next couple of months, page-9

Got a new I phone and my wife declares she now a I widow . Was surfing the web all week end around the pool and stuffed up with my latest post after a few vinos. But I did recall seeing something about tax, elementalo9.

If or when we go into production in Senegal tax is 25%. I would presuem this is on profit not revenue.

This is from FAR ANN in 2006

"Contract terms are among the best in the world, and were recently improved as a result of the government reducing the tax rate to 25%."

what I found interesting on the same ANN was this ..........

"A recent auction of acreage in the Congo Basin, offshore Angola for three deepwater
exploration tracts saw international oil companies bid in excess of US$3.1 billion in signature
bonuses alone reportedly the highest ever offered for exploration anywhere in the world.
Further information is available in an article published by Business Week dated 7 June 2006."

Ok things were over cooked in 2006 , but at what value do you put FAR acerage in w africa. FAR current MC at 40/50 million seems peanuts.

http://www.far.com.au/files/asxannounce/ElodgeID350274%206Jul06-SenegalUpdate.pdf

The 40% tax in Aussie will benefit any off shore company. No brainer. Obama may go back off on offshore drilling in the states after BP latest oil spoil , which once agains put w africa in the driving seat.

BTW, nice little run this morning and things are going to plan with daily increases.

IMO,DYOR