My company is Oil search Ltd (OSH), pls find it on ASX website Essay Example

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5Oil Search Limited


  1. Key Management Information

Some of the notable company’s management team includes the following;

  1. Peter Botten; company’s Managing Director

  2. Gerea Aopi; Company’s executive manager, External and Government Affairs and Sustainability

  3. Phillip Caldwell, Executive General Manager, Business Systems Development

  4. Paul Cholakos, Executive General Manager, PNG Operations

  5. Glenn Darnley-Stuart, Executive General Manager, Project Development

  6. Julian Fowles, Executive General Manager, Exploration and Business Development

  7. Ian Muniro, Executive General Manager, Gas Business Development

  8. Stephen Gardiner, Chief Financial Officer and Group Secretary

  9. Michael Herrett, Executive General Manager, Human Resource-Health and Administration

  10. Matt Kay, Executive General Manager, Strategy and Commercial

Company’s Management Team Remuneration Structure (2013 Report)


Salaries and allowances

Non-monetary benefits

Short-term incentives


Long-service leave accrual


Restricted Shares

P. Botten (MD)





P. Caldwell


P. Cholakos


GDarnley Stuart

J. Fowles


S. Gardiner


M. Herrett

  1. Shareholder Information

  1. National Nominees Limited

  2. HSBC Custody Nominees Limited

  3. JP Morgan Nominees Australia Limited

  4. Citicorp Nominees Pty Limited

  5. UBS Nominees Pty Ltd

  6. Citicorp Nominees Pty Ltd

  7. BNP Paribas Noms Pty Ltd

  8. JP Morgan Nominee Australia Limited

  9. Australian Foundation Investment Company Ltd

  10. AMP Life Limited

  11. The Independent state of Papua New Guinea

  12. UBS Nominees Pty Ltd

  13. RBC Investor Services Australia Nominees Pty Limited

  14. HSBC Custody Nominees Australia Limited

  15. Warbont Nominess Pty Ltd

  16. National Superannuation Fund Limited

  17. UBS Wealth Management Australia Nominees Pty Ltd

  18. Djerriwarrh Investments Limited

  19. HSBC Custody Nominees (Australia) Limited

  20. DR Kwok Ching Chow and Mrs. Chan Pik Yun Peggy Chow

OSH Share Price Graph against All Ordinaries Index (2013)

My company is Oil search Ltd (OSH), pls find it on ASX website


  1. Accounting Information

Some of the new standards that were adopted by the company in the financial year ended 2013 include; IFRS 10, 11, 12 and 13 as well such amendments as IAS 27 that deals in separate financial statements, 28; investments in associates and joint ventures, 19; employee benefits, 7; financial instruments pertaining the disclosures on asset and liability offsetting, 1; presentation of items other comprehensive income. Due to the significant change to the IFRS 11, the company has seen its accounting policies altered. In the new accounting standard settings, investments in joint arrangement are categorized as either being joint operations or ventures. This largely depends on the contractual rights and obligations that each and every existing investor enjoys for that matter. Significantly, using the aforementioned alterations, the firm has been able to analyze the immediate nature of its joint’s arrangements and thereby determined that they are comprised of investments set in joint operations.

The company’s property, plant and equipment are recognized in regards to their immediate cost less their underlying accumulated depreciation and impairment values. For the case of either a gain or loss in the course of asset disposal, this value is established between their immediate carrying value of the asset at the exact time of disposal and the resultant disposal proceeds, which is later included within the results of the group within the underlying year of the disposal (Oil Search Limited, 2013,p.94).

The underlying amount of income tax expensed by the company stands at $174,148,000 while the amount of income tax paid within the same financial year, which ends in 2013, is stated at $149,836,000 (Oil Search Limited, 2013). It should be understood that the current underlying taxes payable are focused on the overall taxable profit for the entire operational year. A provision is formulated in order to provide clear guidelines on the differences that exist between taxable profits and net profits. The group’s liability or asset base that is subjected under the current tax provisions is computed using given tax rates that have been formulated or thereby enacted for the period covering the reporting date. Notwithstanding, the company’s deferred taxes are accounted using the balance sheet liability approach. This is to say that deferred tax liabilities are recognized for entire taxable temporary differences. It is further noted that both the deferred tax assets and liabilities are measured at their respective tax rates that are expected to be applicable in the period for which the asset is realized or in the other scenario when the liability is fully settled.

In regards to lease disclosures, the underlying operating lease payments of the company, in the case where the lesser is mandated with the task of retaining both all of the risks involved as well as benefits of ownership, are involved in the establishment of the overall operating profit that is subsequently postulated on a straight-line basis over the underlying lease term at hand.

The company exercises employee entitlements and superannuation commitments where provisional amounts are allowed for employees in regards to such items as entitlements as well as annual leaves and long-service leave accruals that are set in accordance with the statutory obligations within Australia. These amounts are paid in full in the normal continual of a business operation in cases where leave is taken or employment is terminated in cognizant. The firm’s employees also enjoy performance rights plan as well as restricted share plan.

4. Audit Information

The company financial statements and operations were audited by Deloitte Touché Tohmatsu whose opinion stipulates that Oil Search Limited did not engage in any form of contraventions for any code of professional requirements that also involves; the “ Accounting Professional & Ethical Standards Boards(APESB) Code of Ethics for Professional Accountants(APES 110)”. The auditor’s fee for the year ending 2013 is stated at AUD 121,501,000 for the parent company and AUD 478,074,000 for the consolidated group (Oil Search Limited. 2013, p. 117). Thus, the total for the parent company constituted; AUD 121,501,000 as fees for auditing the group’s financial report while for the consolidated, the total figure was divided between AUD 360,319,000 as fees for auditing the group’s financial report and a subsequent AUD 117,755 as fees for other services.

References List

Oil Search Limited. 2013. Annual report. Retrieved on May 28, 2014 from,