(Alliance News) - Empyrean Energy PLC on Thursday said it has raised GBP365,580 through a share placing to partly cover the costs of the first phase of the upcoming drilling campaign at the Duyung production sharing contract.
Duyung - in which Empyrean holds an 8.5% interest - is located in the west Natuna basin, offshore Indonesia.
The oil and gas development company issued 3.7 million shares at a price of 10p each. Empyrean shares were trading 3.3% lower on Thursday in London at 9.77p each, giving it a market capitalisation of GBP42.9 million.
The placing price represents a 2.6% premium to the average price of Empyrean shares over the twenty trading days prior to the placing.
Following the placing, the company has 442.9 million shares overall. The placing shares have been issued to new sophisticated investors and also existing shareholders.
"With drilling set to commence at the Duyung, the company has taken the opportunity to secure further working capital to support its activities in the near term," said Chief Executive Tom Kelly.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Empyrean (EME)