RE:RE:RE:RE:Imagine the conversations...Thanks for the info. Doesn't sound to positive if you think about it. VET isn't in a " fabulous " state when it comes to the balance sheet. Where would they get this money from overall? The share buy back money that is no suspended? Is being a O& G company even worth it to operate in Europe now?
Abedim15 wrote: Just listened to the Q & A after the conference call. Apparently there is a requirement that each individual country specify the terms of the windfall tax by Dec 31st. That doesn't necessarily mean that options available to offset a portion of the tax will be specified. If in fact there are any. It should however be specific on how much they are going to collect. Whether it is for 22 and 23 or just for 22 or only for 23. Vet has calculated that their exposure - if it is imposed for both 22 and 23 may be anywhere from 600 to 750 million. Certainly not chump change for a company but hardly enough to make a real difference to individual citizen's fuel costs.
One of the questions asked related to the possibility of the windfall tax extending beyond 2023 and how that may impact Vet capex investment in Europe. The answer, basically- yes it's possible that the tax will be extended. Vet is working with Govt to work on how companies can best contribute to energy security but bottom line - Vet remains committed to their European operations.
one thing that I missed on paper but caught during the conversation is that the wells drilled in Hungary were deemed non-commercial. So a company takes the risk, if it fails it's on them but if it succeeds well then we'll take our share, cause like it's our country.