Empyrean Energy ('Empyrean' or the 'Company'), the oil and gas development company with interests in China, Indonesia and the United States, advises that it has received further notices to exercise warrants (exercise price 12p per Warrant) over a total of 750,000 Ordinary Shares (the 'Warrant Shares'), for which funds of GBP90,000 have been received by the Company.

Application will be made for the admission of the Warrant Shares to trading on AIM ('Admission'). Admission is expected to take place on 1 November 2021. The Warrant Shares will rank pari passu with the existing ordinary shares on issue. The Company will also issue 750,000 replacement incentive warrants expiring 22 October 2022 with an exercise price of 12p and 750,000 bonus warrants expiring 22 July 2023 with an exercise price of 18p, in accordance with the terms of the warrants being exercised, as detailed in the announcements on 9 July 2021 and 21 October 2021.

Following Admission, the Company's enlarged issued share capital will comprise 576,354,113 ordinary shares of 0.2p each (the 'Shares'), each with voting rights.

Contact:

Tom Kelly

Tel: +61 6146 5325

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