However, dividends paid out from net profits that are subject to tax under the Revenue Code are still entitled to tax credits for shareholder’s personal income tax assessment.
1.2 Proceed to the police station to declare the loss and provide details of the lost certificate.
1.3 Complete a request form for a new debenture certificate and attach the police declaration form and a copy of the debenture holder’s personal ID card.
If making the request in person, a new certificate will be issued immediately. If delegating another individual to come in person, please complete a proxy form to duly delegate authority to that person.
If requested via courier, the registrar will mail the new debenture certificate to the debenture holder’s address.
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PTTEP has adapted its investment plans to suit the lower oil price environment. In principle, the plan is as follows:
- Prioritize and plan investment expenditures to correspond with current levels of oil price.
- Reduce spending according to the SAVE to be SAFE initiative, which was first launched late 2014 and continues to today, to reduce operating costs in the short-term and long-term based on the following guidelines:
- Reduce: Seek opportunities to reduce costs and identify effective work processes or technologies which will enable cost reduction in the short and long run.
- Remove: Refrain from non-essential activities and focus on “need to have / need to do” rather than “nice to have / nice to do”.
- Reschedule: Postpone investments in high risk projects by prioritizing expenditures to correspond with the oil price environment.The cost and expenditure reductions must neither affect petroleum production levels such that adverse impact to petroleum needs in Thailand is avoided, nor be carried out at the expense of Security, Safety, Health and Environment which are of vital importance to PTTEP. In mid-February, the Company established a task force to identify and manage the cost reduction program. PTTEP’s target in 2015 is to deliver a cost reduction of not less than 10% of the announced expenditure plan. in Canada, on 28 May 2014, fulfilled outstanding conditions precedent. PTTEP subsequently closed the transaction as stipulated in Partnership Units Redemption Agreement (PURA) with Statoil Canada Limited (SCL) resulting in PTTEP holding 100% ownership of the Thornbury, Hangingstone and South Leismer fields, and receiving USD 419 million in cash. PTTEP also changed the project name from Canada Oil Sands KKD to Mariana Oil Sands.
The weak oil price environment since the second half of 2014 had a slight impact on PTTEP’s core performance in 2015. This is because natural gas volume, which represents a majority of the Company’s product, is subject to pricing formula that is only 30-50% indexed to the oil price and is adjusted on a three-month to one-year basis based on past oil prices; the impact from the recent decrease in oil prices has therefore a relatively subdued impact on PTTEP’s 2014 natural gas prices. With respect to PTTEP’s crude oil and condensate products, the Company maintains its risk management policy to hedge the oil price volatility.PTTEP simulates scenarios with crude oil prices at various levels to generate mitigation plans which will be implemented if such scenarios pan out. PTTEP has adjusted its strategic and operating plans to allow for flexibility in business operations and investments. On financial matters, PTTEP stresses financial discipline and a strong capital structure where debt-to-equity ratios are at appropriate levels corresponding to the business profile, and liquidity levels are sufficient to cope with volatile oil prices and economic conditions, while business opportunities can also be seized.
The Montara Field in Australia, began producing crude oil from the FPSO “Montara Venture” since early June 2013. Currently, the project is producing crude oil at a rate of approximately 20,000-21,000 BPD.
The Zawtika Project, in Myanmar, carried out gas development operations continuously including the installation of an additional wellhead platform to maintain the production plateau. The project is also continuing a campaign to drill 10 appraisal wells which begun during the third quarter last year, and is expected to complete during the second half of 2015. Natural gas production volume from the Zawtika project during the first quarter averaged 320 MMSCFD.The Algeria 433A and 416B project , in Algeria, is carrying out the construction of its production facility and pipelines. Production is expected to begin in the second half of 2015 with a capacity of 20,000 BPD.
BIG - Production: Target production rate of 600,000 barrels of oil equivalent per day (BOED) in year 2020.
LONG - Reserves Life: Target R/P ratio (reserves to production ratio) of not less than 10 years.
STRONG - Investment Returns: Target ROCE ratio higher than industry average, and target for operational efficiency to enable sustainable long term growth of the organization.
1) For Current Value Contributors, the Company focuses on maintaining the current production plateau through further exploration programs in nearby areas of the currently producing fields, as well as through the development of marginal fields. Most assets in this category are domestic assets such as Bongkot, Arthit, MTJDA, and S1; however, Yedana and Yetagun assets in Myanmar also fall under this category.
2) Near-term Value Contributors are projects with petroleum discoveries which are already in the development phase with plans to start production in the near-term. The Company’s strategy for these assets is to manage the projects with the objective to deliver the projects per planned schedules and within budgets.
3) Future Reserves Contributors are projects which are under assessment for petroleum potential for subsequent commercial development. Several fields in Myanmar such as M3 and M11 fall under this category. Other fields include Algeria’s Hassi Bir Rakaiz, various fields in Australia, especially the Cash & Maple fields, and exploration field in Mozambique.
For M&A activities, Company will consider to enter into M&A transactions if such projects meet the minimum investment returns criteria and adds value to the Company’s shareholders.