Report on Payments to Govts

RNS Number : 3662Z
Gran Tierra Energy Inc.
21 May 2021
 

 

 

 

2021 May 20

 

 

Gran Tierra Energy Inc.

 

Report on payments to governments for the year 2019

 

Introduction

 

Gran Tierra Energy Inc. ("Gran Tierra") has prepared the following report that sets out details of the payments made to governments for the year ended 31 December 2019 in accordance with the Reports on Payments to Governments Regulations 2014 (2014/3209) as amended by the Reports on Payments to Governments (Amendment) Regulations 2015 (2015/1928) and The Disclosure and Transparency Rule ("DTR 4.3A") issued by the Financial Conduct Authority.

 

This report is available for download from https://www.grantierra.com/investor-relations/uk-regulatory-news#2021

 

Basis of preparation

 

The payments disclosed, which are on a cash basis in U.S Dollars, 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 of Colombia and Ecuador, either directly or through a Ministry or Department of the National Government and to Local Community Councils or municipalities in Colombia.

 

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 and in-kind royalties paid to Governments during the year for the extraction of oil or gas. The terms of the royalties are described within Gran Tierra's 2019 Annual Report filed on from 10-K.

 

Fees

 

This represents supervision, licensing, permits, project assessment fees and other levies or consideration related to Gran Tierra's exploration and production contracts or to the overall management of our business.

Bonuses

 

This represents social investment program payments to the local communities or municipalities in Colombia

 

Disclosure by Payee

 

Country

Payee Name

Departments, Agency, etc within Payee that Received Payments

Taxes

Royalties

Fees

Production Entitlements

Bonuses

Dividends

Infrastructure Improvement Payments

Total Amount paid to Payee

Notes

Colombia

GOVERNMENT OF COLOMBIA

 DIRECTORATE OF NATIONAL TAXES AND CUSTOMS OF COLOMBIA

45,901,253

-

-

-

-

-

-

45,901,253

 

Paid in Colombian Pesos.  Translated at the 2019 average foreign exchange rate of 3,281:1 USD

Colombia

GOVERNMENT OF COLOMBIA

 NATIONAL HYDROCARBON AGENCY OF COLOMBIA

-

106,691,420

-

-

-

-

-

106,691,420

Paid in Colombian Pesos.  Translated at the 2019 average foreign exchange rate of 3,281:1 USD

Colombia

GOVERNMENT OF COLOMBIA


-

-

1,441,081

-

-

-

-

1,441,081

Paid in Colombian Pesos.  Translated at the 2019 average foreign exchange rate of 3,281:1 USD

Colombia

 INGA WASIPUNGO RESERVATION


-

-

 89,621

-

-

-

-

89,621

Paid in Colombian Pesos.  Translated at the 2019 average foreign exchange rate of 3,281:1 USD

Colombia

AFRO SAN LUIS COMMUNITY COUNCIL


-

-


-

149,664

-

-

149,664

Paid in Colombian Pesos.  Translated at the 2019 average foreign exchange rate of 3,281:1 USD

Colombia

 AFRO TESALIA COMMUNITY COUNCIL


-

-


-

105,120

-

-

105,120

Paid in Colombian Pesos.  Translated at the 2019 average foreign exchange rate of 3,281:1 USD

Colombia

MUNICIPITALITY OF VILLAGARZON


-

-


-

 229,830

-

-

229,830

Paid in Colombian Pesos.  Translated at the 2019 average foreign exchange rate of 3,281:1 USD

Colombia

PUERTO LIMON COMMUNITY COUNCIL


-

-


-

80,222

-

-

80,222

Paid in Colombian Pesos.  Translated at the 2019 average foreign exchange rate of 3,281:1 USD

Ecuador

GOVERNMENT OF ECUADOR

 MINISTRY OF ENERGY AND NON-RENEWABLE NATURAL RESOURCES OF ECUADOR

-

-

186,000

-


-

-

186,000

Paid in USD

Ecuador

GOVERNMENT OF ECUADOR


-

-

201,000

-


-

-

201,000

Paid in USD

 

 

Disclosure by Project

 

Country

Project Name

Taxes

Royalties

Fees

Production Entitlements

Bonuses

Dividends

Infrastructure Improvement Payments

Total Amount paid by Project

Notes

Colombia

ENTITY WIDE

 45,901,253

-

452,288

-

-

-

-

46,353,541

 

Paid in Colombian Pesos.  Translated at the 2019 average foreign exchange rate of 3,281:1 USD

Colombia

PUTUMAYO BASIN

-

44,240,162

781,423

-

564,836

-

-

45,586,421

 

Paid in both Colombian Pesos and in kind. Colombian Pesos translated at 3,281:1 USD.  In kind contributions calculated based on commodity volumes remitted multiplied by monthly realized prices the company receives on arm's length transactions.

 

Colombia

MIDDLE MAGDALENA BASIN

-

60,710,077

197,632

-

-

-

-

60,907,708

 

Paid in both Colombian Pesos and in kind. Colombian Pesos translated at 3,281:1 USD.  In kind contributions calculated based on commodity volumes remitted multiplied by monthly realized prices the company receives on arm's length transactions.

 

Colombia

LLANOS BASIN

-

1,741,181

99,360

-

-

-

-

1,840,541

 

Paid in both Colombian Pesos and in kind. Colombian Pesos translated at 3,281:1 USD.  In kind contributions calculated based on commodity volumes remitted multiplied by monthly realized prices the company receives on arm's length transactions.

 

 

Ecuador

 

CHARAPA

-

-

129,000

-

-

-

-

129,000

Paid in USD

 

Ecuador

 

CHANANGUE

-

-

129,000

-

-

-

-

129,000

Paid in USD

 

Ecuador

 

IGUANA

 -

-

129,000

-

-

-

-

129,000

Paid in USD

 

 

Contact Information

For investor and media inquiries please contact:

Gary Guidry

President & Chief Executive Officer

Ryan Ellson

Executive Vice President & Chief Financial Officer

Rodger Trimble

Vice President, Investor Relations

+1-403-265-3221

info@grantierra.com

 

 

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