REG - EnQuest PLC - Report on Payments to Govts

EnquestAnnouncement

19/06/2025 12:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250619:nRSS5587Na&default-theme=true

RNS Number : 5587N  EnQuest PLC  19 June 2025

 

 

 
ENQUEST PLC, 19 June 2025

 

                 Reports on Payments to Governments for the
Year ended 31 December 2024

 

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
2024 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/environmental-social-and-governance/governance/business-conduct
(https://www.enquest.com/environmental-social-and-governance/governance/business-conduct)
. This report will also be made available on the National Storage Mechanism.

 

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 £86,000, 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 and
research CESS payments which are paid to PETRONAS (Petroliam Nasional Berhad,
the National Oil Company of Malaysia).

 Project/entity name                        Licence                      Production entitlements     Taxes   Royalties  Licence fees                    Research CESS  Supplementary payments  TOTAL
                                                                         mboe          $'000         $'000   $'000      $'000                           $'000          $'000                   $'000
 Kraken & Kraken North, West of Kraken      P1077 & P2632                -             -             -       -                        615               -              -                                     615
 Greater Kittiwake Area                     P73 & P238                   -             -             -       -                        211               -              -                                     211
 Scolty & Crathes                           P1107 & P1617                -             -             -       -                        548               -              -                                     548
 Magnus                                     P193                         -             -             -       -          438                             -              -                       438
 Bressay                                    P234, P493, P920 & P977      -             -             -       -          464                             -              -                       464
 Bentley                                    P1078                        -             -             -       -          700                             -              -                        700
 Corporate                                                               -             -             78,936  -          304                             -              -                        79,240
 Total United Kingdom                                                    -             -             78,936  -          3,280                           -              -                       82,216
 PM-8E                                                                    668          51,328        -       1,540      -                               640            9,409                   62,917
 Corporate                                                               -             -             18,328  -          -                               -              -                       18,328
 Total Malaysia                                                          668           51,328        18,328  1,540      -                               640            9,409                   81,245
 Total Group                                                             668           51,328        97,264  1,540      3,280                           640            9,409                   163,461

 

 Project/entity name                            Production entitlements     Taxes   Royalties  Licence fees  Research CESS  Supplementary payments  TOTAL

 Licence
                                                mboe          $'000         $'000   $'000      $'000         $'000          $'000                   $'000
 HM Revenue and Customs                         -             -             78,936  -          -             -              -                       78,936
 North Sea Transition Authority                 -             -             -       -          3,060         -              -                       3,059
 Department for Energy Security & Net Zero      -             -             -       -          220           -              -                       220
 Total United Kingdom                           -             -             78,936  -          3,280         -              -                       82,216
 PETRONAS                                        668          51,238        -       1,540      -              640            9,409                  62,917
 Malaysian Inland Revenue Board                 -             -             18,328  -          -             -              -                       18,328
 Total Malaysia                                  668          51,238        18,328  1,540      -              640            9,409                  81,245
 Total Group                                     668          51,238        97,264  1,540      3,280         640            9,409                   163,461

 

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 under the terms of the production sharing
contract.

Taxes

This represents cash tax paid by EnQuest on its income, profits or production,
including capital gains. Income taxes paid during the reporting period can be
in respect of current period profits but also profits of prior periods. The
actual timing of cash tax payments varies depending on the jurisdiction and
the payment regulations in force. 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
EnQuest's 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).

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 Officer)
 Jonathan Copus (Chief Financial Officer)
 Craig Baxter (Head of Investor Relations and Corporate Affairs)

 Teneo                                                            Tel: +44 (0)20 7353 4200
 Martin Robinson
 Harry Cameron

 

Notes to editors

 

ENQUEST

EnQuest is providing creative solutions through the energy transition. As an
independent energy company with operations in the UK North Sea and Malaysia,
the Group's strategic vision is to be the partner of choice for the
responsible management of existing energy assets, applying its core
capabilities to create value through the transition.

EnQuest PLC trades on the London Stock Exchange.

Please visit our website www.enquest.com (http://www.enquest.com) for more
information on our global operations.

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  PGRGPUMPQUPAUMB