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Where appropriate, assumptions and information used in arriving at a submitted valuation should be sourced from or supported by third party information. Whilst this may not always be possible, in cases where the value is being scrutinised, HMRC will need to be satisfied that the submitted facts, figures and assumptions are accurate and robust.

In doing this HMRC will consider the third party information available.

Established sources of information include the following:

• Wood MacKenzie North Sea Service to which LB Oil & Gas subscribes. Wood MacKenzie also covers other oil provinces;
• »Ê¹ÚÌåÓýapp North Sea Transition Authority (NSTA) publishes material on the North Sea including licence data;
• »Ê¹ÚÌåÓýapp US Government Energy Information Administration, via its website () has a significant amount of information in the form of country overviews, and often contains field and area specific information;
• »Ê¹ÚÌåÓýapp Worldwide Web: host country and oil company websites can include similar overviews, which may also be useful.

»Ê¹ÚÌåÓýapp data being to be considered is not limited to that obviously in the public domain. Unless there is a contested bid (which would not happen under the willing buyer/willing seller scenario) the assumption is that acquisitions take place after a visit to the vendor’s data room. »Ê¹ÚÌåÓýapp buyer would have all, or almost all, the information available to the vendor.

Wood MacKenzie values will be considered in this context. »Ê¹ÚÌåÓýappir field reports are useful, but they may not incorporate all the relevant data available at the time and they may not displace contemporary evidence. Nevertheless, what they say on reserves can be helpful in arriving at a decision as to whether a production profile is acceptable and they can provide useful estimates of opex and capex. »Ê¹ÚÌåÓýappy are more authoritative on acceptable discount rates, foreign exchange rates and the gas/oil prices