Report on Payments to Governments

RNS Number : 6650W

Hunting PLC

28 April 2016

 

For immediate release

28 April 2016

Hunting PLC

("Hunting" or the "Company" or the "Group")

Report on Payments to Governments

for the year ended 31 December 2015

Hunting PLC (LSE : HTG) the international energy services group today provides information in accordance with DTR 4.3A in respect of payments made by the Company to governments for the year ended 31 December 2015 and in compliance with The Reports on Payments to Governments Regulations 2014 (SI 2014/3209).

The following schedule details payments made to the US government by its wholly owned subsidiary Tenkay Resources, Inc ("Tenkay"). No other businesses within the Group are impacted by the above legislation and its reporting requirements. Further, due to the operational focus of Tenkay, the US government is the only relevant party to whom payments are made.

Reporting Category	Total 2015 Payments US$
Production entitlements	Nil
State Severance Taxes	111,926
State Income Taxes	100
Federal Income Taxes	Nil
Royalties -     Onshore -     Offshore	107,438 481,181
Dividends	Nil
Signature/discovery/production bonuses	Nil
Licence / rental fees	Nil
Infrastructure improvements	Nil
Total	700,645

The above summary consolidates payments made by Tenkay in relation to 50 operating oil and gas fields to which the business had an interest during the reporting period. Tenkay's business model has been to hold small equity or working interests in oil and gas assets across the US. As at 31 December 2015, the business recorded royalty payments against 12 fields and severance taxes against 48 fields.

Payment Analysis By State (excluding State Income Taxes)

State	No. of Fields		Net Royalties Paid       Attributable to                  Tenkay		Severance Taxes		Total Payments
			$		$		$
Arkansas	4		0		7,211		7,211
Louisiana	7		105,549		6,969		112,518
Mississippi	1		0		79		79
Montana	1		1,889		6,624		8,513
North Dakota	2		0		1,699		1,699
Texas	28		0		64,690		64,690
Offshore	7		481,181		24,654		505,835
	50		588,619		111,926		700,545

The full report, including a full field analysis, is available for download at www.huntingplc.com.

For further information please contact:

Hunting PLC Ben Willey, Company Secretary

Tel: [phone]

Notes to Editors:

About Hunting PLC

Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has principal operations in Canada, China, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, South Africa, Thailand, United Arab Emirates and the United States of America.

 

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