JKX OIL & GAS PLC 5 May 2017
JKX Oil & Gas plc ("JKX" or the "Company") Consolidated report on payments to governmentsJKX Oil and Gas plc presents below its consolidated report on payments to governments for the year ended 31 December 2016, for activities related to exploration, development and extraction of oil and gas resources.
The Company has prepared the following consolidated report in accordance with DTR 4.3A of the Financial Conduct Authority Disclosure and Transparency Rules and in compliance with the Reports on Payments to Governments Regulations 2014 (SI 2014/3209), as amended by the Reports on Payments to Governments (Amendment) Regulations 2015 (SI 2015/1928).
Basis of preparationThe Company discloses below payments made to governments of the Company's subsidiaries involved in extractive activities. The term 'government' includes any national, regional or local authority of a country and includes a department, agency or entity that is a subsidiary of a government or entity that is controlled by such authority.
Reporting currency
Where payments have been made in currencies other than the reporting currency (US$), the exchange rate existing at the time the payment is made has been used.
Payment types disclosed at project level
"Project" is defined as "operational activities governed by a single contract, license, lease, concession or similar legal agreements and form the basis for payment liabilities with a government". Where multiple such agreements are substantially interconnected, this was considered a project for the purpose of this report.
The payments are presented on a cash basis, net of any interest and penalties on late tax payments or on underpaid tax.
There were no payments in kind made to a Government during the year.
The following payment types are disclosed for legal entities involved in extractive activities for the year ended 31 December 2016:
Corporate income taxes
Payments to governments based on taxable profits under legislated income tax rules.
Production taxes
Payments to governments in relation to revenue or production generated under licence agreements.
Fees
Payments to governments in the form of fees include: tax on gas consumed for its own use, licence fees, area fees.
Excluded amounts
Taxes levied on consumption such as value added taxes, personal income taxes, sales taxes, property and environmental taxes have not been included in this report.
Payments summaryPayments to governments made during the year ended 31 December 2016:
Production taxes | Corporate income taxes | Fees | Total | |
Governments | $'000 | $'000 | $'000 | $'000 |
Ukraine | ||||
State treasury: State budget | 13,657 | 10 | 8 | 13,675 |
Total Ukraine | 13,657 | 10 | 8 | 13,675 |
Russia | ||||
State treasury: State budget | 1,738 | - | - | 1,738 |
Total Russia | 1,738 | - | - | 1,738 |
Hungary | ||||
State treasury: State budget | - | - | - | - |
State treasury: Local budget | - | - | - | - |
Total Hungary | - | - | - | - |
Slovakia | ||||
State treasury: State budget | - | - | 56 | 56 |
Total Slovakia | - | - | 56 | 56 |
Grand Total | 15,395 | 10 | 64 | 15,469 |
Payments to governments by project type made during the year ended 31 December 2016:
Production taxes | Corporate income taxes | Fees | Total | |
$'000 | $'000 | $'000 | $'000 | |
Ukraine | ||||
Novomykolaivske Complex | 8,776 | - | 8 | 8,784 |
Elyzavetivske field | 4,881 | - | - | 4,881 |
Payment at an entity level | - | 10 | - | 10 |
Total Ukraine | 13,657 | 10 | 8 | 13,675 |
Russia - Koshekhablskoye Field | 1,738 | - | - | 1,738 |
Hungary - appraisal and exploration | - | - | - | - |
Slovakia - exploration | - | - | 56 | 56 |
Grand Total | 15,395 | 10 | 64 | 15,469 |
ENDS
JKX Oil & Gas plc +44 (0) 20 7323 4464Russell Hoare, Chief Financial Officer
Stockdale Securities +44 (0) 20 7601 6100Robert Finlay, Daniel Harris
EM Communications +44 (0) 20 3709 5711Stuart Leasor, Jeroen van de Crommenacker
JKX Oil & Gas plc published this content on 05 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 May 2017 10:04:17 UTC.
Original documenthttp://www.jkx.co.uk/~/media/Files/J/JKX/press-release/2017/JKX tax payment to governments 31 12 2016.pdf
Public permalinkhttp://www.publicnow.com/view/8ECC7753B4360EEEFBEED700C0934120C38F754A
