REG - Serinus Energy PLC - Serinus Wins VAT Litigation Case in Romania

Serinus EnergyAnnouncement

14/02/2025 07:15

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RNS Number : 0877X  Serinus Energy PLC  14 February 2025

14 February 2025

 

Press Release

Serinus Wins VAT Litigation Case in Romania

 

Jersey, Channel Islands, 14 February 2025 - Serinus Energy plc (the "Company")
is pleased to announce that the Superior Court of Cassation and Justice of
Romania has ruled in favor of Serinus Energy Romania vs. Agenția Națională
de Administrare Fiscală ("ANAF"), in the case of the rejected Value-Added Tax
("VAT") refunds.

 

In 2018 and 2019, ANAF, the Romanian tax authority, refused to refund VAT
amounts totalling RON 8.32 million (approximately US$1.73 million) after a
routine VAT return submissions in those years. ANAF claimed this VAT couldn't
be refunded to Serinus because it was attributed to the 40% share of a
defaulted partner, OEBS. This decision disregarded the fact that Serinus paid
100% of all costs, including VAT, and that under the Joint Operating
Agreement, Serinus handled all payments and distributions for the joint
venture. All other VAT rebate claims both prior and post this claim have been
fully paid to Serinus. In 2022 the conclusion of the ICC Arbitration affirmed
that the defaulted partner had no rights subsequent to its default; this
includes any claim to VAT paid on its behalf by Serinus.

 

In addition to the award of the VAT refunds, Serinus is also awarded interest
compensation for the delayed refund of the VAT funds in the amount of RON 3.61
million (approximately US$0.75 million). ANAF is obliged to provide the VAT
refund and interest amounts within 45 days of receiving official notification
of the award.

 

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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