With an issue price of 0.6 cents per share the company will raise up to $1,440,000 with which it will re-commence oil production from its 100% owned Rough Range 1B Oilfield in the Exmouth Sub Basin with a new production facility design. The field will initially be placed on artificial lift at a pump rate of 250 bopd.
Empire, along with the EP104/R1 Joint Venture, has also entered into an agreement with LNG International to supply six million cubic feet of gas per day. The JV currently operates the Point Torment-1 gas discovery but will aim to top up its resources with the Stokes Bay-1 well in the canning Basin, which has potential recoverable reserves of 80 billion cubic feet of gas and 10 million barrel of oil.
Finally the funds will be used in the drilling of Mooriary-1 in the North Perth Basin, 30km from the Mount Horner oil Field. Potential recoverable oil from the ‘J’ sands is around five million barrels with the ‘L’ sands having similar potential.
