JKX Oil & Gas announced on July 13, 2016, that the police investigation into its Ukrainian subsidiary, Poltava Petroleum Company, which started on 14 June 2016, is continuing.
Since the initial visit the local police have continued to request additional documentary information, most recently on 11 July.
Poltava Petroleum Company is continuing to cooperate fully with the ukrainian authorities and believes that it is in full legal compliance with the matters outlined in the police requests and that this action is completely unjustified.
The Company is considering taking further legal action. No disruption to the business has occurred as a result of this action.
The company informed, that further announcements on this subject will be made as and when appropriate.
When this happened in mid-June 2016, JKX Oil & Gas promptly confirmed that the Ukrainian police visited its Ukrainian subsidiary, Poltava Petroleum Company ("PPC") and the homes of 2 of its senior employees, without prior notice.
They were searching for documents in relation to the investigation of claims of alleged underpaid taxes which have been made by a local prosecutor.
Furthermore the Company believes the police action to be in violation of the Emergency Awards that have been granted in favour of JKX and PPC and against the Ukrainian authorities by the Hague Tribunal and it was considered as its next steps.