Successful $28 million Placement to Fuel Development Projects

Highlights:

• $28 million Capital Raise Completed: Empire Energy Group Limited (ASX: EEG) successfully raised $28 million through a placement to institutional and sophisticated investors at $0.16 per share.
• Launch of Share Purchase Plan (SPP): Empire initiated an SPP to raise an additional $3 million, offering eligible shareholders the chance to buy shares at the same price as the placement without brokerage fees.
• Funding Key Projects: The capital will support the hydraulic stimulation and flow testing of the Carpentaria-5H well, along with corporate operations, gas plant preparations, and working capital.

Empire Energy Group Limited (ASX: EEG) has successfully completed a $28 million capital raise through a placement of fully paid ordinary shares to institutional and sophisticated investors at $0.16 per share. The placement, which secured $27.75 million, received strong support from both existing and new investors. In addition, Empire’s directors have committed to contributing $250,000, subject to shareholder approval. At the time of writing, the capital raise is set to fund key projects, including the fracture stimulation and flow testing of the Carpentaria-5H well.

The funds will also support corporate and operational expenses for the Northern Territory (NT) operations, preparatory work for the Carpentaria Gas Plant, and general working capital needs. Empire will issue a total of 173,437,500 new shares, with settlement expected on May 22, 2025, and share allotment scheduled for May 23, 2025.

Share Purchase Plan to Raise an Additional $3 million

Empire Energy also announced the launch of a Share Purchase Plan (SPP), aiming to raise up to $3 million. Eligible shareholders in Australia and New Zealand, recorded as of May 15, 2025, will have the opportunity to purchase new shares at $0.16 each—matching the placement terms—without incurring brokerage fees. Participants will also receive attaching options for every two shares subscribed, with an exercise price of $0.24, expiring two years from the allotment date.

The SPP will open on May 23, 2025, and close on June 6, 2025, with results announced on June 16, 2025. Shares from the SPP are expected to be issued and begin trading on June 17, 2025.

Strategic Investment for Growth

Empire's Managing Director, Alex Underwood, expressed gratitude for the strong investor support, highlighting the company's focus on advancing its Carpentaria-5H project in the Beetaloo Sub-basin. With the capital secured, Empire is well-positioned to progress its development plans, strengthen its market presence, and achieve its long-term production goals.

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