Africa Oil Provides Kenya High Court Tax Appeal Update

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 Africa Oil Provides Kenya High Court Tax Appeal Update
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Dec 2 (Reuters) - Africa Oil Corp:


* AFRICA OIL PROVIDES KENYA HIGH COURT TAX APPEAL UPDATE

* ON 30 NOV, HIGH COURT OF KENYA ANNOUNCED DECISIONS ON CO'S TAX APPEAL CASE NUMBER 024 AND JUDGMENT WAS MADE AVAILABLE TO CO YESTERDAY

* COMPANY'S APPEAL WITH REGARD TO VAT ASSESSMENT WAS PARTLY SUCCESSFUL

* HIGH COURT CONCLUDED THAT COMPANY OWES VAT IN AN AMOUNT OF KENYAN SHILLINGS 2,293,334,065 (ABOUT US$ 18.7 MILLION)

* HIGH COURT CONCLUDED THAT KRA WAS CORRECT TO DISALLOW CERTAIN COSTS CLAIMED BY COMPANY

* HIGH COURT'S DECISION ON KRA'S APPEAL WITH REGARDS TO CIT IS NOT EXPECTED TO HAVE A MATERIAL CASHFLOW IMPACT TO COMPANY Source text for Eikon: Further company coverage:

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