This report sets out details of the payments made to governments by
DTR 4.3A requires companies listed on a stock exchange in the
Basis for preparation
Total payments below
All of the payments made in relation to the Shaikan Production Sharing Contract ('Shaikan PSC') in the
Production entitlements
Production entitlements are the host government's share of production during the reporting period from the Shaikan Field operated by Gulf Keystone. Production entitlements are paid in-kind and the monetary value disclosed is derived from management's calculation of estimated revenue.
Royalties
Royalties represent royalties paid in-kind to governments during the year for the extraction of oil. The terms of the royalties are described within the Shaikan PSC. Royalties have been calculated on the same basis as production entitlements.
Taxes
Taxes include taxes levied on the income, production or profits of companies, excluding taxes levied on consumption such as value added taxes, personal income taxes or sales taxes.
Bonuses
Bonuses include signature, discovery and production bonuses.
Licence fees
These include licence fees, rental fees, entry fees, capacity building payments, security fees and other considerations for licences or concessions.
Infrastructure improvement payments
These include payments for infrastructure improvements, whether contractual or otherwise, such as roads, other than in circumstances where the road is expected to be primarily dedicated to operational activities throughout its useful life.
Contact:
Tel: + 44(0) 20 8434 2754
Notes to Editors
Disclaimer
This announcement contains certain forward-looking statements that are subject to the risks and uncertainties associated with the oil & gas exploration and production business. These statements are made by the Company and its Directors in good faith based on the information available to them up to the time of their approval of this announcement. Such statements should be treated with caution due to inherent risks and uncertainties, including both economic and business factors and/or factors beyond the Company's control or within the Company's control where, for example, the Company decides on a change of plan or strategy. This announcement has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. This announcement should not be relied on by any other party or for any other purpose.
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