TIDMEME
RNS Number : 9455H
Empyrean Energy PLC
13 June 2017
This announcement contains inside information
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil &
Gas
13 June 2017
Empyrean Energy PLC ('Empyrean' or 'the Company')
Placing and Option Exercise to Raise a total of GBP862,800 to
Advance Bolstered Portfolio
-- Placing to raise GBP0.56 million and exercise of options to raise a further GBP0.3 million
-- Funding now in place to support Empyrean's highly active appraisal and exploration programme
-- JV partner and operator Sacgasco directors participate in Empyrean placing
-- Empyrean CEO exercises options and increases shareholding to 14.9%
-- Gaz Bisht (Topaz Energy Pty Ltd) participates in Placing and increases shareholding to 9.66%
Empyrean Energy plc, the oil and gas development company with
interests in China, Indonesia and the United States, is pleased to
announce that it has today placed 16,080,000 new ordinary shares of
0.2p each ("Placing Shares") in the Company at 3.5p raising
GBP562,800 ("the Placing").
In addition, Apnea Holdings Pty Ltd, a company wholly-owned by
Empyrean CEO, Tom Kelly, has exercised options in respect of
15,000,000 new ordinary shares of 0.2p each ("Option Exercise
Shares") at an exercise price of 2p per Option Exercise Share
raising a further GBP300,000 ("the Option Exercise"). Mr Kelly now
has an interest in 55,881,563 shares representing 14.9% of the
Company's enlarged issued share capital.
Application has been made for the Placing Shares and the Option
Exercise Shares to be admitted to trading on AIM. Admission is
expected to take place on 19 June 2017. The Placing Shares and
Option Exercise Shares will rank pari passu with existing ordinary
shares.
Following the Placing and the Option Exercise, the Company's
enlarged issued share capital will comprise 375,230,404 ordinary
shares, each with voting rights. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, securities of the Company under the
Financial Conduct Authority's Disclosure and Transparency
Rules.
Notable participants in the Placing were the Chairman and
Managing Director of Sacgasco Limited (ASX: SGC) ("Sacgasco"), the
Company's joint venture partner and intended operator for the multi
project Farm-In in Sacramento Basin, California as announced on 15
May 2017. Sacgasco's Mr Andrew Childs and Mr Gary Jeffery have
taken up a total of 3,300,000 Placing Shares. In addition, Mr Gaz
Bisht has acquired 1,250,000 Placing Shares, increasing Topaz
Energy Pty Ltd's holding to 36,250,000 shares, representing 9.66%
of the Company's enlarged issued share capital. Empyrean has also
been advised that, following the Placing, Keyhole Pty Ltd has an
interest in 36,300,000 shares representing 9.7% of the Company's
enlarged issued share capital.
Empyrean's cash position, prior to any expenditure on the
budgeted items outlined below, now stands at approximately US$8.5
million, following the recent Open Offer, Placing and the Option
Exercise. The Company estimates that it will spend the following
approximate amounts on appraisal drilling, testing, 3D seismic and
exploration over the coming months:
China 3D seismic acquisition US$3.20 million
---------- ----------------------- ----------------
Indonesia Drilling and testing US$2.65 million
the Mako Prospect
---------- ----------------------- ----------------
United Drilling and testing US$1.62 million
States the Dempsey Prospect
---------- ----------------------- ----------------
Shareholders should note that the forward programme and
estimated costs outlined above are approximate and subject to
change at the discretion of the Company and its partners. Further
announcements will be issued in due course.
Tom Kelly, Empyrean CEO, commented, "Following the recent
expansion of our asset portfolio, we intend to use the Company's
enhanced balance sheet to progress our exciting appraisal and
exploration programme in China, Indonesia and the US. We have
recently commenced acquisition of 3D seismic data over Block 29/11,
offshore China, which is prospective for conventional oil. We also
expect to commence drilling at our 10% owned Mako Project within
the highly-prospective Duyung PSC in the Natuna Basin, offshore
Indonesia, later this month to establish reservoir quality and
conduct a gas flow test on the 430-650 Bcf conventional contingent
gas resource. In addition, we will participate at a 25% working
interest in the drilling of the Dempsey Prospect during Q3 2017
targeting up to 1 Tcf in multiple stacked targets of conventional
gas in the Sacramento Basin, California, where any gas discovery
can be efficiently and promptly connected to nearby infrastructure
for early cashflow should the Company be successful. A commercial
discovery at any of these three new and exciting projects will be
transformational for Empyrean and we look forward to drilling two
of these projects back to back in the near-term."
**ENDS**
Empyrean Energy plc
Tom Kelly Tel: +61 8 9481 0389
Cenkos Securities plc
Neil McDonald Tel: +44 (0) 131 220 9771
Beth McKiernan Tel: +44 (0) 131 220 9778
Nick Tulloch Tel: +44 (0) 131 220 9772
St Brides Partners Ltd
Lottie Brocklehurst Tel: +44 (0) 20 7236 1177
Olivia Vita Tel: +44 (0) 20 7236 1177
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial
responsibilities / person closely associated
---- -----------------------------------------------------------------------------
a) Name Tom Kelly
---- -------------------------------- -------------------------------------------
2. Reason for the Notification
---- -----------------------------------------------------------------------------
a) Position/status Chief Executive Officer of the
Company
---- -------------------------------- -------------------------------------------
b) Initial notification/amendment Initial notification
---- -------------------------------- -------------------------------------------
3. Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
---- -----------------------------------------------------------------------------
a) Name Empyrean Energy plc
---- -------------------------------- -------------------------------------------
b) LEI -
---- -------------------------------- -------------------------------------------
4. Details of the transaction(s):section to be repeated
for (i) each type of instrument; (ii) each type
of transaction; (iii) each date; and (iv)each
place where transactions have been conducted
---- -----------------------------------------------------------------------------
a) Description of Ordinary Shares of 0.2p each ("Ordinary
the Financial Shares")
instrument, type
of instrument
---- -------------------------------- -------------------------------------------
Identification GB00B09G2351
code
---- -------------------------------- -------------------------------------------
b) Nature of the Exercise of options
Transaction
---- -------------------------------- -------------------------------------------
c) Price(s) and Price Volume
volume(s)
---- --------------------------------
2p per Ordinary
Share 15,000,000
-------------------------------------------------------------- -----------------
d) Aggregated information N/A (Single transaction)
Aggregated volume
Price
---- -------------------------------- -------------------------------------------
e) Date of the transaction 13 June 2017
---- -------------------------------- -------------------------------------------
f) Place of the London Stock Exchange, AIM (LON:EME)
transaction
---- -------------------------------- -------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGMGMVGFRGNZM
(END) Dow Jones Newswires
June 13, 2017 06:10 ET (10:10 GMT)
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