Empire Energy has raised $7 million from investors via a share purchase plan, which followed a $28 million capital raise in May.
The company has a current cash balance of $40.8 million including the proceeds of the share purchase plan. The capital will help fund the fracture stimulation and flow testing of Empire’s Carpentaria-5H well in the Beetaloo sub-basin.
“The company’s board of directors thanks all shareholders that participated in the share purchase plan for their support,” Empire managing director Alex Underwood said.
“We are grateful for the support demonstrated by both existing and new shareholders in the recent placement and existing shareholders in the share purchase plan.
“The company’s financial position is now materially strengthened, allowing the company to focus on the imminent stimulation of Carpentaria-5H and completion of approvals for sale of test gas, following which we will commence construction of the Carpentaria gas plant to facilitate commencement of gas sales.”
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