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Energy - JULY 9, 2021

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HNWIs invest in Empyrean Energy for drilling rig

by Andrea Zander

Empyrean Energy, and oil and gas development company focused on China, Indonesia and United States, has raised £5.02 million ($6.69 million). It will use the money as preparation to drill the Jade prospect drilling offshore China at its 100 percent owned Block 29/11 license in China, scheduled for late 2021.

“The Placing Warrant structure with early exercise incentive Substitute and Bonus warrants also provides a mechanism by which the shareholders can potentially achieve a situation on where the well is completely funded without the need for asset sales, joint venture or further placing,” said Tom Kelly, Empyrean CEO. “It puts the company’s destiny largely into the hands of shareholders. Whilst asset sales, joint venture or further placing are all worthwhile alternatives to drill Jade, it is the company's view that the least dilutive solution on, given that an

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