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Empyrean Energy ( (GB:EME) ) just unveiled an update.
Empyrean Energy PLC has successfully secured an additional 12.8% working interest in the Wilson River-1 well, increasing its stake to 52.8% upon completion. This acquisition is part of a strategic agreement with Chi Oil and Gas Pty Ltd and Condor Energy Services Limited, involving pre-drill expenses for the ATP1173 lease. The company has raised £625,000 through a placing of 500 million new shares, with funds allocated for the drilling, logging, and testing of the Wilson prospect, as well as general working capital needs. This move positions Empyrean to enhance its operational capacity and strengthen its standing in the oil and gas sector.
More about Empyrean Energy
Empyrean Energy PLC is an oil and gas development company with interests in Australia, Indonesia, and the United States. The company focuses on developing energy resources and has strategic partnerships in place to expand its exploration and production capabilities in these regions.
YTD Price Performance: 67.06%
Average Trading Volume: 87,759,883
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £4.61M
For detailed information about EME stock, go to TipRanks’ Stock Analysis page.
