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Report on Payments to Govts

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RNS Number : 9302C
JKX Oil & Gas PLC
21 June 2019
 

 

LEI: 213800AS2I1XUAGQ6F27

21 June 2019

 

 

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 2018, 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 2018:

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 licence fees.

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 2018:


Production taxes

Corporate income taxes

Infrastructure improvements

Total

Governments

$'000

$'000

$'000

$'000

Ukraine





State treasury: State budget

19,833

3,896

23,729

State treasury: Local budget

165

165

Total Ukraine

19,833

3,896

165

23,894

Russia





State treasury: State budget

1,775

-

-

1,775

Total Russia

1,775

-

-

1,775

Hungary





State treasury: State budget

219

60

-

279

Total Hungary

219

60

-

279

Grand Total

21,827

3,956

165

25,948

 

Payments to governments by project type made during the year ended 31 December 2018:


Production taxes

Corporate income taxes

Infrastructure improvements

Total


$'000

$'000

$'000 

$'000

Ukraine





Novomykolaivske Complex

13,594

13,594

Elyzavetivske field

6,239

6,239

Payment at an entity level

3,896

165 

4,061

Total Ukraine

19,833

3,896

165 

23,894

Russia - Koshekhablskoye Field

1,775

1,775

Hungary - Hajdunanas IV mining plot

219

60 

279

Grand Total

21,827

3,956

165

25,948

 

 

ENDS

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

Ben Fraser, 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.
 
END
 
 
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