Empyrean completes placing to finance drilling campaign

By Alexander Ginting

UK oil, gas firm Empyrean Energy PLC reported on Tuesday that it completed has Placing and Option Exercise to raise a total of ?862,800 to advance portfolio in China, Indonesia and the US.

Empyrean's cash position now stands at approximately US$8.5 million, the company said.

The company said US$2.65 million is expected to be spent to drill and test the Mako Prospect in Duyung PSC offshore Natuna over the coming months.

The company has 10 percent interest in Duyung PSC. The remaining 90 percent is owned by Singapore-based Conrad Petroleum.

Conrad and Empyrean expect to commence drilling at Duyung later this month to establish reservoir quality and conduct a gas flow test on the 430-650 Bcf conventional contingent gas resource.