• Commitments received for $27.75 million placement
• Empire Directors to invest additional $250,000
• Share Purchase Plan to raise up to $3 million

Empire Energy Group Ltd (Empire) has received binding commitments to raise $28 million (before costs) via a placement of new fully paid ordinary shares to institutional and sophisticated investors at $0.16 per share. Empire Directors have also committed to invest an additional $250,000 on the same terms as the placement, subject to shareholder approval. The funds raised will be used for the hydraulic stimulation and extended production testing of the Carpentaria-5H well, corporate G&A and Northern Territory operations, preparatory works for the Carpentaria Gas Plant, and additional working capital. Empire will also be issuing one attaching unlisted option for every two new shares subscribed for under the placement, with an exercise price of $0.24 and expiry in two years. In addition, Empire is launching a Share Purchase Plan to raise up to $3 million, which will allow eligible shareholders to apply for new shares and attaching options on the same terms as the placement, without incurring brokerage fees.

Empire is approaching a critical point of development with the hydraulic stimulation of the Carpentaria-5H well commencing in June 2025. Post stimulation and soaking, flow-testing will commence to assess production rates over 30 days with results anticipated in Q3 2025.

The upcoming fracture stimulation of the Carpentaria-5H well is anticipated to have 60-70 stages, with greater horsepower, proppant intensity and water intensity than previous wells stimulated by Empire. Following the successful flow-testing, the well will be shut-in and tied-in to the Carpentaria Gas Plant for production and sales.