Empyrean Energy PLC (AIM: EME) has secured a stake in Queensland, Australia’s Wilson River oil exploration project.
Located near existing infrastructure and operating oil fields, the Wilson River prospect is estimated to contain between 8.7 million and 37.4 million barrels of oil equivalent (MMBOE), with a mean estimate of 21.3 million.
With the acquisition of a 40% stake, the project is set to progress to the well-drilling phase.
As part of the agreement, EME will cover two-thirds of the program’s estimated gross cost of A$2.8 million.
“Empyrean is pleased to have secured the opportunity to drill this exciting conventional oil target near the existing Santos-Beach and Bridgeport discoveries,” said Empyrean Technical Director Gaz Bisht in a statement.
He continued, “We are also excited to collaborate with the Chi Oil and Condor Energy teams as we plan and execute this upcoming drilling program.”
Bisht added, “We are encouraged by Condor Energy’s willingness to invest their own equity and take a direct participating interest in the Wilson River 1 well.”
Empyrean completes £675,000 Placing
Empyrean Energy plc raised £675,000 through a placing of 675,000,000 on Friday, the new ordinary shares of 0.01p each in the Company at a price of 0.1p per Placing Share (the “Issue Price”) (the “Placing”).
The Issue Price represents a 9.1% discount to the price of the Company’s ordinary shares (the “Shares”) as at close of business on 29 January 2025 (0.11p) and a 11.7% discount to the volume weighted average price of the Shares for the ten days prior to close of business on 29 January 2025 (0.113p).
Empyrean CEO, Tom Kelly commented, “Empyrean is pleased to secure these funds in the lead up to drilling the Wilson River 1 well. With the well fully funded we look forward to updating shareholders on further progress in the lead up to the commencement of drilling.”
