Member Info for chinch

Come and get us!

You are reading this wrong. 80% relates to wind farms etc and not O&G - take another look…

Should have said that these new taxes could be permanent and has been extended from 3yrs to 5yrs just like the surcharge Brown introduced.

Maybe there isn’t.

Gordon Brown introduced a 10% tax surcharge back in the day on O&G companies, that was years ago and still exists today.
Profits are being cut another 10% which ultimately will make the sp lower due to lower market cap.
We have cash but never have done anything with it in years.
Investment allowance is being cut to 30% as I read it.

Wish my glass was half full.

Please someone take us out for £4….

As they get their ever increasing wage they don’t really have to do anything…..

I did say that….

Market has now realised how much this will impact the profits……

They are still cutting investment to 29% though

Under the 35% levy rate, the government is reducing the rate of the allowance to 29% which, due to the higher rate, will broadly maintain the existing cash value of the allowance.

Please explain this statement - doesn't make sense to me.

As a result there will be little or no investment in the north sea

So it’s a double whammy - increase epl and reduce investment allowance.

Just read the statement and looks like they are reducing the investment allowance from 90% to 29%. The devil is always in the detail

They’ve effectively nationalised SQZ. Time for our board to get thinking and working for us shareholders

Agreed. The country is broken and the Conservatives are patting themselves on the back thinking they’ve done a great job. Killing business isn’t a great job as it has knock on effects.

Agreed.

Need to get out of production in Uk either by selling the business or buying something big abroad. Hunt has just bowed to the opposition and the public - he is so weak.

A conservative socialist government that will be gone in 2 years

Doesn’t look like it - it’s 75% full stop

What happens when the gas price goes down then you could possible trade at a loss…

5 years of increased levy to 75% of tax. Uninvestable.

There you go an extra 10% on the levy

Sry to hear that Flabby. I’ve sold half mine at £3.58 and was tempted to sell the other half. Only thing I’m hanging onto is NE and the hope that someone comes and buys us before the next election.

Our political system on all sides is broken and therefore our country is broken. They are all in politics for themselves and wish they wouldn’t put us down by saying that they are on the side of the working people. I watch PM questions and it’s like children playing. No serious discussions just point scoring. Pathetic.

The very fact that the 10% WFT has been muted is because it’s been leaked to the press. Listen to Beth Rigby on Sky, she’s got loads of MPs feeding her info which is disgusting. It’s a right cesspit in Parliament.

Tomorrow we will get the news we all don’t want to hear and the SP will probably take another bashing. Wonder if our BOD can provide guidance on what affect this will make to the figures- probably not. How on earth you can run a successful business by only making 25% profit is baffling and effectively SQZ are working for the government and not the shareholders.

Atb