ENQUEST PLC, 30 JUNE 2016
Reports on Payments to Governments for the Year ended 31
December 2015
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 2015
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
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 £86,000, 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
Project Licence Production Entitlement Production Entitlement
Taxes Royalties Licence Fees Education Commit Supple
Total
/
-ment Payments -mentary Payments
Entity Name
bbls(000) $000
$000 $000 $000 $000 $000
$000
Kraken & P1077 - -
- - 498 - -
498
Kraken
North
Alma & P1765 & - -
- - 150 - -
150
Galia P1825
Kittiwake P351 - -
- - 884 - -
884
&P2173
Alba P213 - -
(4,540) - - - -
(4,540)
Kildrummy P220, P250 - -
- - 149 - -
149
&P585
Corporate - -
720 - 1,850 - -
2,570
Total United - -
(3,820) - 3,531 - -
(289)
Kingdom
PM8 PM8 997 47,492
- 1,300 - - 8,175
56,967
Extension
PSC
Tanjong Tanjong - -
- - - 100 -
100
Baram Baram RSC
Corporate - -
7,766 - - - -
7,766
Total 997 47,492
7,766 1,300 - 100 8,175
64,833
Malaysia
Corporate - -
(2,924) - - - -
(2,924)
Total - -
(2,924) - - - -
(2,924)
Norway
Total 997 47,492
1,022 1,300 3,531 100 8,175
61,620
Group
By
Government
Government Production Production Entitlements Taxes
Royalties Licence Educational Supple Total
Entitlements
Fees Commitment Payment -mentary
Payments
bbls (000) $000 $000 $000
$000 $000 $000 $000
HM Revenue and - - (3,820) -
- - - (3,820)
Customs
Department of - - -
- 3,531 - - 3,531
Energy and
Trade
Total United - - (3,820)
- 3,531 - - (289)
Kingdom
PETRONAS 997 47,492 -
1,300 - 100 8,175 57,067
Malaysian - - 7,766
- - - - 7,766
Inland Revenue
Board
Total 997 47,492 7,766
1,300 - 100 8,175 64,833
Malaysia
Skatteetaten - - (2,924) -
- - - (2,924)
Total Norway - - (2,924) -
- - - (2,924)
Total Group 997 47,492 1,022
1,300 3,531 100 8,175 61,620
Production entitlements
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. The above cash tax paid figure differs to the amount disclosed in the 2015
Annual Report as it does not include payments made to a previous owner of a
Group subsidiary for group relief.
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 Contact and
are based on EnQuest's entitlement to profit oil. 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 the largest UK independent producer in the UK North Sea. EnQuest PLC
trades on both the London Stock Exchange and the NASDAQ OMX Stockholm. Its
operated assets include the Thistle/Deveron, Heather/ Broom, Dons area, the
Greater Kittiwake Area and Alma/Galia, also the Kraken and the Scolty/Crathes
developments; EnQuest also has an interest in the non-operated Alba producing
oil field. At the start of 2016, EnQuest had interests in 30 UK production
licences, covering 42 blocks or part blocks and was the operator of 25 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.
Report on Payments to Govts
| Source: EnQuest PLC
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