--News Direct--
Empire Energy Group Ltd (ASX:EEG, OTC:EEGUF) MD Alex Underwood tells Proactive the company has strengthened its balance sheet with a A$15.6 million research and development (R&D) tax offset from the Australian Government, designed to encourage companies to pursue R&D activities and facilitate innovation. The scheme entitles companies with an aggregate global turnover of less than A$20 million to access a refundable tax offset of 43.5% of eligible expenditure on eligible R&D activities. Underwood also updates on strategy for project financing and offtake options for its gas.
"The Empire team is pleased to have received this R&D tax offset as it positions us to focus on completing the Pilot Project final investment decision (FID) process,” Underwood said.
“We are making material progress on the Pilot Project, advancing field development planning, including identifying locations for and the design of development wells and surface facilities, pipeline access negotiations, a formal gas sales marketing process, regulatory and indigenous approvals, and planning for project financing.”
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
Jonathan@proactiveinvestors.com
View source version on newsdirect.com: https://newsdirect.com/news/empire-energy-talks-15-6-million-randd-refund-and-commercial-initiatives-433972449
