28 Apr 2021 10:31
28th April 2021
JKX Oil & Gas plc
("JKX", the "Company" or the "Group")
Final decision on the merits of Case No.816/4476/14
JKX's wholly owned subsidiary, Poltava Petroleum Company ("PPC") has received the final judgement of the Supreme Court of Ukraine in Case No.816/4476/14 relating to the Poltava Tax Authorities appeal against lower court judgments in this case. This case relates to a claim for 2010 royalty payments and a judgment of UAH393.1 million (approximately US$14.1 million) including interest and penalties has now been made in favour of the Poltava Tax Authorities.
PPC is under no immediate obligation to pay the judgement as the Ukrainian tax authorities have to obtain approval of the Supreme Court of Ukraine before the payment can be collected from PPC. This hearing is expected to be heard in late 2022.
In the meantime, the Company continues to maintain provisions in respect of both this 2010 claims and the 2015 fee claims as described in the latest annual report. The latest Quarterly Operations Update disclosed that the Company held net $28.4 million of cash and cash equivalents and $2.9 million of Oil & Gas inventory as at 31st March 2021.
Elements of this press release contain inside information about JKX Oil & Gas plc within the meaning of Article 7(1) of the Market Abuse Regulation (596/2014/EU) as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR") and is in accordance with the company's obligations under Article 17 of UK MAR. The person responsible for this announcement is Dmytro Pidubbnyy, CFO.
ENDS
JKX Oil & Gas plc +44 (0) 20 7323 4464
Dmytro Pidubbnyy, CFO
EM Communications +44 (0) 20 7002 7858
Jeroen van de Crommenacker