Police Inspection in Kyiv
JKX Oil & Gas plc ('JKX') reports that yesterday, January 24, members of the National Police of Ukraine carried out an unannounced search of the Kyiv office of JKX's subsidiary Poltava Petroleum Company ('PPC'). This follows previous searches at the Poltava offices of PPC on 14 June 2016 and 11 January 2017, as previously disclosed.
As the scope of the investigation continues to broaden without any apparent reason, justification, outcome or conclusion, it is increasingly taking on the form of harassment rather than a legitimate investigation into PPC's business operations. The Group strongly believes that these actions are unfounded. PPC continues to cooperate with the enquiry, and has been providing all materials requested in the search warrants in full and in a timely manner. JKX and PPC maintain that PPC is in full legal compliance with all relevant Ukrainian law and regulation.
JKX supports the intention of the Government of Ukraine as expressed by Prime Minister Volodymyr Groysman on 23 January, "to declare war on everyone who hampers entrepreneurs creating new jobs and the Government leading the country out of absolute poverty." 1 As a leading investor and employer in Ukraine over the past 22 years, the Company believes it is exactly this kind of harassment that the Government is attempting to halt.