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Empire Energy Group (ASX:EEG) - CEO & Managing Director, Alex Underwood - The Market Herald
CEO & Managing Director, Alex Underwood
Source: HotCopper
  • Empire Energy Group (EEG) has requested an immediate trading halt pending an upcoming capital raise
  • The company will remain in the halt until the earlier of August 27 or when the announcement is released
  • In mid-August, Empire executed a rig services contract with Schlumberger in regards to the drilling of the Carpentaria-1 well
  • This well will be drilled to a depth of around 2900 metres to allow the company to fully evaluate the Velkerri Shale and Kyalla Shale
  • Drilling is expected to begin in mid-September after the civil work program is completed
  • Shares in Empire last traded for 34 cents each on August 24

Empire Energy Group (EEG) has requested an immediate trading halt pending an upcoming capital raise.

The company will remain in the halt until August 27 or when the announcement is released.

At the moment, it's unclear how much money Empire wants to raise or what the funds will go towards.

In mid-August, Empire executed a rig services contract with oil services company Schlumberger to drill the Carpentaria-1 well.

The well will be drilled to a depth of around 2900 metres to allow Empire to fully evaluate the Velkerri Shale and Kyalla Shale.

The company expects to begin drilling in mid-September after it has completed the civil work program.

Empire last entered a trading halt in November 2019 regarding a $12 million placement.

To raise the funds, 30 million fully-paid ordinary shares were issued to institutional and sophisticated investors at 40 cents each.

Empire stated it would use the funds to progress exploration at the Beetaloo Basin in the Northern Territory and drill its first exploration well at the Velkerri Shale.

Shares in Empire last traded for 34 cents each on August 24.


Find out more about this capital raise


EEG by the numbers
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