Request to Court to cancel the remaining tax claim in relation to the signing of Greater Tendrara Petroleum Agreement
Sound Energy, the Moroccan focused upstream gas company, confirms that, further to the Company’s announcement of 6 August 2021, its wholly owned subsidiary Sound Energy Morocco East Ltd (“SEME”) has now filed to the Moroccan Court its challenge to the remaining charges relating to the Moroccan Tax Administration’s assessment of a purported disposal of assets by SEME to Schlumberger in relation to the signing in October 2018 of a brand-new petroleum agreement for exploration at Greater Tendrara (the “Filing”). The Filing has been made within the stipulated period of 60 days from the date of the local Tax Committee Decision.
As previously announced the Company remains of the strong opinion that the remaining charges against SEME in respect of entry of the new Greater Tendrara petroleum agreement 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 will continue to defend its rights through the Court in the event that the Moroccan Tax Authority does not drop the charges against SEME. The previously notified tax claims against Sound Energy Morocco SARL AU remain in due process.
Further announcements will be made, as appropriate, in due course.
For further information please contact:
Graham Lyon, Executive Chairman