Empire Energy Group Limited (ASX:EEG) (OTCMKTS:EEGUF) is pleased to provide shareholders the following issued capital and liquidity update.

In the past four weeks, Empire has received total gross proceeds of more than A$8 million, including A$1.9 million from Directors of the Company, from the exercise of unlisted options which were issued to investors in conjunction with a capital raising conducted in 2018.

The funds will be utilised for general corporate purposes including the further exploration and appraisal of Empire's Northern Territory properties.

Empire's cash balance is now A$21 MILLION.

This cash balance is after prepayment of approximately A$5 million of costs associated with the Carpentaria-1 drilling program including rig mobilisation and demobilisation, equipment (casing, drill bits, drilling fluids and miscellaneous consumable items) and ancillary services (mudlogging and wireline logging).

Comments from Managing Director Alex Underwood: "We are grateful for the continued support of shareholders, with over 75% of the September 2020 options exercised. The additional funds raised from the exercise of options, following the recent A$10 million placement, put Empire in a strong position as we progress our Northern Territory exploration program. The drilling of Carpentaria-1 is proceeding well, and we look forward to sharing the results with shareholders in the weeks ahead."

Empire's issued capital is summarised at Appendix A in link below.
https://abnnewswire.net/lnk/I5L544D7


About Empire Energy Group Ltd

Empire Energy (ASX:EEG) (OTCMKTS:EEGUF) is a Sydney based Australian oil and gas company holding 100%-owned and operated assets with unconventional targets in the Northern Territory Beetaloo Sub-basin and central trough of the McArthur Basin.

Empire is an active Beetaloo Sub-basin operator, focused on maturing its assets to production. Following the successful appraisal drilling and flow testing of the Carpentaria-2H and 3H wells in Empire's EP187, Empire is targeting first gas flow in H1 2025 at its Carpentaria Pilot Project. The Pilot has a targeted sales gas rate of up to 25 TJ per day utilising the existing McArthur River Pipeline.

 

Contact

Empire Energy Group Ltd
E: info@empiregp.net
T: +61-2-9251-1846
F: +61-2-9251-0244
WWW: www.empireenergygroup.net



Link: Issued Capital and Liquidity Update


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