27 Mar 2020 10:05
LEI: 213800AS2I1XUAGQ6F27
27 March 2020
JKX Oil & Gas plc
("JKX")
Third and fourth 2015 Poltava rental fee claims closed in favour of PPC
In November 2019 the Poltava Circuit Administrative Court found in favour of Poltava Petroleum Company ("PPC"), JKX's Ukrainian subsidiary, in relation to cases Nos. 816/844/16 and 816/846/16 and ruled that the relevant tax notification decisions previously issued against PPC were illegal. The decisions were consequently cancelled together with the additional tax liability and associated penalties of UAH125.4 m (US$4.49m) in total. In January 2020 the Kharkiv Appellate Administrative Court upheld the November 2019 rulings of the Poltava Circuit Administrative Court in favour of PPC. The Ukrainian Tax Authorities have not filed Supreme Court appeals within the required time frame and the judgements of the Poltava Circuit Administrative Court are therefore now binding and final.
The cancellation of the relevant tax obligations is now reflected in the integrated electronic tax card of PPC. These are the third and fourth 2015 Poltava rental fee claims closed in favour of PPC.
ENDS
JKX Oil & Gas plc +44 (0) 20 7323 4464
Ben Fraser, CFO
EM Communications +44 (0) 20 7002 7860
Stuart Leasor, Jeroen van de Crommenacker