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RNS Number : 6054Z

EnQuest PLC

25 May 2021

ENQUEST PLC, 25 MAY 2021

Reports on Payments to Governments for the Year ended 31 December 2020

This report provides information in accordance with DTR 4.3A in respect of payments made by the Company to Governments for the year ended 31 December 2020 and in compliance with the Reports on Payments to Governments Regulations 2014 (SI 2014/3209).

This report is available to download from: https://www.enquest.com/environmental-social-and-governance/governance/business-conduct

Basis of preparation

The payments disclosed, which are on a cash basis, are based on where the obligation for the payment arose (i.e. at a project or corporate level). Where a payment or a series of related payments do not exceed GBP86,000, they are not required to be disclosed under the UK Regulations, however this has been disclosed in aggregate at a corporate level for clarity over obligations.

All of the payments disclosed in accordance with the Directive have been made to national Governments, either directly or through a Ministry or Department of the national Government, with the exception of the Malaysian payments in respect of production entitlements, supplementary payments, royalties, research CESS and education commitment payments which are paid to PETRONAS ( Petroliam Nasional Berhad, the National Oil Company of Malaysia).

 
                                                                    By licence 
                                                                                        Education 
 Project/entity                 Production                               Licence        commitment   Research   Supple-mentary 
  name             Licence     entitlements    Taxes    Royalties          fees          payment       CESS        payments            TOTAL 
                  ---------  ---------------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
                              mboe    $'000    $'000      $'000           $'000           $'000       $'000         $'000              $'000 
                             -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 Kraken & 
  Kraken North     P1077       -        -        -          -                    583        -           -             -                       583 
                  ---------  -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
                   P1765 
 Alma & Galia       & P1825    -        -        -          -                    815        -           -             -                       815 
                  ---------  -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 Heather &         P242 
  Broom             & P902     -        -        -          -                    424        -           -             -                       424 
                  ---------  -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 Greater 
  Kittiwake        P73 
  Area              & P238     -        -        -          -                    203        -           -             -                       203 
                  ---------  -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 Dons (including   P236, 
  Ythan &           P1200 
  Conrie)           & P2137    -        -        -          -                    490        -           -             -                       490 
                  ---------  -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 Thistle &         P236 
  Deveron           & P475     -        -        -          -                      65       -           -             -                         65 
                  ---------  -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 Scolty &          P1107 
  Crathes           & P1617    -        -        -          -                    459        -           -             -                       459 
                  ---------  -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 Magnus            P193        -        -        -          -              367              -           -             -                 367 
                  ---------  -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 Corporate                     -        -      (171)        -              75               -           -             -             (96) 
                             -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 Total United Kingdom          -        -      (171)        -             3,481             -           -             -                3,310 
                             -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 PM-8E                         748   27,410      -        1,383             -               -           402          2,034             31,229 
---------------------------  -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 PM409                         -        -        -          -               -              100          -             -                 100 
---------------------------  -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 Corporate                     -        -      10,537       -               -               -           -             -               10,537 
---------------------------  -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 Total Malaysia                748   27,410    10,537     1,383             -              100          402          2,034            41,866 
                             -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 Total Group                   748   27,410    10,366     1,383           3,481            100         402          2,034             45,176 
                             -----  --------  -------  ----------  ------------------  -----------  ---------  ---------------  ------------------ 
 
 
                                                   By Government 
 Project/entity                                                         Education                Supple- 
  name                  Production                           Licence    commitment   Research    mentary 
  Licence               entitlements    Taxes    Royalties     fees      payment       CESS      payments   TOTAL 
                     ----------------  -------  ----------  --------  ------------  ---------  ----------  ------- 
                      mboe     $'000    $'000      $'000      $'000       $'000       $'000       $'000     $'000 
                     ------  --------  -------  ----------  --------  ------------  ---------  ----------  ------- 
 HM Revenue and 
  Customs               -        -      (171)        -          -           -           -           -       (171) 
                     ------  --------  -------  ----------  --------  ------------  ---------  ----------  ------- 
 Department of 
  Business, Energy 
  and Industrial 
  Strategy              -        -        -          -        3,481         -           -           -       3,481 
                     ------  --------  -------  ----------  --------  ------------  ---------  ----------  ------- 
 Total United 
  Kingdom               -        -      (171)        -        3,481         -           -           -       3,310 
                     ------  --------  -------  ----------  --------  ------------  ---------  ----------  ------- 
 PETRONAS              748    27,410      -        1,383        -          100          402       2,034     31,329 
                     ------  --------  -------  ----------  --------  ------------  ---------  ----------  ------- 
 Malaysian Inland 
  Revenue Board         -        -      10,537       -          -           -           -           -       10,537 
                     ------  --------  -------  ----------  --------  ------------  ---------  ----------  ------- 
 Total Malaysia        748    27,410    10,537     1,383        -          100          402       2,034     41,866 
                     ------  --------  -------  ----------  --------  ------------  ---------  ----------  ------- 
 Total Group           748    27,410    10,366     1,383      3,481        100         402        2,034     45,176 
                     ------  --------  -------  ----------  --------  ------------  ---------  ----------  ------- 
 

Production entitlements expressed in barrels

This includes non-cash royalties and state non-participating interest paid in barrels of oil or gas out of EnQuest's working interest share of production in a licence. The figures disclosed are produced on an entitlement basis rather than a liftings basis. It does not include the Government's or National Oil Company's working interest share of production in a licence. Production entitlements are assessed on a quarterly basis and are valued at the price used to determine entitlement.

Taxes

This represents cash tax calculated on the basis of profits including income or capital gains. Income taxes are usually reflected in corporate income tax returns. The cash payment of income taxes occurs in the year in which the tax has arisen or up to one year later. Income taxes also include any cash tax rebates received from the Government or revenue authority during the year and excludes fines and penalties.

Royalties

This represents cash royalties paid to Governments during the year for the extraction of oil or gas. The terms of the royalties are described within our Production Sharing Contracts ('PSC') and can vary from project to project within one country. Royalties paid in kind have been recognised within the production entitlements category.

Licence fees

This represents total, rather than working interest share of, licence fees, rental fees, entry fees and other levies or consideration for licences and/or concessions paid for access to an area during the year (with the exception of signature bonuses which are captured within bonus payments if applicable).

Education commitment payment

This represents the annual education contribution paid to PETRONAS pursuant to the PM409 PSC.

Research CESS

Research CESS payments are contractual amounts due under the PM-8E PSC, and are based on EnQuest's entitlement to production. These payments are made to PETRONAS.

Supplementary payments

Supplementary payments are required under the PM-8E PSC and are based on EnQuest's entitlement to profit oil and profit gas. These payments are made to PETRONAS.

Ends

For further information, please contact:

EnQuest PLC Tel: +44 (0)20 7925 4900

Ian Wood (Head of Communications and Investor Relations)

Jonathan Edwards (Senior Investor Relations and Communications Manager)

Tulchan Communications

Tel: +44 (0)20 7353 4200

Martin Robinson

Harry Cameron

Notes to editors

ENQUEST

EnQuest is providing creative solutions through the energy transition. As an independent production and development company with operations in the UK North Sea and Malaysia, the Group's strategic vision is to be the operator of choice for maturing and underdeveloped hydrocarbon assets by focusing on operational excellence, differential capability, value enhancement and financial discipline.

EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm.

Please visit our website www.enquest.com for more information on our global operations.

Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectations and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance.

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