30th Jun 2014 12:16
LONDON (Alliance News) - Eland Oil & Gas PLC Monday said its joint venture company Elcrest Exploration and Production Nigeria Ltd has received approval for a five-year tax exemption on the OML 40 licence.
Eland Oil holds a 45% stake in Elcrest, with the remaining stake held by Starcrest Energy Nigeria Ltd.
In March, Eland Oil said Elcrest was in discussion with relevant government departments in Nigeria regarding its tax status.
"These discussions have now been concluded successfully and Elcrest has received approval of the give year tax holiday on its OML 40 development," Eland said in a statement.
The five-year period begins immediately through to the second quarter 2019.
Eland Oil & Gas shares were up 2.0% at 113.00 pence Monday afternoon.
By Anthony Tshibangu; [email protected];
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