Emperor Energy Limited (ASX:EMP) Releases December 2024 Quarterly Report
Financial Highlights
Emperor Energy reported a cash balance of $3.398 million as of 31 December 2024. During the quarter, the company incurred exploration costs of $171k and paid $148k to directors and management. Additionally, Emperor Energy secured $3.0 million through a share placement of approximately 130,434,783 new shares at $0.023 per share.
Operational Developments
The company appointed a suite of highly regarded technical consultants to advance the Judith-2 Well within Exploration Permit Vic/P47. These consultants will provide independent technical assessments and support the strategic process to attract an investment consortium for drilling and development. Emperor Energy also released an updated investor presentation detailing the Judith-2 Well Funding Strategy and strategic partnerships.
Share Placement
On 18 December 2024, Emperor Energy received firm commitments to raise $3.0 million through a placement of approximately 130,434,783 fully paid ordinary shares at an issue price of $0.023 per share. The proceeds will fund the submission of the Judith-2 Environmental Plan to NOPSEMA, detailed well design and planning, and other activities to advance the Judith-2 Well within Exploration Permit Vic/P47.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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