Sound Energy PLC Update re Sound Energy Morocco East Moroccan Tax (2487S)
13 Luglio 2022 - 8:00AM
UK Regulatory
TIDMSOU
RNS Number : 2487S
Sound Energy PLC
13 July 2022
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law
by the European Union (Withdrawal) Act 2018. Upon the publication
of this announcement, this inside information is now considered to
be in the public domain.
13 July 2022
Sound Energy plc
("Sound Energy" or the "Company")
Update re Sound Energy Morocco East Moroccan Tax
Sound Energy, the transition energy company, announced on 30
September 2021 that its wholly owned subsidiary Sound Energy
Morocco East Ltd ("SEME") had filed to the Moroccan Court its
challenge to the remaining charges against SEME relating to the
Moroccan Tax Administration's assessment of the signing in October
2018 of a brand-new petroleum agreement for exploration at Greater
Tendrara (the "New Petroleum Agreement").
Under the remaining charges against SEME the Moroccan Tax
Administration alleged that SEME had disposed of assets to
Schlumberger in entering into the New Petroleum Agreement,
triggering a claimed total taxation liability for SEME of
approximately US$2.55 million (the "Remaining SEME Charges"). The
Company remains of the strong opinion that the Remaining SEME
Charges result from an incorrect interpretation by the Moroccan Tax
Administration of the entry of the New Petroleum Agreement.
SEME has now been informed that the tribunal pronounced its
decision in a public hearing in respect of the Remaining SEME
Charges, with the judge rejecting SEME's demand for the annulment
of the prior decision of the commission in respect of the Remaining
SEME Charges (the "Notification").
The Notification does not provide reasons for, or details of,
the tribunal's decision.
The tribunal's reasons for the decision will be available in due
course. SEME will then consider the tribunal's reasons and decide
what further steps it will take including but not limited to
lodging an appeal.
In addition to the Remaining SEME Charges, the Moroccan tax
claims against Sound Energy Morocco SARL AU ("SEMS") related to the
Tendrara Lakbir Exploration Permits and the transfer of
Operatorship from SEMS to SEME (the "SEMS Claims") remain in due
process. Under the SEMS Claims the Moroccan Tax Administration
purports a so-called disposal for nil consideration of intangible
assets by SEMS to SEME.
Further announcements will be made, as appropriate, in due
course.
Graham Lyon, Sound Energy's Executive Chairman, commented:
"We are both surprised and disappointed with this ruling.
Clearly, this is not what was expected and reflects poorly on the
application and understanding of the applicable legislative code in
Morocco. We will both appeal to the Moroccan higher courts and
reflect on the ruling with the various Moroccan ministries given
its impact for new entrants into Morocco.
It remains perplexing that the entry of a new petroleum
agreement awarded by Government agreement, with its own exploration
work commitment negotiated with the State of Morocco and covering
different geographic areas/time periods, can be purported to be a
'sale' of acreage previously surrendered to the Government.
Confusion has arisen due to a previous notification by the
Company on 23 July 2018 whereby an entrant into the Tendrara Lakbir
licence was postulated. This transaction never occurred. The
Greater Tendrara exploration licence is not the continuation of the
Tendrara Lakbir exploration licence.
We believe an error has been made and, whilst the Company,
together with its advisors, continues to seek to engage
constructively with the authorities, Sound Energy will continue to
defend its rights through the Courts in relation to all outstanding
claims."
For further information please contact:
Vigo Consulting - PR Adviser Tel: +44 (0)20 7390 0230
Patrick d'Ancona
Finlay Thomson
Sound Energy chairman@soundenergyplc.com
Graham Lyon, Executive Chairman
Cenkos Securities - Nominated Adviser Tel: +44 (0)20 7397 8900
Ben Jeynes
Peter Lynch
SP Angel Corporate Finance LLP - Tel: +44 (0)20 3470 0470
Broker
Richard Hail / Stuart Gledhill / Adam
Cowl
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDFFFSIDIIFLIF
(END) Dow Jones Newswires
July 13, 2022 02:00 ET (06:00 GMT)
Grafico Azioni Sound Energy (LSE:SOU)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Sound Energy (LSE:SOU)
Storico
Da Apr 2023 a Apr 2024