REG - Sound Energy PLC - Update re Moroccan Tax Administration Notification

Sound EnergyAnnouncement

02/11/2022 07:00

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RNS Number : 9867E  Sound Energy PLC  02 November 2022

 

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2 November 2022

 

Sound Energy plc

("Sound Energy", the "Company" and together with its subsidiary undertakings
the "Group")

 

 

Update re Moroccan Tax Administration Notification

 

Sound Energy, the transition energy company, provides an update to the
Company's announcements of 7 September 2022 and 14 September 2022, confirming
its wholly owned dormant subsidiary Sound Energy Morocco SARL AU ("SEMS") has
now filed to the Moroccan Court its challenge to the assessments levied
against SEMS, relating to the Moroccan Tax Administration's assessment of
purported historical taxable events (the "Filing"). The Filing has been made
within the stipulated period of 60 days from the date of notification of the
local tax committee decision.

 

As previously announced, the Company remains of the strong opinion that the
assessments levied against SEMS, that certain purported historical intra Group
transactions between SEMS and Sound Energy Morocco East Limited have taxable
bases, have been wrongly interpreted by the Moroccan Tax Administration.

 

The Company, together with its advisors, continues to seek to engage
constructively with the authorities but in the meantime continues to defend
its rights through the Court and will continue to do so in the event that the
Moroccan Tax Authority does not withdraw the assessments levied against SEMS.

 

Further announcements will be made, as appropriate, in due course.

 

 

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 (mailto:chairman@soundenergyplc.com)

 Graham Lyon, Executive Chairman

 Cenkos Securities - Nominated Adviser      Tel: +44 (0)20 7397 8900

 Ben Jeynes

 Pete Lynch

 SP Angel Corporate Finance LLP             Tel: +44 (0)20 3470 0470

 Richard Hail

 Gneiss Energy Limited - Financial Adviser

 Jon Fitzpatrick / Paul Weidman             Tel: 44 (0)20 3983 9263

 

 

 

 

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