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Equity Research Summary - UK Oil & Gas Exploration & Production

Date: May 28, 2025
Topic: UK Government Consultation on Replacing the Energy Profits Levy (EPL)
Key Point: The UK Government's consultation on potential replacement tax mechanisms for the EPL closes at midnight on May 28, 2025.

Analyst Information

• Mark Wilson, CEng

  • Email: mark.wilson@jefferies.com
  • Phone: +44 (0) 20 7029 8691

• Ruben Dewa, CFA

  • Email: rdewa@jefferies.com
  • Phone: +44 (0) 20 7029 8262

• Giacomo Romeo

  • Email: giacomo.romeo@jefferies.com
  • Phone: +44 (0) 20 7548 4727

Analyst Certifications

All analysts certify that:

1. Their views accurately reflect personal opinions.
2. Compensation is not related to recommendations or views in the report.

Analyst Designations

• All analysts are not registered with FINRA due to being employed by a non-US affiliate.

Ratings Explanation

• Buy: Expected total return of 15% or more (20% for $10 stock).
• Hold: Expected return between -10% and +15%.
• Underperform: Expected return of -10% or less.
• NR/CS: Ratings or coverage suspended.

Listed Companies & Ratings (Price, Rating)

• Aker BP NO: NOK236.00 (BUY)
• EnQuest LN: p11.80 (RESTRICTED)
• Harbour Energy LN: p177.10 (BUY)
• Ithaca Energy LN: p134.00 (HOLD)
• Serica Energy PLC LN: p149.00 (BUY)
• Vår Energi NO: NOK29.90 (BUY)
• International Petroleum Corporation SS: SEK136.70 (BUY)

Key Disclosures & Notes

• The report includes information on potential conflicts of interest due to business relationships with companies.
• All disclosures are detailed on pages 2–7 of the original report.
• Stock recommendations should be considered alongside individual financial goals and professional advice.

Important Deadline Notice

• Anyone is allowed to submit a response to the consultation via the provided Gov.uk link.
• The deadline is midnight on May 28, 2025.