Empire Energy Announces $28 Million Capital Raise to Boost Beetaloo Basin Operations

Empire Energy Group Limited ( (AU:EEG) ) has shared an update.

Empire Energy Group Limited has announced an equity raising initiative to generate a minimum of $28 million through an institutional placement and a share purchase plan. The funds will be utilized for the fracture stimulation and flow testing of Carpentaria-5H in the Beetaloo Basin, installation of the Carpentaria Gas Plant, and other operational needs. This capital raise is expected to enhance Empire Energy’s production capabilities and strengthen its position in the energy market.

The most recent analyst rating on (AU:EEG) stock is a Buy with a A$0.74 price target. To see the full list of analyst forecasts on Empire Energy Group Limited stock, see the AU:EEG Stock Forecast page.

More about Empire Energy Group Limited

Empire Energy Group Limited is a company operating in the energy sector, focusing on exploration and production activities, particularly in the Beetaloo Basin. The company is involved in the development of gas resources and infrastructure to support its operations.

Average Trading Volume: 478,362

Technical Sentiment Signal: Buy

Current Market Cap: A$200.9M

Learn more about EEG stock on TipRanks’ Stock Analysis page.