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2022-04-29

EnQuest PLC: Report on Payments to Govts

                                                ENQUEST PLC, 29 APRIL 2022

                 Reports on Payments to Governments for the Year ended 31 December 2021

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 2021 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 £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, research CESS and education commitment payments which are paid to PETRONAS (Petroliam Nasional Berhad, the National Oil Company of Malaysia).

Project/ent Licence Production Taxes Royalties Licence fees Research Supplementary TOTAL
ity entitlements CESS payments
name
mboe $'000 $'000 $'000 $'000 $'000 $'000 $'000
Kraken & P1077 - - - -               - -              
Kraken 618 618
North
Alma & P1765 & - - - -               - -              
Galia P1825  19 19
Heather & P242 & - - - -               - -              
Broom P902 268 268
Greater P73 & - - - -               - -              
Kittiwake P238 240 240
Area
Dons P236, - - - -               - -              
(including P1200 719 719
Ythan & & P2137
Conrie)
Thistle & P236 & - - - -                 - -                
Deveron P475 170 170
Scolty & P1107 & - - - -               - -              
Crathes P1617 537 537
Magnus P193 & - - - - 435 - - 435
P2599
Bressay P234, - - - - 283 - - 283
P493,
P920 &
P977
Corporate - - 8,299 - 179 - -     8,477
Total - - 8,299 - 3,467 - - 11,766
United
Kingdom 
PM-8E  540 35,314 - 1,561 -  430 5,143 42,448
Corporate - - 9,099 - - - - 9,099
Total  540 35,314 9,099 1,561 -  430  5,143 51,547
Malaysia
Total  540 45,314 17,398 1,561 3,467 430 5,143 63,313
Group

Project/entity Production Taxes Royalties Licence Research Supplementary TOTAL
nameLicence entitlements fees CESS payments
mboe $'000 $'000 $'000 $'000 $'000 $'000 $'000
HM Revenue - - 8,299 - - - - 8,299
and Customs
Department of - - - - 3,467 - - 3,369
Business,
Energy and
Industrial
Strategy
Total United - - 8,299 - 3,467 - - 11,766
Kingdom
PETRONAS  540 35,314 - 1,561 -  430  5,143 42,448
Malaysian - - 9,099 - - - - 9,099
Inland
Revenue
Board
Total  540 35,314 9,099 1,561 -  430  5,143 51,547
Malaysia
Total Group  540 35,314 17,398 1,561 3,467 430 5,143 63,313

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 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).

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)

Craig Baxter (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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com orvisit www.rns.com.

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