Hardy Oil & Gas plc Payments to Governments (2383L)
September 29 2016 - 10:00AM
UK Regulatory
TIDMHDY
RNS Number : 2383L
Hardy Oil & Gas plc
29 September 2016
29 September 2016
Hardy Oil and Gas plc
(LSE: HDY)
REPORT ON PAYMENTS TO GOVERMENTS FOR THE YEAR ENDED 31 MARCH
2016
INTRODUCTION
This report sets out details of the payments to governments made
by Hardy Oil and Gas plc and its subsidiary undertaking Hardy
Exploration & Production (India) Inc ('Hardy' or 'the Group')
for the year ended 31 March 2016 as required under the Disclosure
and Transparency Rules of the UK Financial Conduct Authority (the
'DTRs'). The DTRs require companies in the UK and operating in the
extractive sector to publicly disclose payments made to the
governments in the countries where they undertake exploration,
prospection, development and extraction of oil and natural gas
deposits or other materials. This report is available to download
on the Hardy Oil and Gas plc website www.hardyoil.com
BASIS FOR PREPARATION
This report is prepared in accordance with The Reports on
Payments to Governments Regulations 2014 as enacted in the United
Kingdom in December 2014 and amended in December 2015 (the
'Regulations'). Total payments below EUR100,000 made to the
government are excluded from this report as permitted under the
Regulations.
Government
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, which includes national oil
companies.
Payments - The information is reported under the following
payment types
Production entitlement - Such payments are the host government's
share of production in the reporting period derived from projects
operated by Hardy. In India the Group's right to extract
hydrocarbons is governed by Production Sharing Contracts (PSC).
Under the provisions of the PSC's the Government of India is
entitled to a proportion of net revenue generated from the sale of
hydrocarbon production (Profit Petroleum). This payment is made to
the Ministry of Petroleum and Natural Gas, Government of India.
Taxes - These are taxes paid by the Group to the Department of
Revenue, Ministry of Finance, Government of India on its income and
profits in accordance with the Income Tax laws of India.
Royalties - These are payments for the right to extract oil and
gas resources, typically at a set percentage of revenue less
deductions that may be taken (Levies). Under the provisions of the
PSC's, that Hardy operate, royalty and other levies are payable by
a national oil company. Such royalty entitlement is to be paid to
the Ministry of Petroleum and Natural Gas, Government of India.
Licence fees, rental fees, entry fees, and other consideration
for the licences and/or concessions - These are fees and other sums
paid as consideration for acquiring a licence for gaining access to
an area where activities are performed. Under the provisions of the
PSC's, that Hardy operate, license fees and rentals are payable by
a national oil company. License fees and rentals due for other
assets were well below the threshold prescribed above.
Infrastructure - These are payments that relate to the
construction of infrastructure not substantially dedicated for the
use of extractive activities.
Exchange rate - Payments made in currencies other than US
dollars are translated for this Report based on the foreign
exchange rate at the relevant monthly average rate (for payments
less than US$ 50,000) and daily average rate (for payments more
than US$ 50,000).
PAYMENTS TO GOVERNMENTS - for the year ended 31 March 2016
India CY-OS-90/1 CY-OS/2
(PY-3)
-------------------------------- ---------------- ----------------
Value of production entitlement Nil Nil
Value of royalties Nil Nil
Licence fees Nil Nil
Infrastructure improvements Nil Nil
---------------- ----------------
Total ($million) Nil Nil
Notes: The two assets operated by Hardy did not produce
hydrocarbons in the year ended 31 March 2016. As a result no
royalty or production entitlement accrued through the reporting
period.
For further information, please visit www.hardyoil.com or
contact:
Hardy Oil and Gas plc 012 2461 2900
Ian MacKenzie, Chief Executive
Officer
Richard Galvin, Treasurer & Corporate
Affairs Executive
Arden Partners plc 020 7614 5917
James Felix
Ciaran Walsh
Tavistock 020 7920 3150
Simon Hudson
Niall Walsh
About Hardy
Hardy Oil and Gas plc is an upstream oil and gas company focused
in India. Its portfolio includes a blends of exploration, appraisal
and production assets. Hardy's goal is to evaluate and exploit its
asset base with a view to creating signification value for its
shareholders.
Hardy Oil and Gas plc is the operator of PY-3 oil field (shut-in
July 2011) located offshore India's east coast in the Cauvery
basin. Hardy also has interests in two offshore exploration blocks
in India's Saurashtra and Cauvery basins.
Hardy is incorporated under the law of the Isle of Man and
headquartered in Aberdeen, UK. Ordinary shares of Hardy were
admitted to the Official List and the London Stock Exchange's
market for listed securities effective 20 February 2008 and under
symbol HDY.
The Company's India assets are held through the wholly owned
subsidiary, Hardy Exploration & Production (India) Inc, located
in Chennai, India.
- ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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