JKX Oil & Gas PLC Final decision on merits of Case No.816/4476/14 (8754W)
28 Abril 2021 - 4:31AM
UK Regulatory
TIDMJKX
RNS Number : 8754W
JKX Oil & Gas PLC
28 April 2021
28t h April 2 021
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 m illion ) 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. Th
is hearing is expected to be heard in late 202 2 .
In the meantime, the Company continues to maintain provisions in
respect of both this 2010 claim s and the 2015 fee claim s 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 31 (st) 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
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END
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April 28, 2021 05:31 ET (09:31 GMT)
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