Fundraising

Empyrean Energy plc ("Empyrean" or the "Company"), the oil and gas development company with interests in Australia, Indonesia and the United States, advises that it has raised £600,000 (before costs) through a placing of 666,666,667 new ordinary shares of 0.01p each in the Company (the "Placing Shares") at a price of 0.09p per Placing Share (the "Issue Price") (the "Placing").

CMC Markets Plc, trading as CMC CapX, is the Company's placing agent in respect of the Placing.

A retail offer on the same terms as the Placing (the "Retail Offer" and, together with the Placing, the "Fundraising") will commence immediately following this Announcement and applications for this offer are expected to close in 3 days. Details of the Retail Offer will be announced seperately.

Funds raised pursuant to the Fundraising will be used to test the potential oil zone in the Wilson River-1 well and for general working capital.

The Placing is conditional on the Placing Shares being admitted to trading on the AIM market operated by London Stock Exchange plc ("Admission"). Admission is expected to take place on 2 May 2024.

Following Admission, the Company will have 4,401,759,108 New Ordinary Shares in issue. This figure may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Empyrean CEO, Tom Kelly,commented:

"Empyrean is excited and looking forward to the near term testing of a potential oil zone in the Wilson River-1 well."

Further details of the Fundraising are set out below.

Notes:

• References to times in this document are to London time (unless otherwise stated).
• The timing of the events in the above timetable and in the rest of this document is indicative only.