British Gas Firm Sound Energy Appeals $2.55 Million Moroccan Tax Reassessment

Sound Energy had filed an appeal with the administrative court against this tax reassessment, which had been rejected. The company had a 60-day deadline from the date of notification to appeal. This procedure has been initiated, according to a statement from the management.

"As previously announced, the Company remains firmly convinced that the assessments imposed on SEMS, based on alleged historical intra-group transactions between SEMS and Sound Energy Morocco East Limited that would have taxable bases, have been misinterpreted by the Moroccan tax authorities," Sound Energy said.

It added: "The Company, with its advisors, continues to seek to engage constructively with the authorities, but in the meantime, continues to defend its rights before the courts and will continue to do so should the Moroccan tax authorities not withdraw the assessments levied against SEMS."