(Alliance News) - JKX Oil & Gas PLC on Tuesday said a court has found in favour of its Ukrainian subsidiary, Poltava Petroleum Co, finding the tax notification decisions against that subsidiary to have been illegal.
Shares in JKX were up 6.1% at 29.60 pence in London in afternoon trading.
As such, the tax decisions were cancelled along with additional liability and penalties of approximately UAH58 million, about USD2.3 million.
Following the Poltava Circuit Administrative Court decision, the Ukrainian Tax Authorities did not file a Supreme Court appeal in time and so the circuit court judgement is binding.
JKX said the integrated electronic tax card of Poltava Petroleum now reflects the result, which is "the second 2015 Poltava rental fee claim closed in favour of [Poltava Petroleum Co]".
By Anna Farley; annafarley@alliancenews.com
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