Shares in Sound Energy PLC fell Tuesday after the company said it has received an additional notification from Morocco’s tax authority related to a notification it received last year.
The Morocco-focused, U.K.-listed gas company in September said its Sound Energy Morocco East Ltd. subsidiary had received a notification by the Moroccan General Tax Administration of a reassessment in respect of Moroccan taxes related to the fiscal period 2016 to 2018.
In addition, Sound Energy’s dormant subsidiary Sound Energy Morocco SARL AU has now received an information request and a further written notification from the Moroccan Tax Administration notifying a reassessment in respect of Moroccan taxes related to the fiscal period 2016 to 2017.
Sound Energy said it entirely refutes the Moroccan tax authority’s position and is liaising with governmental authorities to seek a satisfactory conclusion of the matter. The company said it will write to the Moroccan Tax Administration to formally refute the assessment.