Business
Report on Payments to Govts
Report on Payments to Govts.
About this update from Enquest Plc
ENQUEST PLC, 19 June 2025 Reports on Payments to Governments for the Year ended 31 December 2024 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 2024 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 . This report will also be made available on the National Storage Mechanism. 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 £86,000, 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 and research CESS payments which are paid to PETRONAS ( Petroliam Nasional Berhad, the National Oil Company of Malaysia). Project/entity name Licence Production entitlements Taxes Royalties Licence fees Research CESS Supplementary payments TOTAL mboe $'000 $'000 $'000 $'000 $'000 $'000 $'000 Kraken & Kraken North, West of Kraken P1077 & P2632 - - - - 615 - - 615 Greater Kittiwake Area P73 & P238 - - - - 211 - - 211 Scolty & Crathes P1107 & P1617 - - - - 548 - - 548 Magnus P193 - - - - 438 - - 438 Bressay P234, P493, P920 & P977 - - - - 464 - - 464 Bentley P1078 - - - - 700 - - 700 Corporate - - 78,936 - 304 - - 79,240 Total United Kingdom - - 78,936 - 3,280 - - 82,216 PM-8E 668 51,328 - 1,540 - 640 9,409 62,917 Corporate - - 18,328 - - - - 18,328 Total Malaysia 668 51,328 18,328 1,540 - 640 9,409 81,245 Total Group 668 51,328 97,264 1,540 3,280 640 9,409 163,461 Project/entity name Licence Production entitlements Taxes Royalties Licence fees Research CESS Supplementary payments TOTAL mboe $'000 $'000 $'000 $'000 $'000 $'000 $'000 HM Revenue and Customs - - 78,936 - - - - 78,936 North Sea Transition Authority - - - - 3,060 - - 3,059 Department for Energy Security & Net Zero - - - - 220 - - 220 Total United Kingdom - - 78,936 - 3,280 - - 82,216 PETRONAS 668 51,238 - 1,540 - 640 9,409 62,917 Malaysian Inland Revenue Board - - 18,328 - - - - 18,328 Total Malaysia 668 51,238 18,328 1,540 - 640 9,409 81,245 Total Group 668 51,238 97,264 1,540 3,280 640 9,409 163,461 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 under the terms of the production sharing contract. Taxes This represents cash tax paid by EnQuest on its income, profits or production, including capital gains. Income taxes paid during the reporting period can be in respect of current period profits but also profits of prior periods. The actual timing of cash tax payments varies depending on the jurisdiction and the payment regulations in force. 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 EnQuest's 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). 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 Amjad Bseisu (Chief Executive Officer) Jonathan Copus (Chief Financial Officer) Craig Baxter (Head of Investor Relations and Corporate Affairs) Teneo 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 energy company with operations in the UK North Sea and Malaysia, the Group's strategic vision is to be the partner of choice for the responsible management of existing energy assets, applying its core capabilities to create value through the transition. EnQuest PLC trades on the London Stock Exchange. 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.