The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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
Graham Lyon, Executive Chairman
Cenkos Securities - Nominated Adviser
Tel: 44 (0)20 7397 8900
SP Angel Corporate Finance LLP
Tel: 44 (0)20 3470 0470
Gneiss Energy Limited - Financial Adviser
Jon Fitzpatrick / Paul Weidman
Tel: 44 (0)20 3983 9263