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Report on Payments to Govts

23 Jun 2021 07:00

RNS Number : 7692C
JKX Oil & Gas PLC
23 June 2021
 

 

23 June 2021

 

 

JKX Oil & Gas plc ("JKX" or the "Company")

Consolidated report on payments to governments

JKX Oil and Gas plc presents below its consolidated report on payments to governments for the year ended 31 December 2020, for activities related to exploration, development and extraction of oil and gas resources.

The Company has prepared the following consolidated report in accordance with DTR 4.3A of the Financial Conduct Authority Disclosure and Transparency Rules and in compliance with the UK's Reports on Payments to Governments Regulations 2014 (SI 2014/3209), as amended by the Reports on Payments to Governments (Amendment) Regulations 2015 (SI 2015/1928).

Basis of preparation

The Company discloses below payments made to governments by the Company's subsidiaries involved in extractive activities. The term 'government' includes any national, regional or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government or entity that is controlled by such authority.

 

Reporting currency

Where payments have been made in currencies other than the reporting currency (US$), the exchange rate existing at the time the payment is made has been used.

Payment types disclosed at project level

"Project" is defined as "operational activities governed by a single contract, license, lease, concession or similar legal agreements and form the basis for payment liabilities with a government". Where multiple such agreements are substantially interconnected, this was considered a project for the purpose of this report.

The payments are presented on a cash basis, net of any interest and penalties on late tax payments or on underpaid tax.

There were no payments in kind made to a Government during the year.

The following payment types are disclosed for legal entities involved in extractive activities for the year ended 31 December 2020:

Corporate income taxes

Payments to governments based on taxable profits under legislated income tax rules.

Production taxes

Payments to governments in relation to revenue or production generated under licence agreements.

Infrastructure improvements

Such payments correspond to payments made for infrastructure (for example roads) that form part of the fundamental facilities and systems serving a community or area. Such payments are included in the Report regardless of whether or not these payments constitute a contractual obligation.

Excluded amounts

Taxes levied on consumption such as value added taxes, personal income taxes, sales taxes, property and environmental taxes have not been included in this report.

Payments summary

Payments to governments made during the year ended 31 December 2020:

Production taxes

Corporate income taxes

Infrastructure improvements

Licence fees

Total

Governments

$'000

$'000

$'000

$'000

$'000

Ukraine

State treasury: State budget

12,205

4,250

115

16,570

State treasury: Local budget

72

72

Total Ukraine

12,205

4,250

72

115

16,642

Russia

State treasury: State budget

1,681

1,681

Total Russia

1,681

1,681

Hungary

State treasury: State budget

2

2

State treasury: Local budget

10

10

Total Hungary

2

10

12

Grand Total

13,888

4,260

72

115

18,335

 

Payments to governments by project type made during the year ended 31 December 2020:

Production taxes

Corporate income taxes

Infrastructure improvements

Licence fees

Total

$'000

$'000

 $'000

$'000

$'000

Ukraine

Novomykolaivske Complex

9,679

115

9,794

Elyzavetivske field

2,526

2,526

Payment at an entity level

4,250

72

4,322

Total Ukraine

12,205

4,250

72

115

16,642

Russia - Koshekhablskoye Field

1,681

1,681

Hungary - Hajdunanas IV mining plot

2

10

12

Grand Total

13,888

4,260

72

115

18,335

 

ENDS

 

JKX Oil & Gas plc +44 (0) 20 7323 4464

Dmytro Piddubnyy, Chief Financial Officer

 

EM Communications +44 (0) 20 7002 7858

Jeroen van de Crommenacker

 

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END
 
 
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