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JKX OIL & GAS HIT BY THIRD POLICE RAID IN UKRAINE (six news articles)
National Police of Ukraine raids taking on form of extreme harassment rather than a legitimate investigation​
JKX Oil & Gas plc, London, UK, Wed, 25 Jan 2017
("JKX", the "Company" or the "Group")
LONDON -- JKX Oil & Gas plc ('JKX') reports that yesterday, January 24, members of the National Police of Ukraine carried out an unannounced search of the Kyiv office of JKX's subsidiary Poltava Petroleum Company ('PPC'). This follows previous searches at the Poltava offices of PPC on 14 June 2016 and 11 January 2017, as previously disclosed. [JKX Oil & Gas is a member of the U.S.-Ukraine Business Council (USUBC), www.USUBC.org.]
As the scope of the investigation continues to broaden without any apparent reason, justification, outcome or conclusion, it is increasingly taking on the form of harassment rather than a legitimate investigation into PPC's business operations. The Group strongly believes that these actions are unfounded. PPC continues to cooperate with the enquiry, and has been providing all materials requested in the search warrants in full and in a timely manner. JKX and PPC maintain that PPC is in full legal compliance with all relevant Ukrainian law and regulation.
JKX supports the intention of the Government of Ukraine as expressed by Prime Minister Volodymyr Groysman on 23 January, "to declare war on everyone who hampers entrepreneurs creating new jobs and the Government leading the country out of absolute poverty." 1 As a leading investor and employer in Ukraine over the past 22 years, the Company believes it is exactly this kind of harassment that the Government is attempting to halt.
1 "Prime Minister urges authorities to facilitate business be efficient and to protect it daily", 23 January 2017
ABOUT: JKX Oil & Gas plc
JKX is an independent oil and gas exploration company that is listed on the London Stock Exchange. Ukraine is one of the key markets in which it operates. It also has licenses to operate in Russia, Hungary and Slovakia. In Ukraine, JKX's wholly-owned subsidiary Poltava Petroleum Company ('PPC') is one of the largest private producers of oil and gas in Ukraine, and has been a leading investor and employer in Ukraine for 22 years. JKX is a member of the U.S.-Ukraine Business Council (USUBC), www.USUBC.org.
LINK: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/JKX/13105823.html
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(2) EVENING STANDARD
http://www.standard.co.uk/business/we-re-being-harassed-in-ukraine-claims-jkx-a3449356.html
We’re being harassed in Ukraine, claims JKX
Russell Lynch, Evening Standard | 2017-01-25T11:32:06+00:00
Oil and gas explorer JKX hit out at a “harassment” campaign today after a third police raid on its Ukraine offices. JKX’s Ukrainian subsidiary PPC, which is embroiled in a tax dispute with the government, said its Kiev headquarters was raided by 24 officers this week, after two earlier swoops in Poltava. JKX said today the campaign was “increasingly taking on the form of harassment rather than a legitimate investigation”.
The London-listed firm cited prime minister Volodymyr Groysman’s ambition to “declare war on everyone who hampers entrepreneurs creating new jobs”. It added: “The company believes it is exactly this kind of harassment that the government is attempting to halt.”
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(3) OIL VOICE
https://www.oilvoice.com/Press/1652/JKX-receive-unannounced-search-of-the-Kyiv-office
JKX receive unannounced search of the Kyiv office
Police Inspection in Kyiv
JKX Oil & Gas plc ('JKX') reports that yesterday, January 24, members of the National Police of Ukraine carried out an unannounced search of the Kyiv office of JKX's subsidiary Poltava Petroleum Company ('PPC'). This follows previous searches at the Poltava offices of PPC on 14 June 2016 and 11 January 2017, as previously disclosed.
As the scope of the investigation continues to broaden without any apparent reason, justification, outcome or conclusion, it is increasingly taking on the form of harassment rather than a legitimate investigation into PPC's business operations. The Group strongly believes that these actions are unfounded. PPC continues to cooperate with the enquiry, and has been providing all materials requested in the search warrants in full and in a timely manner. JKX and PPC maintain that PPC is in full legal compliance with all relevant Ukrainian law and regulation.
JKX supports the intention of the Government of Ukraine as expressed by Prime Minister Volodymyr Groysman on 23 January, "to declare war on everyone who hampers entrepreneurs creating new jobs and the Government leading the country out of absolute poverty." 1 As a leading investor and employer in Ukraine over the past 22 years, the Company believes it is exactly this kind of harassment that the Government is attempting to halt.
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(4) NATURAL GAS WORLD
http://www.naturalgasworld.com/jkx-slams-police-harassment-after-latest-raid-35578
JKX Slams Police 'Harassment' After Latest Raid
naturalgasworld.com | January 25th, 2017
UK-listed producer JKX Oil & Gas, in a statement on January 25, has characterised police raids on its offices as "harassment." It said that members of the National Police of Ukraine carried out an unannounced search of the Kiev office of JKX's subsidiary Poltava Petroleum Company (PPC) January 24, following previous searches at PPC's offices in Poltava on June 14 2016 and January 11 2017 as previously disclosed.
"As the scope of the investigation continues to broaden without any apparent reason, justification, outcome or conclusion, it is increasingly taking on the form of harassment rather than a legitimate investigation into PPC's business operations. The group strongly believes that these actions are unfounded."
The company said that PPC continues to cooperate with the enquiry, and has been providing all materials requested in the search warrants in full and in a timely manner: "JKX and PPC maintain that PPC is in full legal compliance with all relevant Ukrainian law and regulation."
JKX added that it supports the intention of Ukraine's Prime Minister Volodymyr Groysman, expressed on January 23, "to declare war on everyone who hampers entrepreneurs creating new jobs and the government leading the country out of absolute poverty."
As a leading investor and employer in Ukraine for 22 years, JKX said it believes it is exactly this kind of harassment that the government seeks to halt. Four months ago JKX outlined plans to unlock 600bn ft³ of recoverable gas reserves at Ukraine's Rudenkivske gas field. Its net production for the first eight months of 2016, centred on Russia and Ukraine, was up 17.5% at 10,271 boe/d -- chiefly due to increased output in Russia. Overall revenues though were down by a fifth because of lower prices.
Mark Smedley
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(5) ENERGY VOICE
https://www.energyvoice.com/oilandgas/129715/jkx-slams-unfounded-police-raid/
JKX slams “unfounded” police raid
Written by Rita Brown - 25/01/2017 9:12 am; Energy Voice
JKX today slammed what it dubbed an “unfounded” police raid.
Two dozen members of the National Police of Ukraine carried out an unannounced search of the Kyiv office of JKX’s subsidiary Poltava Petroleum Company (PPC) yesteday.
It is the third unannounced search this month at PPC’s Poltava offices.
JKX said the investigation “continues to broaden without any apparent reason, justification, outcome or conclusion, it is increasingly taking on the form of harassment rather than a legitimate investigation into PPC’s business operations”.
A spokesperson said: “The group strongly believes that these actions are unfounded. PPC continues to cooperate with the enquiry, and has been providing all materials requested in the search warrants in full and in a timely manner. JKX and PPC maintain that PPC is in full legal compliance with all relevant Ukrainian law and regulation.
JKX supports the intention of the Government of Ukraine as expressed by Prime Minister Volodymyr Groysman on 23 January, ‘to declare war on everyone who hampers entrepreneurs creating new jobs and the Government leading the country out of absolute poverty.’As a leading investor and employer in Ukraine over the past 22 years, the company believes it is exactly this kind of harassment that the Government is attempting to halt.”
JKX is an independent oil and gas exploration company that is listed on the London Stock Exchange. Ukraine is one of the key markets in which it operates. It also has licenses to operate in Russia, Hungary and Slovakia. In Ukraine, JKX’s wholly-owned subsidiary PPC is one of the largest private producers of oil and gas in Ukraine.
© 2017 Energy Voice. All rights reserved.
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(6) ALLIANCE NEWS
JKX Oil Says Kiev Offices Raided For Third Time By Ukraine Police
LONDON (Alliance News) - JKX Oil & Gas PLC on Wednesday said Ukraine police have raided the ...
LONDON (Alliance News) - JKX Oil & Gas PLC on Wednesday said Ukraine police have raided the offices in Kiev of its Poltava Petroleum Co subsidiary for the second time this month and for the third time in total.
JKX Oil and Ukraine have been battling over the amount of production taxes owed by the London-listed company's subsidiary since 2011, with the country contributing the majority of JKX's revenue and profit compared to its operations in Russia.
Although an international arbitration tribunal made an interim award in favour of JKX Oil to prevent Ukraine from imposing some rental fees, authorities have failed to comply and are continuing to investigate. JKX Oil sought the help from foreign embassies to try to settle the dispute last year.
On Wednesday, JKX Oil said the third raid follows on from raids earlier in January and in June 2016.
"As the scope of the investigation continues to broaden without any apparent reason, justification, outcome or conclusion, it is increasingly taking on the form of harassment rather than a legitimate investigation into Poltava Petroleum Co's business operations," said the company.
"The group strongly believes that these actions are unfounded. Poltava Petroleum continues to cooperate with the enquiry, and has been providing all materials requested in the search warrants in full and in a timely manner. JKX and Poltava Petroleum maintain that Poltava Petroleum is in full legal compliance with all relevant Ukrainian law and regulation," JKX added.
The company said it supported the intention from the government of Ukraine expressed by Prime Minister Volodymyr Groysman on Monday "to declare war on everyone who hampers entrepreneurs creating new jobs and the government leading the country out of absolute poverty".
"As a leading investor and employer in Ukraine over the past 22 years, the company believes it is exactly this kind of harassment that the government is attempting to halt," JKX said.
JKX shares were untraded Wednesday, last trading at 28.85 pence per share.
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