REG - Serinus Energy PLC - Romania Government Misses Deadline to Refund VAT

Serinus EnergyAnnouncement

08/04/2025 07:00

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RNS Number : 0098E  Serinus Energy PLC  08 April 2025

8 April 2025

 

Press Release

Romania Government Misses Court-ordered Deadline to Refund VAT

 

Jersey, Channel Islands, 8 April 2025 - Serinus Energy plc (the "Company")
announces that the Agenția Națională de Administrare Fiscală ("ANAF"), the
Romanian fiscal authority, has failed to provide the Company with payment of
the Value-Added Tax ("VAT") refund within the 45 days from the notification of
the 14 February 2025 decision of the Superior Court of Cassation and Justice
of Romania (the "Court") in favour of Serinus Energy Romania vs. ANAF.

 

As announced on 14 February 2025 by the Company, the Court ruled definitively
in favour of the Company and ordered ANAF to refund VAT amounts totalling RON
8.32 million (approximately US$1.84 million at current exchange rates) to the
Company. ANAF has failed to make this payment within the stated timeframe and
has imposed partially offsetting solidarity tax claims on the Company. ANAF
states that the Company owes ANAF RON 3.34 million (approximately $0.74
million) from a 2022 solidarity tax computation along with deemed penalties of
RON 2.06 million (approximately $0.45 million). ANAF has claimed that it can
offset the Company's court award with this claim of the Company owing
solidarity tax. There is no wording in the court award decision that states
that ANAF can unilaterally offset the award against any other claims it may
have against the Company.

 

The solidarity tax was ruled unconstitutional by the Appeals Court of Romania
in September 2024, with the final constitutionality of the solidarity tax to
be determined before the Constitutional Court of Romania in upcoming
proceedings.

 

Serinus Romania has commenced litigation against ANAF on the solidarity tax
and is waiting for the hearing date to be set. The Company is also reviewing
other actions it could take in Romanian courts to ensure ANAF and the Romanian
Ministry of Finance meets its court-ordered obligation to the Company.

 

In addition to the award of the VAT refunds, Serinus was also awarded interest
compensation for the delayed refund of the VAT funds in the amount of RON 3.61
million (approximately US$0.80 million), which are also outstanding.

 

About Serinus

Serinus is an international upstream oil and gas exploration and production
company that owns and operates projects in Tunisia and Romania.

For further information, please refer to the Serinus website
(www.serinusenergy.com) or contact the following:

 

 Serinus Energy plc                                                   +44 204 541 7859

 Jeffrey Auld, Chief Executive Officer

 Calvin Brackman, Vice President, External Relations & Strategy

 Shore Capital (Nominated Adviser & Broker)

 Toby Gibbs                                                           +44 207 408 4090

 Lucy Bowden

 

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