Empyrean Energy PLC adds US tax refund to kitty

’s () coffers have been boosted by a US$357,702 US tax refund.

The company, in a brief stock market statement, noted that it received the refund following submission of Empyrean’s federal tax return with the US Internal Revenue Service for the 31 March 2020 financial year.

The company has interests in the US, in the Sacramento Basin, and in China where it has the high impact Jade and Topaz exploration projects.

READ: Empyrean’s Chinese prospects upgraded by Cenkos

In a recent note, stockbroker Cenkos highlighted that Jade and Topaz had been substantially de-risked and are estimated to have among the best geological chance of success (GCoS) of any prospects in the world.

Cenkos highlighted that Empyrean plans to drill the Jade well as soon as practicable and has a deadline of June 2022.

The stockbroker repeated a ‘buy’ recommendation and highlighted a valuation that suggests significant upside potential for the AIM-quoted shares.

Analyst James McCormack has updated his view of Jade and Topaz valuing them at 15.3p and 9.7p, up from 11.9p and 6.3p respectively. Both valuations are pitched significantly higher than Empyrean’s current price.