TIDMEXI
RNS Number : 6816C
Exillon Energy Plc
30 June 2016
Exillon Energy plc
Consolidated report on payments to governments
30 June 2016 - Exillon Energy plc ("Exillon Energy", the
"Company" or the "Group") (EXI.LN), a London Premium listed oil
producer with assets in two oil-rich regions of Russia,
Timan-Pechora and West Siberia, is pleased to announce its
consolidated report on payments to governments for the year ended
31 December 2015 ("the Period").
The Company has prepared the following consolidated report
("Report") on payments to governments in accordance with DTR 4.3A
of the Financial Conduct Authority Disclosure and Transparency
Rules and in compliance with the 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), (the "Regulations").
Basis of preparation
The Company is required to prepare a consolidated report on
payments to governments for each financial year (starting from 1
January 2015) in relation to relevant activities of the Company and
any of its subsidiary undertakings included in the consolidated
Group accounts.
Activities relevant to the Report - Payments made to governments
that relate to the Group's activities involving the exploration,
prospection, discovery, development, and extraction of crude oil
("extractive activities") are included in this Report.
Government - Under the Regulations, a "government" is defined as
any national, regional or local authority of a country, and
includes a department, agency or undertaking that is a subsidiary
undertaking controlled by such an authority. During the period, all
of the disclosed payments have been made to the Russian Federation
government.
Reporting principles - The payments disclosed are based on where
the obligation for the payment arose: payments levied at a project
level have been disclosed at a project level and payments levied at
an entity level have been disclosed on that basis. Corporate income
tax, which is typically levied at an entity level, is an example of
this.
Project definition - Under the Regulations, a project is defined
as being the operational activities, which are governed by a single
contract, licence, lease, concession or a similar legal agreement.
The Group undertakes extractive activities only in the Russian
Federation. Some of our individual licences cover more than one
individual field; therefore, we have classified each individual oil
field as a project for the purposes of our reporting.
Materiality threshold - In line with the Regulations, where a
payment or a series of related payments do not exceed GBP86,000
within a financial year, they have not been disclosed.
Reporting currency - Payments in this report have been disclosed
in US Dollars. All actual payments have been made in Russian
Roubles. The translation into US Dollars was performed based on
average monthly rates published by Central Bank of the Russian
Federation. All amounts have been rounded to the nearest US Dollar
thousand.
Payment Types - The Regulations define a "Payment" as an amount
paid whether in money or in kind, for relevant activities where the
payment is of any one of the types listed below:
Production entitlements - These entitlements are commonly paid
in kind. This type of payment was not applicable to the Group
during the period.
Taxes - The Report includes taxes levied on income and
production, which are corporate income tax and mineral extraction
tax for produced crude oil, respectively. Taxes levied on
consumption, personnel, sales, property and environmental taxes are
excluded from the Report.
Royalties - Export duties have been disclosed within the
royalties category. Although taxes levied on sales are excluded
from the list of payments under the Regulations, and trading
(including export) is not within the scope of reportable
activities, the Regulations require the disclosure of payments to
reflect the substance of each payment. For reporting purposes,
export duties are considered inherent element of taxation levied on
the oil extracting subsidiaries of the Group.
Dividends - This includes dividends that are paid in lieu of a
production entitlement or royalty. It does not include any
dividends paid to a government as an ordinary shareholder. During
the period, there were no reportable dividend payments to a
government.
Bonus payments - This represents signature, discovery or
production bonuses. This type of payment was not applicable to the
Group during the period.
Fees - This represents licence fees, rental fees, entry fees and
all other payments that are paid in consideration for new and
existing licences. During the period these payments included rent
fees for oil wells and associated land plots.
Infrastructure improvements - Such payments would include
construction or improving local infrastructure such as roads,
buildings, etc. There were no such payments made during the
period.
Payments summary
The tables below show the relevant payments made to the Russian
Federation government during the period. There were no relevant
payments made to any governments in other countries. There were
also no payments in kind.
US$'000
Project/Entity Taxes Taxes Royalties Fees Total
level (Mineral (Corporate
extraction income
tax)* tax)
------------------------ ------------ ------------ ---------- ----- --------
Payments at a project level:
---------------------------------------------------------------------------------
Kayumovskoe oil
field 51,869 - 26,262 - 78,131
------------------------ ------------ ------------ ---------- ----- --------
Lumutinskoe oil
field 2,730 - - - 2,730
------------------------ ------------ ------------ ---------- ----- --------
Zapadno-Khatayakhskoye
oil field 7,555 - - - 7,555
------------------------ ------------ ------------ ---------- ----- --------
Vostochno-Vozeiskoye
oil field 5,938 - - - 5,938
------------------------ ------------ ------------ ---------- ----- --------
Zapadno-Khatayakhskoye
II oil field 3,555 - - - 3,555
------------------------ ------------ ------------ ---------- ----- --------
Badyuskoye oil
field 812 - - - 812
------------------------ ------------ ------------ ---------- ----- --------
North-Kenyunskoye
oil field 204 - - - 204
------------------------ ------------ ------------ ---------- ----- --------
Payments at an entity level:
---------------------------------------------------------------------------------
Kayumneft JSC - 4,946 - 140 5,086
------------------------ ------------ ------------ ---------- ----- --------
Ucatex Ugra LLC - 232 - - 232
------------------------ ------------ ------------ ---------- ----- --------
Nem Oil CJSC - 198 - 163 361
------------------------ ------------ ------------ ---------- ----- --------
Aslador Oil CJSC - - - 9 9
------------------------ ------------ ------------ ---------- ----- --------
Komi Resources
CJSC - - - 5 5
------------------------ ------------ ------------ ---------- ----- --------
Total 72,663 5,376 26,262 317 104,618
------------------------ ------------ ------------ ---------- ----- --------
*In 2015, 0% mineral extraction tax rate was applied to the oil
produced from the certain oil reservoir, which include oil
production from the majority of oil wells located at Kayumovskoe
and Lumutinskoe oil fields. The tax exemption for this oil
reservoir was introduced in the second part of 2015, with effective
date from 1 January 2015. In April 2016, Kayumneft JSC received a
cash reimbursement in the amount of $26,847 thousand for mineral
extraction tax, which was receivable as of 31 December 2015.
US$'000
Governments (Russian Taxes (Mineral Taxes Royalties Fees Total
Federation) extraction (Corporate
tax)* income
tax)
------------------------------- --------------- ------------ ---------- ----- --------
Federal budget 72,663 529 - - 73,192
------------------------------- --------------- ------------ ---------- ----- --------
Federal Customs
Service - - 26,262 - 26,262
------------------------------- --------------- ------------ ---------- ----- --------
Regional budget
of the Khanty-Mansiysk
Autonomous District - 2,603 - - 2,603
------------------------------- --------------- ------------ ---------- ----- --------
Regional budget
of the Komi Republic - 178 - - 178
------------------------------- --------------- ------------ ---------- ----- --------
Regional budget
of Moscow - 2,066 - - 2,066
------------------------------- --------------- ------------ ---------- ----- --------
The Forest Committee
of the Komi Republic - - - 76 76
------------------------------- --------------- ------------ ---------- ----- --------
Forest management - - - 63 63
------------------------------- --------------- ------------ ---------- ----- --------
Municipality of
Urai - - - 32 32
------------------------------- --------------- ------------ ---------- ----- --------
Municipality of
Kondinskiy Region - - - 8 8
------------------------------- --------------- ------------ ---------- ----- --------
Federal Agency
for State Property
Management (Rosimushchestvo)
in Komi Republic - - - 72 72
------------------------------- --------------- ------------ ---------- ----- --------
Federal Agency
for State Property
Management (Rosimushchestvo)
in Khanty-Mansiysk
Autonomous District - - - 37 37
------------------------------- --------------- ------------ ---------- ----- --------
Agency RK for Property
Management - - - 29 29
------------------------------- --------------- ------------ ---------- ----- --------
Total 72,663 5,376 26,262 317 104,618
------------------------------- --------------- ------------ ---------- ----- --------
Media contacts:
Tom Blackwell, EM
Blackwell@em-comms.com
+7 919 102 9064
This information is provided by RNS
The company news service from the London Stock Exchange
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