many im sure wouldn't have seen this, but it copied below for all to read- our cfo isnt happy about the tax being imposed on miners- good to see ctp expressing their view
Coal seam gas explorer upset over tax change By Paul Serratore
Tuesday, 06/07/2010
There are no super profits in coal seam gas.
That's what one Western Australian petroleum company is saying after discovering the commodity would now be included in the Petroleum Resource Rent tax, under a compromised deal between the Federal Government and miners.
Central Petroleum is currently exploring a number of sites in the Northern Territory for the gas.
The company's chief financial officer Bruce Elsholz says while he agrees with a tax on resources, his industry's inclusion is unfair.
He says the Federal Government shouldn't asume there are massive profits in coal seam gas.
"It's quite likely that the profit level will be such that some of those projects will only be marginal or certainly not in the realm of super profits."
In this report: Bruce Elsholz, chief financial officer, Central Petroleum
