Regal Petroleum PLC Response to media reports (6449W)
November 16 2017 - 1:00AM
UK Regulatory
TIDMRPT
RNS Number : 6449W
Regal Petroleum PLC
16 November 2017
16 November 2017
Regal Petroleum plc
("Regal" or the "Company")
Response to media reports regarding
Ukrainian Tax Authorities searches
Regal Petroleum plc (AIM: RPT), the AIM-quoted oil and gas
exploration and production group, notes recent local press and
media reports regarding actions against Regal group companies in
Ukraine by the Ukrainian Tax Authorities ("Tax Authorities") and
can confirm that its premises in Ukraine were the subject of
searches and seizures by the Tax Authorities on 10 November
2017.
On that date, officials from the Tax Authorities entered Regal's
offices in Kiev and its operations office and warehouse in
Yakhnyky, where its Mekhediviska-Golotvshinska ("MEX-GOL") and
Svyrydivske ("SV") fields are located. During the searches, the
officials from the Tax Authorities inspected and removed certain
documents. The officials also served an order impounding certain
equipment at the Company's warehouse in Yakhnyky. This equipment
comprises stock of spare parts and equipment for the MEX-GOL and SV
field operations and inventory equipment for future field
development projects. In addition, the Tax Authorities have
suspended the VAT registration of one of the Company's
subsidiaries, which affects the subsidiary's ability to issue VAT
invoices and creates additional accounting administration for this
subsidiary and its contractual counterparties.
At this time, the Company's business activities continue
normally and the actions of the Tax Authorities have not impacted
ongoing operations at the Company's fields.
The Company has reviewed the documentation provided by the Tax
Authorities to support the searches and impounding of equipment,
and considers the stated grounds for such searches and impounding
to be entirely unjustified and without any foundation. Furthermore,
the Company considers the manner in which the searches were
conducted to be in contravention of Ukrainian law in a significant
number of areas. The Company considers that these types of events
are unhelpful and detrimental to the overall business investment
climate in Ukraine.
Regal has instructed its Ukrainian legal counsel to take all
appropriate action to protect its rights and to challenge the
actions of the Tax Authorities through the Ukrainian Courts.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Regal Petroleum plc Tel: 020 3427
3550
Chris Hopkinson, Chairman
Sergii Glazunov, CEO
Strand Hanson Limited Tel: 020 7409
3494
Rory Murphy / Richard Tulloch
Citigate Dewe Rogerson Tel: 020 7638
9571
Louise Mason-Rutherford /
Shabnam Bashir
This information is provided by RNS
The company news service from the London Stock Exchange
END
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