Financials

We ll get into money and the way you and your business relate to it in more detail in spring, but for the purpose of creating a map, we re talking about an overview, a snapshot of how well greased the mechanics of your business are. This is the part where you consider and plan your income projections and cash flow. This shouldn t become an Alan Greenspan-type document addressing the nation about financial forecasts. Keep it simple and truthful. Money is such a liquid thing that it s hard to try to pin it down sometimes, and it could seem the more you try to get a solid hold—without a couple years experience behind you—the more elusive it becomes. Just try to be as honest with yourself as possible as you project into the future what you already know you can and cannot commit to financially. 

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Usually a company will have a portfolio of assets which are at different stages of the described life cycle. Proper management of the asset base will allow optimisation of financial, technical and human resources. 

The objective of appraisal activity is not necessarily to prove more hydrocarbons. For example, appraisal activity which determines that a discovery is non-commercial should be considered as worthwhile, since it saves a financial loss which would have been incurred if development had taken place without appraisal. 

Petroleum economics provides the tools with which to quantify and assess the financial risks involved in field exploration, appraisal and development, and allows a consistent approach with which alternative investments can be compared. The techniques are applied to advise management on the attractiveness of such investment opportunities, to assist in selecting the best options, and to determine how to maximise the value of existing assets. 

The economic lifetime was introduced in Section 13.3, and was defined as the point at which the annual cashflow turned permanently negative. This is the time at which income from production no longer exceeds the costs of production, and marks the point when decommissioning should occur, since it does not make economic sense to continue to run a loss-making venture. Technically, the production of hydrocarbons could continue beyond this point but only by accepting financial losses. There are two ways to defer decommissioning ... 

Part of this work has been carried in the frame of BRITE-EURAM Project 6056 SIMON , with the financial support of the EU Commission. 

The financial support of the EU Commission to the in-plant testing and validation work packages, in the frame ofthe BRITE-EURAM Project 6056 "SIMON" is gratefully acknowledged. 

The financial support of the UE Commission to the work presented in this paper, in the frame of the BRFTE-EURAM Project 6056 "SIMON", is gratefully acknowledged. 

Alternatively, those at the other end of the market speak proudly of their own exclusive server But the true financial costs of this can range from US 30-100 thousand annually. Costs increase (rapidly) with the sophistication of functions offered. On the other hand, increased function is the reason for buying a server ... 

We wish to thank all our colleagues who collaborated with us in the calculations presented in the calculations presented in this chapter. One of us (M.P.) likes to thank the Deutsche Forschungsge-meinschaft for financial support. 

This project began in the summer of 1992 with the support of a course development grant from DePauw University s Faculty Development Fund. Additional financial support from DePauw University s Presidential Discretionary Fund also is acknowledged. Portions of the first draff were written during a sabbatical leave in the Fall semester of the 1993/94 academic year. A Fisher Fellowship provided release time during the Fall 1995 semester to complete the manuscript s second draff. 

Sir Joseph Swan, as a result of his quest for carbon fiber for lamp filaments (2), learned how to denitrate nitrocellulose using ammonium sulfide. In 1885 he exhibited the first textiles made from this new artificial sHk, but with carbon fiber being his main theme he failed to foUow up on the textile possibihties. Meanwhile Count Hilaire de Chardoimet (3) was researching the nitrocellulose route and had perfected his first fibers and textiles in time for the Paris Exhibition in 1889. There he got the necessary financial backing for the first Chardoimet silk factory in Besancon in 1890. His process involved treating mulberry leaves with nitric and sulfuric acids to form cellulose nitrate which could be dissolved in ether and alcohol. This collodion solution could be extmded through holes in a spinneret into warm air where solvent evaporation led to the formation of soHd cellulose nitrate filaments. 

Each year, Americans report over three million fires leading to 29,000 injuries and 4,500 deaths (1). The direct property losses exceed 8 biUion (1) and the total annual cost to our society has been estimated at over 100 biUion (2). Personal losses occur mosdy in residences where furniture, wall coverings, and clothes are frequently the fuel. Large financial losses occur in commercial stmctures such as office buildings and warehouses. Fires also occur in airplanes, buses, and trains. 

Cmde oil can be easily separated into its principal products, ie, gasoline, distillate fuels, and residual fuels, by simple distillation. However, neither the amounts nor quaUty of these natural products matches demand. The refining industry has devoted considerable research and engineering effort as well as financial resources to convert naturally occurring molecules into acceptable fuels. Industry s main challenge has been to devise new ways to meet the tremendous demand for gasoline without, at the same time, overproducing other petroleum products. 

Data-Star. This is Europe s leading on-line database service (39) and covers worldwide business news, financial information, market research, trade statistics, business analysis, healthcare / pharmaceuticals, chemicals / petrochemicals, chemical industry, biomedicine /life science, biotechnology, and technology, with an emphasis on Europe. It was originally formed as a joint venture among BRS, Predicasts, and Radio Suisse (the Swiss telecommunications company) (37). Data-Star offers access to about 300 bibliographic, abstract, directory, and fuU-text on-line databases, of which approximately 150 are also available on Dialog (40). 

DISCLOSURE DATABASE Disclosure Inc. BRS, Data-Star, Dialog, Dowjones, Lexis financial statement... 

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