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LONDON - Empyrean Energy Plc (AIM:EME) has raised £1 million through a placing of 1.25 billion new ordinary shares at 0.08 pence per share, the company announced Monday.
The funds will support ongoing development costs associated with the company’s 8.5% interest in Indonesia’s Mako Gas Field and provide general working capital, according to a company statement.
The placing is conditional on the new shares being admitted to trading on the AIM market, with admission expected on July 25. Following admission, Empyrean will have approximately 5.72 billion ordinary shares in issue.
In connection with the fundraising, Empyrean has agreed to issue warrants to CMC Markets (LON:CMCX) Plc to subscribe for 60 million new ordinary shares at the issue price, exercisable within two years from the date of grant.
The fundraising follows Empyrean’s July 17 announcement that Mako joint venture partners had signed a Gas Sales Agreement with PLN Persero, the Indonesian government-owned electric utility company.
The Mako Gas Field contains 2C contingent resources of 376 billion cubic feet. The contract term extends until January 2037 and allows for the sale of plateau gas rates of approximately 111.9 million standard cubic feet per day, covering the entirety of Mako’s 2C contingent resources.
The gas price will be linked to the Indonesian Crude Price, similar to Brent oil-linked LNG pricing. This reflects growing Indonesian domestic gas demand, according to the company.
Empyrean holds an 8.5% participating interest in the Duyung Production Sharing Contract, while Conrad Asia Energy Ltd holds the remaining 91.5%.
The Mako field is located in Indonesian waters in the West Natuna area, approximately 100 kilometers north of Matak Island and 400 kilometers northeast of Singapore.
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