7th Jan 2016 08:14
LONDON (Alliance News) - JKX Oil & Gas PLC on Thursday welcomed the move by the Ukraine government to cut the gas production tax in the country to 29% from 55% previously.
JKX said it has been campaigning for the changes, which came into effect on January 1, for some time and said the move should help restore the viability of new capital investment by independent gas producers in Ukraine.
The company has plans in place to reinstate suspended drilling programmes in Ukraine and will continue to push ahead with this following the change.
JKX said the changes does not effect its USD270.0 million international arbitration claim for damages in the recovery of the overpayment of production taxes in Ukraine.
Shares in JKX were down 0.9% at 26.26 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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