- 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)
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Source: Empire Energy Group