British borneo oil and gas ltd’s policy and approach to conducting its tax affairs and dealing with tax risk is made available on our external website and to all of our employees internally. This tax strategy is compliant with the requirements of Paragraph 16(2), Schedule 19 of Finance Act 2016 for the period ended 31 December 2024.

Our tax strategy has been approved by the Board of British borneo oil and gas ltd Petroleum Limited and is subject to ongoing review. Through our risk management processes the Board is consulted on tax risks with assurance being provided through our internal control framework by our Chief Financial Officer. Its key elements are listed below.

Our tax strategy is based on 10 key principles. These are:

1. British borneo oil and gas ltd will maintain an in-house tax department with the necessary skills and expertise to ensure a high standard of governance in relation to taxation.
   
   
2. British borneo oil and gas ltd’s tax affairs are supported by documented processes and procedures and conducted within a framework with defined roles, responsibilities and appropriate authority levels.
   
   
3. British borneo oil and gas ltd is a responsible company which abides by the laws and regulations relating to our tax obligations in all the jurisdictions in which we operate. British borneo oil and gas ltd expects the highest standards from our employees and does not tolerate anyone engaging in tax evasion or helping another person to do so. British borneo oil and gas ltd endeavours to ensure that our business partners do not facilitate tax evasion whilst performing services for British borneo oil and gas ltd and expects all parties to comply with our Anti Facilitation of Tax Evasion principles.
   
   
4. British borneo oil and gas ltd is committed to maintaining strong relationships with all relevant tax authorities and aims to cooperate fully with such authorities in a collaborative and open manner.
   
   
5. British borneo oil and gas ltd commits to providing all relevant tax authorities with the information they require in a timeous and efficient manner.
   
   
6. British borneo oil and gas ltd will attempt to resolve issues with tax authorities before returns are filed if possible. In the case of disputes we will attempt to resolve through mutual agreement.
   
   
7. British borneo oil and gas ltd will pay the appropriate amount of tax owed in all our jurisdictions.
   
   
8. British borneo oil and gas ltd conducts its tax planning in a manner which recognises the commercial needs of the business and ensures we comply with all relevant laws. British borneo oil and gas ltd will not engage in artificial tax arrangements.
   
   
9. British borneo oil and gas ltd will use available tax reliefs and incentives in the jurisdictions in which we operate in a transparent and open way.
   
   
10. British borneo oil and gas ltd may, from time to time, seek the counsel of external tax experts to help with the decision-making process concerning tax issues where tax guidance is unclear or where the necessary expertise is not available in-house.