Empire Energy Launches $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 a capital raise through an institutional placement and a share purchase plan (SPP) to generate a minimum of $28 million. The funds will be used for fracture stimulation and flow testing of Carpentaria-5H, installation of the Carpentaria Gas Plant, and associated infrastructure in the Beetaloo Basin. This move is expected to bolster the company’s operational capabilities and strengthen its market presence in the energy sector.

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 operates in the energy sector, focusing on exploration and production within the Beetaloo Basin. The company is primarily engaged in the development of natural gas resources, aiming to enhance its market position in the energy industry.

Average Trading Volume: 619,259

Technical Sentiment Signal: Sell

Current Market Cap: A$190.5M

For a thorough assessment of EEG stock, go to TipRanks’ Stock Analysis page.