrinkle Remedy Stuns TV Judges: Forget Surgery, Do This Once DailySmart Life ReportsIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier Living10 Types of Women You Should Never MarryNueeyThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancellast_img read more

Government asked to explain filtering of Yemeni Internet

first_img Help by sharing this information YemenMiddle East – North Africa Follow the news on Yemen News News February 26, 2021 Find out more 2 / Evolution of pages loadings, sites and Kbytes until 12 February 2008 YemenMiddle East – North Africa RSF_en Reporters Without Borders wrote to information minister Hassan Ahmed Al-Lawzi today about online filtering in Yemen after access to an alternative web address created by the news website and search engine YemenPortal (http://arabiaportal.net/yemen) was blocked by the authorities on 9 February, just as access to the original address was blocked less than a month ago. At the same time, the car of YemenPortal editor Walid Al-Saqaf was vandalised on 10 February. Saqaf says he is convinced that it was “done by the authorities following the creation of this alternative address to circumvent government censorship.” The police said they are investigating.This is the text of the letter:”Dear Minister,Reporters Without Borders is worried about the situation of the Internet in Yemen. Access to the news website and search engine YemenPortal has been blocked twice in less than a month. After it was rendered inaccessible on 19 January, its staff created an alternative web address, but this has also been blocked since 9 February.Online programmes for circumventing censorship, or “proxies,” are also inaccessible from within Yemen and several opposition websites are regularly blocked. They include al-Shoura (www.al-shora.net) and the Yemeni Council (www.al-yemen.org) and Yemen Sound (www.yemen-sound.com) discussion forums, which are among the most popular in the country. The support site for Kareem Amer, an Egyptian blogger who has been arrested for almost a year for using his right to online free expression, has also been inaccessible since 28 January.The new information and communication technologies seem to be subject to severe restrictions in Yemen. We learned in June 2007 that your ministry had banned several mobile phone news distribution services, such as those proposed by Nass Mobile and Bela Qoyod Mobile. The reason given was insufficient control over the SMS messages. Reporters Without Borders finds these measures to be disturbing for free expression.These new areas of expression are an opportunity for the press. We note with sadness that your ministry is making increasingly frequent use of Internet filtering to ensure that the opposition is not able to express itself.We trust you will give this matter your careful consideration.Sincerely”Robert MénardSecretary-GeneralThe staff of YemenPortal and the free speech group MidEast Youth have decided to organise an online campaign on 15 February (http://yemenportal.net/blocked) to call for the unblocking of Yemeni websites and to question the government about online censorship.To support the Yemeni Internet users’ campaign, post a banner on your website: http://digiactive.org/2008/02/11/action-alert-unblock-yemen-day/ 1 / Evolution of pages loadings, sites and Kbytes in January 2008 Yemeni journalist killed, nine wounded in Aden airport explosions to go further Fixer for foreign reporters held in Aden for past five months United Nations: press freedom situation “deeply worrying” in Yemen, according to RSF Receive email alerts News Organisation February 11, 2021 Find out more News February 13, 2008 – Updated on January 20, 2016 Government asked to explain filtering of Yemeni Internet January 6, 2021 Find out morelast_img read more

Limerick businessman guilty of defiling teenage girl

first_imgLimerick Ladies National Football League opener to be streamed live Limerick Artist ‘Willzee’ releases new Music Video – “A Dream of Peace” Predictions on the future of learning discussed at Limerick Lifelong Learning Festival WATCH: “Everyone is fighting so hard to get on” – Pat Ryan on competitive camogie squads Limerick District Court Advertisement Facebook Billy Lee names strong Limerick side to take on Wicklow in crucial Division 3 clash Previous articleWin cinema ticketsNext articleTanzanian adventures of a Coffeeshop Girl Staff Reporterhttp://www.limerickpost.ie The evidence was heard at Limerick Circuit CourtA LIMERICK businessman is facing the prospect of a maximum sentence of life in prison for having sex with the 13-year-old daughter of a man he knew.Michael Casey, (71) of Cois Roiga, Caherconlish, County Limerick was found guilty of 16 counts of the defilement of a child under the age of 15 and 17 years contrary to the Sexual Offences Act 2006.Sign up for the weekly Limerick Post newsletter Sign Up Following a seven day trial, a jury of six men and six women took almost three and half hours to convict Casey by way of a 10/2 majority verdict on 16 of the 19 counts.The victim, who was attending secondary school at the time, was befriended by Casey as he knew her father and he would regularly be at her home. She was also alone in his company at various locations in Limerick and Clare.The trial heard distressing evidence from the victim, who is now 20, that the sexual contact escalated to such an extent that she ended up “just giving in”.“I never let him fully have sex with me but he did put his penis in my vagina and finger me. He would do it before I could say anything really. He did it several times and very often it was every week or more.”During the three-year period of abuse, the girl asked Casey why he did those things only to be told that he was doing it for later on in life and “to teach me sexual things”.Details of offences that happened in a nearby forest park and a disused factory were also described in great detail by the girl.“I realised what was going on but I was still young and vulnerable at that age”, she explained, adding that sexual incidents with Casey almost “became routine”.The day she started her Junior Certificate examinations, Casey was to bring her to school but he tried to have sex with her.“I screamed and got him off. I ran off crying and he still had to bring me to school. I sat through my exams but it was horrible.She said that incidents would also happen inside a van and at various locations in Limerick and Clare.“I was basically just a dummy, I didn’t say or do much as I was so young and was having this older man do this to me”.During tearful exchanges of cross examination with defence barrister Coleman Cody SC, the victim said that she tried to distance herself from Casey towards the end of December 2011.In January 2012, Casey left Ireland for West Africa and on January 27, she posted an entry into her diary, “It’s out now after I confided in someone, Michael Casey has been molesting me for the last three years.”Prosecution Counsel John O’Sullivan said that the matters came to light when the victim confided in a school friend, who told her school guidance counsellor and principal.The girl’s mother was immediately contacted and Gardaí were brought in to investigate.Following interviews with specialist investigators, Detective Garda Patrick Hogan took a statement of complaint from the victim and Casey was later arrested and questioned.He denied all the allegations and said that the girl was “simply making it up, it’s all a fantasy”.He accepted he had regular contact with her but denied ever having sex with her. He described the victim as being a deeply troubled young girl and said that the allegations “was not her language”.“It never happened it’s all lies, it’s all fantasy, it’s all rubbish”, he told Detective Garda Hogan.The victim was examined four days after the incidents came to light and it was found that her hymen had been torn.An application to remand the 71-year-old in custody was refused, but Judge O’Donnell directed that Gardai were to take his passport as a condition of bail. His name is also to be added to the sex offenders register.Michael Casey is to be sentenced o March 29 and can face up to life imprisonment for the defilement of a child. Print NewsLimerick businessman guilty of defiling teenage girlBy Staff Reporter – February 8, 2017 1880 Limerick’s National Camogie League double header to be streamed live TAGScircuit courtfeaturedlimerick RELATED ARTICLESMORE FROM AUTHOR Email Twitter Linkedin WhatsApplast_img read more

SC Issues Notice In Arnab Goswami’s Plea Challenging “Breach Of Privilege Motion” Notice By Maharashtra Assembly

first_imgTop StoriesSC Issues Notice In Arnab Goswami’s Plea Challenging “Breach Of Privilege Motion” Notice By Maharashtra Assembly Sanya Talwar30 Sep 2020 2:04 AMShare This – xThe Supreme Court on Wednesday issued notice in a plea by Arnab Goswami, Journalist and Editor-in-Chief of Republic Media Network, challenging the breach of privilege motion against him by Maharashtra Assembly & Legislative Council.A bench of Chief Justice SA Bobde, Justices AS Bopanna & V. Ramasubramaniun issued notice to the Maharashtra Legislative Assembly and stated that the…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Supreme Court on Wednesday issued notice in a plea by Arnab Goswami, Journalist and Editor-in-Chief of Republic Media Network, challenging the breach of privilege motion against him by Maharashtra Assembly & Legislative Council.A bench of Chief Justice SA Bobde, Justices AS Bopanna & V. Ramasubramaniun issued notice to the Maharashtra Legislative Assembly and stated that the matter will be returnable in a week.When the matter came up for hearing, Senior Advocate Harish Salve appeared for Goswami and informed the Court that the question which arises in the instant plea is pending adjudication before a 7-judge bench of top court [N.Ram Case] and added that in light of this, he was looking at the Solicitor General’s assistance as well.Salve submitted that the privileges of an Assembly could not be used against someone outside of the House. He added that the breach of privilege and could only lie if there was any hindrance, obstruction, interference by a person and interfered with performance of duties or workings of the house.CJI SA Bobde asked Salve if the motion had been looked over by the Privileges Committee.Salve argued that his contention revolved around the fact that the Assembly never had the authority to exceed its privilege that far. “Goswami has not hindered the working of the house, it cannot be invoked against him,” added Salve.In this context, CJI asked Salve if Contempt of Court and Breach of Privileges operated in a similar fashion and whether criticism of a man could lead to “interference” and thereby intimidating the minister’s performance and obstructing it.#CJI: Interference may not be a physical interference.Salve: Phrase used is interference in the performing of the assembly. If someone does a “Gherao” of the assembly, that will be a breach of privilege.#CJI: But that is an action performed outside the assembly.— Live Law (@LiveLawIndia) September 30, 2020Towards the end of the hearing, CJI orally remarked that even though Salve had put forth an arguable point, the bench had a doubt on whether the breach of privileges motion had gone through the Privileges Committee at all.Salve then drew a corollary with the recent invocation of summons by Delhi Government panel looking into the alleged complicity of facebook in the Delhi Riots. “I hope they don’t do anything till the matter is kept pending,” Salve added.Background:The motion was moved against Goswami by Shiv Sena MLA Pratap Sarnaik, accusing Goswami of using derogatory language against Chief Minister Uddhav Thackeray and NCP president Sharad Pawar in relation to inaction by the State Government viz. the unfortunate death of Actor Sushant Singh Rajput.Party legislator Manisha Kayande moved a similar motion in the legislative council.Following this, a 60-page notice was sent to Arnab Goswami, stipulating that he has breached the privileges of the Legislative Assembly of Maharashtra.A similar motion has been moved against Actress Kangana Ranaut for her allegedly derogatory remarks against Maharashtra, comparing the State to POK (Pakistan Occupied Kashmir).Next Storylast_img read more

Intervenors Write To CJI Seeking Urgent Listing Of Application In Suo Moto Migrants Crisis Case

first_imgTop StoriesIntervenors Write To CJI Seeking Urgent Listing Of Application In Suo Moto Migrants Crisis Case Radhika Roy10 May 2021 5:28 AMShare This – xActivists Harsh Mander, Anjali Bhardwaj and Jagdeep Chhokar have penned a letter to the Chief Justice of India seeking an urgent listing of their Intervention Application in the Suo Moto case pertaining to migrant workers pending before the Supreme Court.The Intervenors in the matter state that as the whole country is in the “grip of an immense humanitarian crisis of healthcare access, oxygen, vaccines, medicines, ambulance and hearse services”, it is important to note the impact of the suffering on the working poor, who have already been at the receiving end of the on-going hunger crisis and job losses due to the lockdown and the COVID-19 pandemic. The letter submits, “We therefore felt it was urgent to raise the issues of securing food and social security for the poor, during this even more lethal second phase of the pandemic, where state governments are increasingly resorting to lockdowns. This has disrupted even the slow revival of the economy, deepened the economic recession, witnessed again the mass distress return of the migrants to their villages, and all of this will only further aggravate the intense humanitarian crisis that the country is enduring, probably the worst in most of our lifetimes after Partition”. It is further elucidated that several requests were made to mention the urgency of the IA through Advocate Prashant Bhushan and the Intervenors were informed that the Application was under process. However, on speaking to officials from the Registry, it was found that the petition would not be listed before July. In light of the above, the Intervenors have written the instant letter to the CJI to “underline how urgent it is for this matter to be kindly heard without any delay, so that the government is directed to take all the steps necessary to help mitigate the on-going humanitarian crisis during the second wave of the pandemic”. The letter contends that the petition urges for a series of immediate steps be taken, such as the distribution of free rations, payment of minimum wages as cash transfers and appropriate transport facilities for migrant workers. It also notes that a few relief measures that had been put in place by the government last year during the lockdown, have not been revived in 2021. “As responsible citizens, we write this open letter as a humble appeal to list the case with our intervention for an early hearing without any delay, to prevent a lot of the hardship and suffering currently being faced by the vulnerable and marginalized communities”. The letter has been written in reference to an Application for Directions filed by the aforementioned Intervenors in the suo moto case In Re: Problems and Miseries of Migrant Labourers. Apart from a host of suggestions to ease the trouble of migrant works in wake of the second wave of the COVID-19 pandemic, the Application prays for directions to the Union of India to resume its scheme of providing dry rations under the Atma Nirbhar scheme, or any other scheme designed for that purpose, to all 8 crore migrant labourers/stranded or needy persons who are not covered under the National Food Security Act or State PDS cards until the Disaster Management Act is in force by issuance of COVID ration cards. Further, directions are sought to the Centre and States to provide free cooked food through networks of community kitchens, hunger relief and feeding centres, especially at places where distressed migrant workers are congregating, as well as to furnish details of social and food security schemes put in place and plans formulated under DMA. The Application also seeks directions to jointly and severally ensure cash transfers equivalent to the notified minimum wage of different States to all migrant workers for the period that economic activity is adversely impacted due to lockdowns/restrictions. Transport by buses and rails at nominal fare while ensuring adherence of COVID protocols to migrants across the country who wish to return to their hometowns is also sought. TagsSupreme Court Harsh Mander Anjali Bhardwaj Jagdeep Chhokar Chief Justice NV Ramana Suo Moto Migrants Crisis Case Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

Metgasco signs farm-out agreement for ATP 2021

first_img Image: ATP 2021, regional production and infrastructure. Photo courtesy of Metgasco. Metgasco signs binding agreement to farm-out a further 25% of ATP 2021The Board of Metgasco Ltd (Metgasco, or, the Company) is pleased to announce that it has executed a binding Farm-in Agreement with Bridgeport (Cooper Basin) Pty Ltd (“the farminee”), a highly experienced Cooper/Eromanga focussed JV party, in respect of its Cooper/Eromanga Basin asset ATP 2021. Metgasco will be free carried through the first exploration well on ATP 2021 planned for Q4 CY 2019, and will retain a 25% non-operated interest.The Agreement provides for the farminee to earn a 25% non-operated interest in Metgasco’s Cooper/Eromanga Basin licence ATP 2021. The Farm-Out Agreement terms provide for the farminee to:– Fund 32.5% of the first exploration well drilled, up to a maximum joint venture gross cost of $5.3 million (with the farminees share being up to $1.72 million);– Fund 32.5% of Metgasco’s share of future exploration costs in relation to ATP 2021 up to a maximum cap of $A812,000 gross (A$263,900 net)The contribution from the farminee in respect to the well and exploration costs are anticipated by end Q1 CY 2020 ATP 2021 is a 370km2 permit located on the Queensland side of the Cooper- Eromanga Basin and is highly prospective with drill ready prospects identified by 3D seismic The Farm-Out Agreement is binding, and subject to certain standard formal conditions including ministerial approval and license registration, with Metgasco and the farminee expecting final licence transfer documentation by October 2019.This farm-out agreement with Bridgeport and the previously executed agreement with Vintage Energy (refer to ASX announcement 22 May 2019) provides the following key benefits to Metgasco shareholders:– Metgasco costs are 100% free carried for the drilling of the Vali-1 exploration well planned for Q4 CY 2019,– The interest and quality of the JV parties have increased Metgasco’s expectation that the prospects and leads identified in ATP 2021 are highly prospective for both gas and oil,– The farminee has agreed to provide Metgasco access to their regional technical data analysis for review by the ATP 2021 JV as part of their contribution to the joint operations.ATP 2021 is a 370km2 permit located on the Queensland side of the Cooper- Eromanga Basin and is highly prospective with drill ready prospects identified by 3D seismic. Within 20km of the permit boundary are oil and gas fields with associated pipelines and facilities that have produced over 600BCF of gas and 11MMbbl of oil.Ken Aitken Metgasco Chief Executive Officer commented: “Metgasco is pleased to have attracted a company of the calibre of Bridgeport to invest in the exploration potential of ATP 2021. I look forward to working with Bridgeport’s team in the ATP 2021 joint venture.“This farm-out to Bridgeport endorses Metgasco’s view that ATP 2021 has high exploration prospectivity and the potential to support material hydrocarbon discoveries and we look forward to drilling Vali-1 before the end of the year.” Source: Company Press Releaselast_img read more

Saudi Aramco confirms much-anticipated IPO launch

first_imgEnding months of speculation, Saudi Aramco has confirmed the launch of its initial public offering — although the coveted $2tn valuation looks out of reach Saudi Crown Prince Mohammad bin Salman Al Saud (Credit: Kremlin) Saudi Aramco has confirmed the launch of its long-awaited initial public offering (IPO), ending months of delay and speculation over the move to make a portion of the state-owned oil giant publicly available.The number and price of shares to be made available will be announced at the end of the book building period, although reports suggest up to 3% of the company will be offered on the Tadawul stock exchange, raising around $60bn.A prospectus for the offer will be issued on 9 November, according to the firm.The news confirms reports last week on the Al Arabiya television network that a timetable for the offering had been finalised.Saudi Crown Prince Mohammed bin Salman has long-targeted a $2tn market valuation from the float, but it is widely expected the final valuation will fall short of this, with financial analysts suggesting a figure in the region of $1.5tn to be more likely. Saudi Aramco earned $68bn in net income in the nine months to SeptemberThe IPO is widely-expected to surpass the world’s biggest public listing to-date, in which Chinese e-commerce giant Alibaba raised $25bn in 2014.Saudi Aramco earlier this year revealed itself as the world’s most profitable company, having generated $111bn in net income during 2018 – putting it well ahead of closest rival Apple in terms of annual earnings.As part of its IPO announcement, the oil firm also revealed that net income for the nine months to September stood at $68bn, on the back of $244bn in revenue.Saudi Aramco’s Khurais oil plant (Credit: Saudi Aramco)As the Saudi kingdom’s economic crown jewel, Saudi Aramco boasts unfettered access to the region’s vast crude oil reserves – and, despite the drone attacks which disrupted production in September, is currently producing close to 10 million barrels of oil per day.President and CEO Amin Nasser added: “Saudi Aramco’s vision is to be the world’s pre-eminent integrated energy and chemicals company.“Over the past three years, we were responsible for one in every eight barrels of crude oil produced globally, and our proved liquids reserves at the end of 2018 were five times larger than the combined proved liquid reserves of the five major international oil companies — ExxonMobil, Shell, Chevron, Total and BP.“Our mission is to provide our shareholders with long-term value creation through crude oil price cycles by maintaining our pre-eminence in oil and gas production, capturing additional value across the hydrocarbon value chain and profitably growing our portfolio.“Building on our position among the world’s least carbon intense sources of crude oil, Saudi Aramco aims to grow its business sustainability by leveraging technology and innovation to lower our climate impact.“We deploy technology, with the aim of producing oil and gas ever more efficiently, reliably and sustainably.” Saudi Aramco initial public offering is centrepiece to the kingdom’s modernisation strategyA public listing of Saudi Aramco has been in the making for a number of years, as the kingdom seeks to reduce its dependence on oil and create capital for modernisation projects in line with the Saudi Vision 2030 plan.Weak oil prices throughout this year, a drone attack on two of its key facilities in September, and public opinion turning against the fossil fuel industry have all played a part in dampening investor support for the IPO.However, the Saudi kingdom has made efforts to incentivise participation in the deal – notably through the announcement of a 2020 shareholder dividend announced last month.Saudi Aramco chairman Yasir Othman Al-Rumayyan said: “This is a significant milestone in the history of the company and important progress towards delivering Saudi Vision 2030 – the kingdom’s blueprint for sustained economic diversification and growth.“Since its formation, Saudi Aramco has become critical to global energy supply. Its strategy is underpinned by long-term, exclusive access to the Kingdom’s unique hydrocarbon resources, which it manages in order to optimise production and maximise long-term value.“At the same time, the company seeks to preserve the low carbon intensity of its crude oil production to demonstrate its ongoing commitment to sustainability.”An investigation by the Guardian last month revealed Saudi Aramco to have been the world’s largest producer of carbon dioxide since 1965, emitting 59.26 billion tonnes of the greenhouse gas over the period. Saudi oil giant revealed $75bn dividend to woo investorsIn a bid to encourage investors, Saudi Aramco revealed plans last month for a $75bn dividend to be paid to shareholders in 2020, as well as an ongoing “progressive growing dividend on a sustainable basis at board discretion”.A further incentive has been offered to eligible Saudi Arabian nationals taking part in the IPO, who will receive up to 100 “bonus shares” if they hold their allotted shares for at least 180 days after the first day of trading without interruption.A debut bond was issued in April, in a further move designed to inspire investor confidence, according to analysts.Many of the world’s biggest financial institutions are will be involved in facilitating the IPO, with around $450m in transaction fees expected to be up for grabs for the likes of JP Morgan, Credit Suisse, Goldman Sachs and HSBC.last_img read more