From the FT
The expansion in activity in Namibia by both companies, which operate separate offshore projects, follows the drilling of several successful exploration wells in the past 18 months.
Total and its partners — QatarEnergy, Impact Oil and Gas and Namibia’s state-owned oil company Namcor — first announced the discovery of “significant light oil and associated gas” at the Venus site in February 2022.
This field has the most potential and is likely to hold more than 3bn barrels of oil, which would make it the eighth biggest oil discovery in the world since 2000 and the largest ever in sub-Saharan Africa, according to consultants Wood Mackenzie.
Although significantly smaller than Saudi Arabia’s Ghawar field, the largest in the world, holding more than 60bn barrels, the development of Venus alone would make Namibia a major oil producer.
Total has drilled an appraisal well on the Venus site and plans to run flow tests this month, with results expected in September.
“Our focus will be Namibia first,” Total chief executive Patrick Pouyanné said in July, adding “we have a lot of oil in place”.
Shell, which is also working with QatarEnergy and Namcor, has drilled three exploration wells, one appraisal well and has already conducted a successful flow test, which it said was the first in the country.
Oil exploration is a challenging and costly business that involves using geological knowledge and seismic imaging to guess what might be buried underground and then sinking expensive exploration wells to find out.
In Namibia’s case, the work is complicated by the location of the most promising areas: between 200km and 300km from the coast and in water depths of more than 2,000 metres.
“This clearly is pushing the boundaries of previous deepwater and ultra-deepwater developments,” said Ian Thom, upstream research director at Wood Mackenzie.
Https://twitter.com/allthewinners1/status/1696886365533638881
More details on the City AM deal
https://www.prolificnorth.co.uk/news/thg-acquired-city-a-m-for-1-5million-more-details-revealed/
Is owned by A.S.Watson Group
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Correct me if I'm wrong but I can't recall seeing a Myprotein protein product in Superdrug before
https://www.superdrug.com/health/diet-fitness/protein-supplements/protein-shakes-powders/my-protein-active-women-everyday-protein-chocolate-500g/p/767712
Click on link and scroll down to US companies
https://trends.builtwith.com/websitelist/The-Hut-Group
Don't know who this guy is but he has some interesting comments around 9 min into the video
https://youtu.be/Th4Vis6SPpc
Just fill in the form and download
https://www.thgingenuity.com/resources/reports/retail-outlook
Link to Glanbia results
https://www.londonstockexchange.com/news-article/GLB/glanbia-half-year-2023-results/16085117
These events are very popular
https://www.sports-insight.co.uk/news/tough-mudder-and-spartan-welcome-myprotein-as-official-nutrition-partner
10 August 2023
Tern Plc
("Tern" or the "Company")
Board and Management Restructuring
Directorate Changes
Tern Plc (AIM:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things ("IoT") technology businesses, announces a number of changes to the board of the Company (the "Board") and the Company's management structure.
Matthew Scherba and Bruce Leith have both stepped down from the Board with immediate effect. Matthew Scherba, having been on secondment to Tern's portfolio company InVMA Limited, intends to transition to the full time Chief Executive Officer position at Konektio during August 2023. Bruce Leith will remain with Tern as an employee and a member of its senior management team.
Sarah Payne will step down as the Company's Chief Financial Officer and Company Secretary on or before 30 September 2023 to take up a position with another company, but will remain on the Board as a Non-Executive Director. A further announcement will be made when this change occurs. The Company expects to shortly appoint a part-time Chief Financial Officer, which will be a non-Board position.
Following these changes, the Board of the Company will comprise: Ian Ritchie (Non-executive Chairman), Alan Howarth (Senior Independent Non-Executive Director) and Sarah Payne (Non-executive Director).
The Board will be supported by a non-Board senior executive management team comprising: Al Sisto (as Chief Executive Officer), Bruce Leith and a part-time Chief Financial Officer. The senior management team will receive materially reduced remuneration from the levels they received when members of the Board.
In addition, the Company is implementing other cost saving measures, including moving to a lower cost office. However, the Company will continue to be required to incur legal and other professional fees associated with the portfolio companies and being an AIM quoted company at least at historic levels, before any additional professional costs, in particular legal costs, incurred in relation with the disposal of any portfolio company holding. Overall, the measures being implemented are expected to save approximately 40% of the Company's overall central costs in 2024, when compared to the level for 2022.
No compensation is being paid to any individual for loss of office or the change in their role. Additionally, on the disposal of Tern's holding in any of its portfolio companies the Board has resolved that no more that 10% of the net disposal proceeds will be available for additional Board, management or employee remuneration.
This Board and management restructuring is intended to provide an appropriate governance and management structure for the Company, at significantly reduced cost, as the Company seeks to realise value from its portfolio of IoT technology businesses. It is the Board's intention that the Company will not invest in any com