Falklands-based oil firm Rockhopper says it is closing in on a tax deal with the island’s government.
The company was hit with a £195million tax bill by the Falkland Islands over its farm-out deal with Premier Oil on the Sea Lion field.
But ahead of its AGM today the company has announced that it is closing in on an agreement over the disputed sum.
“The approach to valuation methodology has now been agreed between the parties meaning that the main area for discussion will be the discount rate applied to the non-cash consideration,” the company said in a statement.
“The company continues to move forward the discussions with FIG and remains confident that a resolution will be found in due course which both parties will find acceptable.”