Issued Capital and Liquidity Update
Sydney, Sep 29, 2020 AEST (ABN Newswire) - Empire Energy Group Limited (
ASX:EEG) (EEGUF:OTCMKTS) 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 Beetaloo Energy Australia Limited
Beetaloo Energy Australia Limited (ASX:BTL) (OTCMKTS:EEGUF) holds 28.9 million acres of highly prospective exploration tenements in the McArthur Basin and Beetaloo Sub-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 around 80%, has enormous conventional and unconventional hydrocarbon potential. The Beetaloo Sub-basin, in which Beetaloo Energy holds a substantial position, has world-class hydrocarbon volumes in place and a ramp up in industry activity to appraise substantial discoveries already made by major Australian oil and gas operators is ongoing.
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