JKX Oil & Gas PLC Update on 2015 Poltava Rental Fee claims (5797J)
December 05 2018 - 11:05AM
UK Regulatory
TIDMJKX
RNS Number : 5797J
JKX Oil & Gas PLC
05 December 2018
5 December 2018
LEI: 213800AS2I1XUAGQ6F27
JKX Oil & Gas plc ("JKX")
Update on 2015 Poltava Rental Fee claims
As explained in the JKX 2017 consolidated financial statements,
the Ukrainian tax authorities have claimed additional Rental Fees
for 2015 and JKX has made a provision of US$ 25.8m as at 31
December 2017. The claim is being contested in eight separate cases
with four of the claims currently suspended in the Supreme Court
with the remaining four being heard by the Poltava Circuit
Administrative Court ("the Court").
At the adjourned hearing of the Court held on 4 December 2018 in
respect of Case 816/845/16, being the first of the four cases of
the 2015 Poltava Petroleum Company ("PPC") Rental Fee Claims, the
Court considered legal and tax expert evidence put forward by PPC,
along with objections submitted by the Poltava Tax Authorities.
The Court found in favour of PPC and it ruled that Tax
Notification Decisions previously issued against PPC were illegal
and will be cancelled. This decision might be subject to appeal in
the higher courts in Ukraine.
This case relates to additional tax liability and associated
penalties of approximately UAH 9 m (US$ 0.3m).
For more information:
EM Communications +44 (0) 20 7002 7860
Stuart Leasor, Jeroen van de Crommenacker
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