AJ Lucas’s net acreage in the Bowland shale totals 1,043 km2, making the company one of the largest Bowland acreage holders. This figure includes AJ Lucas’s 47.4% of Cuadrilla’s net acreage and AJL’s direct licence interests.
Exhibit 32: Operated gross shale acreage (top 10)
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Source: Edison Investment Research, OGA
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PEDL 165 – historical exploration and appraisal activity
Cuadrilla holds interests in licences covering 2,391km2 (256,000 acres) gross in the Bowland shale, making it a significant operator in the region, together with INEOS and IGas, which each hold operated licence areas over 2,000km2. Cuadrilla’s activity to date has focused on PEDL 165 and the company is currently drilling here at the Preston New Road site. PEDL 165 covers 1200km2 and was acquired by Cuadrilla in 2008. Several wells had previously been drilled within in the licence area: Thistleton-1, Hesketh-1, Banks-1 and Elswick-1. Elswick-1 has been producing gas from a hydraulically fractured sandstone for 20 years, however Thistleton-1 was the only one of these wells to have been drilled into the Lower Bowland shale.
Exhibit 33: Bowland licence map
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Source: UK Oil and Gas Authority (copyright), Cuadrilla
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In 2010 and 2011, Cuadrilla drilled three vertical shale gas exploration wells. The first of these was Preese Hall-1, which was located near Thistleton-1 as this provided good geological control. Preese Hall-1 was the first and only well to produce shale gas in the UK and provided the first proof of concept that the Bowland Shale could be fractured and produce gas. The remaining two wells, Grange Hill-1Z and Becconsall-1 were drilled and cored in 2011. Becconsall-1, to the south of Preese Hall-1, drilled the fullest shale section. A further well, Anna’s Road-1 was abandoned at 2000ft due to drilling problems. The thickest shale section encountered was of 3,500ft in Grange Hill-1, however the thickness varies across the wells with around a 20% - 30% difference seen in Upper and Lower Bowland shale thicknesses over distances of three to four miles. In comparison, shale thicknesses in the US are uniform over large distances.
Exhibit 34: Historical wells neighbouring PNR
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Exhibit 35: PEDL 165 3D seismic coverage
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Source: UK Oil and Gas Authority (copyright)
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Source: UK Oil and Gas Authority (copyright)
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Exhibit 34: Historical wells neighbouring PNR
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Source: UK Oil and Gas Authority (copyright)
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Exhibit 35: PEDL 165 3D seismic coverage
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Source: UK Oil and Gas Authority (copyright)
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Preese Hall-1: demonstrated gas flow to surface
Preese Hall-1 was drilled to 9,100ft and completed between August and December 2010. A total net thickness of 2411ft of shale was encountered and twelve zones were selected for fracking. Five shale zones were fracked individually with a sand/water slurry, each separated by bridge plugs. The water volumes used ranged between 4780bbls and 14,120bbls with proppant masses of between 52 and 117 metric tons. Initial flow rates from the first three fracture stimulations were reported to be 400-500mcf/day comingled, it is worth noting that this rate was achieved from relatively small fracs over just three zones in the Preese Hall-1 vertical well. During the fracture stimulation programme, two seismic events were observed after treatment stages 2 and 4, and as a result of this the programme was curtailed. With limited flow data, it was not possible to establish commerciality from Preese Hall-1, however the well did prove that gas can be produced to surface from the Bowland Shale. An 18 month suspension was put in place while the cause of the tremors was investigated and rules for future mitigation were developed. The events were of a magnitude of 2.3ML and 1.5ML, with 48 much weaker events also detected. In US shale plays, fracture treatments of a similar size have yielded events of lower magnitudes, up to 0.8 ML, and there are only two documented cases of stronger events, of magnitude 1.9 ML and 2.8 ML, from massive hydrofrac treatments in South Central Oklahoma, so that the events experienced in Preese Hall-1 are considered to be unusual.
Cuadrilla commissioned an independent study to examine the causes of the events. The report concluded that the most likely cause of the seismicity was the direct injection of fluid into the same fault zone. The study estimated that the worst case maximum seismic event magnitude would be 3 ML, a level that is considered too small to cause structural damage at surface level and comparable to the passing of a truck (note that seismicity in the UK induced by coal mining is up to a magnitude of 4 ML). In addition the study found that fracture fluid would not leak into the shallow aquifer system, due to the presence of the thick impermeable Bowland Shale and overlying Permian anhydrites.
In December 2012, a new regulatory regime was implemented by DECC incorporating the results and recommendations of a government-commissioned report from The Royal Society and the Royal Academy of Engineering together with the Cuadrilla study. The new regime includes the requirement for seismic monitoring of each well site area and a system under which operations are halted if seismicity reaches a level greater than 1.7 ML (Operation has to stop if 1.7 is exceeded, the well bled off and then the seismicity monitored until zero events for at least 10 days, then the operation can recommence, otherwise the operation has to be aborted and the seismic risk re-evaluated)
Preston New Road: first lateral wells to be fracked in the UK
To progress the concept of shale gas production in the UK, Cuadrilla plans to demonstrate that lateral wells can be drilled and fracked in the Bowland Shale. If successful, this would allow development of the Bowland from a resource hub, ie a multiwell pad from which several horizontal wellbores can be drilled into the target formation while minimising the surface impact and costs. Development wells would be stacked lateral wells with length and spacing dependant on rock properties, although the well length is expected to be between 3,000ft – 6,000ft. The ability to drill horizontal wells into different stratigraphic intervals from a single pad is made possible by the presence of much thicker shale intervals in the Bowland compared to those encountered in the US.
Exhibit 36: 3D Visualisation of multiple wells drilled in one orientation
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Exhibit 37: Illustration of surface impact (Site approx. 2 football pitches)
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Source: Cuadrilla Note: Site roughly equivalent to two football pitches
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Exhibit 36: 3D Visualisation of multiple wells drilled in one orientation
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Exhibit 37: Illustration of surface impact (Site approx. 2 football pitches)
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Source: Cuadrilla Note: Site roughly equivalent to two football pitches
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Cuadrilla has planning permission to drill up to four horizontal wells from its Preston New Road (PNR) location in the Fylde, Lancashire. The location has been chosen in an area with the best well control and where there is a high confidence of the subsurface stratigraphy and structure from the 100km2 3D seismic survey acquired in 2012.
The company commenced drilling a vertical well at PNR in August 2017. The well will drill through the Upper and Lower Bowland and into the Hodder Mudstone and will be cored and logged. The drilling is expected to take around two months. Based on the data gathered from the well, Cuadrilla will then choose where to position two horizontal wells. The horizontal laterals may target the same or different levels within the Bowland and will be 1000m long. Once both horizontal wells have been drilled, they will be hydraulically stimulated with 45 stages per well.
Exhibit 38: Indicative timeline for PNR appraisal
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The operation will be monitored by eight surface seismic stations and 4 water monitoring wells to allow effective monitoring of any seismicity, in line with the new regulatory regime. Downhole monitoring will be carried out to monitor the location, orientation and extent of the induced fractures. Each well will then be flow tested for up to 90 days. This initial test may be followed by an Extended Well Test (EWT) which would likely last for 18 to 24 months and would allow Cuadrilla to gather longer term production data, particularly decline rates, so that future well performance can be predicted. The drilling of two further horizontal wells would depend on the results of the data gathered from the initial two horizontals.
Drilling will continue for 24 hours per day as in normal drilling operations, however fracking will be limited to daytime only, ie 7am to 7pm. Cuadrilla expects drilling to be completed during the first half of 2018 and initial flow test results to be available during Q418.
In June 2013, Cuadrilla sold a 25% interest in the Bowland and Elswick prospects to Centrica. Consideration included a farm-in arrangement, with a financial ‘carry’ on future appraisal and development expenditure.
Centrica is currently obligated to fund a further £46.7m for appraisal and development in the Bowland tenement, subject to certain milestones being met. The contingent carry was recently amended such that the milestone for commencement is the flow testing of gas for six months, and AJL expects this contingent carry to be exercised by Centrica on successful flow of gas from the first two wells.
Appendix 2: Key input distributions for Edison’s probabilistic UK shale model
As with all probabilistic models it is important to ensure that uncertainty distributions for model inputs are robust. This can involve the fitting of distributions to historical data sets, use of analogues or industry best practice. In our analysis, we have material strong data support for our chosen distributions for most inputs. These inputs and our chosen distributions are outlines below:
Distributions and data support for analysis
Exhibit 39: Probabilistic type curve
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Distribution support: Our probabilistic type curve is supported by a study conducted consultancy Anderson Thompson in 2017. The consultancy’s specialist knowledge of the Permian, Eagle Ford, Bakken, Marcelles and Montney shale in North America are used to predict a P50 type curve for a 2.5km horizontal in the Bowland.
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Distribution parameters: IP rate and EUR P10 to P90 ranges and probabilistic type curve definition
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Source: Edison Investment Research
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Distribution support: Our distribution for Bowland shale GIIP is driven by BGS’s 2013 study “The Carboniferous Bowland Shale gas study: geology and resource estimation”. This study defines GIIP distributions for the Upper and Lower Bowland Hodder units.
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Distribution parameters: P10, P50 and P90 values and distribution based on BGS data.
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Source: Edison Investment Research
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Exhibit 41: Recovery factor
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Distribution support: We use minimum , maximum and mean value for recovery factors based on extensive data available from both the Marcelles and Barnett shales.
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Distribution parameters: Pert distribution with maximum value of 13% and minimum of 3% as per US dry gas shale analogues. (Barnett c 6%, Fayetteville c 11%, Haynesville c 3% and Marcelles c 10%).
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Source: Edison Investment Research
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Exhibit 42: Well cost distribution
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Distribution support: For well cost we use US data for individual cost components including rig, casing, proppant and wages and adjust accordingly to reflect scarcity of supply in the UK and UK wages. Our estimate range is our best estimate of through cycle well costs, however we recognise that these may vary over time as the service sector adapts to activity levels.
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Distribution parameters: Triangular distribution based on US minimum and maximum well cost data adjusted for UK rig and service availability. Regeneris Consulting estimated a well cost of £11m in 2011. Edison estimates median well cost of US$17.4m over field life for a 2.5km lateral but incorporate a wide uncertainty range at this stage.
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Source: Edison Investment Research
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Exhibit 43: Long term gas price distribution
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Distribution support: We use a Black’s model to derive a gas price distribution for 1 year forward summer low and winter high gas prices using the implied volatility of forward contracts. An average of these values drives our average long term gas price. This is then inflated by 2% for future estimates of gas price. P50 45.8p/therm; Mean value 46.4p/therm.
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Distribution parameters: Our gas price distribution is based on traded forward contracts for 2018 and 2019. Detailed UK gas supply / demand analysis was beyond the scope of this report.
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Source: Edison Investment Research
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Exhibit 44: Gross production scenarios modelled
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The modelled production profile for gross acreage field model is shown here including P50, P10, P90 high and low scenarios.
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Production tails off in the final year as we assume no wells are drilled in 2050 the final year of our cash flow model. Wells drilled vary by scenario, and include approximately 60-70 per annum on average in the P50 case.
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Source: Edison Investment Research
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Exhibit 45: Gross Bowland gas recovery modelled
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The amount of gas recovered in our model has a mean of 11,069bcf and a P50 of 10,458bcf through to end 2050.
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The P90 to P10 range is 3,439bcf to 19,396bcf.
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At the top end gas recovery is limited by rig / service access whilst the bottom is driven by low GIIP, Rf and pessimistic type curve assumptions.
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Source: Edison Investment Research
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Service sector model inputs
Exhibit 46: Maximum available drilling rigs and pressure pumping skids - UK wide
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Distribution support: Rig availability is a significant uncertainty that is difficult to model accurately given the lack of historical data. We assume that the maximum number of rigs will vary from 10-30 rigs in the UK for the purpose of this analysis. We note that this is not a key driver of NPV assuming rig availability is more than zero and the time taken to drill and complete and shale well is in-line with industry forecasts at less than 45 days.
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Distribution parameters: We assume a discrete, integer, uniform distribution with rig availability varying from 10 to 30 rigs.
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Source: Edison Investment Research
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Exhibit 47: No. of drilling rigs and pressure pumping skids added per year - UK wide
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Distribution support: Rig additions are a significant uncertainty that is difficult to model accurately given the lack of historical data. Limitations include the construction time for new rigs and/or the time taken to ship existing rigs in to country. Whilst a more important factor than the maximum number of available rigs, again this not a key driver of NPV assuming rig additions are more than zero.
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Distribution parameters: We assume a discrete, integer, uniform distribution with rig additions varying from 1 to 5 a year.
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Source: Edison Investment Research
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Contact details |
Revenue by geography |
Level 6, 1 Elizbeth Plaza North Sydney NSW 2060 PO BOX 538 0294904000 www.lucas.com.au |
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Contact details |
Level 6, 1 Elizbeth Plaza North Sydney NSW 2060 PO BOX 538 0294904000 www.lucas.com.au |
Revenue by geography |
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Management team |
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Non Executive Director and Chairman: Phil Arnall |
Cuadrilla CEO: Francis Egan |
Mr Arnall has had a thirty year career in the mining and steel industries including senior executive responsibility at Smorgon Steel Group, Tubemakers and ANI. |
Francis has extensive experience in exploration & production, most recently as President of the Global Production Division of BHP Billiton Petroleum. |
CFO: Austen Perrin |
COO: Brett Tredinnick |
Prior to joining AJ Lucas, Austen was the chief financial officer for Whitehaven Coal for over five years. |
Mr Tredinnick has been with company for 18 years. Prior to joining AJ Lucas Brett held various leadership and Project Management roles with Rio Tinto Coal and BHP Steel. |
Management team |
Non Executive Director and Chairman: Phil Arnall |
Mr Arnall has had a thirty year career in the mining and steel industries including senior executive responsibility at Smorgon Steel Group, Tubemakers and ANI. |
Cuadrilla CEO: Francis Egan |
Francis has extensive experience in exploration & production, most recently as President of the Global Production Division of BHP Billiton Petroleum. |
CFO: Austen Perrin |
Prior to joining AJ Lucas, Austen was the chief financial officer for Whitehaven Coal for over five years. |
COO: Brett Tredinnick |
Mr Tredinnick has been with company for 18 years. Prior to joining AJ Lucas Brett held various leadership and Project Management roles with Rio Tinto Coal and BHP Steel. |
Principal shareholders |
(%) |
Kerogen Inv No 1 (HK) |
53.32 |
CS Third Nominees Pty |
7.18 |
Paul Fudge |
7.17 |
RodDCO Property Holdings |
5.40 |
Citicorp Nominees Pty |
4.26 |
CS Fourth Nominees Pty |
2.24 |
HSBC Custody Nominees |
1.79 |
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Companies named in this report |
Ineos Industries; Igas (IGAS LN); Egdon Resources (EDR LN); Huttton Energy; South Western Energy; Alkane Energy (ALK LN); Connaught Oil & Gas; Third Energy; UK Onshore Gas. Monadelphous Group (MND AU), Cardno (CDD AU), Cimic Group (CIM AU), WorleyParsons (WOR AU), NRW Holdings (NWH AU), Watpac (WTP AU), RCR Tomlinson (RCR AU), Macmahon Holdings (MAH), Decmil Group (DCG), GR Engineering Services (GNG AU) |
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Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com DISCLAIMER Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by AJ Lucas Group and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. |
Frankfurt +49 (0)69 78 8076 960 Schumannstrasse 34b 60325 Frankfurt Germany |
London +44 (0)20 3077 5700 280 High Holborn London, WC1V 7EE United Kingdom |
New York +1 646 653 7026 295 Madison Avenue, 18th Floor 10017, New York US |
Sydney +61 (0)2 8249 8342 Level 12, Office 1205 95 Pitt Street, Sydney NSW 2000, Australia |
Frankfurt +49 (0)69 78 8076 960 Schumannstrasse 34b 60325 Frankfurt Germany |
London +44 (0)20 3077 5700 280 High Holborn London, WC1V 7EE United Kingdom |
New York +1 646 653 7026 295 Madison Avenue, 18th Floor 10017, New York US |
Sydney +61 (0)2 8249 8342 Level 12, Office 1205 95 Pitt Street, Sydney NSW 2000, Australia |
|
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com DISCLAIMER Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by AJ Lucas Group and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. |
Frankfurt +49 (0)69 78 8076 960 Schumannstrasse 34b 60325 Frankfurt Germany |
London +44 (0)20 3077 5700 280 High Holborn London, WC1V 7EE United Kingdom |
New York +1 646 653 7026 295 Madison Avenue, 18th Floor 10017, New York US |
Sydney +61 (0)2 8249 8342 Level 12, Office 1205 95 Pitt Street, Sydney NSW 2000, Australia |
Frankfurt +49 (0)69 78 8076 960 Schumannstrasse 34b 60325 Frankfurt Germany |
London +44 (0)20 3077 5700 280 High Holborn London, WC1V 7EE United Kingdom |
New York +1 646 653 7026 295 Madison Avenue, 18th Floor 10017, New York US |
Sydney +61 (0)2 8249 8342 Level 12, Office 1205 95 Pitt Street, Sydney NSW 2000, Australia |
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