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Empyrean Energy PLC - Western Australia-based oil & gas explorer and producer with assets in China, Indonesia and US - Raises GBP1.8 million in placing of 121.8 million shares at 1.5 pence each. Will use funds to complete further post well analysis of Jade well, cover costs of drilling at Jade, as well as a "comphresenive oil migration study with China National Offshore Oil Co for potential oil charge to the Topaz prospect. It will also be used for general working capital.
Initial conclusion of regional oil charge analysis in and around Block 29/11 are "encouraging", it says. The migration analysis is targeted for completion at the end of May, when a final decision about whether to enter a second phase of exploration is likely to be made.
"This capital raising and debt restructuring will allow Empyrean to move forward with its plans to maximise the value at the Mako Gas field whilst completing a comprehensive analysis of all pre-drill and post-drill technical data to ensure that we proceed with the drill preparations at Topaz with due diligence and confidence," says Chief Executive Officer Tom Kelly.
Current stock price: 1.50 pence
12-month change: down 73%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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