Empire Energy announced today that gross proceeds of A$10 million at A$0.30 per share has been raised through an unconditional single-tranche placement to institutional and sophisticated investors.

Use of Funds

Funds raised under the Placement will be applied to Empire’s Northern Territory exploration and development program including the imminent drilling of the Carpentaria-1 well.

Empire has started work in preparation for drilling the Carpentaria-1 well in EP187 including upgrading the access track, construction of the well pad and water bore drilling. These civil works are wholly being conducted by Northern Territory based companies and personnel.
After completion of the civil works program, Empire expects to commence drilling the Carpentaria-1 well in mid-September 2020.

The balance of the funds raised under the Placement are intended to be used for a planned vertical fracture stimulation of the Velkerri Shale in the Carpentaria-1 well in Q2 2021 (subject to regulatory approvals which are ongoing) as well as working capital.

Comments from Managing Director Alex Underwood: 
“We are pleased with the strong level of support for this capital raising from existing and new sophisticated and institutional shareholders. Empire is now well funded to progress its planned work programs across its extensive holdings in the Beetaloo and McArthur Basins. 

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. 

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.”

KeyFacts Energy: Empire Energy Australia country profile