Monday 19 November 2018

Empyrean Energy plc, the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that it has today issued 10,280,000 new ordinary shares of 0.2p each in the Company (the "Placing Shares") at a price of 10p per Placing Share (the "Placing Price") raising gross proceeds of £1,028,000 (the "placing").

The Placing is being completed under the Company's existing authorities and is not subject to the approval of shareholders. Following the Placing, the Company's enlarged issued share capital will comprise 424,275,110 ordinary shares of 0.2p each (the "Shares"), each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

The Placing Price represents a 3.7% premium to the Volume Weighted Average Price of the Company's Shares over the twenty trading days prior to the Placing (9.6408p) and a 4.9% premium to yesterday's closing price (9.525p). The Placing Shares have been issued to new sophisticated investors and also existing shareholders, including Dr Patrick Cross, the Company's Chairman. Dr Cross has subscribed for 100,000 shares under the Placing, and now has an interest in 725,000 Shares, representing 0.17% of the Company's enlarged issued share capital.

The funds raised pursuant to the Placing will be used for the Company's general working capital purposes.

Application has been made for the Placing Shares to be admitted to trading on AIM. Admission is expected to take place on or about 22 November 2018. The Placing Shares will rank pari passu with existing ordinary shares.