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SNOMED International signs SNOMED CT education delivery agreement with Digital China Health Technologies Co., Ltd

London, United Kingdom, Nov. 19, 2019 (GLOBE NEWSWIRE) — SNOMED International is pleased to announce a recent partnership with Digital China Health Technologies Co., Ltd (DCHealth) as an approved delivery agent of SNOMED CT education throughout China.

DCHealth and SNOMED International have struck an agreement to deliver mutually agreed upon SNOMED CT educational content including the organization’s clinically and technically curated Foundation and Implementation courses, with the potential to also offer the organizations suite of Authoring courses for delivery.  As part of this agreement, DCHealth will serve as an extension of the SNOMED International Education Program within China and be empowered to issue course completion certificates and certifications as applicable.

DCHealth is an innovative company in the industry of healthcare IT and Big Data and has enjoyed a relationship with SNOMED International.  DCHealth has committed to develop an independent technology system, as well as to the development and innovation in healthcare Big Data and Precision Medicine, to promote healthcare information technology worldwide.

SNOMED International began delivery of education programming to support understanding, use and implementation of SNOMED CT in 2015. Since that time, and with demonstrated growth of the organization’s Member base and affiliates, SNOMED International has been exploring ways to broaden its ability to educate audiences interested in clinical terminology. At the recent SNOMED CT Expo 2019, SNOMED International featured in-person delivery of our most popular tutorials and workshops.

“We recognize and value the growing interest and demand for SNOMED CT education in China” offered SNOMED International CEO, Don Sweete. Mr. Sweete went on to say,  “we are honored to engage in this education delivery agreement with DCHealth and appreciate the opportunity to move into this vital market with our comprehensive and mature education curriculum.”

David Shi, the founding CEO of Digital China Health shared with journalists, “in China, we are so passionate about big data and AI in healthcare, but without comprehensive coding, the benefits of medical data are limited substantially. The desire to adopt a world leading terminology is met with this great opportunity of assisting SNOMED CT in disseminating education locally. With our hands-on experience in the national projects in cancer, cardio and nephropathy, local experts will soon discover that SNOMED CT is the missing part they had been looking for.”

This arrangement went into effect as of 2nd July 2019.  For more information on how to access SNOMED CT education, visit https://www.snomed.org/snomed-ct/education.

Contact info@snomed.org with any additional inquiries.

About SNOMED International

SNOMED International is a not-for-profit organization that owns and develops SNOMED CT, the world’s most comprehensive healthcare terminology product. We play an essential role in improving the health of humankind by determining standards for a codified language that represents groups of clinical terms. This enables healthcare information to be exchanged globally for the benefit of patients and other stakeholders. We are committed to the rigorous evolution of our products and services, to deliver continuous innovation for the global healthcare community. SNOMED International is the trading name of the International Health Terminology Standards Development Organisation.

www.snomed.org

Kelly Kuru, Executive Lead, Communications
SNOMED International
1 416 566 8725
kku@snomed.org

The Ascom Enterprise Platform helps industrial sector to drive a digital revolution

Digitalization in the industrial sector, known as Industry 4.0, is transforming how the sector operates. The Ascom Enterprise Platform is helping its industrial customers reap the productivity benefits of this transformation by integrating data, orchestrating information flows and enabling mobile workflows.

Mobile devices such as smartphones have revolutionized the way business people communicate, gather and diffuse information. Due to the progress of digitalization and ICT-supported processes, these devices are increasingly gaining more importance in long-established industrial areas such as manufacturing, energy, etc.

Ascom offers solutions that connect people, improve workflows and secure processes for industrial customers. With its Enterprise Platform, Ascom not only provides hardware such as the state-of-the-art Ascom Myco 3 smartphone, but also offers a uniquely complete communications and workflow portfolio for industry. The Ascom Enterprise Platform integrates with virtually any telephony, alarm, IT and process management system. The platform includes enterprise-grade hardware, software, mobile devices (including ATEX-certified phones), and tailored after-sales support and services.

Receiving real-time information on a mobile device in order to speed up decision-making and reduce downtime is a compelling alternative to obsolete processes. Moreover, Ascom solutions improve safety and security, as critical, real-time and context-rich information (video, audio, text, and graphics) enables mobile workers to intervene at the right place, at the right time, and with appropriate actions.

To learn more about Industry 4.0 solutions from Ascom please visit our webpage here. The Ascom Enterprise Platform also offers workflow solutions for the hospitality and tourism, retail, and secure establishments sectors.

About Ascom

Ascom is a global solutions provider focused on healthcare ICT and mobile workflow solutions. The vision of Ascom is to close digital information gaps allowing for the best possible decisions – anytime and anywhere. Ascom’s mission is to provide mission-critical, real-time solutions for highly mobile, ad hoc, and time-sensitive environments. Ascom uses its unique product and solutions portfolio and software architecture capabilities to devise integration and mobilization solutions that provide truly smooth, complete, and efficient workflows for healthcare as well as for industry and retail sectors.

Ascom is headquartered in Baar (Switzerland), has operating businesses in 18 countries and employs around 1,300 people worldwide. Ascom registered shares (ASCN) are listed on the SIX Swiss Exchange in Zurich.

Winners Announced for Aviation Week Network’s Annual Laureate Awards

Award Honors Outstanding Achievements in Aviation, Aerospace & Defense
Winners will be recognized on March 12, 2020 in Washington, DC

NEW YORK, Nov. 19, 2019 (GLOBE NEWSWIRE) — Aviation Week Network announced today the winners of the 63rd Annual Laureate Awards, honoring extraordinary achievements in the global aerospace arena.  The 2020 Laureate Awards will take place on March 12, 2020 at the National Building Museum in Washington, DC.   At that time a Grand Laureate in each of the four categories will be named from among the winners.

“These winners, selected by Aviation Week Network editors who reviewed dozens of nominations, embody the spirit of exploration, innovation and vision that will inspire others to strive for broad-reaching progress in aviation, aerospace and defense,” said Aviation Week & Space Technology Editor-in-Chief Joseph C. Anselmo. “We look forward to honoring them all, and announcing the Grand Laureate winners in March.”

The award categories are Business Aviation, Commercial Aviation, Defense and Space.  In addition, Aviation Week Network will bestow the Philip J. Klass Award for Lifetime Achievement.  Four cadets and midshipmen from U.S. military academies will be recognized as Tomorrow’s Leaders, honoring young men and women who have chosen career paths in the armed forces.

In addition to the Laureate Awards, Aviation Week Network will recognize the “20 Twenties” in partnership with the American Institute of Aeronautics and Astronautics (AIAA).  This program recognizes the accomplishments and drive of 20 science, technology, engineering and mathematics students in their 20s and currently enrolled in a master’s degree or bachelor’s degree program.

The Laureate Winners are:

BUSINESS AVIATION

MRO – Robotic Skies
Anticipating widespread growth in commercial unmanned aircraft, Robotic Skies has created a global network of repair stations to maintain and service the burgeoning fleet.

Operations: Rega Swiss Air-Rescue
To operate in reduced visibility in mountainous terrain, Rega helped develop a low-altitude helicopter instrument route and approach system using satellite navigation.

Platform – Gulfstream G500/G600
Laying the foundations for a new generation of large-cabin, long-range Gulfstreams, the G500 and G600 feature the Symmetry flight deck including fly-by-wire, active sidesticks and touchscreen controls.

Propulsion – Pratt & Whitney PT6E
Pratt & Whitney’s next-generation PT6E is the first general aviation turboprop to feature dual-channel integrated electronic propeller and engine control.

Safety – Garmin Autoland
The push of a red button in an emergency by a pilot or passenger activates Garmin’s Autoland, a virtual co-pilot that takes control and lands the aircraft automatically.

Technology & Innovation – Wing Aviation
A subsidiary of Google parent Alphabet, Wing in April 2019 became the first commercial drone delivery service to be awarded a Part 135 air carrier certificate by the FAA.

COMMERCIAL AVIATION

Air Traffic Management – Aireon
Aireon’s satellite-based surveillance system for the first time provides continuous tracking of aircraft over oceans and remote regions.

Airline Strategy – Adel Ali, CEO, Air Arabia
In Air Arabia, CEO Adel Ali has built a sustainably profitable low-cost carrier pioneering the business model in the Middle East.

Leadership – David Neeleman, airline entrepreneur
Having established multiple airlines including Morris Air, JetBlue Airways and Azul Linhas Aereas, David Neeleman is preparing to get Moxy, his latest venture, off the ground.

MRO – Donecle
French company Donecle is the leader in performing aircraft visual inspections by automated drone, cutting inspection times by 90%.

Platforms – Airbus A321LR
The first long-range version of the Airbus A321neo, the A321LR is developing a new market niche – narrowbodies flying in secondary long-haul markets.

Propulsion – Rolls-Royce
Rolls-Royce’s surprise acquisition of Siemens’ eAircraft unit has catapulted the engine manufacturer into a leading position in the electrification of aircraft propulsion.

Sustainability – Boeing ecoDemonstrator
Boeing’s ecoDemonstrator program has completed six test campaigns, the aircraft serving as a tools to accelerate development and testing of new technology.

DEFENSE

Best New Product – Embraer KC-390
The first KC-390 tanker/transport, the largest and most sophisticated aircraft yet developed by Embraer, was delivered to the Brazilian Air Force in 2019.

Manufacturing – Northrop Grumman F-35 Center Fuselage Production
In 10 months, Northrop Grumman increased F-35 center-fuselage production from six a month to 15. Part supply deliveries increased from 81,000 a year to 274,000.

MRO – BAE Systems Typhoon Total Availability Enterprise
Combining Eurofighter support packages into one program focused on management of the Royal Air Force fleet has lowered Typhoon support costs by around 38%.

Platforms – Bell V-280 Valor
From low-speed agility to speeds beyond 280 kt., Bell’s V-280 advanced tiltrotor has met or exceeded objectives under the U.S. Army’s Joint Multi-Role demonstration.

Propulsion: AFRL Medium Scale Critical Components Scramjet Program
In a test by the U.S. Air Force Research Laboratory and Air Force Test Center, a Northrop Grumman scramjet set a record for thrust produced by a U.S. air-breathing hypersonic engine.

Technology & Innovation – Kratos XQ-58 Valkyrie
Developed for the U.S. Air Force Research Laboratory, Kratos’ XQ-58 Valkyrie blurs the traditional boundaries between a disposable cruise missile and reusable unmanned aircraft.

Weapons – Missile Defense Agency/Boeing Ground-based Midcourse Defense FTG-11
In March 2019, two interceptors launched from Vandenberg AFB, California, shot down two ICBM targets in the most realistic test yet of the Ground-based Midcourse Defense system.

SPACE

Launch Services – Spaceflight Industries
Spaceflight Industries has created a new way to deliver small satellites to space by allowing government and commercial operators to share the ride.

Operations – HawkEye 360
U.S. startup HawkEye 360 has launched the first commercial service for geolocating radio-frequency signals from space, using satellites that fly in a unique formation.

Platforms – Mars Cube One Mission
In the first demonstration of cubesats in deep space, the Mars Cube One mission relayed near-real-time telemetry of the entry, descent and landing of NASA’s Insight.

Propulsion – Reaction Engines
Reaction Engines has demonstrated its pre-cooler at temperatures representative of hypersonic speeds, a critical milestone toward development of its air-breathing rocket engine.

Space Science – Chang’e 4 Moon Landing
With the January 2019 touchdown of the Chang’e 4 robotic lunar lander in the Von Kármán Crater, China became the first country to soft-land on the Moon’s far side.

Supplier Innovation – OneWeb Satellites
In a unique transatlantic venture between mega-constellation operator OneWeb and aerospace manufacturer Airbus, OneWeb Satellites is bringing aircraft mass production to satellite manufacturing.

Technology & Innovation – RemoveDEBRIS Mission
In a groundbreaking series of on-orbit tests, the European-funded RemoveDEBRIS mission demonstrated active debris removal technologies designed to clean up low Earth orbit.

LIFETIME ACHIEVEMENT

Robert LeDuc – President, Pratt & Whitney
LeDuc came out of retirement and used his leadership skills to shake up the corporate team and guide the PW1000G geared turbofan program through its challenging service introduction and production ramp-up and onto the road to success.

ABOUT AVIATION WEEK NETWORK
Aviation Week Network is the largest multimedia information and services provider for the global aviation, aerospace, and defense industries, serving 1.7 million professionals around the world. Industry professionals rely on Aviation Week Network to help them understand the market, make decisions, predict trends, and connect with people and business opportunities. Customers include the world’s leading aerospace manufacturers and suppliers, airlines, airports, business aviation operators, militaries, governments and other organizations that serve this worldwide marketplace. Aviation Week Network’s portfolio delivers award-winning journalism, data, intelligence and analytical resources, world-class tradeshows and conferences, and results-driven marketing services and advertising. Our principle is helping our customers succeed.

Aviation Week Network is part of Informa Markets, a division of Informa PLC.

ABOUT INFORMA MARKETS
Informa Markets creates platforms for industries and specialist markets to trade, innovate and grow. Our portfolio is comprised of more than 550 international B2B events and brands in markets including Healthcare & Pharmaceuticals, Infrastructure, Construction & Real Estate, Fashion & Apparel, Hospitality, Food & Beverage, and Health & Nutrition, among others. We provide customers and partners around the globe with opportunities to engage, experience and do business through face-to-face exhibitions, specialist digital content and actionable data solutions. As the world’s leading exhibitions organiser, we bring a diverse range of specialist markets to life, unlocking opportunities and helping them to thrive 365 days of the year. For more information, please visit www.informamarkets.com.

MEDIA CONTACT:
Elizabeth Kelley Grace
Elizabeth@thebuzzagency.net
561.702.7471 (m)

Avenir LNG collaborates with Golar Power on developing small-scale LNG distribution in Brazil

London, Nov. 19, 2019 (GLOBE NEWSWIRE) — Avenir LNG Limited (“Avenir”) wishes to announce that it will collaborate with Golar Power Limited (“Golar Power”) in developing the small-scale LNG market in Brazil.

Avenir’s second 7,500 cbm LNG Carrier will be used to deliver LNG to various ports across Brazil upon delivery. The vessel will also offer ship-to-ship bunkering capability as part of Avenir’s global multi-nodal bunkering solution; adding to the Colombian, Mediterranean and Malaysian nodes which the company currently offers.

Commenting on the collaboration with Golar Power, Andrew Pickering, Chief Executive Officer of Avenir LNG Limited, said, “This is another step in our strategy where we are working closely with a shareholder in leveraging its FSRU platform to develop small-scale LNG distribution and bunkering in key developing markets.”

Commenting on the collaboration with Avenir LNG, Eduardo Antonello, Chief Executive Officer of Golar Power Limited, said, “Accessing small-scale tonnage to distribute LNG in Brazil underpins Golar Power’s commitment to the fast-growing Brazilian LNG market – a pivotal part of Golar Power’s strategy. We are pleased to be able to leverage Golar LNG’s shareholding and direct access to tonnage through Avenir LNG.”

For additional information please contact:

Zackarie Fortin-Brazeau
Avenir LNG
Business Development Manager
UK + 44 20 7062 6006
z.brazeau@avenirlng.com 

Erik Nikolai Stavseth
Golar Power Limited
Commercial Manager
NORWAY +47 913 25 629
erik.stavseth@golar.com

Sundance Energy Australia Limited Reports Third Quarter 2019 Financial and Operational Results

DENVER, Nov. 18, 2019 (GLOBE NEWSWIRE) — Sundance Energy Australia Limited (ASX: SEA) (NASDAQ: SNDE) (the “Company” or “Sundance”) reported its third quarter 2019 financial and operations results today.

Third Quarter 2019 Financial Results Highlights

  • Third quarter net sales volumes were 1,251,144 boe or 13,599 boe per day. This represents an increase of ~22% as compared to the same period for the prior year. Third quarter sales volumes were ~64% oil, ~20% gas and ~16% NGLs.
  • Third quarter net oil sales volumes for the quarter of 8,677 Bopd were at the high end of guidance of 8,400 – 8,700 Bopd. Gas and NGL sales volumes of ~4,923 Boe/d for the quarter were below guidance of 5,600 – 5,800 Bopd largely due to the impact of short-term flaring.
  • Total revenue for the quarter decreased 5% to US $51.1 million as compared to the same prior year period due to lower oil prices in the current year period.
  • Net Income for the period was US $13.4 million, representing a 33% net income margin and compared to a loss of US $19.3 million for the prior year period. Adjusted EBITDAX1 for the period was US $35.8 million, representing a ~67% Adjusted EBITDAX margin1 and ~18% growth as compared to the same period for the prior year.
  • Average third quarter realized prices excluding the impact of hedging were US $57.23 per barrel of oil, US $1.84 per mcf of gas, and US $13.18 per barrel of NGL. This represents a US $0.89 per barrel premium compared to an average WTI price of US $56.34 per barrel for the quarter. Average third quarter realized price per boe was US $40.84 excluding the impact of hedges and US $42.44 including their impact.
  • Sundance continued to drive down cash operating costs during the third quarter. Total Cash Operating Costs2 of US $13.83 per boe improved ~24% as compared to the same prior year period and an ~8% improvement as compared to the Company’s second quarter 2019 Cash Operating Costs, primarily due to lower cash General and Administrative (“G&A”), Lease Operating Expense (“LOE”) and Workover expenses per boe.
    • Most notably, LOE of US $5.05 per boe has decreased ~29% as compared to the same prior year period and ~7% as compared to the second quarter 2019.
    • Cash operating costs for the quarter were below guidance of US $16.00 per boe by US $2.17 per boe, or ~14%.
  • As of 1 November 2019, the Company’s oil hedges covered a total of 3,593,000 barrels through 2023. Hedging covered approximately ~8,000 barrels of oil per day for the remainder of 2019 with a weighted average floor of US $60.16 per barrel. These figures represent ~90% of the remainder of 2019 expected oil sales at the midpoint of fourth quarter guidance and exclude hedges which have rolled off during the first ten months of 2019.
  • Third quarter development and production related capital expenditures totaled US $42.1 million, below the low end of capital expenditure guidance of US $50-60 million.
  • Immediately subsequent to the end of the third quarter, the Company announced that it had closed the sale of its assets in Dimmit County, TX and received $17.8 million in cash proceeds. The Company expects to receive the remaining transaction proceeds at the end of the 120-day post-close period.
  • While the Company drew incremental debt during the third quarter, pro forma for receipt of the Dimmit proceeds (which were scheduled to be received during the quarter) the Company successfully decreased its net debt position.    

Third Quarter 2019 Operational Highlights

  • The Company turned 12 gross (12.0 net) wells to sales in Live Oak County, including the four well Georgia Buck, HT Chapman, and H Harlan Bethune pads during the quarter.
  • The Company finalized drilling the 4 gross (4.0 net) well H Harlan Bethune pad in Live Oak County and additionally drilled the 2 gross (2.0 net) well Justin Tom pad in Atascosa county.
  • As of the date of this report, the Company had additionally completed the two well Justin Toms pad and was flowing back the wells. The laterals for each of the Justin Tom wells have gross perforated intervals exceeding 12,700 feet in length and are among the longest wells drilled in the county.
  • During the third quarter the Company also spud the 2 gross (2.0 net) well Washburn Ranch pad in La Salle County, and had finished drilling these wells as of the date of this report. The Washburn Ranch pad represents the first development activity the Company has undertaken to date in La Salle County and an important step in further demonstrating the quality of the Company’s inventory.
  • At this time the Company has completed its 2019 drilling plan early through achievement of significant drilling efficiencies and reduction of average drilling days per well. The rig has been laid down and is expected to be picked back up in January to commence the 2020 drilling program.
  • During the third quarter the Company and its midstream partner continued expansion of CGP-41 to increase gas processing capacity from 18 mmcfpd to 28 mmcfpd.  The Company anticipates that this expansion, which is expected to be completed in the fourth quarter, will accommodate future planned production growth from the Live Oak and Atascosa Counties assets.  Similar to the initial expansion, the Company’s midstream partner will fund this and future capital projects up to $10 million in cumulative capital costs.

Update Regarding Process to Redomicile to the United States

  • On 8th November, the Company’s shareholders voted in favor of the scheme of arrangement in relation to Company’s proposed re-domiciliation from Australia to the United States. ~95% of the total number of votes cast were in favor, and ~68% of the shareholders present and voting were in favor.
  • On 14th November, Sundance received final legal approval via a second court hearing and lodged the court orders with the Australian Securities and Investment Commission (ASIC), rendering the Scheme legally effective.
  • On 14th November, trading of the Company’s shares on the ASX was suspended. However, Sundance has been advised by NASDAQ that Sundance’s ADRs will continue trading on Nasdaq until the implementation date (Tuesday, November 26, 2019).
  • On the implementation date for the Scheme, one share in the new Sundance Energy Inc. (US HoldCo parent) will be issued in exchange for every 100 Sundance shares held by Sundance Shareholders as of the Scheme Record Date (currently proposed as 7:00 pm Sydney time on 19th November 2019).
  • Sundance Energy Inc. shares are expected to commence trading on Nasdaq under the ticker “SNDE” promptly following the Implementation Date.

Fourth Quarter and Full Year 2019 Guidance Highlights

  • Sundance expects to be free cash flow positive during the fourth quarter.
  • During the fourth quarter, the Company anticipates average sales volumes of 13,500 to 14,000 boe per day driven by the 12 wells brought online in the third quarter as well as the two extended reach lateral Justin Toms wells which were brought online in early November.
  • The Company has revised its full year average sales volumes estimates to 13,300 to 13,500 boe per day, reflecting capacity constraints and high back pressure related to the second phase expansion of the CGP-41 gas processing facility which resulted in flaring and curtailment.
  • The Company anticipates that this expansion, which is expected to be completed in the fourth quarter, will accommodate future planned production growth from the Live Oak and Atascosa County assets.  Similar to the initial expansion, the Company’s midstream partner will fund this and future capital projects up to $10 million in cumulative capital costs.
  • The Company anticipates an oil cut during the fourth quarter of ~65% by sales volume.
  • As of the date of this report, the Company has turned to sales all 20 wells planned for full year 2019 including the two wells in its fourth quarter guidance.3
  • The Company has additionally already completed its two well drilling program for the fourth quarter and laid down its rig for the remainder of the year. These La Salle County Washburn Ranch wells will be held as drilled but uncompleted (“DUC”) wells at year-end.
  • Second half of 2019 capital spending guidance remains US $60 to 65 million. Fourth quarter capital spending is anticipated to be US ~$20 million. Full year Capital cost guidance remains unchanged at US $135 to $155 million.

The table below provides an overview of the Company’s operational activity for year-to-date 20194:

Well Name County Spud Date IP Date Lateral Length Peak 24-Hr IP 30-Day Avg (boepd) 30-Day / 1,000′ ft 60-Day Avg (boepd) 60-Day / 1,000′ ft % Oil
Bracken 22H McMullen 24-Jan-19 2-Apr-19 5,737 1,690 1,053 184 964 168 76 %
Bracken 23H McMullen 22-Jan-19 2-Apr-19 6,664 1,397 856 129 824 124 76 %
Roy Esse 15H Live Oak 1-Dec-18 5-May-19 4,756 1,222 864 182 848 178 72 %
Roy Esse 16H Live Oak 28-Nov-18 5-May-19 4,823 1,371 988 205 912 189 75 %
Roy Esse 17H Live Oak 26-Nov-18 5-May-19 4,691 1,077 785 167 743 158 76 %
Roy Esse 18H Live Oak 24-Nov-18 5-May-19 4,656 1,099 805 173 753 162 73 %
Georgia Buck 01H Live Oak 21-Feb-19 24-Jul-19 3,791 1,817 921 243 854 225 86 %
Georgia Buck 02H Live Oak 23-Feb-19 24-Jul-19 3,814 1,079 802 210 709 186 85 %
Georgia Buck 03H Live Oak 25-Feb-19 24-Jul-19 3,792 1,133 792 209 669 176 83 %
Georgia Buck 10H Live Oak 26-Feb-19 24-Jul-19 3,917 1,359 880 225 856 219 85 %
HT Chapman 11H Live Oak 16-Apr-19 16-Aug-19 5,287 850 530 100 520 98 79 %
HT Chapman 12H Live Oak 14-Apr-19 16-Aug-19 5,943 927 566 95 511 86 74 %
HT Chapman 13H Live Oak 12-Apr-19 16-Aug-19 5,894 1,148 805 137 768 130 76 %
HT Chapman 14H Live Oak 10-Apr-19 17-Aug-19 5,763 1,271 910 158 817 142 76 %
H Harlan Bethune 15H Live Oak 31-May-19 28-Aug-19 5,220 2,059 1,372 263 1,104 211 75 %
H Harlan Bethune 16H Live Oak 2-Jun-19 28-Aug-19 5,180 1,862 1,382 267 1,143 221 77 %
H Harlan Bethune 17H Live Oak 4-Jun-19 28-Aug-19 5,240 1,578 1,205 230 985 188 77 %
H Harlan Bethune 18H Live Oak 6-Jun-19 28-Aug-19 5,280 1,624 1,237 234 1,090 206 76 %
Justin Tom 08H Atascosa 30-Jul-19 5-Nov-19 12,715
Justin Tom 09H Atascosa 25-Jul-19 5-Nov-19 12,955

The tables below set forth the Company’s commodity hedge position as of 18th November 20195:

HEDGE POSITION OVERVIEW
Total Oil Derivative Contracts Gas Derivative Contracts
Weighted Average Weighted Average
Year Units (Bbls) Floor Ceiling Units (Mcf) Floor Ceiling
2019 487,000 60.16 68.04 662,000 2.85 3.06
2020 1,686,000 56.01 60.34 2,226,000 2.67 2.71
2021 732,000 50.37 59.34 1,290,000 2.65 2.65
2022 528,000 45.68 60.83 1,080,000 2.69 2.69
2023 160,000 40.00 63.10 240,000 2.64 2.64
Total 3,593,000 $ 53.19 $ 61.37 5,498,000 $ 2.69 $ 2.73
CRUDE OIL HEDGE POSITION BY BASIS
LLS Derivative Contracts Brent Derivative Contracts WTI Derivative Contracts
Weighted Average Weighted Average Weighted Average
Year Units (Bbls) Floor Ceiling Units (Bbls) Floor Ceiling Units (Bbls) Floor Ceiling
2019 28,000 $ 52.51 $ 62.51 139,000 $ 58.54 $ 71.29 320,000 $ 61.53 $ 67.11
2020 1,686,000 $ 56.01 $ 60.34
2021 732,000 $ 50.37 $ 59.34
2022 528,000 $ 45.68 $ 60.83
2023 160,000 $ 40.00 $ 63.10
Total 28,000 $ 52.51 $ 62.51 139,000 $ 58.54 $ 71.29 3,426,000 $ 52.98 $ 60.96

The following unaudited tables present certain production, per unit metrics as well as Net Income and Adjusted EBITDAX that compare results of the corresponding quarterly reporting periods:

UNIT COST ANALYSIS Three Months Ended September 30, Nine Months Ended September 30,
Unaudited 2019 2018 Change 2019 2018 Change
Revenue/Boe (Inclusive of Realized Hedge Gains) $ 42.44 $ 47.85 -11 % $ 43.42 $ 42.15 3 %
Lease operating expense/Boe (5.05 ) (7.08 ) (29 %) (6.01 ) (9.43 ) (36 %)
Workover expense/Boe (0.96 ) (1.95 ) (51 %) (1.13 ) (1.95 ) (42 %)
Gathering, processing & transportation/Boe (2.67 ) (1.94 ) 38 % (2.73 ) (0.44 ) 525 %
Production taxes/Boe (2.27 ) (3.33 ) (32 %) (2.51 ) (3.08 ) (19 %)
Cash G&A/Boe(1) (2.88 ) (3.84 ) (25 %) (3.08 ) (4.92 ) (37 %)
Adjusted EBITDAX per Boe(2) $ 28.61 $ 29.71 (4 %) $ 27.96 $ 22.33 25 %
Net Income $ 16,933 $ (19,276 ) $ (16,913 ) $ (85,257 ) (80 %)
Adjusted EBITDAX(2) $ 35,814 $ 30,426 18 % $ 101,367 $ 51,894 95 %
(1) Cash G&A is a non-IFRS figure representing general and administrative expenses (non transaction-related) incurred less equity-settled share based compensation expense, which totaled $0.1 million and $0.2 million for the three months ended September 30, 2019 and 2018, respectively, and $0.3 million and $0.3 million for the nine months ended September 30, 2019 and 2018, respectively.
(2) See reconciliation of income (loss) attributable to owners of the Company to Adjusted EBITDAX included at end of release.

 

Three Months Ended September 30, Nine Months Ended September 30,
Unaudited 2019 2018 2019 2018 % Change
Net Sales Volumes
Oil (Bbls) 798,256 665,776 2,265,781 1,411,652 20 % 61 %
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1,000 young Sabah entrepreneurs to benefit from YEAP grant

KOTA KINABALU, Sabah’s young entrepreneurs stand to benefit from a special grant under the Sabah Youth Entrepreneurship Aspiration Programme (YEAP), this year.

Chief Minister Datuk Seri Mohd Shafie Apdal said the special grant formerly provided for under the Youth Entrepreneurship Scheme Sabah (YESS) would be disbursed on a one-off basis.

“This special fund is to engage as many Sabah youths as possible in the business world. Given their enthusiasm, they are capable of becoming successful entrepreneurs if provided proper guidance in churning out good quality products based on market demand, he said.

He told reporters this after launching the YEAP Fund at the Sabah State Legislative Assembly lobby here today.

Also present were Sabah Youth and Sports Minister Phoong Jin Zhe and Sabah Youth Council president Ahmad Farid Sainuri.

Meanwhile, the Sabah Youth and Sports Ministry which has already channelled the grant to YEAP said applicants for the assistance must be aged between 18 and 35 and possess a business licence and business plan.

In a press release, it said the selected applicants would receive RM2,000 each.

The ministry said YEAP received 1,787 applications between February and July 2019, which showed that Sabah youths seriously need assistance from the state government.

The ministry added that it would provide more avenues and opportunities for young entrepreneurs to grow their businesses through programme diversification including upgrading of skills.

Source: BERNAMA (News Agency)

India will always be dependent on Malaysia for palm oil – expert

KUALA LUMPUR, India will always be dependent on Malaysia for palm oil, as it is the cheapest edible oil in the world.

Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said India is 74 per cent dependent on edible oil imports, as the country is heavily dependent on rainwater for the irrigation of its agricultural sector.

In India, only 37-40 per cent of the agricultural land is irrigated, while this year, the country is expected to produce only nine million tonnes of soybeans from the expected 12 million tonnes due to the late arrival of the monsoon, he said.

Sathia said this in his presentation titled, ‘Palm Oil Driver of Economic Sustainability’ at the Malaysian Palm Oil Board International Palm Oil Congress and Exhibition 2019 (MPOB PIPOC 2019) here today.

Hence, demand wise, he said the main growth market for palm oil would still be India and China, while in the next 10 years, the main growth markets would be India, Indonesia and China.

China will use the mix of edible oils from Malaysia, as the country is heavily short of soybean oil due to lower crushing of soybean hurt by the recent African swine fever outbreak.

One thing for certain is that China will depend less on coal for energy generation and move towards ethanol and biodiesel, he said.

As for European Union (EU), he said palm oil demand would be less due to the palm bio-fuel phase-out plan in the continent.

Overall, he expected Malaysia palm oil production to rebound 4.6 per cent to 20.3 million tonnes in 2019, while production growth for 2020 would slow by three to 3.5 per cent to 21.0 million tonnes.

While Malaysia is the second largest palm oil producer in the world after Indonesia, long term growth wise, if there is no faster pace of replanting, production will slow down, he said.

As for the year-end stocks level, he anticipated it to stand at 2.8 to three million tonnes and fall to below two million tonnes in the fourth quarter of 2020.

Source: BERNAMA (News Agency)