Empyrean Energy PLC Empyrean raises £660,000 (6547I)
June 20 2017 - 12:31PM
UK Regulatory
TIDMEME
RNS Number : 6547I
Empyrean Energy PLC
20 June 2017
This announcement contains inside information
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil &
Gas
20 June 2017
Empyrean Energy PLC ("Empyrean" or the "Company")
Empyrean raises GBP660,000 before costs at 5.5p per share
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 placed 12,000,000 ordinary shares of 0.2p each
(the "Placing Shares") at 5.5p per share (the "Placing Price")
through Global Investment Strategy, a London-based advisory firm,
raising GBP660,000 before costs (the "Placing").
The Placing is being completed under the Company's existing
authorities. Following the Placing, the Company's enlarged issued
capital will be 387,230,404 ordinary shares, each with voting
rights. This figure may be used by shareholders as the denominator
in the calculations by which they may determine whether to notify
an interest in or a change to their interest under the Financial
Conduct Authority's Disclosure and Transparency Rules.
The Placing Shares have been placed by Global Investment
Strategy to institutional clients who are particularly attracted by
the potential for the Company's newly acquired Sacramento Basin
Assets, as announced on 15 May 2017. The Placing Price represents a
15% discount to the Volume Weighted Average Price over the three
trading days prior to completion of the Placing. The funds raised
pursuant to the Placing will be used for the Company's general
working capital.
Application has been made for the Placing Shares to be admitted
to trading on AIM. Admission is expected to take place on 26 June
2017. The Placing Shares will rank pari passu with existing
ordinary shares.
Tom Kelly, Empyrean CEO, commented: "We are making encouraging
progress with all three of our core projects. The Mako South-1 well
has been spud which presents a large gas appraisal opportunity
offshore Indonesia with extensive pipeline network in proximity; a
3D seismic programme is underway at Block 29/11 offshore China
which will enable us to mature prospects for drilling; and Sacgasco
Limited (operator) has made significant progress towards spudding
the Dempsey #1 well in the Sacramento Basin, California, in early
part of Q3 2017. I look forward to providing further updates as we
continue to work to unlock the potentially significant value in our
portfolio."
**ENDS**
For further info:
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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June 20, 2017 12:31 ET (16:31 GMT)
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