RE: Why ?15 Mar 2024 09:55
Just like Wressle David can claim back tax relief for West Newton works.
'The government want to see the oil and gas sector reinvest their profits to support the economy, jobs and the UK’s energy security.To encourage this, a ‘super-deduction’ style investment allowance will be introduced within the levy to provide an immediate incentive for the oil and gas sector to invest in UK extraction. The new investment allowance rate is 80% and means the total tax relief on investment nearly doubles - for every £1 businesses invest they will overall get a 91p tax saving.'
I strongly disagree with you that West Newton is nothing to be excited about as it is what most invested here for. David has expressed confidence in there being action this year an Stephen Williams also seemed very convincing on the funding side of things. However, imo , we will not see a 'drill' this year. I would say more mobilisation.
West Newton is a massive catalyst here an you can not say the delays are down to the government, more Reabold's fault on funding whilst spending cash else where in Italy etc. when Newton should have been the priority asset.