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JKX Oil & Gas PLC - Report on Payments to Govts

RNS Number : 6344N
JKX Oil & Gas PLC
22 May 2020
 

 

22 May 2020

 

 

JKX Oil & Gas plc ("JKX" or the "Company")

Consolidated report on payments to governments

JKX Oil and Gas plc presents below its consolidated report on payments to governments for the year ended 31 December 2019, 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 UK's 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 preparation

The Company discloses below payments made to governments by 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 2019:

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.      

Infrastructure improvements

Such payments correspond to payments made for infrastructure (for example buildings) that forms part of the fundamental facilities and systems serving a community or area. Such payments are included in the Report regardless of whether or not these payments constitute a contractual obligation.

 

 

 

 

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 summary

Payments to governments made during the year ended 31 December 2019:


Production taxes

Corporate income taxes

Infrastructure improvements

Total

Governments

$'000

$'000

$'000

$'000

Ukraine





State treasury: State budget

22,261

7,073

29,334

State treasury: Local budget

122

122

Total Ukraine

22,261

7,073

122

29,456

Russia





State treasury: State budget

1,794

-

-

1,794

Total Russia

1,794

-

-

1,794

Hungary





State treasury: State budget

33

-

-

33

State treasury: Local budget

-

16

-

16

Total Hungary

33

16

-

49

Grand Total

24,088

7,089

122

31,299

 

Payments to governments by project type made during the year ended 31 December 2019:


Production taxes

Corporate income taxes

Infrastructure improvements

Total


$'000

$'000

 $'000

$'000

Ukraine





Novomykolaivske Complex

17,312

17,312

Elyzavetivske field

4,949

4,949

Payment at an entity level

7,073

122

7,195

Total Ukraine

22,261

7,073

122

29,456

Russia - Koshekhablskoye Field

1,794

1,794

Hungary - Hajdunanas IV mining plot

33

16 

49

Grand Total

24,088

7,089

122

31,299

 

 

ENDS

JKX Oil & Gas plc                              +44 (0) 20 7323 4464

Dmytro Piddubnyy, Chief Financial Officer

 

EM Communications                          +44 (0) 20 7002 7860

Stuart Leasor, Jeroen van de Crommenacker

 


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 [email protected] or visit www.rns.com.
 
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