Empyrean Energy PLC Company Update (2832L)
2020年4月29日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
TIDMEME
RNS Number : 2832L
Empyrean Energy PLC
29 April 2020
Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil &
Gas
Empyrean Energy plc
Company Update
Empyrean Energy ("Empyrean" or the "Company"), the oil and gas
development company with interests in China, Indonesia and the
United States, provides the following general update on
operations.
Duyung PSC, Indonesia
Further to the announcement on 14 April 2020 regarding the
upgrade of internal resource estimates for the Mako gas field,
which forms part of the Duyung PSC in the West Natuna basin,
offshore Indonesia (the "Mako Gas Field"), the Company is pleased
to report that further significant progress has been made with the
operator of the project, Conrad Petroleum Limited ("Conrad"),
successfully being able to present all aspects of the project to
Gaffney Cline and Associates ("GCA"). This progress has been
achieved in spite of the challenges presented by travel
restrictions and other COVID-19 related measures. The Company
anticipates that there are now no major impediments to GCA being
able to complete its update of resources for the Mako Gas Field
over the coming weeks. Empyrean will provide a summary of the GCA
findings in due course when the report becomes available.
Block 29/11, China
The Company is also pleased to report that excellent progress
has been made on the seismic inversion work on which the Company
has engaged China Offshore Services Limited ("COSL") to assist with
technical work and data processing and which is expected to better
define the reservoir rocks at the Company's two primary prospects,
Jade and Topaz. This technical work and data processing are now
complete and the Company is in the process of analysing the
resulting data and anticipates being in a position to update
shareholders on the results of this work in the next few weeks.
Open Offer
The Company announced on 22 April 2020 that it had launched an
Open Offer to qualifying shareholders to apply for up to 57,417,375
new ordinary shares at 3.5p per share on the basis of 1 new share
for every 8 existing shares already held on the relevant date (the
"Open Offer"). If fully taken up, the Open Offer will raise gross
proceeds of GBP2.01 million. The Open Offer also has an excess
application facility whereby shareholders can apply for more than
their entitlement if they have already taken up their full
entitlement.
In determining the ratio for, and total size of, the Open Offer,
the Company has taken into account that some of the Company's
existing larger shareholders, including certain Directors and
senior managers of the Company, had already subscribed pursuant to
the subscription at 3.5p announced on 14 April 2020. The Company
believes that it is appropriate that shareholders be given the
opportunity through the Open Offer to subscribe for shares at the
same price (3.5p). All support from existing shareholders is
welcome.
The Company encourages those shareholders who wish to
participate in the Open Offer and who hold their existing shares
through a nominee or in their ISA or SIPP to make contact with
their investment administrators to alert them of their intention to
take up their entitlements under the Open Offer or to contact the
Company directly via jonathanwhyte@empyreanenergy.com .
Corporate
The Company continues to actively review its cost base to ensure
it is well positioned in the context of the current COVID-19 and
oil price related turmoil. The Company reduced director salaries
and fees by approximately one-third in FY2017 following successful
completion of the sale of its interest in the Sugarloaf AMI in 2016
and subsequent return of capital to shareholders (7.9p per share)
in order to better reflect the Company's focus on new exploration
and appraisal projects rather than production. The Company
maintains a keen focus on costs and continues to operate with
general and administrative costs (FY2019: US$0.973 million) below
many of its AIM-quoted peers and will continue to ensure that it is
appropriate and competitive.
The aggregate holdings of all Directors and senior managers
currently represent c.27% of the current issued share capital of
the Company. Participation in equity placements and the exercise of
options by those individuals has resulted in c.GBP1.7 million being
invested in the Company by board and senior management since the
beginning of FY2018, c.GBP1.5 million of which has been invested by
Empyrean CEO, Tom Kelly. No shares have been sold by Directors or
senior management during this time and this continued level of
support, commitment and funding strongly aligns the interests of
its Directors and senior management with those of shareholders.
Empyrean CEO, Tom Kelly, stated:
"We look forward to Gaffney Cline and Associates further
updating its view on resources at the Mako Gas Field. In China, our
work continues to yield results and we look forward to updating
shareholders on the results of the Seismic Inversion Project work
in the coming weeks. As a Board we continue to review the Company's
cost base and make appropriate adjustments to ensure that we remain
competitive in the current environment."
For further information please contact the following:
Empyrean Energy plc
Tom Kelly Tel: +61 8 9380 9920
Cenkos Securities plc
Neil McDonald Tel: +44 (0) 131 220 9771
Pete Lynch Tel: +44 (0) 131 220 9772
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END
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April 29, 2020 02:00 ET (06:00 GMT)
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