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Top Tullow officials resign after company suffers oil production setbacks

first_imgA series of production setbacks from Tullow’s oil blocks in West Africa and Guyana have resulted in two top executives of the British oil company resigning with immediate effect; even as the company’s shares tumbled by more than 60 per cent on the stock market.Tullow Oil Plc former CEO Paul McDade, who resigned with immediate effectChief Executive Officer, Paul McDade, and Exploration Director, Angus McCoss, both resigned after being stalwarts at the company for over a decade. The duo had presided over discoveries from West Africa to Guyana, but also encountered a slew of operational setbacks.“Whilst financial performance has been solid, production performance has been significantly below expectations from the group’s main producing assets, the TEN and Jubilee fields in Ghana,” London-based Tullow noted in a statement on Monday.Meanwhile, group output in 2020 is forecast at 70,000 to 80,000 barrels per day, which is a reduction from the 87,000 barrels a day expected for 2019.Additionally, production for the following three years will hover around the bottom of that range.Tullow Oil Plc Exploration Director Angus McCossAccording to British media outlets, the executive departures come after a year of disappointments at Tullow, where technical difficulties have hampered output in Ghana, projects in Uganda and Kenya have faced delays, and results from wells in Guyana missed expectations. The company reduced its 2019 production forecast several times as the glitches in Ghana dragged on.Stock diveIt was reported that the shares sank 61 per cent to 55.28 pence as of 11:54h on Monday, London time. This is recorded as the biggest decline since the oil company started trading in the city 30 years ago.The stock has dropped more than 90 per cent since 2012. Tullow’s dollar notes due 2025 declined the most since they were issued in March 2018.“There is a risk that the market will lose sight of the true value of our underlying assets,” interim Chairman Dorothy Thompson said by phone to the media, insisting that the Jubilee development and Uganda reserves remain world-class oil fields. The company is conducting a review “to create a sustainable business, which we believe we can do,” she said.Thompson declined to comment on whether Tullow is actively seeking buyers, but reiterated the standard position that the company would always be open to any offers that were attractive to shareholders.Here in Guyana, just three months ago, Tullow announced its second oil discovery offshore the Stabroek Block.At that time, Guyana’s Department of Energy Director, Dr Mark Bynoe, announced that UK-based Tullow Oil Plc’s (Tullow) Joe-1 exploration well had successfully opened a new Upper Tertiary oil play in the Guyana basin.That was the second discovery of oil in two different wells operated by Tullow, in less than six weeks.The Joe-1 exploration well was drilled by the Stena Forth drillship to a total depth of 2175 metres in a water depth of 780 metres. The evaluation of logging and sampling data confirms that Joe-1 has encountered 14 metres of net oil pay in high-quality oil-bearing sandstone reservoirs of Upper Tertiary age.The Energy Director had explained that the Joe-1 well is the first oil discovery to be made in the Upper Tertiary play type, which further de-risks the petroleum system of the western area of the Orinduik Block, where a significant number of Tertiary and Cretaceous age prospects have been identified.“Guyana’s future is bright but more importantly, the time is ripe for all Guyanese to focus on how they want to see their oil revenues spent and invested”, Dr Bynoe had said.Meanwhile, the Repsol-operated Carapa-1 well on the Kanuku licence (Tullow 37.5 per cent) is scheduled to commence drilling in late September with the Rowan EXL II jack-up rig and will test the Cretaceous oil play with a result due in the fourth quarter of 2019.Dr Bynoe had added that Tullow and its partners, at that time, would have evaluated data from the Joe-1 discovery alongside data from the Jethro-1 discovery announced in August 2019. It would have then awaited the outcome of the Carapa well to determine the optimal follow-on exploration and appraisal programme.The well was drilled on the Orinduik licence, offshore Guyana by Tullow’s wholly-owned subsidiary Tullow Guyana BV. Tullow Guyana BV is the operator of the Orinduik Block with a 60 per cent stake. Total E&P Guyana BV holds 25 per cent with the remaining 15 per cent being held by Eco (Atlantic) Guyana Incorporated.Meanwhile, according to the Uk-oil company, Dorothy Thompson has been appointed Executive Chair on a temporary basis and Mark MacFarlane, Executive Vice-President, East Africa and Non-Operated, has been appointed as Chief Operating Officer in a non-Board role.Les Wood continues as an Executive Director and Chief Financial Officer. The Board has initiated a process to find a new Group Chief Executive.last_img read more

NewsLite: Actor’s voice is the cat’s meow

first_imgAntonio Banderas says he’s flattered to have lent his voice to the character Puss in Boots in the animated “Shrek” films, especially because the role is in a language not his own. “The fact that I arrived in this country without knowing a word in English and that years later they call on me only for my voice makes me feel proud,” the Spanish film star told The Associated Press in a recent phone interview. Banderas made his United States film debut in 1992 in “The Mambo Kings.” He received a star on the Hollywood Walk of Fame in 2005. Besides talking for his new role, he also gets to sing. He and Eddie Murphy, who voices Donkey, recorded a version of the 1970s soul classic, “Thank You (Falettinme Be Mice Elf Again),” by Sly & the Family Stone, which closes out the film. – Associated Press No theft charge for Lohan Lindsay Lohan won’t be charged with theft because prosecutors can’t confirm she walked off with someone’s clothes. The District Attorney’s Office declined to file felony grand theft charges on May 9 because of insufficient evidence, spokeswoman Jane Robison said Thursday. An e-mail to a representative for Lohan seeking comment was not immediately returned. – Associated Press160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

Another incumbent councillor seeks re-election in Dawson Creek

first_imgThe newest addition is incumbent Councillor Terry McFayen, leaving the list to read three who are incumbents and one who’s not.The other two incumbents are Shaely Wilbur and Cheryl Shuman, while Arleene Thorpe stands alone as a non-incumbent.Dawson Creek City Hall is located on 10105 12A Street, and there are only five more days to submit nominations.- Advertisement -Stay connected with energeticcity-beta.mystagingwebsite.com for all the news on municipal elections across the Peace.last_img

Wall Street cheers rate cut

first_imgThe Dow soared 335.97, or 2.51 percent, to 13,739.39. The last time it rose more than 300 points in one session was Oct. 15, 2002, when it gained 378 points, and Tuesday’s percent increase was the biggest since April2, 2003. The blue-chip index is now only about 1.9 percent below its record close of 14,000.41, reached in mid-July. The Standard & Poor’s 500 index rose 43.13, or 2.92 percent, to 1,519.78. The Nasdaq composite index gained 70.00, or 2.71 percent, to 2,651.66. The S&P and the Nasdaq had their largest point gains since July 29, 2002. Small-cap stocks, badly beaten during the market’s summer turmoil, shot higher. The Russell 2000 index surged 30.82, or 3.97 percent, to 806.63, the largest percentage gain since July 29, 2002. “People had been reducing their exposure to small-caps because they’re viewed as a potential riskier asset class,” said John Thornton, co-portfolio manager at Stephens Investment Management Group in Houston. Also, credit tightness had stirred investor concern about smaller companies’ ability to access cash. Shorter-term Treasury issues rose and longer-term bonds fell. The yield on the benchmark 10-year Treasury note finished at 4.47 percent, the same as late Monday. Wall Street’s reaction to the rate cut was clearly positive; the Dow’s gain was the biggest rise immediately following a Fed decision since April 18, 2001, when the central bank surprised the market with an unannounced rate cut. But some analysts said the Fed’s response to this summer’s market tumult may eventually lead investors to worry more about how bad the current credit climate is, and how vulnerable the U.S. economy might be to it. “The market’s initial response is `Thank you, Ben,”‘Webman said. “But we also know that when people stop and look at this, people might say, `Could this house of cards be shaky, more than even we thought it was?”‘ Meanwhile, the dollar tumbled to a new all-time low against the euro after the rate cut, because lower rates make a currency a less attractive investment. Crude oil futures catapulted further into record terrain, rising 94 cents to $81.51 a barrel, and gold prices rallied to a multidecade high. These factors could add up to trouble for the consumer. Though the Fed tends to measure inflation after stripping out volatile food and energy prices, high commodity costs trickle down to average Americans and can dampen their spending power. “If they were concerned about inflation before, they should be more concerned now,” said Alexander Paris, economist and market analyst for Chicago-based Barrington Research. He called the half-point rate slash “overkill.” However, the mood was cheery on Wall Street, especially since the central bank’s decision capped an already strong day that saw economic and corporate data come in better than expected. Lehman Brothers Holdings Inc., the nation’s fourth-largest investment bank, posted a smaller-than-anticipated 3 percent decline in its third-quarter profit compared with a year ago. Other investment banks are due to report later in the week on the most recent, tumultuous quarter. Earlier Tuesday, the Labor Department’s August producer price index was more favorable than the market predicted.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Although some investors hoped for a rate cut of that magnitude, most were betting on a smaller, quarter-point cut in the federal funds rate. The Fed responded to the spilling of credit market problems into the rest of the economy by saying, “the tightening of credit conditions has the potential to intensify the housing (market) correction and to restrain economic growth more generally.” The Fed lowered the benchmark federal funds rate to 4.75 percent after keeping it unchanged for more than a year and not lowering the rate since 2003. It also reduced the discount rate – what it charges banks borrowing from its discount window – by a half percentage point to 5.25 percent. On Aug. 17, the central bank lowered the discount rate by a half-point to help keep cash moving in the U.S. banking system. The central bank’s decision and the wording of its accompanying economic assessment gratified a market that plunged during August amid fears that credit market tightness, spawned by a continuum of mortgage defaults and delinquencies, would send the economy toward recession. There was no direct signal in the Fed’s statement that it would make further rate cuts. It said “some inflation risks remain” and that it will keep monitoring inflation developments. Still, it did not call inflation its “predominant policy concern” as it did after holding rates steady in early August. “What it says to me is you had a major shift in the last couple of months from a Fed that was very concerned about inflation to one that is concerned about the health of the financial markets, the availability of liquidity,” said Jerry Webman, chief economist at Oppenheimer Funds Inc. MARKETS: Dow average scores its biggest single-day point gain in almost five years. By Madlen Read THE ASSOCIATED PRESS NEW YORK – A jubilant Wall Street barreled higher Tuesday after the Federal Reserve cut its benchmark interest rate by a larger-than-expected half percentage point. The Dow Jones industrial average surged nearly 336 points – its biggest one-day point jump in nearly five years. last_img

‘It would be fantastic’ – Courtois wants Hazard to join him at Real Madrid

first_img Top nine Premier League free transfers of the decade Man United joined by three other clubs in race for Erling Haaland TOP WORK REVEALED Thibaut Courtois wants his former Chelsea teammate Eden Hazard to follow him to Real Madrid.The 26-year-old goalkeeper completed his dream move to Real Madrid on Thursday, as part of a £38m deal which saw Mateo Kovacic head on loan in the opposite direction. RANKED three-way race Tony Cascarino backs Everton to sign two strikers for Carlo Ancelotti LIVING THE DREAM IN DEMAND Kevin De Bruyne ‘loves Man City and wants to keep winning’, reveals father The biggest market value losers in 2019, including Bale and ex-Liverpool star Arsenal transfer news LIVE: Ndidi bid, targets named, Ozil is ‘skiving little git’ targets center_img Courtois even expressed his happiness at the signing by kissing the Los Blancos badge during his presentation.But he is still not fully satisfied, and wants to play with his Belgian counterpart Hazard once again someday. targets 1 Cavani ‘agrees’ to join new club and will complete free transfer next summer LATEST “He is very happy that I am here,” revealed the stopper when asked about his ex-clubmate.“He is a great player and I would like to be always at his side.“Let’s see what happens in the future. If he can come, it would be fantastic.” Chelsea confident of beating Man United and Liverpool to Sancho signing Liverpool’s signings under Michael Edwards – will Minamino be the next big hit? Courtois and Hazard spent four years in Chelsea’s first team together Where every Premier League club needs to strengthen in January moving on Latest Transfer Newslast_img read more

South Pas feels seven-year itch

first_img “It’s (the loss) really disappointing because we had a good week of practice,” Smith said. The Tigers lost the season opener to San Gabriel. Parish fights for every yard and is a scrappy runner, but he is more valuable on defense for the Tigers. He ran for 152 yards against San Gabriel, but had 91 against Hoover on five carries. “We need him more on defense than we do on offense,” Smith said. “Last week he ran out of gas a little bit. We try to keep him fresh for defense and spotted him in offense here and there.” Parish, who scored two touchdowns against San Gabriel, plays middle linebacker. Senior running back Richard Diaz had 93 yard on only eight carries and caught two passes from quarterback Michael Flynn. South Pasadena’s Chandler Blevans brought the Tigers within two points early in the second quarter with a 36-yard field goal. Hoover scored it’s second touchdown after a South Pasadena drive stalled when Flynn was sacked at midfield. A few plays later Pantoja ran 26-yards to give Hoover a 14-9 lead. The key to the game was a missed field goal by the Tigers with 5:55 left, and Hoover kept the ball for the remainder of the game with ball control. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREThe top 10 theme park moments of 2019 “We just got outplayed tonight by Hoover. Those two big backs (Alex Pantoja and Terran Sprewell) were a handful for us,” Smith said, referring to their size. Pantoja weighs 205 pounds and Sprewell is 190. Sprewell only carried the ball five times for 71 yards, but he put the Tornadoes on the board first at the 6:25 mark of the first quarter. He ran up the middle on the fifth play from scrimmage, after South Pasadena punted in its first possession of the game, for a 50-yard touchdown. However, the Tigers came right back and scored on a 50-yard run of their own, also on a five-play scoring drive. Junior running back Joshua Parish scored on a straight dive play and worked his way through the line of scrimmage. South Pasadena missed the extra point to trail 7-6. “He broke a couple of tackles and did a heck of a job,” Smith said. center_img SOUTH PASADENA — For the first time in seven years, the South Pasadena High School football team lost to Hoover 14-9 Thursday night. South Pasadena head coach Edward Smith shook his head and couldn’t remember the last time the Tigers started the season winless in the first two games. last_img read more

Audience members injured after performer falls at Donegal circus

first_imgA number of people were hurt after a circus performer fell through a safety net at a circus in Donegal Town last night.The incident happened during the evening performance of Tom Duffy’s Circus.During the performance, a trapeze artist fell through the safety net onto a number of people below who were watching the show. The performer, as well as at least one other person watching the show, was injured.Two ambulances were called to the scene and were taken to Sligo University hospital.The circus performer was immediately placed on a flat-board and stretchered away but is not understood to be seriously hurt.One woman from Donegal Town, who was at the two-hour show with her two children, said the situation was handled very professionally. “It could have been a lot worse. He appeared just to fall through the netting and into the crowd.“I’m not sure how the people are he fell on but the circus performer himself didn’t appear too badly hurt as he waved to the crowd as he was being stretchered away.“It seemed like one of those freak accidents but it could have been much worse.“Hopefully nobody is seriously hurt as a result of it,” she said.After a break, in which those injured were taken to hospital, the show resumed. A spokesman for the Garda Press Office said they had not received any official report on the matter.Duffy’s Circus has so far failed to return a query on the incident.Duffy’s Circus, one of the biggest and best-known circuses in the country, continues with its tour across Donegal with shows in Letterkenny and Carndonagh.Audience members injured after performer falls at Donegal circus was last modified: April 21st, 2018 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:accidentDonegal TownDuffy’s Circusfallinjuredtrapeze artistlast_img read more

Incubation centre to boost South Africa’s car industry

first_img30 March 2015The Automotive Incubation Centre at Nissan in the Tshwane suburb of Rosslyn is expected to radically transform the economy.“Established automotive companies are extremely important to our drive to radically transform our economy and foster increased participation by women, youth and black people,” Gauteng Premier David Makhura said before the centre was launched on 25 March.The centre, the second in South Africa, is aimed at establishing and nurturing small- and medium-sized enterprises that can supply components to Nissan South Africa’s production line, while they receive training on meeting international standards for automotive parts and components.“We must view this initiative within the broader context of the need to re- industrialise our economy and increase local production on a grand scale,” Makhura said.Only 35% of the components and parts used to make vehicles in South Africa is produced locally; the balance is imported. Gauteng’s car makers spend nearly R8- billion a year on imports for automotive parts, components and accessories.Job creationThe automotive industry is one of the sectors earmarked by Gauteng government for inclusive growth and job creation. The first Automotive Incubation Centre was launched in 2011 at Ford Motor Company of Southern Africa’s manufacturing plant in Silverton, also in Tshwane.The incubation centre was established by the Automotive Industry Development Centre (AIDC), a subsidiary of the Gauteng Growth and Development Agency (GGDA), itself a unit of the Gauteng department of economic development.Speaking at the launch, Makhura said the provincial government’s partnership with the automotive industry was moving from one level to another. “We are bound together on the hip. It started and it cannot end; it can only grow from strength to strength.”The industry had committed itself to working with the government towards the revitalisation of the township economy. “I want those township mechanics to be trained here; those are the people we want to service our government cars. The new generation of players in the automotive industry are going to come from the township. I always emphasise that black economic empowerment will be more sustainable when it is premised on entrepreneurs,” Makhura said.Mike Whitfield, the managing director of Nissan South Africa, said the launch of the Automotive Incubation Centre proved the true power of public-private partnerships. “The automotive industry is gearing to reach the target of 1.2 million vehicles per year by 2020 – critical to reaching the target is the development of the scarce skills at factory level and throughout the value chain and reliable local suppliers.”Government supportGauteng’s MEC for economic development, environment, agriculture and rural development, Lebogang Maile, said the initiative was part of the provincial government’s plans to support the automotive sector in the Northern Development Corridor anchored around Tshwane through the AIDC.“The 10-pillar programme of radical transformation, modernisation and re- industrialisation is about bringing the National Development Plan to life,” Maile said.According to the AIDC, broad-based black economic empowerment entrepreneurs at the centre are earmarked to supply components directly to the production line for the next generation one-ton pick-up, which will start production in early 2017. The facility at Nissan is intended to replicate the centre at Ford, and will include the lessons learned from the first incubation facility.One of the major lessons was for a pre-incubation process. This will involve the identification of 20 potential BEE entrepreneurs that will be pre-incubated for a 12- month period, after which a final choice and appointment will be made. The Nissan centre will also operate as a multi-incubation model incubator, namely, a mix of tier one component suppliers linked to the incubatees and original equipment manufacturers linked to the incubatees.Nissan’s engineers will support the incubation process by providing their technical expertise to the incubatees during the incubation process. Construction of the AIDC’s 10 000m² Automotive Incubation Centre (Nissan) is under way and scheduled for completion in June.SAinfo reporterlast_img read more

Baker named Ohio Farm Bureau Foundation director of development

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Chris Baker of Hilliard has been named director of development for Ohio Farm Bureau Foundation, a 501 (c) nonprofit, public charitable organization. Established in 1985, the foundation strives for measurable agricultural community improvement in Ohio through the support of projects that focus on agricultural education, environment and economic issues in rural, suburban and urban neighborhoods.Baker will be developing and executing both annual and special fundraising campaigns for the foundation. He also will be helping secure financial support from individuals, foundations and corporations. Ohio Farm Bureau Foundation’s board consists of Ohio Farm Bureau Federation (OFBF) board members and staff as well as representatives from industry and the public. The foundation was reorganized this year and now encompasses the Animals for Life Foundation and Ohio Center of Agricultural Law, Inc.Previously, Baker worked as director of development and marketing for RiteCare of Washington in Seattle and in various executive roles with Boy Scouts of America. He is a 2003 graduate of Wittenberg University with a bachelor’s degree in Russian area studies. He also is a member of the Association of Fundraising Professionals. He grew up on a farm in Miami County, and he and his wife have two children.last_img read more