Empire Energy has raised $12 million to advance exploration programmes in the company’s 100% owned EP187 tenement in the Betaloo Basin, Northern Territory.
Funds derived from the placement to institutional and sophisticated investors are set to unlock the Northern Territory’s first exploration targeting the Velkerri Shale.
At present 2D seismic data acquired in EP187 is being processed and interpreted to determine final locations for exploration drilling, which is scheduled to commence in the dry season next year, subject to regulatory approvals.
Empire Managing Director Alex Underwood said the successful capital had empowered Empire to build the value of its shale properties in the Beetaloo and McArthur Basins through disciplined exploration investment.
“Our preparation for the EP187 2020 drilling program targeting the liquids-rich gas window of the Velkerri Shale is progressing well and is now fully funded,” said Mr Underwood.
“Substantial appraisal activities by our neighbours in these basins are already underway and expected to continue throughout 2019 and 2020.”
Empire will issue 30 million fully paid ordinary shares at an issue price of $0.40 per share, representing approximately 12.9 per cent of the shares on issue.
