Empire Energy (ASX: EEG) Launches $28M Capital Raise at 22% Discount to Fund Beetaloo Development.

Fri 16 May 25, 12:54 AM |

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Highlights

Empire Energy Group Ltd (ASX: EEG) has secured $27.75 million in funding through a placement of 173.4 million new shares to institutional and sophisticated investors, priced at $0.16 per share. The discounted placement price represents a 22% markdown from the company's last traded share price on 14 May 2025, and also reflects an 18.8% and 13.2% discount to its 5-day and 15-day VWAPs, respectively.

The capital raise will support hydraulic stimulation and extended production testing of the Carpentaria-5H (C-5H) well, a key asset in the Beetaloo Sub-basin. C-5H, drilled in late 2024, is the longest horizontal well to date in the basin, with a 3,310-metre lateral section targeting the Velkerri B Shale. Hydraulic stimulation is set to begin in June 2025, with 60–70 fracture stages planned and flow testing expected in Q3 2025.

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