Through a placement to institutional and sophisticated investors, Empire Energy Group Limited has raised gross proceeds of $12 million.
The funds raised from the placement will be used to progress exploration activities in Empire’s 100 per cent owned EP187 tenement in the Beetaloo Basin, Northern Territory including the first exploration well targeting the Velkerri Shale.
2D seismic data acquired in EP187 is currently being processed and interpreted to determine final locations for exploration drilling, which is scheduled to commence in the 2020 dry season and is subject to regulatory approvals.
Empire Managing Director Alex Underwood said this capital raising positions Empire to build the value of its shale properties in the Beetaloo and McArthur Basins through disciplined exploration investment.
“Our preparation for the EP187 2020 drilling program targeting the liquids-rich gas window of the Velkerri Shale is progressing well and is now fully funded,” said Mr Underwood.
“Substantial appraisal activities by our neighbours in these basins are already underway and expected to continue throughout 2019 and 2020.”
Empire will issue 30 million fully paid ordinary shares at an issue price of $0.40 per share, representing approximately 12.9 per cent of the shares on issue.
The balance of the funds raised from the placement will be used for working capital.
For more information visit the Empire website.
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