Big Banc Split Corp T.BNK

Looking Good

[Stars-Aligned]

bought some early morning but there wasnt enough shares for me to get angood position with everythung else in the red a slight decrease in target and still way below fairvalue do i take.out the house wity the larhe ask or wair hmmm

[eXpeditor]

The Tax situation is behind us for now.  It's all about the declining Oil Prices and BNK is holding it's ground..

[LordIskander]

Well yeah, Brent at 6 yr low, BNK at 6 yr low. I ought to do a correlation

[Emailme]

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[good40]

Lordlskander, do the non-cash items involved with earnings(profit) reduce the tax payables ? Just wondering if depletion and depreciation are involved with this discrepancy ? Their cash flow from operations was much greater than their earnings, which of course includes non-cash items.

[braincloud]

Read the Petroleum Agreement on costs I posted and you won't have to ask a question like that

[LordIskander]

The 'taxonomy' of the contract is now disputed. David French told the Street he will be vindicated, so let's wait. You can read the definitions as posted by BrainCloud here https://www.stockhouse.com/companies/bullboard/t.bnk/bankers-petroleum-ltd/2?postid=24359226

[good40]

Braincloud's article does not refer to non-cash items. Is tax paid to the Albanian government after deducting depletion expense or before ? Huge difference.

[Emailme]

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[Emailme]

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[Stars-Aligned]

Yea agreed, sold what i bought this morning its being held down for a PP ive seen this before. If PP is $1 then it will be under .9 soon  These financial institutions need to hire better bbrokers it gets obvious  Herers a question for PI, CIBIC all you guys how many retial working together would it take to burry you?   Answer: Just wait

[braincloud]

Dear Good40, If you read the definition of COSTS as outlined by the Petrol Agreement, Tax ( Profit Tax ) is paid after the cost recovery pool has been covered. What is your point? The cost recovery pool at 2011 was $253 million ( capex) . So no Profit Tax is owed, unless of course, if BNK didn't spend any money that year and they outright lied( not effing likely ) They ( ALBS) get a Royalty

[LordIskander]

Speaking of excise tax:   Look at this clusterfook from the Albanian courts: BNK sues the Tax Authority in 2012 and wins. https://energjia.al/images/Vendim_Gjykata_Bankers_Petroleum_2012.pdf So BNK gets a $20MM assessment for excise tax on diluent imported because the Tax Authority argues that you are exempt from excise ONLY if you use the diluent for drilling not for exploration. 

[skepticalme]

Good post

[good40]

I don't believe anyone lied braincloud, especially since I've the utmost respect for the CFO, whom I've spoken to on a number of occasions, not related to this company. I'm trying to understand the discrepancy as are many others and would really prefer the actual crux of the disagreement, instead of just the $250mm capex. The PSC is confusing to say the least. Profit as you should

[braincloud]

Good40, the definition of Profit Tax is defined in the Petroleum agreement. It isn't profit in the context of an income statement. The Albanian tax department participates in 2 forms. The first is a royalty Tax and excise tax. They get that without any risk. They get 11.0 % of the oil revenue period. In that particular year they got something like $66 million. AFTER BNK gets their costs back