Merle,
The tax situation for CVN in Thailand is complex, and it is pointless to try to infer anything from one quarters cash flow, esp. the last quarter. The income tax is paid in arrears (twice a year if I recall correct) but field production increased 150% and also CVNs stake dropped from 40% to 20% at the end of the quarter. The low tax paid last quarter would reflect the low production and low profitability that is hopefully behind up.
The SRB is an additional tax which is highly progressive increasing as profitability does. Believe it or not but CVN was paying a heap of that about 5 years ago. Hopefully we revert to that.
EL
Ann: Phoenix South-1 Well Update, page-81
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