Navitas have $700m tax loses for SL23 Mar 2023 17:46
I have not seen this before, although it might have been posted.
Navitas can utilize 'accumulated losses for tax purposes amounting to 700 million dollars'.
A bit dated at 28 Sept last year.
Navitas will formulate an up-to-date and efficient development plan for the reservoir, and will be able to utilize accumulated losses for tax purposes amounting to 700 million dollars.
Navits chairman Gideon Tadmor : "The global energy crisis and the geopolitical reality make the project particularly attractive."
The Navits Petroleum Partnership reports the completion of the Sea Lion transaction, and the acquisition of 65% of the rights in the oil licenses of the giant reservoir that contains approximately 712 million barrels of oil, with Navits' share of approximately 463 million barrels. Now, with the completion of the deal, Navits has been appointed the project operator, and will work to formulate an up-to-date and efficient development plan for the reservoir.
The Sea Lion project arouses great interest in England, and this is in light of the need of England and other European countries for energy security and the guarantee of alternative energy sources to the gas and oil imported from Russia. As part of the completion of the transaction, the required regulatory approvals were received from England and the Falklands, including the extension of the validity of the licenses by two years.
As part of the transaction, Navits acquired 100% of the shares of Premier, a subsidiary of Harbor Energy, and holds 65% of the rights in the Sea Lion oil reservoir as well as other discoveries and exploration licenses in the area. The purchase was made free of charge, and Navits even received $6 million to finance future expenses. The acquired company has accumulated carryforward losses in the total amount of approximately 700 million dollars, which can be used for tax purposes when production begins.
As part of the transaction, Navits has the option of reaching the final investment decision in the reservoir within a period of 5 years from the date of completion of the transaction and the possibility of an extension of up to 18 additional months. This period will allow Navits to promote an up-to-date and efficient development plan for the project, as well as work to formulate a financing package and examine the addition of an additional partner and operator to the project.
The Sea Lion proven oil discovery is located about 220 km north of the coast of the Falkland Islands in the southwest Atlantic Ocean, and includes proven oil resources in the amount of about 712 million barrels of oil (C2). Navits' share (65%) is 463 million barrels.
https://www.funder.co.il/article/139676
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