viewEmperor Energy Ltd

Emperor Energy to raise up to $1 million in new securities purchase plan

In May the company raised $500,000 in a well-supported placement to professional, sophisticated and other exempt investors with funds to help support the company's exploration efforts.

Emperor Energy Ltd -
Emperor is a diversified energy company with upstream and downstream assets in Australia.

Emperor Energy Ltd (ASX:EMP) is offering 25,571,428 shares to eligible shareholders under a new share purchase plan (SPP) to raise up to $1 million.

Proceeds will be allocated to work programs, exploration activities and working capital.

Offer set to close on October 14 

Only shareholders with registered addresses in Australia or New Zealand are eligible to apply for new shares with a minimum amount of $1,000 and a maximum of $30,000.

The offer will be the lower of:

  • 3.5 cents per share, representing a discount of 5.4% to EMP’s closing share price of 3.7 cents on the ASX on September 28; or
  • a 10% discount to the volume-weighted average price of EMP’s shares calculated over the last five days on which sales of shares are recorded on the ASX up to and including the closing date.

The offer is set to close on October 14 with shares to be issued on Monday, October 19.

Emperor reserves the right to reject or scale back any application in whole or in part, in accordance with the allocation policy described in the SPP document.

The board reserves absolute discretion regarding the final amount raised under the offer.

Partner begins Pre-FEED for Judith Gas Field Project 

Emperor recently welcomed APA Group’s (ASX:APA) commencement of the pre-front end engineering design (pre-FEED) for the provision of midstream infrastructure and services related to gas that will potentially be produced from the Judith Gas Field earlier this month.

The Judith Gas Field is in the 100% Emperor Energy-owned VIC/P47 Permit offshore Gippsland Basin, Victoria.

The pre-FEED study will include:

  • Pre-FEED design for a gas processing Ppant to operate adjacent to and in parallel with the existing Orbost Gas Processing Plant owned by APA;
  • Pre-FEED concept design for a subsea pipeline about 40 kilometres in length from the Judith gas field to a shoreline crossing;
  • Pre-FEED design for an export pipeline to the Eastern Gas Pipeline to the north of the Orbost Gas Plant; and
  • Refinement of indicative project cost estimates and project scheduling.

Quick facts: Emperor Energy Ltd

Price: 0.026 AUD

Market: ASX
Market Cap: $3.2 m

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