RE: Perspective and Outlook17 Aug 2022 21:00
As I thought the issue of the 'Survey Vessel' was correctly reported in the audited Annual Report & Accounts for the year ended 31 July 2020 under 'Related party transactions' & would have been subject to audit due to the very nature of the reported item .I hope this now closes the matter & we can move on.
Notes to the financial statements
for the year ended 31 July 2020 (continued)
25 Related party transactions
During the course of the year, the Company utilised the services of Arrow Marine Management Limited (“AMM”), in which John Wood is sole director, for the various survey works and studies required to the undertaken in order to update the necessary environmental information required for the marine licence in relation to the Islandmagee gas storage project. The total fees paid for utilisation of the survey boat and personnel by the Company was £258,930 (2019: £Nil) and the balance outstanding at 31 July 2020 was £Nil.
The executive services of Graham Lyon are provided through Soncer Limited, a private oil and gas leadership consulting firm, in which Graham is sole director. The executive fees paid during the period were £Nil (2019: £20,000) and the balance outstanding at 31 July 2020 was £Nil.
Prior to his employment in April 2019, the non-executive services of Arun Raman were provided through Mira Energy Group Limited, a private consulting company in which Arun is a sole director. The executive fees paid during the period were £Nil (2019: £35,600) and the balance outstanding at 31 July 2020 was £Nil.
Details of directors’ remuneration is disclosed in Note 7.
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