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(Alliance News) - Oriole Resources PLC has received over GBP100,000 from the UK taxman, it said Monday, and it expects further rebates in 2020.
London-based Oriole made research & development tax relief claims against HMRC for 2017 and 2018, following a previously successful claim for 2016 worth GBP40,000.
In April, it received a payment of GBP522,000 for 2018, having already received GBP557,000 for 2017 and GBP593,000 in 2018.
Oriole will be submitting its rebate claim for 2019 in early 2020, and it believes given a "significant" increase in technical work at projects in Cameroon the amount due that year will be well above what has been received so far.
Chief Financial Officer Bob Smeeton said: "The continued support from the R&D tax credit regime is a valuable resource to extend our geological research work in Cameroon.
"Following the excellent early results to date at the Bibemi project in particular, the team is currently mobilising to site and will be following-up on these results and on the outcomes of the technical review meetings we held over the summer. We look forward to progressing all our projects as we now head into the 2019/20 field season."
Shares were untraded on Monday morning in London, last quoted at a price of 0.26 pence each.
By George Collard; georgecollard@alliancenews.com
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