Fundamentals and General Discussion, page-371

i’m already using a 75% tax rate in my rough models. Labour are contemplating increasing that to 78% which is rather negligible. The windfall tax is due to end in 2029 at this stage. They are looking at scrapping the exploration tax rebate which isn’t great.

One positive offset is that Labour are deadset on no more licensing rounds, which basically means ending supply of areas to explore. That increases the value of our prospects and artificially pressures companies to drill existing licenses, which helps us.

I’m still confident in our UK ILX strategy but we do need to see them execute this year