Sound Energy shares opened higher on Thursday after announcing they had received written confirmation from a Moroccan court that a tax claim against them has been finalised.
Sound Energy announced the withdrawal of all tax claims against it in the final results earlier this year – today’s announcement confirms written acknowledgement by the Moroccan authorities.
In a short statement that offered little detail, Sound Energy said they ‘the court has now confirmed in writing its judgement – with both remaining court cases now formally closed.’
In full-year results issued in May, Sound Energy said:
“The ongoing dispute with the Moroccan authorities over tax continued to be an unhelpful drain on the Company’s time and resources.”
Sound Energy is developing LNG assets in Morocco, including the advanced Tendrara project. Having undergone extensive funding activities this year, Sound hope to deliver its first revenue in early 2024.