(Alliance News) - Empyrean Energy PLC on Wednesday said it has raised GBP420,000 through the placing of 4.7 million shares at a premium to their market price.
The placing was conducted at 9 pence per share. The oil and gas development stock was up 5.1% on the day Thursday in London at 8.20p each.
Empyrean said intends to use the placing proceeds to meet its contributions to the drilling campaign at the Duyung PSC - or production sharing contract - in the West Natuna basin, offshore Indonesia, in which Empyrean holds 8.5% interest.
It will use part of money for general working capital purposes.
Chief Executive Thomas Kelly subscribed for 2.2 million shares under the placing and how has a total shareholding of 88.1 million shares, which represents 19.7% of Empyrean's issued share capital.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Empyrean (EME)