TIDMENQ
RNS Number : 7967I
EnQuest PLC
21 June 2017
ENQUEST PLC, 21 JUNE 2017
Reports on Payments to Governments for the Year ended 31
December 2016
This report provides information in accordance with DTR 4.3A in
respect of payments made by the Company to governments for the year
ended 31 December 2016 and in compliance with the Reports on
Payments to Governments Regulations 2014 (SI 2014/3209).
This report is available to download from:
http://www.enquest.com/corporate-responsibility/business-conduct.aspx
Basis of preparation
The payments disclosed, which are on a cash basis, are based on
where the obligation for the payment arose (ie at a project or
corporate level). However, where a payment or a series of related
payments do not exceed GBP86,000, they are disclosed at a corporate
level, in accordance with the UK Regulations.
All of the payments disclosed in accordance with the Directive
have been made to national governments, either directly or through
a Ministry or Department of the national government, with the
exception of the Malaysian payments in respect of production
entitlements, supplementary payments, royalties and education
commitment payments which are paid to PETRONAS (Petroliam Nasional
Berhad, the National Oil Company of Malaysia).
By Licence
----------------------------------------------------------------------------------------------------------------------------------------------------
Education Supple-
Project/entity Production Licence commitment Research mentary
name Licence entitlements Taxes Royalties Fees payment CESS payments TOTAL
---------------- --------- -------------------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
bbls
(000) $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Kraken
& Kraken
North P1077 - - - - 638 - - - 638
---------------- --------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Alma P1765
& Galia & P1825 - - - - 456 - - - 456
---------------- --------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Heather P242
& Broom & P902 - - - - 367 - - - 367
---------------- --------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Greater P351,
Kittiwake P73
Area & P238 - - - - 320 - - - 320
---------------- --------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Dons P236,
(including P2145,
Ythan P1200
& Conrie) & P2137 - - - - 313 - - - 313
---------------- --------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Scolty P1107
& Crathes & P1617 - - - - 329 - - - 329
---------------- --------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Kildrummy P585 - - - - 131 - - - 131
---------------- --------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Corporate - - (2,365) - 464 - - - (1,901)
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Total
United
Kingdom - - (2,365) - 3,018 - - - 653
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
PM8 866 36,297 - 488 - - 411 2,065 39,261
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Tanjong
Baram - - - - - 100 - - 100
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Corporate - - 10,840 - - - - - 10,840
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Total
Malaysia 866 36,297 10,840 488 - 100 411 2,065 50,201
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Corporate - - (582) - - - - - (582)
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Total
Norway - - (582) - - - - - (582)
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Total
Group 866 36,297 7,893 488 3,018 100 411 2,065 50,272
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
By Government
----------------------------------------------------------------------------------------------------------------------------------------------------
Project/entity Production Taxes Royalties Licence Education Research Supple- TOTAL
name entitlements Fees commitment CESS mental
Licence payment payments
--------------------------- -------------------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
bbls $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
(000)
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
HM Revenue
& Customs - - (2,365) - - - - - 544
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Department
of Energy
& Trade - - - - 3,018 - - - 3,018
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Total United
Kingdom - - (2,365) - 3,018 - - - 653
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
PETRONAS 866 36,297 - 488 - 100 411 2,065 39,361
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Malaysian
Inland Revenue
Board - - 10,840 - - - - - 10,840
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Total Malaysia 866 36,297 10,840 488 - 100 411 2,065 50,201
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Skatteetaten - - (582) - - - - - (582)
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Total Norway - - (582) - - - - - (582)
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Total Group 866 36,297 7,893 488 3,018 100 411 2,065 50,272
--------------------------- -------- ---------- ---------- ------------ -------- ------------------- ------------ --------------- ---------
Production entitlements expressed in barrels
This includes non-cash royalties and amounts paid in barrels of
oil or gas out of EnQuest's working interest share of production in
a licence. The figures disclosed are produced on an entitlement
basis rather than a liftings basis, and are valued at the actual
price used to determine entitlement. They do not include the
Government's or National Oil Company's working interest share of
production in a licence.
Taxes
This represents cash tax calculated on the basis of profits
including income or capital gains. Income taxes are usually
reflected in corporate income tax returns. The cash payment of
income taxes occurs in the year in which the tax has arisen or up
to one year later. Income taxes also include any cash tax rebates
received from the government or revenue authority during the year
and excludes fines and penalties. In the UK, taxes also include
Petroleum Revenue Tax.
Royalties
This represents cash royalties paid to governments during the
year for the extraction of oil or gas. The terms of the royalties
are described within our host government contracts and can vary
from project to project within one country. Royalties paid in kind
have been recognised within the production entitlements
category.
Licence fees
This represents total, rather than working interest share of,
licence fees, rental fees, entry fees and other consideration for
licences and/or concessions paid for access to an area during the
year (with the exception of signature bonuses which are captured
within bonus payments).
Education commitment payment
This represents the annual education contribution paid to
PETRONAS pursuant to the Tanjong Baram Risk Service Contract.
Supplementary payments
Supplementary payments are required under the PM8 Production
Sharing Contract and are based on EnQuest's entitlement to profit
oil and profit gas. These payments are made to Petronas.
Research CESS
Research CESS payments are contractual amounts due under the PM8
Production Sharing Contract, and are based on EnQuest's entitlement
to production. These payments are made to Petronas.
Bonus payments and dividends
There were no bonus or dividend payments during the year.
Ends
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive)
Jonathan Swinney (Chief Financial Officer)
Michael Waring (Head of Communications & Investor Relations)
Tulchan Communications Tel: +44 (0)20 7353 4200
Martin Robinson
Martin Pengelley
Notes to editors
EnQuest is one of the largest UK independent producers in the UK
North Sea. EnQuest PLC trades on both the London Stock Exchange and
the NASDAQ OMX Stockholm. Its operated assets include
Thistle/Deveron, Heather/ Broom, the Dons area, the Greater
Kittiwake Area, Scolty/Crathes and Alma/Galia, also the Kraken
development; EnQuest also has an interest in the non-operated Alba
producing oil field. At the end of December 2016, EnQuest had
interests in 25 UK production licences, covering 35 blocks or part
blocks and was the operator of 23 of these licences.
EnQuest believes that the UKCS represents a significant
hydrocarbon basin, which continues to benefit from an extensive
installed infrastructure base and skilled labour. EnQuest believes
that its assets offer material organic growth opportunities, driven
by exploitation of current infrastructure on the UKCS and the
development of low risk near field opportunities.
EnQuest is replicating its model in the UKCS by targeting
previously underdeveloped assets in a small number of other
maturing regions; complementing its operations and utilising its
deep skills in the UK North Sea. In which context, EnQuest has
interests in Malaysia where its operated assets include the
PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk
Services Contract.
Forward looking statements: This announcement may contain
certain forward-looking statements with respect to EnQuest's
expectation and plans, strategy, management's objectives, future
performance, production, reserves, costs, revenues and other trend
information. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of
factors which could cause actual results or developments to differ
materially from those expressed or implied by these forward looking
statements and forecasts. The statements have been made with
reference to forecast price changes, economic conditions and the
current regulatory environment. Nothing in this presentation should
be construed as a profit forecast. Past share performance cannot be
relied on as a guide to future performance.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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