Energean Oil & Gas PLC Kavala Oil Tax Appeal Final Decision (1603T)
July 02 2018 - 2:00AM
UK Regulatory
TIDMENOG
RNS Number : 1603T
Energean Oil & Gas PLC
02 July 2018
For immediate release
Energean Oil & Gas plc
("Energean" or the "Company")
Kavala Oil Tax Appeal Final Decision
London, 2(nd) July 2018 - Energean Oil and Gas plc (LSE: ENOG),
the independent oil and gas exploration and production company
focused on the Eastern Mediterranean, announces that the Athens
Administrative Court of Appeal has ruled in favour of Energean in
its final decision on the Company's appeal against certain tax and
transfer pricing penalties. Although the decision is considered to
be final and binding, the tax authorities have the right to submit
an appeal before the Council of State.
In its 2017 Annual Report and Accounts, Energean had recorded a
provision of US$6.9 million for the tax and transfer pricing
penalties relating to fiscal years 2006-2011, which were the
subject of this appeal. Following receipt of the final decision
this provision can be reversed. During 2015, Energean had been
required to make a mandatory prepayment of 50% of the total
exposure, EUR3.2 million, to the Greek tax authorities. Following
the final decision, Energean will proceed in recovering this
amount.
Enquiries
Energean Tel: 020 3859 3540
Kate Sloan
Camarco (Financial PR) Tel: 020 3757 4980
Billy Clegg
Georgia Edmonds
Owen Roberts
About Energean Oil & Gas
Energean is a London Premium-Listed independent E&P company
focused on the Eastern Mediterranean region, where it operates in
offshore Israel, Greece and the Adriatic and holds 13 licences. The
Group has 2P reserves of 51 Mmboe plus 2C resources of 45.9 Mmbbls
oil and 1.7 Tcf of gas.
In August 2017 the Company received Israeli Governmental
approval for the FDP for its flagship Karish-Tanin gas development
project, where it intends to use an FPSO and produce first gas for
the Israeli market in 2021. In Greece, the Company is pursuing an
ongoing investment and development programme to increase production
from its Prinos and Prinos North oil fields and to develop the
Epsilon oil field, located in the Gulf of Kavala, Northern
Greece.
Energean has five exploration licences offshore Israel, and a
25-year exploitation licence for the Katakolo offshore block in
Western Greece and additional exploration potential in its other
licences offshore Western Greece, and Montenegro.
www.energean.com
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END
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