Business
Capital raising, drill analysis & debt restructure
Capital raising, drill analysis & debt restructure.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \n \n \n This announcement contains inside information\n \n \n \n \n \n \n Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas\n \n \n \n \n \n \n \n \n Empyrean Energy plc\n \n \n \n \n \n \n \n Capital raising, further post drill analysis, Mako gas and debt restructure\n \n \n \n \n \n \n Empyrean Energy plc (\"Empyrean\" or the \"Company\"), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to provide the following update on capital raising, debt restructure and preliminary regional oil charge analysis and its implication for Topaz prospect at its 100% owned Block 29/11 permit, offshore China.\n \n \n \n \n \n Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase. In the event of a commercial discovery, its partner, China National Offshore Oil Company (\"CNOOC\"), may assume a 51% participating interest in the development and production phase.\n \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n \n \n \n ·\n \n £1.83m raised at a price of 1.5p per share\n \n \n \n ·\n \n Convertible Loan Note debt restructured\n \n \n \n ·\n \n Regional oil charge and migration analysis being conducted with CNOOC assistance following the results from the Jade well\n \n \n \n ·\n \n Main focus of the migration work is to assess viability of the Topaz prospect receiving oil charge\n \n \n \n ·\n \n Preliminary analysis indicates the Topaz prospect is located in a better location for potentially receiving oil charge from the proven source rock - Baiyun East Sag via the CNOOC LH-16 oil field - as well as from the Baiyun North Sag source rock that lies in between Jade and Topaz identified on Empyrean's 3D seismic\n \n \n \n \n \n \n \n Issue of Shares\n \n \n \n \n \n \n \n \n Empyrean is pleased to advise that it has entered into binding subscription agreements to issue 121,750,001 new ordinary Shares in the Company (the \"New Ordinary Shares\") at a price of 1.5p per New Ordinary Share, raising £1.83m (before costs)\n (the \"Subscription\").\n \n \n \n \n \n The funds raised from the Subscription will be used to complete further post well analysis of the Jade well, satisfy any further costs associated with the Jade drill, conduct a comprehensive oil migration study...