Energy Club NT - Empire Energy Group: Completes $46.8M capital raise cornerstoned by Bryan Sheffield and Liberty Energy

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Empire Energy Group: Completes $46.8M capital raise cornerstoned by Bryan Sheffield and Liberty Energy

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Empire Energy Group: Completes $46.8M capital raise cornerstoned by Bryan Sheffield and Liberty Energy

17 Apr 2024 10:30 AM | Stephanie Berlin (Administrator)

Commitments received from existing and new institutional and sophisticated investors for a strongly supported two-tranche placement to raise $39 million

Bryan Sheffield and Liberty Energy Inc (NYSE: LBRT) (“Liberty Energy”) have demonstrated their support for Empire with each investing US$5 million (~A$7.7 million) in the placement

Daly Waters, a subsidiary of Formentera Partners (a US based private equity firm founded by Bryan Sheffield) and Liberty Energy have each independently acquired a 2.25% royalty interest in EP187 for US$2.5 million (~A$3.9 million) raising an additional US$5 million (~A$7.7 million)

Empire is now funded to drill a 3km fracture stimulated horizontal pilot development well in EP187 and to further progress engineering and preparation for installation of Carpentaria Pilot Project surface facilities

Empire anticipates commencement of commercial production and gas sales in 2025

Empire Directors have demonstrated their continuing support for Empire by committing to invest an additional $325,000 (subject to shareholder approval)

Click Here to view the full ASX Announcement

Source: Empire Energy Group

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