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Empire Energy (ASX:EEG) raises $10M to progress works at Beetaloo Basin
  • Empire Energy (EEG) has raised $10 million to progress works within the Beetaloo Basin in the Northern Territory
  • Directors of Empire have thrown their support behind the raise, purchasing over six million shares to raise an additional $1.86 million
  • Now, Empire is fully funded to start drilling at the Carpentaria-1 well in the basin next month
  • Upon completion of the placement, Empire's pro forma cash in the bank totals over $20 million
  • Empire remains steady on the market this afternoon and is trading for 34 cents per share

Empire Energy (EEG) has raised $10 million to progress works within the Beetaloo Basin in the Northern Territory.

The company has issued over 33 million shares for 30 cents per share to new and existing institutional and sophisticated investors.

Directors of Empire have thrown their support behind the raise, purchasing over six million shares to raise an additional $1.86 million.

Now, Empire is fully funded to start drilling at the Carpentaria-1 well in the basin next month. Additionally, fracture stimulation and flow testing is planned for the second quarter of 2021.

Managing Director Alex Underwood was pleased with the strong level of support the placement had.

"Empire is now well funded to progress its planned work programs across its extensive holdings in the Beetaloo and McArthur Basins," he said.

"The Northern Territory election result last weekend demonstrated that there is now bipartisan support for our industry in the Northern Territory Parliament. Empire is proud of its track record of responsible exploration, community engagement and capital investment which is supporting job creation and the broader Northern Territory economy," he added.

Source: Empire Energy

Upon completion of the placement, Empire's pro forma cash in the bank totals over $20 million.

"Empire is playing a key role in unlocking the value of the Northern Territory’s emerging Beetaloo and McArthur Basins through measured capital investment in our properties, which we believe can create substantial value for our shareholders, broad and sustainable economic benefits to the people of the Northern Territory, and energy security for Australia and the broader region," Alex added.

Empire remains steady on the market this afternoon and is trading for 34 cents per share at 2:57 pm AEST.


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