Ann: DJ Carmichael Issues Research Update on Jack, page-5

re: Ann: DJ Carmichael Issues Research Update... You would assume they have factored the PSC conditions into their valuations if the broker is worth their salt, but this is something to check with the company and/or broker I guess.

But fiscal terms are a pretty fundamental part of O&G economics so I would be very surprised if they have been overlooked.

But yeah, around 40% seems usual in Tunisia from what I can find on google. Sometimes reducing over time.