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Empyrean Energy ( (GB:EME) ) has shared an update.
Empyrean Energy PLC has completed the acquisition of an option to participate in the Wilson River conventional oil prospect in the Cooper Basin, Australia. This strategic move, involving a partnership with Condor Energy and Chi Oil, positions Empyrean to potentially secure significant oil reserves, enhancing its operational footprint in the region. The project is prepared for drilling in March 2025, with prospective oil estimated between 8.7MMBOE and 37.4MMBOE. This acquisition, though a related party transaction due to ties with Empyrean’s Managing Director, is considered fair and reasonable by the company’s independent directors.
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 and participating in oil exploration projects, particularly within established oil-rich regions such as the Cooper Basin in Australia.
YTD Price Performance: 0.0%
Average Trading Volume: 21,536,917
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £2.04M
For detailed information about EME stock, go to TipRanks’ Stock Analysis page.
