The Directors present their report together with the financial report of Pan Pacific Petroleum NL (‘the Company’) and the consolidated entity, being the Company and its subsidiaries, for the year ended 30 June 2008 and the auditor’s report thereon.
Principal Activities
The consolidated entity is predominantly involved in petroleum exploration and production.
Other than the commencement of production at Tui, no significant change in the nature of these activities occurred during the year.
Dividends: No dividends or distributions have been paid or declared by the Company during the year.
As sustainable post-tax profits and cash flows have been established, it is the Directors’ intention to expand and maximise the value of the Company for shareholders.
Results of Operations
The consolidated operating profit after tax for the year amounted to $52,441,000 (2007 loss of: $67,000). Refer to the link for further detail of review of operations.
Names and qualifications of Directors in office during the financial year are set out below:
R A Radford CA (NZ), the Chairman, is chief executive of the Company and has been a Director since 1979. His earlier career included senior financial roles in steel making, tin smelting and mining companies. He has in excess of 20 years’ experience in managing petroleum and mining companies. His other public company directorships are New Zealand Oil & Gas Limited (since June 1981) and Pike River Coal Ltd (since January 1992).
A W Tattersfield, M.Com (Auckland), is a Non-independent Non-Executive Director and has over 30 years’ experience operating retail and construction companies, plus the financing and negotiation of exploration joint venture deals. He was appointed to the Board on February 22nd 2005.
N Tomkinson, LL.B (Hons.), is a Non-independent Non-Executive Director who has extensive experience over the last 25 years in the administration of and investment in exploration and mining companies in both oil and gas and in hard rock. Mr Tomkinson’s other public company directorships are Hampton Hill Mining NL (since January 1997), Traka Resources Limited (since September 2003) and Red Hill Iron Limited (since April 2008). He was appointed to the Board on June 23rd 2006.
The number of Directors’ meetings and number of meetings attended by each of the Directors of the Company during the financial year were:
A – Number of meetings attended B – Number of meetings held during the time the Director held office during the year
There are no sub-committees established. Given the size and nature of the consolidated entity the Directors are of the opinion that sub-committees are not necessary.