Empyrean raises funds for Duyung drilling campaign

Oil and gas development company Empyrean has raised £420,000 ($547,703) to meet the company’s share of drilling expenses at the Duyung PSC in the West Natuna basin, which contains the Mako gas field, offshore Indonesia.

Empyrean said on Thursday that it had issued 4,666,667 new ordinary shares at a price of 9p per placing share and raised gross proceeds of £420,000 ($547,703).

Following the placing, the company’s enlarged issued share capital will comprise 447,597,577 ordinary shares of 0.2p each.

According to Empyrean, the funds raised will be used to meet the company’s contributions to the drilling campaign at the Duyung PSC in which Empyrean holds an effective 8.5 percent interest, as well as for general working capital purposes.

Tom Kelly, CEO of Empyrean, said: “While the company continues to progress various funding alternatives, including the recently signed equity placement facility, we have taken the opportunity to raise further short-term funds through a placement.

“The signing of the equity facility and this placement to cover short term commitments are means of minimizing unnecessary dilution to existing shareholders at this time.”

It is worth stating that partners in the Duyung PSC are Empyrean Energy, Conrad Petroleum, and Coro Energy.

Partners in the Duyung PSC have already drilled two wells in 2019. Namely, the Tambak-1 and Tambak-2 well confirmed the Mako field as ‘very valuable gas resource.’

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