Sasol Form 20-F for the year ended 30 June 2021 - Book - Page 122
computed by applying the appropriate year-end statutory tax rates, with consideration of future tax rates already
legislated, to the future pre-tax net cash flows relating to the reserves, less the tax basis of the properties involved. The
future income tax expenses therefore give effect to the tax deductions, tax credits and allowances relating to the reserves.
Discounted future net cash flows are the result of subtracting future development and production costs and
future income taxes from the cash inflows. A discount rate of 10 percent a year is applied to reflect the timing of the
future net cash flows relating to the reserves.
The information provided here does not represent management’s estimate of the expected future cash flows or
value of the properties. Estimates of reserves are imprecise and will change over time as new information becomes
available. Moreover, probable and possible reserves along with other classes of resources, which may become proved
reserves in the future, are excluded from the calculations. The valuation prescribed under FASB ASC Section 932
requires assumptions as to the timing and amount of future development and production costs. The calculations are made
as of 30 June each year and should not be relied upon as an indication of the company’s future cash flows or value of
natural oil and gas reserves.
TABLE 6—CHANGES IN THE STANDARDISED MEASURE OF DISCOUNTED NET CASH FLOWS
The changes in standardised measure of discounted future net cash flows, relating to the Proved Reserves are
shown in the table below.
Natural Oil and Gas (Rand in millions)
Present value at 30 June 2018 . . . . . . . . . . . . . . . . . . . . . . . . . .
Net changes for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sales and transfers of oil and gas produced net of production costs
Development costs incurred . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net change due to current reserves estimates from:
(Reduced)/improved recovery . . . . . . . . . . . . . . . . . . . . . . . .
Revisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net changes in prices and costs related to future production . . . . .
Changes in estimated future development costs . . . . . . . . . . . . .
Accretion of discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net change in income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net change due to exchange rate . . . . . . . . . . . . . . . . . . . . . . . .
Present value at 30 June 2019 . . . . . . . . . . . . . . . . . . . . . . . . . .
Net changes for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sales and transfers of oil and gas produced net of production costs
Development costs incurred . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net change due to current reserves estimates from:
Improved recovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Revisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net changes in prices and costs related to future production . . . . .
Changes in estimated future development costs . . . . . . . . . . . . .
Accretion of discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net change in income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net change due to exchange rate . . . . . . . . . . . . . . . . . . . . . . . .
Present value at 30 June 2020 . . . . . . . . . . . . . . . . . . . . . . . . . .
Net changes for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sales and transfers of oil and gas produced net of production costs
Development costs incurred . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net change due to current reserves estimates from:
Revisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sale in place(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net changes in prices and costs related to future production . . . . .
Changes in estimated future development costs . . . . . . . . . . . . .
Accretion of discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net change in income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net change due to exchange rate . . . . . . . . . . . . . . . . . . . . . . . .
Present value at 30 June 2021 . . . . . . . . . . . . . . . . . . . . . . . . . .
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Mozambique
6 877,3
2 176,0
(3 255,8)
508,6
Gabon(1)
(236,8)
11,4
(618,3)
56,3
Canada(2)
(1 557,4)
700,9
(200,2)
1 024,0
Total
5 083,1
2 888,3
(4 074,3)
1 588,9
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316,2
(55,5)
4 408,3
(113,1)
1 082,7
(1 021,9)
306,5
9 053,3
(2 328,5)
(3 700,5)
692,3
160,8
999,5
(392,4)
(203,4)
(10,2)
22,0
(2,9)
(225,4)
(48,7)
(570,6)
492,6
62,8
(14,0)
458,1
(424,6)
(155,7)
—
(49,5)
(856,5)
(146,7)
(45,3)
107,6
539,8
930,0
4 474,0
(741,1)
916,8
(999,9)
254,1
7 971,4
(2 523,9)
(4 316,4)
1 292,5
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—
(1 771,4)
—
(3 369,9)
(21,5)
1 402,5
884,5
3 555,5
6 724,8
(4 987,4)
(2 012,2)
211,5
910,9
28,0
—
(589,7)
(294,5)
(11,3)
14,5
(28,6)
(274,1)
274,1
(362,9)
53,6
—
521,0
(29,1)
(1 058,4)
522,5
(92,9)
—
(72,1)
(1 003,2)
1003,2
(74,9)
(13,6)
910,9
(1 222,4)
(29,1)
(5 018,0)
206,5
1 298,3
899,0
3 454,8
5 447,5
(3 710,1)
(2 450,0)
251,5
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(1 936,2)
—
—
(2 506,8)
110,1
1 081,2
2 159,2
(2 094,2)
1 737,4
—
583,4
—
—
—
—
—
—
—
1 018,8
255,5
(140,4)
33,9
56,3
(103,2)
—
(29,2)
—
(917,4)
838,9
(140,4)
(2 472,9)
166,4
978,0
2 159,2
(2 123,4)
1 737,4
(1)
Effective date of divestment of our interests in the EMP in Gabon was 25 February 2021.
(2)
Sasol signed an agreement to divest of all our interests in Canada. The transaction closed on 29 July 2021.
G-7