Corporate,
Agree, it would greatly surprise me too.
My expectation would be that with PSCs in Indonesia that BOTH tax and royalties are effectively ring fenced on a PSC basis?
At least in NZ the corporate tax (but not the royalty) would be offset on dusters in other permits.
Nothing seems free to me about any dusters in MH permit. I guess the assumption though is that it's oily/gassy enough that eventually we'll get producers, and then be able to recover our costs back before paying full tax/royalty/govt share.
Results have been disappointing, but what exactly have management done wrong? They haven't even hyped up our dusters, have they? Happy to hold at these levels.
EL
reality, page-27
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