RNS Number : 9375X
Sound Energy PLC
03 September 2020



3 September 2020


Sound Energy plc

("Sound Energy" or the "Company")



Notification From Moroccan Tax Authorities


Sound Energy, the Moroccan focused upstream gas company, announces that it has received a written notification by the Moroccan General Tax Administration (the "Moroccan Tax Administration") of a re-assessment in respect of Moroccan taxes (the "Notification") pursuant to a tax audit undertaken on Sound Energy Morocco East Limited, the Company's wholly owned subsidiary, by the Moroccan Tax Administration during 2020 and related to the fiscal period 2016 to 2018.


In the Notification, the Moroccan Tax Administration has assessed additional corporate and value-added tax liabilities totaling approximately US$14 million pursuant to historical licensing changes. According to their assessment, the historical licensing changes detailed in the Notification relate the Tendrara Lakbir Permit and the transfer of interest from Sound Energy Morocco SARL AU to Sound Energy Morocco East Limited. The Company believes that the assessment arises from a misunderstanding of the historical licensing changes and together with its advisors will be engaging with the Moroccan Tax Administration to provide clarity and to seek to resolve the misunderstanding.


The Company has 30 days from the receipt of the Notification to formally respond to the Notification and whilst the Company will be engaging constructively with the Moroccan Tax Administration in order to resolve the perceived misunderstanding, it will formally write to the Moroccan Tax Administration to formally refute the assessment and the basis thereof.


A further announcement will be made, as appropriate, in due course.




For further information please contact:


 Vigo Communications - PR Adviser

 Patrick d'Ancona

 Chris McMahon 


Tel: 44 (0)20 7390 0230

 Sound Energy

 Graham Lyon, Executive Chairman




 Cenkos Securities - Nominated Adviser

 Ben Jeynes 

 Russell Cook


Tel: 44 (0)20 7397 8900

 Turner Pope Investments (TPI) Ltd - Broker

 Andy Thacker

Tel: (0)20 3657 0050


The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.