Serinus Energy PLC (AIM:SENX) shares traded up in Friday’s early deals, rising 9% to 2.6p, after announcing it had won a legal battle in Romania.
The company, in a statement, said the Superior Court of Cassation and Justice of Romania ruled in its favour in a VAT litigation case against the Romanian tax authority.
Serinus said the ruling relates to VAT refunds of RON 8.32 million (approximately US$1.73 million), which ANAF refused to refund in 2018 and 2019. The court also awarded Serinus interest compensation of RON 3.61 million (approximately US$0.75 million).
The ruling requires payment be made within 45 days, Serinus added.