afr 2nd August 2018 Street talk MACQUARIE-BACKED EMPIRE ENERGY...

afr 2nd August 2018 Street talk
MACQUARIE-BACKED EMPIRE ENERGY KICKS OFF RAISING
Empire Energy Group has launched a two-tranche placement, overseen by Baillieu Holst and Bell Potter Securities.

The deal comprises a placement of $3.8 million and a conditional placement of $11.2 million, according to terms sent to fund managers.

EEG shares were being offered at 2¢ a share, a 13 per cent discount to the last close and a 21.5 discount to the five-day, volume-weighted average price.

Bids are due by noon on Friday. In addition to the placement, it's understood major shareholder Macquarie Bank has agreed to convert $US4 million of debt into equity ($5.4 million) at the offer price.

EEG is a conventional oil and natural gas producer with operations in Appalachia (New York and Pennsylvania) and the MidCon (Kansas and Oklahoma).

The company also has 14.5m acres in the McArthur and Beetaloo Basins, Northern Territory.