Empyrean Energy PLC (AIM:EME) has raised £1.83mln of new capital and restructured a convertible loan note as the explorer continues its analysis following the result of the Jade well, offshore China.
Analysis of the Jade results, regional oil charge and migration, is focussed on assessing the viability of the Topaz prospect receiving oil charge, the company said. It added that preliminary analysis indicates the Topaz prospect is located in a better location for potentially receiving oil charge from the proven source rock.
The company is issuing 121.75mln new shares priced at 1.5p through the placing, which is being completed through its existing authorities.
“We are aiming to complete the current post-drill analysis and comprehensive oil migration studies with a deep focus on oil migration pathways from CNOOC oil discovery LH16-2 towards Topaz in short order to enhance the prospectivity of Topaz as a world class large exploration target for the second phase of exploration in Block 29/11,” said Empyrean chief executive Tom Kelly.
“This capital raising and debt restructuring will allow Empyrean to move forward with its plans to maximise the value at the Mako Gas field whilst completing a comprehensive analysis of all pre-drill and post-drill technical data to ensure that we proceed with the drill preparations at Topaz with due diligence and confidence."