Completion of Equity Capital Raising

16 September 2026

This announcement contains inside information

Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas

Empyrean Energy PLC (‘Empyrean’ or ‘the Company’)

Completion of Equity Capital Raising

Empyrean Energy plc (“Empyrean” or the “Company”), the oil and gas exploration and development company with interests in Australia, Indonesia, and the United States, is pleased to advise that it has successfully raised gross proceeds of £1,000,000 through a placing of 2,000,000,000 new ordinary shares of 0.01p each in the Company (the "Placing Shares") at a price of 0.05p 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.

On 14 September 2026, Empyrean announced that it had entered into a binding Heads of Agreement ("BHoA") with ADX VIE GmbH ("ADX.V”) and that, in order to capitalise on the significant opportunity presented through participation in the GOLD Cluster project and to the fund its share of the costs envisaged under the BHoA, the Company required to raise additional capital.

The net proceeds from the Placing will be used to fund Empyrean’s share of costs under the BHoA for the drilling of the GOLD-1 exploration well located within the GOLD Cluster of ADX-AT-II licence area located within the Molasse Basin of Upper Austria, as well as for its general working capital purposes.

ADX.V is planning to commence drilling of the GOLD-1 exploration well in Q4 2026.

Empyrean’s investment commitment in a success case of approximately €555,400 (approximately £476,672) represents 20% of the estimated €2.777 million GOLD-1 well cost cap. Empyrean will earn a 10% economic interest in the GOLD Cluster through participation in a partnership to be established under Austrian law.

ADX.V is a wholly-owned subsidiary of ADX Energy Ltd (ASX: ADX), an ASX listed oil & gas exploration and production company focussed on projects in Austria, Romania and Italy.

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 22 September 2026.

Following Admission, the Company will have 7,719,672,441 existing 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.

As detailed in the Company's announcement of 14 September 2026, the Company entered a Capital Access Window at 7.30 a.m. on 14 September 2026 in order to achieve pricing stability during the conduct of the Placing.

Following the results of the Placing, the Capital Access Window has now closed and normal trading in the Company's existing Ordinary Shares is expected to resume at 7.30 a.m. today, 16 September 2026.

Empyrean CEO, Gaz Bisht, commented:

“The past 12 months have been challenging for Empyrean on several fronts; however, we have recently seen some particularly positive developments, having firstly secured our economic interest position in the Mako gas project, and secondly, through the completion of the NNB transaction last week, which represents a major milestone for Empyrean.

The Mako project is now fully funded, development activities are advancing, and first gas is targeted for Q4 2027 in one of the world’s fastest-growing energy consumption regions.

With Mako providing a strong foundation, the Board and management have broadened Empyrean’s focus to identify opportunities with attractive geological characteristics, near-term development potential and a clear pathway to cash flow. The acquisition of an interest in the GOLD Cluster in Upper Austria provides Empyrean with exposure to an exciting near-term drilling campaign, complementing our longer-term exposure to Mako

While acknowledging this funding round is dilutive, it provides Empyrean with a significant growth opportunity and we hope to see this reflected in shareholder value through a successful drilling campaign and the continued progress at Mako.”

For further information please visit www.empyreanenergy.com or contact the following: