(Alliance News) - Oriole Resources PLC on Monday said it has received a GBP165,000 tax rebate from HM Revenue & Customs.
The stock was trading 26% higher at 0.39 pence each on Monday afternoon in London.
The exploration company said that the rebate for 2019 is in relation to a Research & Development tax relief claim in respect of geo-scientific advances sought through its exploration programmes.
Oriole said the cash will be used to progress its technical programme in Cameroon, which is expected to continue with a maiden drilling programme later on 2020.
"This is a significant uplift on previous rebates, reflecting the level of exploration work undertaken by the company in Cameroon during 2019. Securing this rebate so soon after the year end enables us to progress our planning for the next field season in Cameroon," said Chief Financial Officer Bob Smeeton.
Oriole has previously received rebates from the UK taxman, including GBP522,000 for 2018, GBP557,000 for 2017, and GBP40,000 in 2016.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Oriole Resources (ORR)