Corporate,
Until costs are recovered they will be paying 5% of revenue, rather than 20% of profits as petroleum royalties/taxes. As OPEX is quite low during the production plateau this makes a huge difference.
By my estimate this situation will prevail perhaps as much as the first 15 mmbo (750 kbo to CUE) at current poo, ie 18 months or so away.
Sure we will start acruing corporate taxes later this year, but by the time we have to actually pay any corporate tax we will have repaid all our debt(or been able to), and the coffers should be filling fast.
As long as those three wells keep flowing well we are now over the worst imo - I had previously thought this would be about mid year.
EL
first offload of oil, page-24
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