30th Jul 2024 15:05
Jersey Oil & Gas PLC - upstream oil and gas company focused on the UK continental shelf region of the North Sea - Notes changes to the UK energy profits levy announced Monday. The levy, currently set at a rate of 35%, is to rise to 38% from the start of November. It will bring the headline rate of tax on upstream oil and gas activities to 78%. "The Greater Buchan Area joint venture will carefully consider the impact of the tax changes to the economics of the development and project sanction. The full implications will, however, only be clear when the level of capital allowance claims available as deductions to the EPL are provided in the October budget," Jersey Oil said. The AIM listing owns a 20% non-operated interest in the Greater Buchan Area.
Current stock price: 70.70 pence, down 19% in London on Tuesday afternoon
12-month change: down 63%
By Sophie Rose, Alliance News senior reporter
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