JKX Oil & Gas said investigations by police in Ukraine are continuing into the company’s subsidiary Poltava Petroleum Company (PPC).
The move is in connection with a criminal investigation of alleged misappropriation of funds linked to PPC’s activities following police searches of its offices and homes of two its executives last month.
In a statement, JKX said PPC “continues to cooperate with the investigation” and said the “scope of the investigation” seems to have broadened from the original search warrant.
The matter has now also been referred by JKX to both the British and US embassies in Ukraine for their assistance in engaging with the relevant authorities to resolve the situation.