Sonoro Energy set to begin operations on Selat Panjang oil and gas concession in Indonesia

first_imgThe Selat Panjang Production Sharing Contract (PSC) has a 20-year term and an initial five year commitment of $74m Image: Sonoro Energy has commenced operations of the Selat Panjang oil and gas concession. Photo: courtesy of drpepperscott230/Pixabay. Canada-based oil and gas company Sonoro Energy is set to assume full operations of the Selat Panjang oil and gas concession from SKKMIGAS in Indonesia.The oil and gas concession has been operated by SKKIMIGAS since the time the concession was terminated by the Indonesian Government from the former operator.The company said that along with its partner they are staffing the project with technical and operational expertise to make better use of the development plan in progress.Currently, Sonoro and its Indonesian co-venturers are involved in analysing all technical data on the oil and gas concession and are completing the proposed work program and budget for approval by the partners and submission to SKKMIGAS.According to the company, the Selat Panjang Production Sharing Contract (PSC) has a 20-year term and an initial five-year commitment of $74 m. The co-venturers intend to implement a drilling programme at the earliest to reactivate previous wells where feasible and to begin drilling on new prospective targets.Sonoro holds a 25% interest in the project with an option to own an additional 24%. The company will provide services as the operator of the project.Sonoro Energy had bagged Selat Panjang PSC block in May 2019In May, Sonoro Energy had secured the Selat Panjang PSC in the 2019 conventional bid round from SKKMIGAS and the Ministry of Energy in Indonesia.On 25 April 2019, Sonoro along with its Indonesian partner PT Menara Global Energi, an affiliate of a substantial Indonesian company, submitted a bid for the Selat Panjang PSC.The Selat Panjang PSC area is situated in Riau province, spanning over an area of 923km2, in central Sumatra and is approximately 925km from Jakarta and 110 km from Pekanbaru, the capital city of Riau Province.The block was producing oil and gas in the past and in 2014, the Indonesian Ministry of Energy approved a plan of development of the block for further production. In 2018, the block was terminated by the Ministry and the plan of development was left unimplemented.last_img read more

Continue reading

Destined for success

first_img#1’sdestiny’s ChildOut nowDo Destiny’s Child really need to bother with another album? Beyoncé Knowles is Rr‘n’B’s undeniable queen, hunted down for her services in fashion,film and as a “gangsta” accessory. With Kelly Rrowland giving her solo career a very decent go, even dabbling in the French hip-hop market with Monsieur Stomy Bugsy (yes him), and Michelle Williams just, well, existing on previously accrued money stacks, it would seem unnecessary and fundamentally egotistical to bring out a Nno.1’s album, wouldn’t it?Nope. Here it is, sixteen tracks, thirteen of which pay homage to over six years of hard graft, and the remainder mix it up with some fresh sounds. The album opens up with one of the three new tracks, an audacious move indeed, but one that ultimately pays off. Stand Up For Love is a touching and uplifting ballad that claims to be the 2005 World Children’s Dday Aanthem. It definitely shows as the lyrics are all too familiar, and if it weren’t loaded with the girls’ powerful and versatile voices the songwriting could well have been lifted from Westlife’s disgraceful Nno.1’s offering. Though the chords are predictable, the vocals certainly aren’t, reaching melodic tones that the Irish boys could only daydream of, and after four and a half minutes, you end up feeling pretty positive about the world. Infectious pop indeed.Second track Independent Women Part 1 bounces off with its shameless Charlie’s Angels plugs, and we’re away on our almost hour-long adventure through the favourites, all songs reaping in the cash in their day, but sticking in our minds to varying extents.However, even the lesser classics have quite a bit to offer.Mid-listings tracks Soldier and Check On It, featuring Lil’ Wayne and Slim Thug respectively, have the sort of slow-paced, bass centred production that the real hard boys like 50 Cent would be proud of. Once they have mixed their guests’ gravelled seduction with Beyoncé and Kelly’s piercing yet overwhelming lead vocals, they are onto a winner without doubt. Say My Name has the staccato, complex beats of its pre-chorus fused with its smooth verses and chorus, using every girl to her full potential, and it’s a good re-acquaintance with a track that marked out a lot of teenage angst-filled years. Of course, Bills, Bills, Bills is an even more popular case of exactly the same phenomenon.The ladies are only human of course, and Girl falls by the wayside, with no remarkable features, and its female independence lyrics lacking conviction, leading to a trundling bore. Emotion has got an unplugged bluesy backing track, but isn’t particularly memorable. However, No, No, No Part 2, which guest vocalist Wyclef Jean is determined to reiterate is a remix, really steps up the funk level, and even sceptical listeners will be tapping their feet.The final two new tracks are very disappointing, and just don’t have anything as distinctive about them, which will worry any die-hard fans for the future. They are far too lethargic, and even reproduce elements of others’ contemporary tracks, not what we’d expect from these three influential girls. However on the whole the 1’s collection is a very successful arrangement of some forgotten classics and more recent winners, and a welcome addition to the Rr‘n’B dabbler’slibrary.ARCHIVE: 4th week MT 2005last_img read more

Continue reading

Student screams “Kill the Jews” at Israeli minister

first_imgAn Oxford student yelled “Kill the Jews” at Israel’s Deputy Foreign Minister, Danny Ayalon, when he spoke at the Oxford Union on Monday night.The student was removed by security after he shouted the Arabic phrase, “IdhbaH al-Yahud”, which means “Slaughter the Jews”. The incident has been reported to the Proctors’ Office. It was also mentioned in an Israeli Embassy press release on Mr Ayalon’s speech.There was a great deal of protest during the speech, which was disrupted on many occasions by anti-Israeli protesters criticising Israel’s recent conduct in relation to the Palestinian people.The first interruption was only a few minutes into the speech, when a woman stood up and read from the Goldstone Report, a critical UN report on Israel’s conduct during the recent Gaza war, to a mixed reaction from the crowd – many supportive, but others’ critical. One person shouted, “I didn’t come to hear you talk.”In reaction to the interruption, Mr Ayalon criticised the protester for just reading out someone else’s work, saying “I’m not sure she even understood what she said.”She was soon followed by a woman from southern Lebanon who heckled Mr Ayalon and stood holding pictures throughout the rest of the talk.Other interruptions included a man holding a Palestinian flag shouting “You are a racist,” “You are a war criminal” and “You will be tried”, to applause from much of the crowd, before being ejected.Danny Ayalon represents Yisrael Beitenu, a nationalist party, and is a controversial figure even among supporters of Israel. Whilst his talk was frequently interrupted, he managed to convey a combination of moderate and hardline views on the subject of the Middle East in his speech, he blamed Iran for “everything bad going on in the Middle East at the moment”; and claimed that instead of meeting the Israelis halfway on the subject of peace, Israel is giving 95% and Palestine 5%.However, he also admitted that Israel has to make some concessions to the Palestinians. Arguing that “I do feel for the Palestinians”, he said that he blames successive Palestinian leaderships for their present plight.Meanwhile, even within the chamber the shouts of the protesters outside the Union gates could be heard. Many were shouting slogans, which ranged from “occupation no more”, to “from the river to the sea, Palestine will be free” in support of Palestine.The protests were organised by PalSoc. They were joined by members of Oxford Anti-War Action group.last_img read more

Continue reading

Oxford SlutWalk in Facebook flame war

first_imgThe Oxford SlutWalk Facebook group was the subject of controversy on Wednesday when “offensive” comments were deleted by moderators.Some commentors posted links to the Ann Summers website accompanied by offensive comments and, according to Nicola Sugden, a student at Balliol, “made fun of the aims and nature of the event and were therefore considered offensive by most attendees”.Sarah Pine, one of the administrators of the group, stressed that they had no problems with Ann Summers and added, “there were a mixture of comments, most aimed at trivialising the objectification of women. Some also used the word slut in a pejorative sense. I removed these because they threatened the safe space, trivialising sexual assault and rape apology.”However, some were annoyed at the deletion of comments. Alex Bramham said, “What you meant to say was ‘Don’t bother typing, I’ll just delete it’.” Another user, Jamie Element posted, “Make an event to promote your opinion, don’t let others have theirs. Good job.”Sugden, however, agreed with Pine, saying, “Sarah and the WomCam committee have been doing an excellent job of turning the page into a ‘safe space’, removing offensive content while facilitating discussion of the more controversial aspects of Slutwalk and making the event as inclusive as possible.“Members of the Women’s Campaign are very open to discussion and debate on gender issues – it’s what we do, it’s what we enjoy doing. Trolling, however, is not debate: it is a waste of everyone’s time and distracts attention from the important issues we want to raise and tackle.”SlutWalk, organised by the OUSU Women’s Campaign, will be held on Saturday 19th May and will see protestors walking through the streets of Oxford to show their resistance against the prevalence of sexual assaults against women and victim blaming.last_img read more

Continue reading

Pembroke JCR debates morning after pill

first_imgFor the second year in a row, Pembroke JCR debated a motion concerning its morning-after Pill reimbursement policy.Proposed by Annie Smith and seconded by Kris Blake, the motion resolved to “reimburse only half the cost of the morning-after pill, £13, rather than the full £26”. It opined that “a small fortune is being spent by the JCR reimbursing the morning-after pill (over £350 at the last count)”, yet it is free from the Alec Turnbull clinic in Cowley.The aim of the motion was to encourage people to take advantage of these routes – saving the JCR considerable sums – whilst still supporting the best interests of its members. For example, the full £26 would be reimbursed on a Sunday when “it is harder to get it for free”.The motion failed, after strong feelings were voiced in the debate. One student felt that it was imperative to reject this motion because “I don’t think we should be cutting such an important welfare service.”Another student supported the motion, saying “I don’t think it’s a bad thing to make people go to their GP… We already provide condoms”.One undergraduate alleged that that “it’s not fair for the JCR to pick up on at-risk behaviour.”David White, JCR president of Pembroke, stated, “It was also made clear that the committee held a neutral position concerning the motion and would be happy to proceed either way.”He emphasised that the motion was intended only to highlight to the JCR this provision for its members, and “not at all to say whether the use of the morning after pill was right or wrong”.White also commented, “Pembroke JCR is proud and able to support welfare through the full reimbursement of the morning after pill and will continue to do so in full.”Annie Smith, who proposed the motion, told Cherwell, “I was pretty neutral about the motion, and I didn’t really mind whether it passed or not; the same can be said about the Male Welfare Officer, the Women’s Rep, Treasurers and President.”She also denied that the motion had been proposed with a financial incentive. She stated, “With a flexible welfare budget and a financially secure JCR, this motion really was not motivated by concerns about money, however the incentive argument was one of the main things considered by the JCR.” Rebecca Henshaw, a Pembroke student, commented, “Whilst it is a vital service, as accidents do happen, I think the decision was less intended to start charging for the morning after pill and more to encourage students to perhaps think twice about prevention.”last_img read more

Continue reading

Speech: Writing a new chapter in the Global Era

first_imgThank you Minister Song Tao and Lord Mandelson for your kind words of welcome.I am delighted to be here in Beijing this morning during what is my third official visit to China, leading the United Kingdom delegation to the tenth UK-China Senior Leadership Forum.Having attended previous forums, it is with great pleasure that I am back here today with so many of my parliamentary colleagues, who share my keen interest in China and my determination to build the strongest possible partnership between our two countries.I am also delighted to see many Chinese colleagues returning to the forum, as well as new friends. I remember literally ‘breaking the ice’ with Vice Minister Guo Yezhou at the very first forum at Ditchley Park in 2007.Indeed, times haven’t changed too much – the UK has only recently emerged from the latest ‘Beast from the East’ cold weather during the past week or so. The fact that Beijing also saw snow last week I take as a good omen for our deliberations – I believe you have a proverb here which says that heavy snow promises a good harvest.And so it is a great pleasure to be back here this morning.This forum specifically invites those delegates who are already influential and on a positive trajectory in their respective systems and parties.I believe this approach fosters interest, understanding and friendship between our two countries – and I am confident and optimistic that these ties will remain with the delegates throughout their careers, as they have done with me.Crucially, this understanding represents more than just warm words between like minds – it provides the cultural and social bedrock which underpins bilateral relations between any two countries, of any size and any political persuasion.For that is what I want to discuss with you this morning.How a healthy UK-China relationship is absolutely critical to the prosperities and fortunes of both of our countries, as we step forward together into a fast-changing world full of both challenges and opportunities alike.And how it is not just our governments who need to work closely, but our businesses, people and societies too – they are the ones who will help us together write that new chapter in relations between our two countries.Importance of the UK-China relationshipFor as you have just heard in the words from the Prime Minister, Theresa May, we are in a ‘Golden Era’ of UK-China relations – relations which are going from strength to strength, and an Era which we all hope continues long into the future.And as number two in the British Government – and the first Cabinet Minister to visit Beijing after the Prime Minister’s successful visit in January earlier this year – I hope my attendance here and my presence this week in China will help us to realise more mutual benefits from this relationship.As the UK makes our preparations to leave the EU, we are determined to build on the Prime Minister’s visit to realise our bold vision for a truly global Britain.A Britain that is one of the most outward-looking, welcoming, and free-trading nations in the world – and a Britain that provides leadership on the global stage.Indeed, it is encouraging to see the great work the UK Government is doing out here in China to promote the United Kingdom – through the work of the Foreign and Commonwealth Office, the Department of International Trade, and the GREAT campaign.It is a reminder that when we stand united at home, we truly are a stronger country abroad.And in order to deliver this vision of a global Britain, it is clear we must both forge new, and strengthen existing, relationships with our partners around the world.That is why the Prime Minister made clear during her visit our aspiration for the UK and China to be partners for the long term – a goal that I hope I share with everyone here today.For China has a major role to play in so many critical issues that affect the UK and the world at large.From how we tackle global challenges and threats such as climate change and international terrorism, to how we grow our economies in the years ahead and deliver prosperity for all of our peoples.However, cementing and building on this ‘Golden Era’ of bilateral relations and delivering on our goal for a long-term partnership is about much more than just our two governments working together.It is crucially about bringing our peoples and our societies closer together as well.By working with vital organisations such as the Great Britain China Centre, the China-Britain Business Council with offices across China, and of course the Senior Leadership Forum itself.We can ensure that our communities and our businesses work closer together than ever before, fostering the cultural, social and economic ties that transcend mere national boundaries and form the very essence of co-operation between nations.It is worth remembering that there are more than 150,000 Chinese students studying in UK universities, as well as thousands of UK students here in China as well – many of whom are choosing to learn Mandarin.For as the Prime Minister witnessed first-hand during her visit to Wuhan, Beijing and Shanghai, it is those teachers and students; those businesses, scientists and engineers; those innovators, pioneers and creators.They are the ones in their everyday interactions who both ensure that our cultural and social links remain strong.But who at the same time stand to benefit directly when our two countries work more closely together.So that is why, during the Prime Minister’s visit in January, we launched Global Partners 2020, a new programme to establish links between future leaders in the UK and China. Indeed, it is by building such links, that we can enhance and expand our ties well into the future, to the advantage of both our countries.The Prime Minister’s visit was also a chance to push forward our business to business links, as we together signed some £9 billion worth of trade deals.But on broader concerns on market access issues and creating a level playing field for UK business to operate in China, there was more limited progress. I am heartened that President Xi has spoken on numerous occasions to stress his commitment to reform and continued opening of China’s market. But at a time when global trade is increasingly under pressure, implementation and concrete action is necessary.The UK has been and will continue to be a champion of free trade, globalisation and the rules-based international system, which provides a strong basis for resolving trade disputes. But like the US, the EU and UK have some concerns on areas like market access and the protection of intellectual property for our businesses in China, and we look forward to working with China to address these concerns.That is why I believe there is a role here for the UK and China to work together, speeding up and implementing commitments China has already made, while demonstrating the advantages of a more open market.In the pharmaceutical sector for example, we can look to speed up the registration process and improve access to British drugs. And on financial services, we should be looking to lift caps on securities and insurance sectors.Indeed, moving forward on this agenda will build on what are already strong economic foundations between the UK and China.Total trade in goods and services between the UK and China in 2017 was worth £67 billion – a 13.8 per cent increase from 2016. UK exports to China have grown by 68 per cent since 2010. And China is expected to be one of the UK’s largest foreign investors by 2020.At the government to government level, we also have a very strong foundation to build on. Both of our countries participate in a host of vital international organisations, such as the IMF and the G20 – and we are both permanent members of the United Nations Security Council. And during her visit, the Prime Minister and Premier Li agreed to resume the sequence of annual summits between the UK and China at their level.There have been many excellent examples of recent co-operation between our countries, such as working together in the United Nations to sign the groundbreaking Paris climate change deal in 2016, and keeping up the pressure of sanctions on North Korea. And there is much we can do together in the future to combat threats such as modern slavery and human trafficking, serious organised crime, and the trade in illegal wildlife products.It is also important to emphasise that the UK and China both benefit from the rules-based international system and both have a responsibility to uphold international norms and global interests.Nowhere is this more important or urgent right now than in the fight against the use and proliferation of the most dangerous weapons. We in the UK have just suffered the first use of nerve agents on European soil since the Second World War. It is shocking that all the evidence points towards the direct involvement of the Russian state.The UK has scrupulously followed our international obligations and is working with the Organisation for the Prohibition of Chemical Weapons to ensure that this attack is investigated. We look to our friends and international partners to respect this process and not to be misled by disinformation or attempts to shift responsibility from where it belongs.And similarly, we have been shocked at the news of chemical weapons being used against innocent civilians in Syria. We must work together against the terrible scourge which these weapons represent and the suffering they cause, wherever such attacks occur.The links between our two countries therefore remain strong: our Global Partnership is addressing those rising global challenges; building thriving economies of the future; and enhancing further the already strong links between our peoples and our businesses.And while it is true that the UK and China haven’t always seen eye-to-eye on everything, we recognise that, like all friends, our relationship is strong enough to express disagreement – and that is something to be valued and cherished.But while it is clear our bilateral relationship is increasing in breadth and depth, I believe we can go further still.As the Prime Minister outlined in January, I believe we are now opening a new chapter in the Golden Era of UK-China relations, in which co-operation between us is stronger than ever before, and in which we can tackle mutual threats together, and take advantage of the exciting new opportunities that await us both.China’s Belt and Road InitiativeFor China, the Belt and Road Initiative is ambitious and has the potential to drive global prosperity and development outcomes if implemented well – and could bring lasting benefits to the countries involved.We welcome the opportunities presented by the Initiative as a means of global growth and connectivity, and enhancing development outcomes.Through our industrial strategy at home, we want to ensure that our firms and companies that are well placed to trade and do business in growing markets around the world – such as here in China – and thereby propel Britain to global leadership of the exciting industries of the future.For British businesses have vast experience in delivering prestige projects – and the City of London has a track record of raising capital and providing other financial and professional services that is second to none.While we will be discussing the Initiative later, the Prime Minister rightly made clear two key points during her visit, which I would like to emphasise again:The first is that the UK is a natural partner for the Initiative, and we are well placed to co-operate, having appointed Douglas Flint as the new Financial and Professional Services Envoy for the Belt and Road at the UK-China Economic and Financial Dialogue in December.The second is the importance of international standards in order for the Initiative to reach its full potential in delivering benefits to all.The Initiative therefore presents an excellent opportunity for our two countries to work closely together under our Global Strategic Partnership to deliver positive outcomes for the UK and China, and for third countries involved – and I look forward to following its development closely.Building Global BritainAnd for the UK, we must focus our energies on delivering a successful departure from the European Union – minimising the risks and seizing the opportunities that await, while building that global country that is China’s strong partner on the world stage.The UK Government is absolutely clear that in June 2016, the UK took a democratic decision to leave the European Union – and that is what are we are delivering.As Prime Minister May said to President Xi during her visit in January, we are seizing this opportunity to become an ever more outward-looking, global Britain.A Britain that, united together and speaking with one strong voice, is free to strike our own comprehensive trade deals with nations around the world, including, of course, China, while continuing to work together with our international partners to tackle head on the global challenges we will face.That is why we are seeking the broadest and deepest possible agreement with the EU, that covers more sectors and co-operates more fully than any other existing Free Trade Agreement.While the negotiations have covered many complex issues, we are making good progress.The UK and the EU recently reached an agreement on the terms of a time-limited implementation period from next year, providing certainty for both businesses and citizens.This is a decisive step forward that not only provides stability in the short term, but represents the beginning of life outside the European Union – serving as a platform on which we build our future relationship not just with the EU, but with other countries too.For we are absolutely clear that in leaving the European Union, the UK will not retreat from the global stage.Far from it, we will continue to engage closely with our key partners around the world – and we are clear that China will remain an increasingly important partner to the UK.During the implementation period, we will be free to negotiate, ratify and sign new trade deals while continuing to benefit from the EU’s existing agreements.The Prime Minister and President Xi made clear their view that we should be ambitious in considering our future bilateral trade and investment relationship. The joint trade and investment review which they agreed will map out opportunities and barriers, and help inform decisions on how best to strengthen and upgrade our links during that implementation period and beyond.If we get this right, it will benefit not just the many British businesses looking for new growth markets, but Chinese firms too – boosting the prosperity of us all.And so it is in this spirit that negotiations continue – with a positive, upbeat vision for life outside the EU that maximises the opportunities available not just to the United Kingdom – but to our global partners too.ConclusionFor if we are to truly deliver on our bold vision for a global, outward-facing nation.If we are both to capitalise on the possibilities that the Belt and Road Initiative presents.If we are to not simply maintain the strength of our existing partnership, but write a new chapter in the ‘Golden Era’ of UK-China relations.It will be thanks not just to our governments, but in large part to the hard work and diligence of those of you gathered here today.By fostering a sense of understanding and appreciation between our two countries, we can enhance further that cultural and social bedrock which underpins, and is so crucial to, our relationship.Through regular dialogue, discussion and debate at fora such as these, we can move forwards together, confident in a better future for both of our peoples.I therefore look forward to our talks this morning and hearing the outcomes of the talks this afternoon – as well as the Gala Dinner tonight.I am grateful to the Great Britain China Centre for all their work on this initiative over the past ten years, and their commitment to developing ever-closer relations with China.And I pass on my sincere thanks as well to the International Department of the Communist Party of China for building these links with us.I wish all the participants here today the very best, and I hope that the discussions and the forum, like relations between our two countries, grow ever stronger in the years ahead.Thank you very much.last_img read more

Continue reading

London Odds & Ends: Sherlock Star Follows Cumberbatch’s Lead & More

first_imgHere’s a quick roundup of London stories today. Sherlock’s Martin Freeman to Tackle Shakespeare Benedict Cumberbatch is not the only Sherlock star heading to the London stage to do Shakespeare. Martin Freeman, who plays Watson in the hit TV show and whose credits also include The Hobbit Trilogy, is to headline an upcoming production of Richard III. The show will run at the West End’s Trafalgar Studios July 1 through September 27. View Comments Killian Donnelly Joins Beverly Knight in Memphis Killian Donnelly, who is currently appearing in The Commitments in the West End is, according to the Daily Mail, to star alongside the previously announced Beverley Knight in the Tony-winning Memphis in London. The musical will begin performances October 9 at the Shaftesbury Theatre. Casting Announced for West End’s Curious Incident The Curious Incident of the Dog in the Night-Time, which will resume its West End run at the Gielgud Theatre on 24 June (it was the show that was playing at the Apollo Theatre when part of the ceiling collapsed back in December), has announced casting for the production. Graham Butler will play Christopher and is to be joined by Vivienne Acheampong, Daniel Casey, Emily Joyce, Gay Soper, Paul Stocker, Nicolas Tennant, Tony Turner, Victoria Willing, Sarah Woodward, Sam Bond, Roxanne Palmer and Mark Rawlings. A Broadway transfer of the show, with a different cast, will open this fall.last_img read more

Continue reading

Nathan Lane, Matthew Broderick & More Begin B’way Previews in It’s Only a Play

first_img Related Shows It’s Only a Play The star-studded comedy will run for a 17-week engagement through January 4, 2015. View Comments A whole crew of stage and screen bigwigs are ready to take the stage at the Schoenfeld Theatre on August 28, as It’s Only a Play begins performances on the Great White Way. The comedy, penned by Terrence McNally, stars Tony winners Nathan Lane, Matthew Broderick and Stockard Channing, Oscar winner F. Murray Abraham, Emmy winner Megan Mullally, Harry Potter alum Rupert Grint and newcomer Micah Stock. The production, directed by Jack O’Brien, will open officially on October 9. It’s Only a Play is set on the opening night of Broderick’s character Peter Austin’s new play, as he anxiously awaits to see if his show is a hit. With his career on the line, he shares his big first night with his best friend, a television star (Lane), his fledgling producer (Mullally), his erratic leading lady (Channing), his wunderkind director (Grint), an infamous drama critic, and a wide-eyed coat check attendant on his first night in Manhattan. There’s no business like show business. Show Closed This production ended its run on June 7, 2015 Star Files Matthew Broderick Stockard Channing Nathan Lanelast_img read more

Continue reading

Green Mountain Coffee Roasters finally acquires Diedrich Coffee for $300 million

first_imgGreen Mountain Coffee Roasters, Inc has announced that it has acquired Diedrich Coffee, Inc. (NASDAQ: DDRX) for $35 per share of common stock in cash, pursuant to a cash tender offer and a “short form” merger, in a transaction with a total value of approximately $300 million.GMCR’s tender offer for all outstanding shares of Diedrich Coffee common stock expired at midnight, Eastern Time, on Monday, May 10, 2010. As of the tender offer’s expiration time, approximately 5,446,334 shares had been tendered and not properly withdrawn pursuant to the tender offer, which represented approximately 95.06% of the outstanding shares as of the tender offer’s expiration date. GMCR and the wholly owned subsidiary through which it conducted the tender offer, Pebbles Acquisition Sub, Inc. (“Purchaser”), accepted for payment all shares that were validly tendered and not properly withdrawn, and paid for these shares in accordance with the tender offer’s terms.Subsequent to the tender offer, GMCR effected the merger of Purchaser with and into Diedrich Coffee, with Diedrich Coffee being the surviving corporation, on May 11, 2010. As a result of the merger, Diedrich Coffee has become a wholly owned subsidiary of GMCR.Lawrence J. Blanford, President and Chief Executive Officer of GMCR, said, “We are pleased to welcome Diedrich Coffee to the GMCR family. We believe this combination provides significant growth opportunities and further advances GMCR’s objective of becoming a leader in the coffee and coffeemaker businesses.”Blanford continued, “By taking the next logical step beyond our already successful licensing agreement with Diedrich Coffee, we are bringing in house three strong, complementary brand platforms – Diedrich, Gloria Jean’s and Coffee People – and augmenting the growing GMCR beverage brand portfolio. In addition, we are gaining manufacturing and distribution facilities in California, which will enable us to more effectively reach consumers in this region.”Diedrich Coffee specializes in sourcing, roasting and selling the world’s highest quality coffees. The company markets its three leading brands of specialty coffees, Diedrich Coffee®, Coffee People® and Gloria Jean’s® Coffees, through office coffee service distributors, restaurants and specialty retailers, and via the company’s web stores.Diedrich Coffee will be integrated into GMCR’s Specialty Coffee business unit. The combined company will operate manufacturing and distribution facilities in Waterbury and Essex, Vermont; Castroville, California; Knoxville, Tennessee; Sumner, Washington; and Toronto, Ontario Canada.As previously announced, GMCR anticipates that this transaction will be neutral to slightly accretive within the first twelve months following the close, excluding one-time transaction expenses, and accretive thereafter.GMCR also announced that it has amended its Amended and Restated Revolving Credit Agreement to provide for a new term loan for $140 million, a new uncommitted revolver increase option of up to $100 million and increases in the permitted amounts of certain forms of indebtedness and investments. In connection with the closing, GMCR executed the $140 million new term loan to pay for a portion of the Diedrich Coffee acquisition purchase price.As of the close of trading on May 11, 2010, Diedrich Coffee’s common stock will no longer be traded on the NASDAQ Stock Exchange.BofA Merrill Lynch is serving as financial advisor to GMCR on this transaction and Ropes & Gray LLP is serving as its legal advisor.About Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR)As a leader in the specialty coffee industry, Green Mountain Coffee Roasters, Inc. is recognized for its award-winning coffees, innovative brewing technology, and socially responsible business practices. GMCR’s operations are managed through two business units. The Specialty Coffee business unit produces coffee, tea and hot cocoa from its family of brands, including Green Mountain Coffee®, Newman’s Own® Organics coffee, Tully’s Coffee®, and Timothy’s World Coffee®. The Keurig business unit is a pioneer and leading manufacturer of gourmet single-cup brewing systems. K-Cup® portion packs for Keurig® Single-Cup Brewers are produced by a variety of licensed roasters and brands, including Green Mountain Coffee, Tully’s Coffee, and Timothy’s. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in Fair Trade Certified™ coffee, and donating at least five percent of its pre-tax profits to social and environmental projects. Visit www.gmcr.com(link is external) for more information.GMCR routinely posts information that may be of importance to investors in the Investor Services section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.About Diedrich Coffee, Inc. (NASDAQ: DDRX)Diedrich Coffee specializes in sourcing, roasting and selling the world’s highest quality coffees. The company markets its three leading brands of specialty coffees, Diedrich Coffee®, Coffee People® and Gloria Jean’s® Coffees, through office coffee service distributors, restaurants and specialty retailers, and via the company’s web stores. Diedrich Coffee is one of the few roasters under license to produce K-Cups for Keurig Incorporated’s top-selling single-cup brewing system. For more information about Diedrich Coffee, call 800-354-5282, or go to www.diedrich.com(link is external), www.coffeepeople.com(link is external) or www.coffeeteastore.com(link is external).Forward-looking statementsCertain statements contained herein, including GMCR’s intention to complete the proposed acquisition, are not based on historical fact and are “forward-looking statements” within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual events or results could differ materially from those stated herein. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact on sales and profitability of consumer sentiment in this difficult economic environment, GMCR’s success in efficiently expanding operations and capacity to meet growth, GMCR’s success in efficiently and effectively integrating Tully’s and Timothy’s wholesale operations and capacity into its Specialty Coffee business unit, GMCR’s success in introducing and producing new product offerings, the ability of lenders to honor their commitments under GMCR’s credit facility, competition and other business conditions in the coffee industry and food industry in general, fluctuations in availability and cost of high-quality green coffee, any other increases in costs including fuel, Keurig’s ability to continue to grow and build profits with its roaster partners in the At Home and Away from Home businesses, the impact of the loss of major customers for GMCR or reduction in the volume of purchases by major customers, delays in the timing of adding new locations with existing customers, GMCR’s level of success in continuing to attract new customers, sales mix variances, weather and special or unusual events, as well as other risks described more fully in GMCR’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Forward-looking statements reflect management’s expectations as of the date of this press release, and are subject to certain risks and uncertainties. GMCR does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases.Source: GMCR. WATERBURY, Vt.–(BUSINESS WIRE)–5.12.2010last_img read more

Continue reading

On the Blogs: Failure of Texas Project Illustrative of Carbon-Capture Industry

first_img FacebookTwitterLinkedInEmailPrint分享Jim Malewitz for the Texas Tribune:Plans to build a coal-fired carbon-capture power plant in West Texas appear to be on life support. Summit Power Group has yet to begin construction of the gasification plant on 600 acres outside of Penwell, a speck of an oil town 16 miles southwest of Odessa. And the federal Department of Energy — which originally agreed to foot $350 million of the project’s expected $2 billion-plus price tag — froze funding earlier this year while the agency’s inspector general was conducting a highly critical audit.“As of February 2016, the Department had invested about $116 million in the Project without assurances that it would succeed,” the agency’s watchdog wrote in a special report in April meant to relay its “immediate concern” about continuing to tap taxpayer funds for the effort.Total projected costs had soared to $3.9 billion, with the agency on the hook for $450 million.The former mayor is holding out hope for a revival, but she acknowledges the challenges: a national recession, rock-bottom natural gas prices, an oil boom followed by a bust, the difficulty of building something that never before existed.The project’s failure to rise in West Texas provides a window into the perfect storm of factors that, thus far, has kept coal-fired carbon capture and sequestration projects — dubbed “clean coal” by their advocates — from becoming fixtures in Texas or elsewhere in the United States, even as interest in low-carbon fuels continues to surge.Full item: Former Mayor’s “Clean Coal” Effort Struggles to Survive On the Blogs: Failure of Texas Project Illustrative of Carbon-Capture Industrylast_img read more

Continue reading