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IN BRIEF: Empyrean up after fundraise for Chinese, Indonesian projects

13th Feb 2024 09:53

Empyrean Energy PLC - Subiaco, Australia-based oil and gas developer with projects in China, Indonesia and the US - Raises GBP700,000 through the placing of 280.0 million new shares at a price of 0.25p each. Those subscribed to the placing will also receive one warrant, exercisable at 0.5p for every two placing shares subscribed for. The issue price of 0.25p represents a 21% discount to Empyrean's Monday closing share price of 0.315p, and a 27% discount to the volume weighted average price of 0.343p for the ten-days prior.

Empyrean says that the proceeds will go towards ongoing prospect, licencing and permit costs at Block 29/11, an oil project located in the Pearl River Mouth basin, offshore China. Proceeds will also be used for advancing Empyrean's Mako gas field in Indonesia towards production. Conrad Asia Energy Ltd, the 77% owner of Mako, is currently conducting a sell-down process to with an unnamed global investment bank to fund development of the project. Empyrean says that the placing offer will also help finalise a gas sales agreement with Sembcorp Gas Pte Ltd, a Singapore-based gas buyer.

Current stock price: 0.34 pence per share, up 7.9% in London on Tuesday morning.

12-month change: down 77%

By Hugh Cameron, Alliance News reporter

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