There is a 50% tax, which is net of expenditure (including royalty), plus a royalty that starts at 5% and increases in steps to 12% as production increases. I believe the royalty is also net, but could be wrong on that.
The POE audiocast a few weeks back gave a reasonable overview. CVN recently stated govt take of approx 55%, which they said was similiar take to the Aus PRRT regime.
I would really like us to get the royalty up to 12% ! I seem to recall it was quite a lot of oil.
EL
hartleys options, page-12
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