While no reason was given for the raising, the company has already secured funds from Alcoa to construct its Red Gully Gas and Condensate Processing Facility, leaving its exploration expenditure as the most likely candidate.
Besides allowing shareholders to acquire shares at a 20% discount to market price without brokerage or other costs that would apply to an on-market purchase of shares, the Share Purchase Plan will also provide shareholders holding unmarketable parcel of shares to top up their shareholding and trade on the ASX.
Shareholders can subscribe for new shares ranging from A$500 to A$15,000 in multiples of five hundred dollar amounts.
Empire plans to drill the Black Arrow-1 and Charger-1 wells in the onshore Perth Basin that target 10 million barrels and 20 million barrels of recoverable oil respectively before the end of this year.
Empire and its joint venture partners in EP 437 have also identified conventional oil prospects within the Bookara and Arranoo sandstones of the Triassic aged Kockatea Shale.
This includes a large prospect in the north and the Waugh prospect, which is currently the most likely target.
Waugh-1 will be located updip from the Dunnart-1 well, which had untested oil shows and hydrocarbon anomalies on wireline logs.
It also has potential for unconventional play types within the Jurassic aged sequences in the permit.
The company is also planning to shoot the 100 square kilometre Wannamal 3D seismic survey over the Gingin gas field and the Wannamal prospect with the use of helicopters to transport the equipment to minimise its environmental impact.
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