Oil and gas explorer Empyrean Energy has raised £863,000 to finance exploration.
The share price jumped 1.25p to 5.13p.
A placing raised £560,000 at 3.5p a share and the rest came from the exercise of options at 2p a share, which took the chief executive Tom Kelly‘s shareholding to 14.9%. Directors of Sacgasco, Empyrean’s joint venture partner in Sacramento basin in California, took up shares in the placing.
Empyrean has $8.5m in the bank. Empyrean plans to spend $3.2m on 3D seismic, offshore China, $2.65m for drilling and testing the Mako prospect in Indonesia and $1.62m on the Dempsey prospect in the US.
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