LONDON (ShareCast) - (ShareCast News) - Empyrean Energy beefed up its top management team and announced the transfer of a batch of shares between the new appointee and an existing director.
The AIM-listed outfit appointed Gajendra Bisht as a new director.

Bisht, the person which introduced to Empyrean the opportunity of bidding for Block 29/11 in the Pearl River Mouth Basin, offshore China, would continue to be responsible for the company's operations in that Asian country, the company said in a statement.

Australia-based Empyrean also disclosed that Bisht had transferred 5.0m shares to Frank Brophy through his wholly-owned company Topaz Energy, lowering its stake from 10.7% to 8.3%.

During the previous session, the outfit had notified markets it had raised £562,800 via a share placing to fund its appraisal and exploration programme.

In parallel, its chief Tom Kelly exercised options in respect of 15.0m shares in the company, helping it raise £300,000, lifting his stake to 14.9%.

Among those participating in the placing was the chairman of Sacgasco, its joint-venture partner in the multi-project Farm-in in Sacramento Basin, California.

Gaz Bisht also participated in the placing, picking up 1.25m shares and raising the stake held by Topaz Energy to 9.66%.

Following the recent open offer, placing and the option exercise, the company's cash position stood at $8.5m.

News of the placing and option exercise sent stock in the China and US-focused company higher by 22% on 14 June and on Wednesday it was adding a further 45.16% to 5.63p as of 14:23 BST.

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