Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
Snorlax
TWO × EWT, they'll need to well test whatever they drill, either Tai3 or a full appraisal well. Tai3 or appraisal well need paying for too.
If you thinking 4.7mil is going to pay for 2 well tests and a drill, then you really need to stop investing in oil n gas plays
'We can afford the EWT and another drill with the current cash. I think we will be drilling to the basement'.
No we can't stop spreading misinformation and purs pish lad
4.7m doesn't cover EWT and drilling, far from it. Placing announcement likely to come with reserve estimates
Juno
Thanks for reminding everybody how I warmed fellow investors for 2 weeks about the SP drop. Warning whilst these clowns who know fc k all about the industry were pumping. How many people are now wishing they had taken heed of my words?
But aye, Woger Wally, the tyre fitter, knows best....LOL
I'm in with a wee punt. These global service companies are durable. Mergers are all the rage in OnG and petro is one of the few yet to jump into the arms of a rival company ...merger/acquisition will come before admin imo
Back to making hole
https://www.linkedin.com/posts/petrofac_3_energyindustry-oilandgas-wellengineering-activity-7173679517897490432-e2zp?utm_source=share&utm_medium=member_android
Oil and gas operators are subject to 30% corporate income tax on their taxable profits and must also withhold tax when making payments in relation to:
dividends at 10%;
payment of interest at 10%;
service fees provided by non-residents at 15%; and
local professional and consultancy services at 5%.
The value added tax (VAT) rate is 18%.
The value added tax (VAT) rate is 18%.
There is also a city service levy, which is a local government tax levied at a rate of 0.3% on the gross turnover of business entities operating within the territorial boundaries of a specific municipality.
Royalties: In addition to taxes, royalties are payable to the government for the gross volume of petroleum production. The prescribed amount is 12.5% for onshore areas and 7.5% for offshore areas. In case of failure to comply with the payment of royalties, the Petroleum Upstream Regulatory Authority may prohibit any dealings with the licence holder.
Other charges: Capital gains tax is applicable to both resident and non-resident companies and applies to land, buildings, shares and or securities at a rate of 30%. Farm-out arrangements are treated as disposals of investments assets and as such, any losses thereon are not deductible against ‘business income’, the definition of which would include petroleum operations.
Source - https://www.mondaq.com/guides/results/38/209/all/9/tanzania-oil-gas-taxes-and-royalties#:~:text=Oil%20and%20gas%20operators%20are,of%20interest%20at%2010%25%3B
Top line = a hell of a lot more than certain rampers were kidding on , on this board
The gov as per the petroluem act can impose a minimum of 60% bonus on gas revenue
HE1 failed to mention all the other taxes they're liable for
The main legislative authority that PURA and other regulated bodies abide to and enforce
'The main legislation governing the oil and gas industry is the Petroleum Act, which is supplemented by regulations, rules and guidelines made thereunder. Other laws that play a significant role in regulating the oil and gas industry in Tanzania include: the Natural Wealth and Resources (Permanent Sovereignty) Act No'
You become acquainted with many regulatory bodies when you work in the industry, especially when you've worked overseas a lot like I have
But aye, some random on a mickey mouse message board, who has not read a single line of any of Tanzanias acts, knows better ....LOL