Viaro Energy Strategy, page-54

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Mitchdon

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30/07/24

12:21

Post #: 74980253
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Originally posted by Mitchdon: ↑

I think the news is actually better than it first looks @backinblack . The increased EPL from 75% to 78% is a pain but not fatal, it was the removal of the Investment Allowance which was the killer. HHR is currently in no mans land due to the removal of the IA.

Reeves said in parliment that "Labour will also decrease the investment allowance that accompanies the Levy. At the moment, North Sea oil and gas developers can claim up to 90% back on spending for exploration and extraction. A phased decrease in this will begin in November.
This is no mistake, this is Labours first amendment to their own UK O&G policy. The "removal of the IA" is gone. In it's place is a "phased decrease from November".

"Phased decrease", is an important signal from Labour that there is room to negotiate. Now they are in government Labour have identified that the UK is "broke and broken" (yes she said that) Labour have identified a £21.9bn black hole left over from the conservatives and are already talking about potential tax rises in October. They need to generate some tax revenue and UK O&G and lined up to deliver it.

I would really like to see Viaro close the deal of Clipper and Leman. If they finalise that deal it makes the RR/HHR JV just one part of Viaro's overall North Sea Strategy. Viaro are buying assets on the cheap which improves the metrics on any projects they contemplate going forward.

Seriously I thought we would see no movement from Labour in the first 6 months yet here we are with changes and we aren't even 6 weeks in. It's enough to even get a smile from @Byron (hope you are well)

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Article for reference

https://www.edie.net/reeves-confirms-higher-tax-on-north-sea-oil-and-gas-pauses-expensive-roads-schemes/

HHR Price at posting: 0.7¢ Sentiment: Hold Disclosure: Held
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Viaro Energy Strategy, page-54

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