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Empyrean Energy PLC fully funded to drill Jade after £7.6mln raise

A placing at 6p raised £3.62mln with a further £4mln coming from a convertible loan

Empyrean Energy PLC (AIM:EME) said it is fully funded for its drilling programme offshore China even though a chunk of cash had gone missing in a cyber fraud attack.

The junior raised £7.62mln in total through a combination of a placing at 6p to raise £3.62mln plus a £4mln convertible loan agreement with a Melbourne-based investment fund.

That gives it enough to fund the drilling of an exploration well at the Jade prospect, it said.

However, the group added that the 10% deposit of US$1.98mln it sent to drilling contractor COSL to start work did not arrive.

The money sent to COSL “appears to have been redirected to an unknown third party as a result of a sophisticated cyber fraud perpetrated against COSL and the company”, said the statement.

“The company is currently working with its bank, the recipient bank and the police authorities in three jurisdictions and can confirm that the recipient bank account has been frozen and that recovery actions have commenced. 

“It is not known at this stage whether the full funds will be recovered.”

Empyrean said it had held talks with COSL and the drilling would go ahead without delay, the cyber attack notwithstanding.

Tom Kelly, chief executive, said: “We are extremely pleased to successfully raise the necessary funding to complete our drill preparation activities and drill the exciting Jade Prospect in China, which remains on target to commence shortly after weather conditions allow us to complete the well site survey.

“Drilling the large Jade prospect will be the culmination of over five years of systematic, thorough and dedicated hard work by our technical team.”

Read More: Empyrean Energy PLC fully funded to drill Jade after £7.6mln raise

2021-12-16 09:17:00

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