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.
About Empire Energy Group Ltd
Empire Energy (ASX:EEG) (OTCMKTS:EEGUF) holds over 14.5 million acres of highly prospective exploration tenements in the McArthur and Beetaloo Basins, Northern Territory. Work undertaken by the Company since 2010 demonstrates that the Eastern depositional Trough of the McArthur Basin, of which the Company holds 80% has very considerable conventional and unconventional hydrocarbon potential. The Beetaloo sub-Basin, in which Empire holds a substantial position, has independently assessed world class hydrocarbon volumes in place with a major ramp up in industry activity underway to appraise substantial discoveries already made by major Australian oil and gas operators.
Empire Energy is an experienced conventional oil and gas producer with operations in the Appalachia region (New York and Pennsylvania). Empire has been successfully developing and producing oil and gas since 2006.
Empire Energy Group Ltd