Capitalized exploration costs
and deferred expenditures on the Tamarack Nickel-Copper-Cobalt Project for the three months ended June 30, 2019 amounted to $1.5 million.
First half exploration costs
were reduced to GBP262,254 from GBP892,124, while administrative expenses increased to GBP435,350 from GBP370,700.
POL is slated to report FY19 results, where we expect the E and P firm to post NPAT of PkR14.8bn (EPS:PkR52.18) rising 26.5%YoY on the back of: 1) higher benchmark crude (FY19 average up ~14%YoY) and weaker PkR vs US$, pushing realized crude prices higher (hike of ~35%/8%YoY for FY19/4QFY19), despite tepid crude flows and small uptick in gas production, 2) curtailed exploration costs
where the absence of dry wells for 4QFY19 compares favourably to last year's expensing of Tolanj East and booking PkR631mn as irrecoverable costs for Joymair Deep 1, while a slowdown in seismic data acquisition aids in compressing costs, and 3) other income is expected to climb 46%YoY, with profit on bank deposits and exchange gains over come slippages in share in profits from NRL and APL.
In Norway, a complaint was made by an environmental NGO in 2017 that reimbursement of exploration costs
to companies that have no taxable income is illegal state aid as it favours oil and gas companies over other energy companies such as those investing in renewables.
swelled up by 58% YoY to PKR 4,448mn in 3QFY19 compared to PKR 2,817mn in SPLY, owing to one dry well (Misrial X-01) reported during the period.
Sales improved to Rs78.8bn, from Rs61.2bn while exploration costs
surged 87pc to Rs8.2bn, from Rs4.5bn.
Lundin Petroleum AB (STO:LUPE), an independent oil and gas exploration and production company with operations focused on Norway, reported on Wednesday that for the fourth quarter 2018, it will expense pre-tax exploration costs
of approximately USD47m, which will be charged to the income statement and offset by a tax credit of approximately USD37m.
surpassed our expectations and stood at Rs1.7 billion in the quarter, up by 5.83 times year-on-year,' the report said.
Principal Secretary, State Department of Petroleum Andrew Kamau said the government has already identified an audit firm to evaluate exploration costs
incurred by investors even as the country expects to realize full field development in 2021.
It detailed privileges of oil and gas contractors, which include exemption from all taxes except income tax, payment of tariff duties, and compensating tax on the importation of machinery and equipment, among others under Section 12; deductions of Filipino participation incentive and operating expenses from gross income under Section 21; and 10-year recovery of all tangible exploration costs
like capital expenditures and other recoverable capital assets under Section 22.
The company's exploration costs
in 2017 were USD0.3m, comprised of USD0.1m in administration costs for Mongolia, and USD0.2m in holding costs on all other properties.