|Exam Name||:||IBM Tivoli Storage Manager V6.3 Fundamentals|
|Questions and Answers||:||98 Q & A|
|Updated On||:||September 19, 2018|
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IBM has announced a big free up of its Tivoli Storage manager backup, archive and compliance product, adding scalability to as much as one thousand million statistics objects, up to 3X sooner backup speeds, and de-duplication.
TSM 6.0 has an integrated DB2 engine that doubles the number of storable statistics objects with the potential to manage 1000000000 objects in a single system and velocity backups by means of up to 300 per cent. It claims one consumer found some jobs that could have taken three or four hours can now be completed in half-hour.
TSM 6 extended version presents what IBM calls information reduction applied sciences - de-duplication to you and me - understood to be in keeping with Diligent expertise. IBM bought Dilligent in April last 12 months for a rumoured $200m.
unusually IBM, keen to quantitatively impress us with DB2 engine integration merits, provides no guidance for raw to de-duplicated facts ratios in any respect - no cited customer experiences here. it be essentially as if IBM desires to downplay its statistics discount capabilities.
TSM EE also presents plenty quicker backup for NAS (networked-attached storage) N series items - offered by NetApp - and NetApp FAS arrays with the aid of providing NDMP. this may reduce the time necessary for incremental file backups from hours to minutes, this type of comparison once more pointing up IBM's oddity in not giving us de-dupe ratio suggestions. data on these products can now be backed up directly to tape, either without delay-attached instruments or accessed throughout a community.
here's as a result of NetApp has built-in its SnapMirror to Tape and photo technologies with TSM 6 to achieve an as much as 12X enhance in backup speeds for volumes and even higher velocity raises for snapshots of latest, changed, and deleted data as a result of identification of info no longer needing backup is so a great deal faster.
TSM 6 additionally offers merchandise-level restoration for Microsoft trade and lively listing, plus full graphic backups of digital machines in VMware environments. There are better monitoring and reporting amenities as smartly.
TSM offers backup for information on laptops, desktops, servers and mainframes, and supports both disk to disk and disk to tape backup. The v 6.0 product will be purchasable on March 27. ®
As a term, enterprise carrier administration (BSM) become first blanketed in the 2007 edition of counsel know-how Infrastructure Library (ITIL), the place its definition changed into “the management of enterprise capabilities delivered to company purchasers.”
quickly-forward to March 2016, the place BSM become laid to relaxation in the most dramatic approach viable when Gartner analysts Gary Spivak and Vivek Bhalla wrote a record titled, “BSM Is lifeless; Use other ITOM tools to convey value and manipulate Operations.”
They write: “business service management has not delivered on its guarantees of prioritizing, communicating and focusing [Infrastructure and operations] resources on the services essential to enterprise.”
It changed into a bit harsh, to say the least.
The Very short heritage Of BSM
again then, IT groups have been focused on managing the elements of IT. HR would name IT and whinge that their site changed into down. The infrastructure and operations (I&O) crew would reply that the servers have been up, the network changed into up and nothing changed into blinking purple, so what changed into HR’s problem? The issue, of direction, turned into that these two departments were speaking distinct languages. IT was speaking about know-how, and HR changed into talking about company features. And the company dreams had been lost in translation.
The thought of building a solution to act as an interpreter between IT and the enterprise is the germination of BSM. New equipment were built to shift IT’s focal point from the aspect to the provider, and that they were packaged as BSM suites, most typically from IBM (Tivoli, Netcool, OMNIbus), HP (Operations Bridge, Operations supervisor i), CA (Unicenter, Spectrum) and BMC (Patrol, remedy). each and every of those equipment turned into focused on service facets, together with networks, storage, logs, virtualization, servers and working systems. Ideally, valued clientele would purchase into the BSM vision and monolithic suites and then switch from aspect-centric to service-centric management frameworks. however wasn’t that convenient.
concept Wasn’t follow
whereas the premise itself become first rate, the execution turned out to be a whole lot more complicated. teams of consultants would outline the goals and parameters of the customized structure, working mannequin and tools required. The suites themselves have been hosted on-premise, which intended it might take months to benefit entry to the datacenters and install them. once installed, they required teams of consultants to run and manipulate correctly. All of this charge a whole lot of lots of greenbacks in skilled features.
The dreaded “scope creep” additionally boosted these charges, as implementations customarily prolonged neatly beyond contractual guardrails. And when a selected team wanted a custom feature? That request became lost in free up cycles that lasted 18-24 months. the entire whereas, prices for maintenance, licensing and assist continued to mount. IT budgets bloated to unsustainable stages. So BSM never took dangle, and Gartner at last wrote its harsh eulogy.
or not it's handiest been a couple years in view that the Gartner proclamation, but it surely appears to me that the promise of BSM is greater essential than ever. Too many disconnected, “best of breed” equipment are addressing small slices of IT operations management problems and combating contemporary digital operations from being delivered in a extra service-centric fashion. What’s more, the upward thrust of cloud and availability of public cloud infrastructure means that the position of it's now transferring from “developing and working” to “consulting, monitoring and managing.” It’s clear that we need the idea of BSM, nevertheless it needs to be fully reimagined.
I call this service-centric digital operations. The subsequent logical query is: What's distinct this time? I agree with there are 5 simple shifts that signify this exchange:
1. the rise of cloud-native architecture: With serverless computing, containers and microservices, the realm of IT points is slowly getting consolidated off premises and fitting fully ephemeral. IT departments quite simply aren’t managing points as a good deal as they used to as a result of naked metallic is getting rarer all of the time.
2. the upward push of SaaS: carriers far and wide are establishing SaaS platforms that are purpose-developed for flexibility and scalability however in a well-governed framework. That capability it’s simpler than ever for a SaaS platform to scale based on the complexity of the enterprise without the need to add yet yet another monitoring or management device.
three. the upward thrust of capabilities: carrier orientation isn't any longer the exception. Gartner is even advocating a provider price chain where the “IT working model comprises an commercial enterprise-level provider portfolio” with a typical view of IT features. service mapping, service topology and service availability dashboards are in all places. What’s more, there's a cultural shift within most of the largest firms where IT has now become the service provider of the business, featuring flexibility and governance, not command and handle.
4. the upward thrust of DevOps: groups are changing how they work, and that ability corporations are evolving along with them. A development group that has to run what they build isn’t involved with answering a pager at 2 a.m. that the community is down; they’re involved with protecting their business features.
5. the upward push of AIOps: Automation and artificial intelligence are the killer technologies in addressing the exponential records overload that includes contemporary IT operations and repair management. they are the engines of the way it operations groups will play a big function in keeping service health predictively and proactively.
clever services For Agile Digital Operations
This new sort of service orientation is both elastic to accommodate altering company needs and governed to preserve compliance. It’s got to be agile and adaptable for emerging technologies but constant through mergers and acquisitions. It needs to be totally consumable and never monolithic. And most importantly, it’s got to be easier and more cost-effective to install and hold.
We’re at a turning point in the next technology of enterprise provider administration innovations, solutions and technologies. probably it became a good thought that become just ahead of its time. but the contemporary cloud-native and AI-powered commercial enterprise IT organization must focus on what concerns to its inner and external shoppers. It knows that more advantageous service to the consumer is every thing. And the IT group that refuses to cease taking a look at servers and start looking at capabilities can also simply be the recipient of the subsequent harsh eulogy.
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CALGARY, ALBERTA--(Marketwire - Nov. 15, 2012) -
now not FOR DISTRIBUTION TO u.s. NEWSWIRE capabilities OR FOR DISSEMINATION within the u.s.
Birchcliff energy Ltd. ("Birchcliff") (BIR.TO) is comfortable to announce its financial and working effects for the third quarter of 2012. the full textual content of Birchcliff's Third Quarter report containing the unaudited meantime Condensed financial Statements for the three and 9 month periods ended September 30, 2012 and the related administration's discussion and analysis is obtainable on Birchcliff's web site at www.birchcliffenergy.com and will be obtainable on SEDAR at www.sedar.com.
the whole text of the President's Message and the economic and Operational Highlights from the 2012 Third Quarter document follows:
Birchcliff is comfortable to report its third quarter financial and operating effects for the three and nine months ended September 30, 2012. Our third quarter outcomes are very strong and well ahead of expectations.
Our existing production is about 27,500 boe per day, neatly ahead of our outdated exit creation tips of 26,000 boe per day. subsequently, we now have elevated our information for fourth quarter usual each day creation to approximately 26,400 boe per day. construction is strong for a few factors including, the addition of recent Montney/Doig horizontal natural fuel wells, the strength of our asset base, new infrastructure, together with the phase III growth of the Pouce Coupe South fuel Plant (the "PCS gasoline Plant"), new gathering pipelines and different improvements to our a hundred% owned infrastructure.
i am additionally blissful to file general third quarter creation of 21,426 boe per day. We decreased our operating expenses on a per boe basis as compared to the equal duration closing yr and additionally as in comparison to the second quarter of 2012.
in addition, working prices per boe are expected to lessen further as we continue to raise the share of Birchcliff's herbal gasoline construction, which is processed at within your budget through our PCS gas Plant.
all over the quarter we achieved a $50 million Perpetual preferred Share equity situation, the proceeds of which were used to pay down debt and improve our monetary place all through a time of weak herbal gas prices.
The execution through our Birchcliff crew, at the side of a pretty good asset base, all of which is essentially operated through Birchcliff, has given us the ability to exceed all of our aims.
present construction is approximately 27,500 boe per day.
Third quarter 2012 production averaged 21,426 boe per day (seventy eight% herbal fuel and 22% easy oil and natural fuel drinks) and is 21% better than the third quarter of 2011.
commonplace each day construction in the third quarter of 2012, as expected, become lessen than the 2nd quarter of 2012 as the Pouce Coupe South gasoline Plant (the "PCS fuel Plant") become quickly shut down for completion of building of the part III growth.
funds circulation changed into $28.2 million or $0.20 per common share for the third quarter of 2012 down from $33.8 million or $0.27 per standard share in the third quarter of 2011 and up from $26 million or $0.19 per standard share for the 2nd quarter of 2012. The decline of 17% from the third quarter of 2011 is specially as a result of significantly decrease natural gasoline costs, however a rise in standard each day production.
web profits for the third quarter became $2.7 million and web salary attainable to average shareholders became $2.2 million or $0.02 per common share for the third quarter of 2012 as in comparison to $eleven.four million or $0.09 per average share in the third quarter of 2011. all the way through the third quarter of 2012, the AECO natural gasoline spot price averaged $2.30 per Mcf and our realized rate averaged $2.47 per Mcf. during the third quarter of 2011, the AECO herbal gas spot cost averaged $three.66 per Mcf and our realized expense averaged $three.92 per Mcf. achieving salary in the face of these low natural gasoline expenses highlights our cost-effective operating constitution.
it is noteworthy that per unit prevalent and administrative ("G&A") expenses had been right down to $2.03 per boe, which is a 32% discount from the third quarter of 2011 and a 51% lower from the first quarter of 2012, which changed into impacted by way of the one-time corporate revenue procedure costs. With these one-time charges in the back of us, we predict to look extra normalized G&A charges per boe in our future quarters. We also expect our becoming construction volumes to continue to lower our future G&A expenses per boe.
Capital expenditures and Drilling outcomes
throughout the third quarter of 2012, net capital spending aggregated to $88.1 million. We spent significant facilities and drilling capital in training for the start-up of section III of the PCS gasoline Plant, which passed off forward of agenda, in early October 2012. a selected breakdown of capital fees can be found under "outcomes of Operations - Capital expenditures" within the management's dialogue and evaluation component to our Third Quarter record.
Birchcliff drilled 10 (9.03 internet) wells right through the third quarter of 2012, together with three (3.0 web) Montney/Doig horizontal herbal gasoline wells, 1 (1.0 web) Montney/Doig vertical exploration well, 5 (5.0 net) Charlie Lake horizontal mild oil wells at Worsley, and 1 (0.03 net) non operated, Charlie Lake horizontal smartly, all of which have been a hit with no dry holes.
Birchcliff also spent large time and energy evaluating and establishing new aid plays in the Peace River Arch area of Alberta with a spotlight on oil performs.
Birchcliff expects that its outstanding indebtedness at 12 months-end are not materially diverse than at September 30, 2012.
working costs throughout the third quarter of 2012 have been $6.01 per boe. here's 6% decrease than $6.39 per boe recorded for the third quarter of 2011 and three% reduce than $6.22 per boe recorded in the second quarter of 2012.
all the way through the first 9 months of 2012, forty one% of our total income volumes had been processed via our PCS gasoline Plant as in comparison to 37% all the way through the primary nine months of 2011. as soon as part III of the PCS gasoline Plant is operational for an entire quarter, operating expenses per boe are anticipated to vogue additional downward because the majority of our future increased natural gas construction volumes are anticipated to be processed via our low in cost, a hundred% owned PCS gas Plant.
the following table sets forth ancient netback and cost statistics for natural gasoline processed through the PCS fuel Plant.nine months endedSeptember 30, 2012 Twelve months endedDecember 31, 2011 construction PROCESSED during the PCS gas PLANT commonplace each day production, web to Birchcliff: herbal gas (Mcf) fifty one,235 40,334 Oil & NGLs (bbls) 189 96 total boe (6:1) 8,729 6,818 NETBACK and cost $/Mcfe $/boe $/Mcfe $/boe Petroleum and natural fuel earnings 2.fifty four(1 ) 15.24 3.98(1 ) 23.88 Royalty expense (0.08 ) (0.forty eight ) (0.26 ) (1.fifty five ) working price, net of recoveries (0.33 ) (1.98 ) (0.21 ) (1.28 ) Transportation and advertising cost (0.23 ) (1.36 ) (0.27 ) (1.fifty nine ) Estimated operating netback(2) $1.ninety $eleven.forty two $3.24 $19.46 (1) premium pricing because of the heat value of natural gasoline being processed on the PCS gas Plant and the price of recovered condensate. AECO natural gas spot rate averaged $2.12 per Mcf all over the 9 months ended September 30, 2012 and $three.sixty three per Mcf all the way through 2011. (2) The estimated working netback is based mostly upon definite charge allocations and accruals without delay involving the PCS gas Plant and related wells and infrastructure, and is disclosed on a construction month groundwork.
Birchcliff continues to grow its undeveloped land base within the Peace River Arch. As at September 30, 2012, Birchcliff has improved its undeveloped land place to 558,755 gross (521,004 net) acres from its yr end 2011 undeveloped land place of 531,903 gross (493,968 internet) acres, resulting in a ninety three% commonplace working interest. Birchcliff's very excessive standard working hobby in its undeveloped land base reflects its longstanding method of buying high working pastime undeveloped land proximate to its operated excessive working pastime creation base and infrastructure.
The combination credit score restrict under Birchcliff's financial institution credit facilities is $540 million. At September 30, 2012, the quantity excellent below Birchcliff's bank credit facilities was about $390.5 million. Birchcliff's working capital deficiency as at September 30, 2012 changed into $seventy seven.6 million, for a total debt of $468.2 million at September 30, 2012. The working capital deficiency does not reduce the amount Birchcliff can draw below its credit score facilities.
nearly all of our 2012 capital program changed into spent within the first 9 months of the 12 months, preparing for the beginning-up of the part III enlargement of the PCS gasoline Plant. as a consequence, Birchcliff expects that its dazzling indebtedness at yr-end usually are not materially distinctive than at September 30, 2012.
$50 million favored Unit fairness challenge
On August eight, 2012 Birchcliff completed a favourite unit fairness situation for gross proceeds of $50 million (the "preferred Unit providing"). The proceeds of the favourite Unit providing have been used to pay down debt and to make stronger our balance sheet so that Birchcliff has the financial flexibility it requires to accurately control its enterprise at a time when herbal gasoline fees are very susceptible.
each favored unit became sold for $25.00 and consisted of one series A preferred Share with an initial 5 yr, 8% yield ("favorite Share") and three warrants ("Warrants"). each Warrant contains the correct to buy one ordinary share for $eight.30 except August 8, 2014. Two million favorite Shares and six million Warrants were issued within the favorite Unit providing.
The Warrants, if exercised, will lift an additional $forty nine.8 million of equity earlier than their expiry in August 2014, with out costs or commission.
Birchcliff has the right, however not the obligation, to redeem the collection A favourite Shares on the end of five years. then again, Birchcliff can reset the dividend price at the end of the five 12 months time period at a cost equal to the five-yr govt of Canada bond yield plus 6.83 per cent and continue to pay dividends for yet another five years. The collection A favored Shares deliver Birchcliff with long term equity financing that doesn't take part in the tremendous upside abilities of Birchcliff's property. This long run capital more intently aligns the capital structure of Birchcliff with the future assets that we're building within the exploitation of our useful resource plays.
The sequence A favored Shares are listed for trading on the TSX below the image BIR.PR.A and the Warrants are listed for trading on the TSX beneath the image BIR.WT. The series A favorite Shares and the Warrants can be bought and offered freely, within the equal way typical shares are purchased and sold.
2012 OPERATIONS update
Pouce Coupe South fuel Plant update
The part III expansion of the one hundred% owned and operated PCS gasoline Plant became accomplished and operational on October 2, 2012, one month forward of time table. The completion of section III of the PCS gasoline Plant, along with the linked infrastructure, is a major milestone for Birchcliff because it continues to enable Birchcliff to extend its future creation via a hundred% owned facilities.
Birchcliff had up to now acquired approval from the power supplies Conservation Board to increase the processing skill of the PCS fuel Plant to one hundred fifty MMcf per day (uncooked inlet capability) from the then licensed processing means of one hundred twenty MMcf per day. To operate the PCS gas Plant at 150 MMcf per day will require some adjustments to pipelines and earnings meters on the NOVA pipeline gadget, however the capital required is not cloth.
to this point in 2012, Birchcliff has installed over 31,600 metres of line pipe that feeds into the PCS fuel Plant. about 30% of these pipelines are leading trunklines which are between eight inches and 12 inches in diameter. Our pipeline infrastructure has been designed to give highest operating flexibility and effectivity, which in turn has resulted in reduce wellhead pressures leading to multiplied neatly productiveness.
Montney/Doig natural gasoline aid Play update
within the third quarter of 2012, Birchcliff's actions on the Montney/Doig natural fuel resource Play protected the drilling of 3 (3.0 web) horizontal wells employing multi-stage fracture stimulation thoughts and 1 (1.0 internet) vertical exploration well. All wells have been a hit.
to date in 2012, Birchcliff has drilled and cased 21 (21.0 web) Montney/Doig horizontal wells, of which 20 (20.0 net) wells had been achieved, and 19 (19.0 net) are on creation. One (1.0 web) of these wells has been drilled given that the end of the third quarter 2012, and is a center/reduce Montney exploration smartly that continues to extend this play style. on account that the conclusion of the third quarter Birchcliff has also drilled and cased a 2nd vertical exploration smartly, that appears to be a success.
Birchcliff has continued with a full cycle exploration, exploitation and development method for the Montney/Doig herbal fuel resource Play. One key factor of this strategy is continued efforts on re-classifying elements from Undiscovered to the found class and to an acceptable reserves classification. up to now in 2012 Birchcliff has drilled and cased 2 vertical exploration wells on lands that penetrated resources that had been considered "Undiscovered" in its 2011 12 months-end "Montney/Doig natural gas aid evaluation". We expect these resources could be categorised as "discovered" materials.
We also recently drilled, cased and achieved a horizontal Montney/Doig exploration well in the core/decrease Montney play, which drilled resources had been regarded "discovered" at yr conclusion 2011, but no reserves had been attributed to the selected play interval. With the successful results of this exploration well, we expect enormous reserves should be attributed to this well in our 2012 year-conclusion reserves contrast.
Birchcliff continues to be very concentrated on reducing drilling and completion costs and one key initiative on the reduction of drilling fees is multi-well pad drilling. so far in 2012 we have drilled, cased accomplished and brought creation on-move from three 2-well pads, one 4-well pad and one 7-smartly pad. currently, we're drilling our last neatly of this yr's application it really is on a 2-smartly pad. We proceed to see cost mark downs with these multi-neatly pads.
we are fortunate to have powerful relationships with our third birthday celebration contractors. This has allowed us to contract one of the most operationally efficient excellent power, diesel-electric drilling rigs within the business. As well, continued optimization of our fracture fluid methods and completion operations has demonstrated very successful consequences. These improvements to our drilling and completion operations has resulted in further cost discounts which we are expecting to continue to understand on future multi-well pad drilling projects.
Birchcliff believes that it has as a minimum 1,850 internet future Montney/Doig horizontal herbal fuel drilling areas on its lands in keeping with a development situation of four wells per section per stratigraphic play.
Worsley mild Oil useful resource Play update
The Worsley mild Oil resource Play has proven consistent and prolific production performance. a success enlargement of the pool, water flood efficiency and the software of horizontal drilling and multi-stage fracture stimulation expertise have all contributed to its endured reserve growth, production boom and excessive netbacks.
in the third quarter of 2012, Birchcliff's activities on the Worsley mild Oil useful resource Play included the drilling of 5 (5.0 web) horizontal wells using multi-stage fracture stimulation techniques. thus far in 2012, Birchcliff has drilled, cased and completed 11 (eleven.0 net) horizontal wells, all of which have been a hit and are on production. Birchcliff has delivered facility and pipeline capital within the northwest conclusion of the pool, to accommodate the construction boom in that enviornment.
lately Birchcliff received approval from the ERCB to expand the Waterflood area, and is currently conducting the container operations to transform wells to injection and set up pipelines and linked amenities.
New resource Play replace
In our Peace River Arch core enviornment, numerous business competitors have introduced large developments on a couple of new resource plays with a robust bias to new tight/shale oil aid plays. continuing from 2011 there were significant Crown lands posted and acquired within the Peace River Arch and a large number of new wells drilled and accomplished focused on these new aid plays, together with the Montney, Charlie Lake, Nordegg and the Duvernay.
Birchcliff has been successful in acquiring extra lands because June 30, 2012. because of this its undeveloped land position has multiplied to 558,755 gross (521,004 web) acres from its June 30, 2012 undeveloped land position of 552,355 gross (514,814 internet) acres, resulting in a 93% general working pastime.
Birchcliff believes that nearly all of its undeveloped land has potential in as a minimum one of these new resource performs. hence, we continue to spend a significant amount of time analyzing and evaluating these a variety of new useful resource plays.
Birchcliff is focused on the day to day working of its business. we are having fun with record creation and low operating charges per boe. we now have already handed our yr-end construction goals because of the underlying power of all our present herbal fuel wells, infrastructure additions, optimizations and the addition of contemporary Montney/Doig herbal fuel wells and Worsley gentle oil wells.
The part III enlargement of our PCS fuel Plant was accomplished ahead of time table and, as anticipated, has taken Birchcliff to listing production ranges.
Birchcliff completed the giant majority of its 2012 capital software via the conclusion of the third quarter. hence, Birchcliff expects that its wonderful indebtedness at 12 months-conclusion aren't materially distinct than at September 30, 2012.
the entire horizontal wells we've drilled on the Montney/Doig natural fuel Play had been successful. on account that November 2007, we've drilled and cased ninety two (80.2 net) Montney/Doig horizontal herbal gasoline wells, of which ninety (78.2 net) had been introduced on production.
We continue to boost and extend our Worsley mild Oil useful resource Play and have laid the foundation to make the most a number of New Tight/Shale Oil aid plays.
Our day to day enterprise has been and remains very a success.
With the issuance of the favorite Shares we've created a much more suitable capital structure for Birchcliff as we now have extended our equity and reduced our debt and located ourselves for the future.
Preliminary assistance for 2013
We predict to have a very effective production profile entering 2013. initially we can be concentrated on general construction of 26,four hundred boe per day for 2013. despite the fact our price range for 2013 has now not yet been determined, we estimate on a preliminary groundwork that capital fees of approximately $one hundred sixty million could be adequate to hold 2013 usual every day construction at approximately 26,four hundred boe per day.
we're enthusiastic about our 2013 capital spending software; we will not be required to allocate capital to any essential facility projects as we have completed in prior years. Capital efficiencies will enrich as most of our capital will go to the drilling, finishing and tie-in of new wells.
As in the past, Birchcliff expects to unlock its unaudited 2012 year end consequences, 2012 yr end Reserves and discovering expenses and 2013 funds in the core of February 2013.
Birchcliff remains very assured that its two highly concentrated, high working interest, cost effective, repeatable, sustainable, long term growth aid performs in the Peace River Arch enviornment of Alberta present tremendous upside cost to our shareholders. The Montney/Doig herbal gas useful resource Play remains probably the most energetic geological performs in North Western Alberta and Birchcliff is appropriate in the heart of the play.
Our big production growth at very low finding and construction costs, at the side of low operating fees is facts that our method is working.
Our approach has now not modified, even if the weak point in natural gas fees. We consider that we can economically discover, enhance and produce natural gas from the Montney/Doig natural fuel aid Play at low prices. We also accept as true with that know-how advances will continue to reduce our discovering charges per boe and our working fees per boe and enhance our recovery components. We word that our 2010 and 2011 finding costs per boe were in the right decile as in comparison to others in the business and 2012 consequences thus far proceed to be very effective.
existing creation a long way exceeds our old 2012 exit price advice of 26,000 boe per day at yr end. we are assured that we'll obtain our new fourth quarter standard production suggestions of 26,four hundred boe/day, on the way to set a new quarterly construction record for Birchcliff.
eventually, we continue to acknowledge and thank Mr. Seymour Schulich, our greatest shareholder, who gives us with enormous ethical and economic help during a tough time within the natural gas industry. together with his aid, we are proud to do our half and deliver unbelievable operational and economic effects. thanks Mr. Schulich.
We seem to be forward to reporting our progress to you in the coming months.
On behalf of our administration crew and directors, I thank all of our shareholders for his or her endured support and our staff for their hard work and dedication.
A. Jeffery Tonken, President and Chief govt Officer
financial AND OPERATIONAL HIGHLIGHTSThree months endedSeptember 30, 2012 Three months endedSeptember 30, 2011 nine months endedSeptember 30, 2012 nine months endedSeptember 30, 2011 operating typical each day construction gentle oil - (barrels) 4,076 four,050 four,365 three,796 herbal gasoline - (hundreds of cubic feet) a hundred,075 78,996 98,725 79,420 NGLs - (barrels) 671 432 689 539 total - barrels of oil equivalent (6:1) 21,426 17,648 21,508 17,571 general revenue cost ($ Canadian) easy oil - (per barrel) 82.forty five 86.40 84.77 90.68 herbal gas - (per thousand cubic toes) 2.47 three.92 2.28 four.03 NGLs - (per barrel) seventy nine.74 eighty four.25 85.eleven 87.45 complete - barrels of oil equal (6:1) 29.73 39.forty two 30.39 40.forty seven Undeveloped land Gross (acres) 558,755 528,703 558,755 528,703 net (acres) 521,004 489,938 521,004 489,938 NETBACK and price ($ per barrel of oil equal at 6:1) Petroleum and natural gas revenue 29.seventy five 39.forty six 30.forty one 40.51 Royalty price (2.39 ) (four.19 ) (3.06 ) (4.55 ) working cost (6.01 ) (6.39 ) (6.13 ) (6.70 ) Transportation and marketing cost (2.33 ) (2.71 ) (2.36 ) (2.63 ) Netback 19.02 26.17 18.86 26.sixty three time-honored & administrative expense, internet (2.03 ) (2.ninety seven ) (2.79 ) (2.91 ) hobby expense (2.67 ) (2.36 ) (2.forty three ) (2.78 ) money movement netback 14.32 20.84 13.64 20.94 stock-based compensation expense, net (0.56 ) (1.46 ) (0.68 ) (1.forty ) Depletion and depreciation price (11.05 ) (10.97 ) (11.36 ) (10.forty one ) Accretion fee (0.23 ) (0.27 ) (0.22 ) (0.28 ) Amortization of deferred financing fees (0.10 ) (0.12 ) (0.10 ) (0.14 ) profit on sale of property - 1.88 0.sixty six 0.45 revenue tax cost (0.ninety nine ) (2.87 ) (0.77 ) (2.sixty seven ) web earnings 1.39 7.03 1.17 6.forty nine favourite share dividends (0.29 ) - (0.10 ) - internet earnings accessible to average shareholders 1.10 7.03 1.07 6.forty nine economic Petroleum and natural gas profits ($000) fifty eight,643 64,069 179,205 194,326 dollars movement from operations ($000)(1) 28,230 33,844 eighty,411 100,426 Per common share - primary ($)(1) 0.20 0.27 0.59 0.eighty Per usual share - diluted ($)(1) 0.20 0.26 0.58 0.77 net earnings ($000) 2,744 11,411 6,891 31,121 web salary purchasable to average shareholders ($000) 2,a hundred sixty five 11,411 6,312 31,121 Per regular share - basic ($) 0.02 0.09 0.05 0.25 Per general share - diluted ($) 0.02 0.09 0.05 0.24 average shares miraculous end of duration - fundamental 141,534,645 126,679,577 141,534,645 126,679,577 conclusion of duration - diluted 162,945,783 one hundred forty,149,250 162,945,783 140,149,250 Weighted regular shares for period - fundamental 141,474,489 126,630,446 135,572,012 126,131,596 Weighted usual shares for length - diluted 143,571,758 131,374,723 138,456,300 131,000,989 Capital bills, web ($000) 88,099 seventy one,978 266,766 156,457 favored share dividends ($000) 579 - 579 - Working capital deficiency ($000) 77,643 26,990 seventy seven,643 26,990 Non-revolving five-12 months time period facility ($000) 68,863 sixty eight,811 68,863 68,811 Revolving credit score amenities ($000) 321,678 290,495 321,678 290,495 complete debt ($000) 468,184 386,296 468,184 386,296 (1) funds movement from operations and money circulate per regular share amounts are non-GAAP measures that signify cash move from operating activities as per the Condensed Statements of money Flows before the effects of adjustments in non-cash working capital and decommissioning costs.
Unaudited Numbers: All monetary amounts said in this Press release for the three and nine month periods ended September 30, 2012 and September 30, 2011 are management's finest estimates and are unaudited.
Non-GAAP Measures: This Press release uses "money move", "funds circulation from operations", "cash movement netback", "money stream per commonplace share", "netback", "working netback" and "working margin", which wouldn't have standardized meanings prescribed through commonly accredited accounting concepts ("GAAP") and therefore might also now not be similar measures to other groups the place similar terminology is used.
Boe Conversions: Barrels of oil equivalent ("boe") amounts had been calculated through the use of the conversion ratio of six thousand cubic feet (6 Mcf) of herbal gas to at least one barrel of oil (1 bbl). Boe amounts may well be deceptive, specifically if used in isolation. A boe conversion ratio of 6 Mcf to 1 bbl is in response to an energy equivalency conversion system basically relevant at the burner tip and does not signify a value equivalency at the wellhead.
Mcfe Conversions: thousands of cubic ft of gasoline equal ("Mcfe"), amounts have been calculated through the use of the conversion ratio of 1 barrel of oil (1 bbl) to six thousand cubic ft (6 Mcf) of natural gas. Mcfe quantities may be misleading, above all if used in isolation. A Mcfe conversion ratio of 1 bbl to 6 Mcf is in response to an energy equivalency conversion formula primarily applicable on the burner tip and doesn't symbolize a worth equivalency on the wellhead.
ahead looking tips: This Press release contains ahead-searching advice in the which means of relevant Canadian securities laws. forward-searching tips relates to future movements or future efficiency and is primarily based upon the business enterprise's existing interior expectations, estimates, projections, assumptions and beliefs. All tips aside from old fact is forward-looking counsel. words comparable to "plan", "are expecting", "mission", "intend", "agree with", "assume", "estimate", "can also", "will", "knowledge", "proposed" and other equivalent phrases that convey definite routine or situations "might also" or "will" occur are supposed to establish ahead-searching guidance. In particular, this Press unencumber includes ahead-searching advice concerning anticipated annual and fourth quarter normal production charges, 12 months-conclusion indebtedness, planned 2013 capital spending and sources of funding; and intention to drill and comprehensive future wells.
The forward-searching information is primarily based upon assumptions as to future commodity expenses, forex alternate costs, inflation prices, smartly construction charges, well drainage areas, success rates for future drilling and availability of labour and services. Estimates as to common annual and fourth quarter common production costs count on that no unexpected outages occur in the infrastructure that Birchcliff relies on to supply its wells, that latest wells continue to satisfy creation expectations and any future wells, scheduled to come back on production, meet construction expectations. Forecast year-conclusion indebtedness is in keeping with Birchcliff's fourth quarter forecast of $3.03 per GJ for herbal fuel at AECO and a WTI rate of $US 89.86 per bbl for crude oil, a Canadian dollar at par with the USA greenback, a differential to the wellhead of $four.50, and forecast standard creation of 26,400 boe per day. With respect to future wells, a key assumption is that geological and other technical interpretations performed by way of the service provider's technical personnel, which indicate the commercially economic reserves will also be recovered from the business enterprise's land because of drilling such future wells, are legitimate.
Undue reliance should not be placed on ahead-looking counsel, as there may also be no assurance that the plans, intentions or expectations upon which they're based mostly will happen. despite the fact the organization believes that the expectations reflected in the forward-searching statements are low-cost, there can be no assurance that such expectations will prove to be relevant. As a final result, precise results may additionally differ materially from these expected.
forward-searching suggestions necessarily involves each ordinary and unknown risks linked to oil and gasoline exploration, production, transportation and advertising such as uncertainty of geological and technical statistics, imprecision of reserves and materials estimates, operational dangers, environmental hazards, lack of market demand, customary economic circumstances affecting capacity to entry sufficient capital, alterations in governmental regulation of the oil and fuel business and competitors from others for scarce elements.
The foregoing listing of risk elements is not exhaustive. more information on these and other risk components that might have an effect on operations or economic results are included within the company's most contemporary Annual counsel kind and in other studies filed with Canadian securities regulatory authorities. forward-searching guidance is in line with estimates and opinions of administration on the time the tips is offered. The company isn't under any duty to replace the ahead-looking assistance after the date of this Press free up to comply such suggestions to actual consequences or to adjustments in the organisation's plans or expectations, apart from as in any other case required by way of relevant securities legal guidelines.
Birchcliff is a Calgary, Alberta based mostly intermediate oil and herbal fuel enterprise with operations targeted within its one core area, the Peace River Arch of Alberta. Birchcliff's regular Shares, the sequence A favourite Shares and the Warrants are listed for buying and selling on the Toronto inventory alternate (the "TSX") under the symbols "BIR", "BIR.PR.A" and "BIR.WT" respectively.
30 January 2018
2017 Full yr construction results & 2018 counsel
Petropavlovsk PLC ("Petropavlovsk" or the "enterprise" or, together with its subsidiaries, the "group") declares the following:
■ Full 12 months 2017 gold production of c.439,600oz (H1 2017: c.232,400oz), inside tips of 420,000-460,000oz
■ Full year gold revenue (unaudited) of c.439,800oz
■ regular realized gold fee (unaudited) of c.US$1,262/oz, together with c.US$2/ounceseffective impact from hedging
■ Full scale construction of the pressure oxidation facility ("POX Hub") on schedule for the graduation of commissioning and first production throughout q4 2018. Works have included getting ready the Pokrovskiy mine for closure to be transformed into the POX Hub web site
■ deliberate underground construction significantly accomplished at Pioneer and Malomir during the yr inspite of some delays; construction begun at each underground mines
■ a hit issuance of US$500m 8.a hundred twenty five% guaranteed notes improves the group's capital profile
▪ business used web proceeds to repay loans supplied pursuant to banking amenities by way of Sberbank and VTB financial institution
■ A lessen in fantastic debt most important of US$26m to US$604m as of thirty first December 2017, in comparison to 31st December 2016 (US$630m)
■ total cash can charge (TCC/oz) for 2017 anticipated to be just above US$seven hundred/ozdue to rouble appreciation towards the end of 2017
■ total CAPEX for 2017 of c.US$93m, together with:
▪ c.US$42m involving refractory ore processing (c.US$33m of which pertains to the POX Hub)
▪ c.US$35m regarding underground mine construction and exploration
▪ c.US$16m on different capex
■ 2018 gold construction within the range of c.420,000-460,000oz together with first construction from POX Hub
■ Pokrovskiy mine closure and completion and ramping up of recent trends (underground and the POX Hub) reflect general delivery up hazards
■ FY total cash fees anticipated to be inside the latitude of US$seven-hundred-750/oz, an increase vs 2017 due to the persevered terrible effect of rouble appreciation
▪ This assistance is according to a more robust rouble assumption (RUR58/US$)
■ CAPEX forecast for 2018 is c.US$105m, including:
▪ c.US$62m related to the completion and commissioning of the POX Hub
▪ c.US$6m for Malomir flotation together with connected tailings
▪ c.US$10m for underground mine building at Pioneer and Malomir
▪ c.US$15m for exploration
▪ c.US12m of alternative
■ The POX Hub is expected to supply first gold in this autumn 2018
■ the brand new Malomir flotation plant is expected to be commissioned in April 2018 with first focus construction shortly thereafter
■ stunning forward earnings contracts of 400,000oz at a gold expense of US$1,252/ouncesas at 31 December 2017
Petropavlovsk's method is to leverage the enterprise's gigantic refractory useful resource base whilst optimising its non-refractory supplies. The center of attention is still on producing ecocnomic gold oz., maximising cash technology from operating mines and adorning open pit creation, with a gradual ramp up of bigger grade underground operations at Pioneer and Malomir. The POX Hub, which remains the right priority for management in 2018, is on the coronary heart of the community's boom prospects.
Gold creation - Doré (incl. gold in circuit ("GIC") movement), '000oz
this fall 2016
12 months ended
31 Dec 2017
31 Dec 2016
*observe: from the starting of 2017, the company moved to the use of gold poured because the definition for creation. similar 2016 gold production numbers are adjusted hence.
Ian Ashby, Chairman, feedback
"Petropavlovsk produced almost 440,000oz in 2017, a 20% enhance on the previous 12 months from both Pioneer and Malomir, which falls effortlessly inside our guided latitude of 420,000-460,000oz. each of our flagship mines -Pioneer and Albyn - outperformed the outdated 12 months's creation. Pioneer's output in ounces for the year more desirable partly due to GIC discount.
We endured with the building of our underground operations at Pioneer and Malomir, which historically had been open pit mines. developing underground operations at both mines concurrently has proved to be difficult, and we did face some delays, peculiarly as a result of building delays at Malomir and considerations with underground water at NE Bakhmut, Pioneer. solid progress at Malomir towards the end of the 12 months intended that these delays did not have a material have an effect on on complete creation.
Fiscal year 2018 marks the beginning of a new era for Petropavlovsk with the closure of our Pokrovskiy mine, as the site is being changed into a key element of the POX Hub, our flagship development assignment. The building of the POX Hub advanced as planned all through the 12 months and commissioning is anticipated to begin in September 2018. we have been cautious in our guidance around full year construction from the POX Hub because the expertise, at the same time as confirmed globally, is new to Petropavlovsk.
The Board has due to this fact taken a conservative method against the creation forecast for 2018.
The business plans to commence the production of concentrate at Malomir's flotation plant from April 2018. this is in an effort to accumulate a sufficient stockpile for processing ahead of the commissioning of the POX Hub. The further choice of selling this excessive-grade focus, should still there be any delays with the POX Hub commissioning, helps to de-chance the neighborhood's monetary place during this transitional yr.
The bond issue in November 2017 has supplied better steadiness to the community and, under these more suitable circumstances, the Board continues to pursue its prior to now brought up approach. it is, to focus on organic growth in order to maximise returns from the business's latest asset portfolio, together with the completion of the POX Hub, and to monetise the company's underground operations to generate additional cash flow and further enhance the company's steadiness sheet."
Capital Markets Day
Petropavlovsk is planning an institutional capital markets day in London throughout April 2018.
The adventure will center of attention on technical facets of the company's flagship POX Hub development mission and may consist of displays from industry consultants, both inside and external.
A presentation may be made obtainable on the business's web page following the event, full details of which may be circulated in due direction.
Petropavlovsk is one among Russia's main gold mining agencies. As at 31 December 2017, the company had produced about 6.8Moz of gold.
at present, Petropavlovsk is in the construction section of a state of the paintings drive oxidation facility to method the business's giant refractory resource base. The enterprise's mixed three,430km2 license retaining has untapped useful resource capabilities. The company is a leading company and contributor to the construction of the native economy in the Amur place, Russian a long way East, the place it has operated given that 1994.
Petropavlovsk is a shareholder (31.1%) of IRC confined and is the guarantor of the us$340 million assignment finance facility (US$234 million foremost wonderful as at 31 December 2017). IRC is a vertically integrated iron ore producer and developer in the Russian a long way East and North-jap China. IRC is listed on the Hong Kong stock exchange (ticker: 1029.HK).
Petropavlovsk is listed on the leading Market of the London stock trade (ticker POG:LN).
Pioneer open pit and underground mining operations
this autumn 2016
31 Dec 2017
31 Dec 2016
total fabric moved
Pioneer processing operations
Resin-in-pulp (RIP) plant
Gold content material
Heap leach operations
a hundred ninety.0%*
Pioneer gold production - Doré**
Notes (additionally relevant to tables below):
* since it takes weeks to get well gold by the use of heap leach, month-to-month and quarterly healing figures can not be accurately measured and often can result in erroneous values. best full 12 months figures may still be used as a consultant gold recovery measure for community heap leach operations.
**"Gold recovered" lines signify gold recovered from the ore processed throughout the duration; "gold production - doré" indicates the volume of gold contained in the doré bars produced all the way through the length. The difference between "gold creation - doré" and "Gold recovered" is due to changes within the amount of gold in circuit, which is gold final within the processing circuit of the plant: basically in resin sorbent, cyanide solution, and within the kind of electrolytic product.
In 2017, Pioneer produced 161.8koz, 37% of total community production, and a 21% boost from 2016 (133.2koz). The enhance is attributable to a big reduction of gold in circuit, which is gold last in the processing circuit of the plant (essentially in resin sorbent and cyanide solution, within the kind of electrolytic product). The unlock of gold in circuit turned into basically accomplished in the course of the a success commissioning, in Q1 2017, of a resin medication facility that releases gold "trapped" in used resin.
The leading sources of ore at Pioneer were pits of the Alexandra, Yuzhnaya, Promezhutachnaya and Andreevskaya-West zones. This ore turned into blended with lower grade fabric from stockpiles. RIP processing recoveries were lessen compared to the old yr due to lessen head grades and the ore processed being greater refractory than within the outdated 12 months. Heap leach operations commenced on time table in April 2017 and operated as general through the warmer season unless the conclusion of October.
all over 2017, a complete of three,646m (50,268m3) of underground building turned into completed. the primary underground ore turned into produced in June. In total, 35.1kt of underground ore with a typical gold content of two.78g/t became mined in 2017. Water influx into the mine turned into bigger than expected and delayed the decline development, leading to much less underground creation than expected. The group is increasing its pumping facilities and expects to look Pioneer underground in full construction in Q1 2018.
Albyn mining operations
this fall 2017
this fall 2016
31 Dec 2017
31 Dec 2016
total fabric moved
Gold content material
Albyn processing operations
Resin-in-pulp (RIP) plant
Albyn gold creation - Doré
In 2017 Albyn produced 181.6koz, 41% of complete group creation, a four% boost on 2016 (173.9koz). The leading sources of ore have been the significant and japanese zones of the Albyn main pit, with a small quantity of ore provided from stockpiles. The processing plant had normally excessive recoveries - over 90% - all through the year.
Preparations have been performed for the creation of ore from Unglichikan, which is expected to develop into of one of the further feeders for the Albyn plant in 2018.
Malomir open pit and underground mining operations
this autumn 2017
12 months ended
31 Dec 2017
31 Dec 2016
complete cloth moved
eight,one hundred fifteen
Malomir processing operations
Resin-in-pulp (RIP) plant
Gold content material
Malomir gold creation - Doré
In 2017 Malomir produced sixty five.6koz, 15% of complete group construction, and a 20% enhance from 2016 (fifty four.9koz). The increase is ordinarily caused by the processing of excessive grade underground ore and to an standard raise in plant throughput.
The leading sources of ore had been pits of the Quartzitovoye and Magnetitovoye zones, blended with excessive grade ore mined from underground and low grade ore from stockpiles. The volumes of ore treated in the course of the plant extended by using 13% compared to 2016, which become based on the mining plan.
The Quartzitovoye 2 pit turned into completed in H1, though restoration costs from the pit have been reduce than planned because of its ore being extra refractory than expected.
The development of an underground mine at Quartzitovoye 1 all started in January 2017, and three,084m (forty seven,157m3) of underground construction became completed all through the yr.
Delays essentially concerning mining contractor mobilisation skilled in Q1 2017 had been generally rectified with the aid of the conclusion of Q3. In December, full scale stope mining commenced, resulting in amazing production towards the 12 months end. a total of seventy three.6kt of ore changed into mined from underground with a normal gold content of 8.03g/t throughout 2017. The Quartzitovoye underground mine is anticipated to be in full construction all through 2018.
Pokrovskiy mining operations
this fall 2016
12 months ended
31 Dec 2017
12 months ended
31 Dec 2016
complete material moved
Gold content material
Pokrovskiy processing operations
Resin-in-pulp (RIP) plant
Gold content material
Heap leach operations
Pokrovskiy gold production - Doré
In 2017, Pokrovskiy produced 30.6koz, 7% of total community creation, and a 20% lessen from 2016 (38.2koz) because of the mine's closure.
The Zeyskaya and Vodorazdelnaya zones were the main sources of low grade ore, which became blended with ore from stockpiles. This contributed to a 12 months-on-yr reduce in H1 processing recuperation at the plant as this material became of lessen high-quality than anticipated.
main as much as the transition of the RIP plant right into a key POX Hub element, both RIP and heap leach flowers operated as deliberate. Heap leaching commenced in April and ended with the advent of bloodless climate in October.
For extra assistance, please talk over with www.petropavlovsk.net and www.ircgroup.com.hk or contact:
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This announcement carries interior assistance for the purposes of Article 7 of law (ecu) No 596/2014.
Cautionary be aware on forward-looking statements
This release may consist of statements which are, or may well be deemed to be, "ahead-searching statements". These ahead-searching statements may also be recognized by way of ahead-looking terminology, including the terms "believes", "estimates", "plans", "initiatives", "anticipates", "expects", "intends", "might also", "will" or "should still" or, in every case, their poor or other variations or similar terminology, or through discussions of strategy, plans, targets, dreams, future hobbies or intentions. These forward- searching statements encompass all concerns that are not historical information. They seem in a number of areas all over this unencumber and consist of, however aren't limited to, statements related to the group's intentions, beliefs or existing expectations concerning, amongst other issues, the long run price of gold, the group's effects of operations, fiscal position, liquidity, potentialities, growth, estimation of mineral reserves and components and techniques, and trade charges and the expectations of the trade.
with the aid of their nature, ahead-searching statements involve chance and uncertainty because they relate to future pursuits and circumstances outside the handle of the community. forward-searching statements are not ensures of future performance and the development of the markets and the business through which the community operates may vary materially from those described in, or cautioned by using, any ahead- searching statements contained in this release. additionally, although the building of the markets and the industry by which the community operates are according to the ahead searching statements contained during this unlock, these traits can also now not be indicative of developments in subsequent durations. a couple of elements could cause results and/or tendencies to differ materially from those expressed or implied by using the forward-searching statements including, with out dilemma, familiar financial and company conditions, demand, supply and costs for gold and different lengthy-term commodity rate assumptions (and their effect on the timing and feasibility of future initiatives and trends), traits in the gold mining business and prerequisites of the overseas gold markets, competitors, movements and actions of governmental authorities (including adjustments in legal guidelines, laws or taxation), forex fluctuations (including as between the united states dollar and Rouble), the neighborhood's ability to recover its reserves or increase new reserves, changes in its company strategy, any litigation, and political and economic uncertainty. apart from as required with the aid of relevant legislations, rule or rules (including the listing and Disclosure assistance and Transparency guidelines), the community does not undertake any duty to publicly replace or revise any forward-searching statements, whether on account of new suggestions, future events or otherwise.
past efficiency can not be relied on as a e book to future performance.
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