Standing over his baby's cot in the whitewashed glare of an Israeli rocket shelter, Natanel Sharvit spends his days killing time. Sharvit, his wife and four children are no more in control of the air war raging above their heads than Palestinian civilians living on the other side of the Israeli military barrier that separates north Gaza from southern Israel. The fortified "safe" room is a mandatory feature for all new homes in Israel, but older buildings do not have them.
Ozzy Osbourne has praised his wife Sharon for the way she "weathered the storm" following her much-publicised exit from The Talk. Sharon quit the daytime show The Talk amid a row over comments she made during a discussion about racism with one of her co-stars. In an interview with Billy Morrison on his SiriusXM show, Ozzy opened up about how his wife has been doing since the scandal. “She’s been through the mill of it,” he explained. “All I can tell you if my wife was slightly racist or tell you, she’s possibly the most unracist person I’ve ever met. And I’m not just saying that, you know. “But she’s weathered the storm… She’s marching on. I mean, but it’s still an unpleasant issue. It’s one of them things once you’re accused of it, people tie with that brush and it’s very hard to shake up.” Asked how he and Sharon deal with controversies such as The Talk scandal, Ozzy replied: "Now, I just go ‘Okay. Yeah.’ Could it be, if she got caught doing something that I know that was wrong. I go, ‘whoa man.’ Cause when Sharon first got the news, she was devastated. She was like, ‘why are they saying this about me?’" Sharon issued a public apology to Sheryl Underwood following the comments she made regarding Piers Morgan's remarks about Meghan, Duchess of Sussex.
(Bloomberg) -- Oil sunk as investors weighed developments in ongoing talks between world powers on a revival of the Iran nuclear deal, which would bring more supply to the market.Futures in London fell 1.1% on Tuesday after a Russian envoy in Vienna said significant progress has been made in efforts to broker an agreement between Iran and the U.S, the BBC Persian news channel reported. However, the same diplomat, Mikhail Ulyanov, subsequently took to Twitter to play down reports that a major announcement on the matter was likely on Wednesday.“I said that significant progress have been achieved, in my view,” Ulyanov said in the tweet. “That is true. But unresolved issues still remain and the negotiators need more time and efforts to finalise an agreement on restoration of JCPOA.”A return to the 2015 nuclear deal could allow for the removal of U.S. sanctions on the Persian Gulf country’s crude exports, raising the prospects of more crude coming back to the market. Iran has already been preparing to ramp up global oil sales, though the flow of additional crude may be gradual even if a deal is struck.See also: Iran Gears Up for Return to Oil Market as U.S. Talks Advance”The devil is in the details,” said Tom Finlon of Brownsville GTR LLC, a trading and logistics firm based in Houston. Despite “periodic comments on progress,” talks have been at “an impasse on substantive issues, so it’s not going to be that easy.”Prices were already weak earlier in the session after Brent futures failed to sustain a rally past the key psychological $70-a-barrel mark, which it hasn’t closed above since May 2019. Meanwhile, concerns are lingering around the worsening Covid-19 crisis in India. The South Asian country’s gasoline exports soared 85% in the first half of May from the same period last month, according to Vortexa, as fuel sales there wane.Futures clung to losses in after-market trading following the release of the industry-funded American Petroleum Institute’s inventory data, which showed that U.S. crude inventories rose by 620,000 barrels last week. If confirmed by U.S. government data on Wednesday, that would be the first weekly increase in three weeks. The API report also showed declines in both gasoline and distillate stockpiles.Despite crude’s decline on Tuesday, oil is joining other commodities in a blistering rally this year. Crude prices are up more than 30% as raw materials emerge as a hedge against inflation. Much of Wall Street is calling for higher prices, with Goldman Sachs Group Inc. talking up the prospects of $80 a barrel oil. At the same time, the Organization of Petroleum Exporting Countries and its allies are boosting supply to meet rebounding demand.Meanwhile, the largest U.S. fuel pipeline restored a vital communications system after an outage earlier Tuesday temporarily left customers in the dark about fuel shipments. The Colonial Pipeline has been trying to recover after a cyberattack more than a week ago caused a spate of panic-buying at gas stations across a dozen states.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Kenya Barris’ acclaimed black-ish has become the most prolific comedy series of the past couple of decades. During its run, it has already spawned two spinoff series, Freeform’s grown-ish, the No.1 live-action comedy on basic cable among adults 18-34, and mixed-ish, which aired on ABC for two seasons. And Emmy-nominated black-ish, headed into its eighth […]
Republicans seem split on whether the commission should also look at violence related Black Lives Matter protests.
Former A+E Networks exec Andrew Kuo and ex-New York Times exec Kareem Rahma have launched a podcast company to increase stories by and about people of color in the audio sector. The pair have launched Hyphen Media, which is backed by investors including Hyphen Capital, media veteran Sean Cohan; James Cole, Jr., Board Member of […]
As rumors swirl around Aaron Rodgers' reported unhappiness in Green Bay, Packers fans are conflicted about the future of their Hall of Fame quarterback.
The executive reveals her typical day as Chief Marketing Officer to the billion-dollar enterprise, and why she's feeling hopeful that "lasting change will come" for the Asian community
Traditionally, a third year of marriage is marked by gifts made from leather.
Two potential successors for CEO Jamie Dimon will become co-heads of JPMorgan's consumer and community bank.
Sudan will restrict all travellers who have visited India within the prior two weeks, the country's health emergency committee said in a statement. India's total COVID-19 caseload topped 25 million on Tuesday, and there are concerns about the spread of a new, highly infectious B.1.617 variant, first found there. Sudan's health emergency committee also warned that total COVID-19 cases in the African country could top the 100,000 mark by mid-June if restrictions were not imposed.
The Wells Fargo Income Opportunities Fund (NYSE American: EAD), the Wells Fargo Multi-Sector Income Fund (NYSE American: ERC), the Wells Fargo Utilities and High Income Fund (NYSE American: ERH), and the Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD) have each announced a distribution.
Google and Samsung said they were teaming up on a joint software platform for smartwatches and other wearables in a move ramping up competition with market leader Apple.
Universal will be releasing the Baltasar Kormákur directed thriller Beast starring Idris Elba on Aug. 19, 2022. There are no other major studio wide releases currently scheduled for that date. Elba plays widowed husband and father, Dr Nate Samuels, who with his two teenage daughters find themselves hunted by a massive rogue lion intent on proving that […]
The CDC and FDA say the vaccine is safe and effective in both pregnant women and children as young as 12 years old
SCS, known for delivering speed, value, integration and innovation to help businesses reach their goals, today named Glenn Rogers as Chief Development Officer, Andres Torrente as VP of Media and Kelli-Rae Coughlin as Brand Solutions Director.
TTM earnings call for the period ending March 31, 2021.
Five police officers were injured in Saturday’s scenes and 28 arrests were made.
Investment in specialized asset classes like lab and life science, cold storage, and medical office has risen significantly as the lack of opportunities in traditional options like industrial and multifamily has driven interest toward niche alternatives. The Millionacres takeaway: Laboratory, cold storage (think the "last mile of food"), and single-family rentals are particularly noted as attractors of venture capital money in this GlobeSt.com article on a Colliers report. Macy's (NYSE: M) today signaled recovery from the pandemic, reporting a 56% year-over-year first quarter sales bump to $4.71 billion and a revised outlook that CFO Adrian Mitchell said reflects "cautious optimism."
TORTOLA, British Virgin Islands, May 18, 2021 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. (“Orca” or the “Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) today announces that it has filed its condensed consolidated interim financial statements and management's discussion and analysis for the three month period ended March 31, 2021 ("Q1 2021") with the Canadian securities regulatory authorities. All amounts are in United States dollars (“$”) unless otherwise stated. Revenue increased 5% for Q1 2021 to $18.6 million compared to the same prior year period. The increase was primarily a result of increased sales to industrial customers. Gas deliveries for the quarter increased by 4% compared to the same prior year period. The increase in gross sales volume was primarily due to the increase in gas deliveries to industrial customers as a result of expansion of the Company’s customer base.Net income attributable to shareholders decreased 69% for Q1 2021 to $4.0 million compared to the same prior year period, primarily a result of the decrease in the reversal of loss allowances related to the lower collection of arrears from Tanzanian Electric Supply Company Limited (“TANESCO”) compared to Q1 2020.Net cash flows used in operating activities for Q1 2021 were $0.8 million compared to net cash flows from operating activities of $0.8 million in Q1 2020, a decrease of $1.6 million. The decrease was primarily a result of the lower collection of TANESCO arrears being offset by an increase in trade and other receivables from Q4 2019 to Q1 2020.Adjusted funds flow from operations for Q1 2021 increased by 13% to $8.6 million compared to the same prior year period, primarily a result of the increase in revenue.Capital expenditures decreased by 53% for Q1 2021 to $0.2 million compared to the same prior year period. The capital expenditures in Q1 2021 were primarily for well workover planning and design. The capital expenditures in Q1 2020 primarily relate to the flowline decoupling construction. The Company is currently installing compression to allow production volumes to be sustained at approximately 102 million standard cubic feet per day (“MMcfd”) through the Songas infrastructure. This provides the possibility to expand production capabilities to 172 MMcfd by also utilizing the National Natural Gas Infrastructure (“NNGI”). The value of the contract for compression is $38 million of which $24.7 million was incurred prior to 2021 with forecasted expenditures of $9.5 million for 2021, upon delivery and inspection of the equipment, and $3.8 million for 2022 following installation and testing. The project is currently on budget and on schedule for completion in Q2 2022.The Company exited the period in a strong financial position with $47.4 million in working capital (December 31, 2020: $74.2 million), cash and cash equivalents of $68.0 million (December 31, 2020: $104.2 million) and long-term debt of $54.2 million (December 31, 2020: $54.2 million). The decrease in working capital and cash and cash equivalents was primarily related to the substantial issuer bid completed in January 2021 (“2021 SIB”).As at March 31, 2021 the current receivable from TANESCO was $ nil (December 31, 2020: $ nil). TANESCO’s long-term trade receivable as at March 31, 2021 was $26.8 million with a provision of $26.8 million compared to $27.6 million (provision of $27.6 million) as at December 31, 2020. Subsequent to March 31, 2021 the Company invoiced TANESCO $0.4 million for April 2021 gas deliveries and TANESCO paid the Company $2.6 million for Q2 2021 gas deliveries and $5.0 million for the take or pay invoice for the 2015-2016 contract year. In accordance with the Portfolio Gas Sales Agreement, the take or pay gas for the 2015-2016 contract year was to be taken by June 30, 2021, however the Company has agreed with TANESCO to extend the time period to take the gas until June 30, 2022.On February 23, 2021 the Company declared a dividend of CDN$0.10 per share on each of its Class A common voting shares (“Class A Shares”) and Class B subordinate voting shares (“Class B Shares”) for a total of $1.6 million to the holders of record as of March 31, 2021 which was paid on April 15, 2021.On January 22, 2021 the Company announced the final results of the 2021 SIB whereby the Company repurchased and cancelled 6,153,846 Class B Shares at a price of CDN$6.50 per Class B Share representing an aggregate purchase price of CDN$40.0 million and 25.2% of the total number of the Company’s issued and outstanding Class B Shares and 23.5% of the total number of the Company’s issued and outstanding shares. Jay Lyons, Interim Chief Executive Officer, commented: “We are pleased to report a solid set of Q1 results, which include an increase in revenue reflecting our growing customer base and continuing role in helping to meet Tanzania’s growing power needs. Operationally, we remain on track and within budget with the installation of compression equipment, designed to ensure the Company can maintain production volumes at 102 MMcfd, with the potential to increase by a further 70 MMcfd. With a tight control on costs, we maintain a strong balance sheet, enabling us to not only continue investing in the creation of value from the world class Songo Songo gas field, but also making appropriate returns to our shareholders. We look forward to continuing to keep our stakeholders appraised of our progress as we move forward.” Financial and Operating Highlights for the Three Months ended March 31, 2021 Three Months ended March 31% Change(Expressed in $’000 unless indicated otherwise)20212020Q1/21 vsQ1/20OPERATING Daily average gas delivered and sold (MMcfd)58.756.34%Industrial14.012.215%Power44.744.11%Average price ($/mcf) Industrial7.327.47(2)%Power3.403.46(2)%Weighted average4.334.330%Operating netback ($/mcf)12.372.39(1)%FINANCIAL Revenue18,63117,7155%Net income attributable to shareholders3,96312,645(69)%per share – basic and diluted ($)0.190.39(51)%Net cash flows (used in) from operating activities(794)827n/mper share – basic and diluted ($)(0.04)0.03n/mAdjusted funds flow from operations18,5877,56913%per share – basic and diluted ($)0.400.2374%Capital expenditures232489(53)%Weighted average Class A and Class B shares (‘000)21,35232,702(35)% March 31,As at December31, 20212020% ChangeWorking capital (including cash)47,37874,236(36)%Cash and cash equivalents68,046104,190(35)%Long-term loan54,24654,2460%Outstanding shares (‘000) Class A1,7501,7500%Class B18,23424,388(25)%Total shares outstanding19,98426,138(24)%1 Operating netback and adjusted funds flow from operations are non-GAAP financial measures. See non-GAAP Measures. The complete Audited Consolidated Financial Statements and Notes and Management's Discussion & Analysis may be found on the Company’s website at www.orcaenergygroup.com or on the Company's profile on SEDAR at www.sedar.com. Orca Energy Group Inc.Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Abbreviations Mcfthousand cubic feetMMcfdmillion standard cubic feet per day Non-GAAP MeasuresThe Company evaluates its performance using a number of non-GAAP (“generally accepted accounting principles”) measures. These non-GAAP measures are not standardized and therefore may not be comparable to similar measurements of other entities. Adjusted funds flow from operations represents net cash flows from operating activities less interest expense and reversal of loss allowances related to the collection of TANESCO arrears and a previously disputed Songas Limited (“Songas”) operatorship receivable before changes in non-cash working capital. Management uses this as a performance measure that represents the Company’s ability to generate sufficient cash flow to fund capital expenditures and/or service debt. Three Months ended March 31 $’00020212020Net cash flows (used in) from operating activities(794)827Interest expense(1,409)(2,226)Reversal of loss allowance – TANESCO arrears(789)(10,113)Changes in non-cash working capital11,57919,081Adjusted funds flow from operations8,5877,569 Operating netbacks represent the profit margin associated with the production and sale of gas and is calculated as revenues less processing and transportation tariffs, the Tanzanian Production Development Corporation’s (“TPDC”) revenue share, operating and distribution costs per one thousand standard cubic feet of gas sold. This is a key measure as it demonstrates the profit generated from each unit of production.Adjusted funds flow from operations per share is calculated on the basis of the adjusted funds flow from operations divided by the weighted average number of shares, similar to the calculation of earnings per share.Net cash flows from operating activities per share is calculated as net cash flows from operating activities divided by the weighted average number of shares, similar to the calculation of earnings per share. FORWARD LOOKING INFORMATION – This news release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this news release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this news release contains, without limitation, forward-looking statements pertaining to the following: current and potential production capacity through the Songas infrastructure; the Company's ability to expand production volumes and capabilities through the Songas infrastructure, including through the utilization of the NNGI; the Company’s expectations regarding timing for the completion of installation of compression on the Songas infrastructure; the expected expenditures required to complete the installation of the compression on the Songas infrastructure and Tanzania's increasing need for power. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies. These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, and many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company, including, but not limited to, reduced global economic activity as a result of the COVID-19 pandemic, including lower demand for natural gas and a reduction in the price of natural gas; the potential impact of the COVID-19 pandemic on the health of the Company's employees, contractors, suppliers, customers and other partners and the risk that the Company and/or such persons are or may be restricted or prevented (as a result of quarantines, closures or otherwise) from conducting business activities for undetermined periods of time; the impact of actions taken by governments to reduce the spread of COVID-19, including declaring states of emergency, imposing quarantines, border closures, temporary business closures for companies and industries deemed non-essential, significant travel restrictions and mandated social distancing, and the effect on the Company's operations, access to customers and suppliers, availability of employees and other resources; risk that contract counterparties are unable to perform contractual obligations; failure to receive payments from TANESCO; risk that the potential financial solutions to resolve the TANESCO arrears are not implemented by the Tanzanian government; the potential negative effect on the Company’s rights under the Company's production sharing agreement ("PSA") and other agreements relating to its business in Tanzania as a result of the Petroleum Act, passed in 2015 (the "Act"), and other recently enacted and future legislation, as well as the risk that such legislation will create additional costs and time connected with the Company’s business in Tanzania; risks regarding the uncertainty around evolution of Tanzanian legislation; risk that the Company will not be successful in appealing claims made by the Tanzanian Revenue Authority and may be required to pay additional taxes and penalties; the impact of general economic conditions in the areas in which the Company operates; civil unrest; the susceptibility of the areas in which the Company operates to outbreaks of disease; industry conditions; lack of availability of qualified personnel or management; fluctuations in commodity prices, foreign exchange rates and/or interest rates; stock market volatility; competition for, among other things, capital, drilling equipment and skilled personnel; failure to obtain required equipment for drilling; delays in drilling plans; failure to obtain expected results from drilling of wells; changes in laws and regulations including the adoption of new environmental laws and regulations, impact of new local content regulations and changes in how they are interpreted and enforced; imprecision in reserve estimates; the production and growth potential of the Company's assets; obtaining required approvals from regulatory authorities; failure to install compression on the Songas infrastructure on the timeline anticipated; failure to increase production volumes and capabilities through the Songas infrastructure; risk that the expenditures to increase production volumes and capabilities through the Songas infrastructure is higher than anticipated; and unanticipated changes to legislation and the effect on the Company's operations, including, but not limited to, the Act and the Natural Gas Pricing Regulation made under Sections 165 and 258(l) of the Act. In addition, there are risks and uncertainties associated with oil and gas operations. Therefore the Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. Such forward-looking statements are based on certain assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances, including, but not limited to, that the Company is able to complete the installation of compression on the Songas infrastructure on the timeline and at the cost anticipated; that the Company is able to increase production volumes and capabilities through the Songas infrastructure; that the Company will be able to negotiate Additional Gas sales contracts; the ability of the Company to complete developments and increase its production capacity; the actual costs to complete the Company's development program are in line with estimates; the TPDC, the Ministry of Energy and Mines and the Company are able to agree on commercial terms for future incremental gas sales and the Company can expand Songo Songo development beyond the existing Songas infrastructure and supply gas to the NNGI; that there will continue to be no restrictions on the movement of cash from Mauritius, Jersey or Tanzania; the impact of the COVID-19 pandemic on the demand for and price of natural gas, volatility in financial markets, disruptions to global supply chains and the Company's business, operations, access to customers and suppliers, availability of employees to carry out day-to-day operations, and other resources; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that the Company will have adequate funding to continue operations; that the Company will successfully negotiate agreements; receipt of required regulatory approvals; the ability of the Company to increase production at a consistent rate; infrastructure capacity; commodity prices will not further deteriorate significantly; the ability of the Company to obtain equipment and services in a timely manner to carry out exploration, development and exploitation activities; future capital expenditures; availability of skilled labour; timing and amount of capital expenditures; uninterrupted access to infrastructure; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; that the Company’s appeal of various tax assessments will be successful; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. CONTACT: For further information please contact: Jay Lyons Interim Chief Executive Officer +44-7798-502316 firstname.lastname@example.org Blaine Karst Chief Financial Officer +44-7471-902734 email@example.com For media enquiries please contact: Mark Antelme Jimmy Lea +44 (0)20 8434 2754 firstname.lastname@example.org