onsdag 23 mars 2011

GBR höjer skatt med 12% på olja/gas

Kansken en andledning till varför Lundinarna storsålde i Februari.

I skrivande stund är Enquest ner 14%, surt sa räven.

14:51GMT 23Mar2011-Enquest, North Sea oil firms hit by tax rise

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Shares in North Sea-focused oil firms decline after UK finance minister George Osborne raises the supplementary tax charge levied on oil and gas production in the UK to 32 percent from 20 percent.

Enquest sags 7.8 percent, the biggest loser on Britain's mid-cap index.

'It takes 20 pence a share off my valuation for Enquest. I've just reduced my (price target) recommendation on the back of that because it's clearly not very good news. It takes $50 million a year off my post tax cash flow for it,' says Oriel Securities analyst Nick Copeman.

'The impact is most direct on production, which is why Enquest is by far the most exposed to it, because it's all onstream and they have no UK tax allowances left, they're 100 percent exposed to the tax.'

Other North Sea firms Encore Oil, Ithaca Energy, Nautical Petroleum and Valiant Petroleum drop 3.7 percent, 4.2 percent, 5.9 percent and 4.4 percent respectively.

Premier Oil, which has assets in Indonesia and Vietnam as well as the North Sea, also falls 4.2 percent.

'Premier is a little affected, it's not as bad because it's got assets elsewhere. For Premier, I think the share price reaction is not unfair,' the broker adds.

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Reuters messaging rm:// sarah.young.thomsonreuters.com@reuters.net

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