TIDMENQ
RNS Number : 4120R
EnQuest PLC
29 June 2020
ENQUEST PLC, 29 JUNE 2020
Reports on Payments to Governments for the Year ended 31
December 2019
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 2019 and in compliance with the Reports on
Payments to Governments Regulations 2014 (SI 2014/3209).
This report is available to download from:
https://www.enquest.com/corporate-responsibility/business-conduct
Basis of preparation
The payments disclosed, which are on a cash basis, are based on
where the obligation for the payment arose (i.e. at a project or
corporate level). Where a payment or a series of related payments
do not exceed GBP86,000, they are not required to be disclosed
under the UK Regulations, however this has been disclosed in
aggregate at a corporate level for clarity over obligations.
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, research CESS and
education commitment payments which are paid to PETRONAS (
Petroliam Nasional Berhad, the National Oil Company of
Malaysia).
By licence
Education
Project/entity Production Licence commitment Research Supple-mentary
name Licence entitlements Taxes Royalties fees payment CESS payments TOTAL
--------- --------------- -------- ---------- -------- ----------- --------- --------------- --------
mboe $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Kraken &
Kraken North P1077 - - - - 574 - - - 574
--------- ------ ------- -------- ---------- -------- ----------- --------- --------------- --------
P1765
Alma & Galia & P1825 - - - - 607 - - - 607
--------- ------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Heather & P242
Broom & P902 - - - - 422 - - - 422
--------- ------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Greater
Kittiwake P73
Area & P238 - - - - 202 - - - 202
--------- ------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Dons (including P236,
Ythan & P1200
Conrie) & P2137 - - - - 518 - - - 518
--------- ------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Thistle & P236
Deveron & P475 - - - - 108 - - - 108
--------- ------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Scolty & P1107
Crathes & P1617 - - - - 434 - - - 434
--------- ------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Magnus P193 - - - - 367 - - - 367
--------- ------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Corporate - - 10,624 - 112 - - - 10,736
------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Total United Kingdom - - 10,624 - 3,344 - - - 13,968
------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Corporate - - (2,285) - - - - - (2,285)
--------------------------- ------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Total Norway - - (2,285) - - - - - (2,285)
------ ------- -------- ---------- -------- ----------- --------- --------------- --------
PM-8E 1,029 62,922 - 1,905 - - 681 21,069 86,577
--------------------------- ------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Tanjong Baram - - - - - 100 - - 100
--------------------------- ------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Corporate - - 17,814 - - - - - 17,814
--------------------------- ------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Total Malaysia 1,029 62,922 17,814 1,905 - 100 681 21,069 104,491
------ ------- -------- ---------- -------- ----------- --------- --------------- --------
Total Group 1,029 62,922 26,153 1,905 3,344 100 681 21,069 116,174
------ ------- -------- ---------- -------- ----------- --------- --------------- --------
By Government
Project/entity Education Supple-
name Production Licence commitment Research mentary
Licence entitlements Taxes Royalties fees payment CESS payments TOTAL
---------------- -------- ---------- -------- ------------ --------- ---------- --------
mboe $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
------- ------- -------- ---------- -------- ------------ --------- ---------- --------
HM Revenue and
Customs - - 10,624 - - - - - 10,624
------- ------- -------- ---------- -------- ------------ --------- ---------- --------
Department of
Business, Energy
and Industrial
Strategy - - - - 3,344 - - - 3,344
------- ------- -------- ---------- -------- ------------ --------- ---------- --------
Total United
Kingdom - - 10,624 - 3,344 - - - 13,968
------- ------- -------- ---------- -------- ------------ --------- ---------- --------
Skatteetaten - - (2,285) - - - - - (2,285)
------- ------- -------- ---------- -------- ------------ --------- ---------- --------
Total Norway - - (2,285) - - - - - (2,285)
------- ------- -------- ---------- -------- ------------ --------- ---------- --------
PETRONAS 1,029 62,922 - 1,905 - 100 681 21,069 86,677
------- ------- -------- ---------- -------- ------------ --------- ---------- --------
Malaysian Inland
Revenue Board - - 17,814 - - - - - 17,814
------- ------- -------- ---------- -------- ------------ --------- ---------- --------
Total Malaysia 1,029 62,922 17,814 1,905 - 100 681 21,069 104,491
------- ------- -------- ---------- -------- ------------ --------- ---------- --------
Total Group 1,029 62,922 26,153 1,905 3,344 100 681 21,069 116,174
------- ------- -------- ---------- -------- ------------ --------- ---------- --------
Production entitlements expressed in barrels
This includes non-cash royalties and state non-participating
interest 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.
It does not include the Government's or National Oil Company's
working interest share of production in a licence. Production
entitlements are assessed on a quarterly basis and are valued at
the price used to determine entitlement.
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.
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 Production Sharing Contracts ('PSC') 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 levies or
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 if applicable).
Education commitment payment
This represents the annual education contribution paid to
PETRONAS pursuant to the Tanjong Baram Risk Service Contract.
Research CESS
Research CESS payments are contractual amounts due under the
PM-8E PSC, and are based on EnQuest's entitlement to production.
These payments are made to PETRONAS.
Supplementary payments
Supplementary payments are required under the PM-8E PSC and are
based on EnQuest's entitlement to profit oil and profit gas. These
payments are made to PETRONAS.
Ends
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive)
Jonathan Swinney (Chief Financial Officer)
Ian Wood (Head of Communications and Investor Relations)
Jonathan Edwards (Senior Investor Relations and Communications
Manager)
Tulchan Communications Tel: +44 (0)20 7353 4200
Martin Robinson
Martin Pengelley
Harry Cameron
Notes to editors
ENQUEST
EnQuest is an independent production and development company
with operations in the UK North Sea and Malaysia. The Group's
strategic vision is to be the operator of choice for maturing and
underdeveloped hydrocarbon assets by focusing on operational
excellence, differential capability, value enhancement and
financial discipline.
EnQuest PLC trades on both the London Stock Exchange and the
NASDAQ OMX Stockholm. Its UK operated assets include
Thistle/Deveron, Heather/Broom, the Dons area, Magnus, the Greater
Kittiwake Area, Scolty/Crathes, Alma/Galia and Kraken; EnQuest also
has an interest in the non-operated Alba producing oil field. At
the end of December 2019, EnQuest had interests in 17 UK production
licences and was the operator of 15 of these licences. EnQuest's
interests in Malaysia include the PM8/Seligi and PM409 Production
Sharing Contracts, both of which the Group operates.
Forward-looking statements: This announcement may contain
certain forward-looking statements with respect to EnQuest's
expectations 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 announcement should
be construed as a profit forecast. Past share performance cannot be
relied upon as a guide to future performance.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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