RE: ASX & Chi-X (AUD)7 Nov 2019 12:24
On the 9th of January 2019 the Alaskan Department of Revenue ("DoR") informed the Company of the purchase of US$1.57m (A$2.2m) in tax credits, with the funds received directly applied against the Brevet debt facility. Debt outstanding at half-year ended 30 June 2019 totalled US$15.5 m (A$22.3m). Further, on the 26 March 2019, the Company was informed by the Alaska DoR that it had issued a Credit Certificate to Accumulate Energy Alaska Inc., (100% owned subsidiary of 88 Energy Ltd), for US$2.35m (A$3.4m) related to CY2016 2D seismic expenditure. The total expected cashable credits owed by the State to 88E at quarter end was US$19.1 m (A$27.3m), which is far in excess of debt outstanding of US$15.5m (A$22.3m).