REG - Empyrean Energy PLC - Duyung PSC Update

Empyrean EnergyAnnouncement

18/11/2025 08:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251118:nRSR9714Ha&default-theme=true

RNS Number : 9714H  Empyrean Energy PLC  18 November 2025

 

18 November 2025

This announcement contains inside information

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

Empyrean Energy PLC ('Empyrean' or 'the Company')

Duyung PSC Update

 

 

Empyrean Energy Plc ("Empyrean" or the "Company") advises that it has received
a Notice of Election of Remedy and Forced Withdrawal ("Notice") from West
Natuna Exploration Limited ("WNEL"), a wholly owned subsidiary of Conrad Asia
Energy Ltd ("Conrad") and the operator of the Duyung PSC ("Duyung").

 

Empyrean notes that the Notice was issued while Empyrean and WNEL/Conrad have
been engaged over several months in constructive and good-faith discussions
regarding the basis for and, if appropriate, settlement of valid outstanding
cash calls, in accordance with the dispute-resolution procedures set out in
the Joint Operating Agreement dated 21 May 2020 ("JOA"), as amened.

 

At the time the Notice was received, the formal dispute-resolution process
under the JOA between the parties was ongoing. Empyrean has advised
WNEL/Conrad that, should they wish to cease negotiation, the dispute under the
JOA should be referred to arbitration.

 

Empyrean also notes that the parties had made progress in recent discussions
and that an "in-principle", verbal understanding regarding the disputed
cash-call amounts (which total US$789,815 including interest) had been
reached, subject to contract.

 

For context, Empyrean is aware that Coro Energy Plc previously disputed
certain cash calls issued by WNEL/Conrad but reached a separate settlement, as
announced by Conrad to the ASX on 19 May 2025. Empyrean reiterates that it
will not agree to dispose of its participating interest in the Duyung PSC at a
material discount to its assessed value.

 

Empyrean has formally requested that WNEL/Conrad withdraw the Notice. As of
the date of this announcement, the Notice has not been withdrawn. The Company
is therefore providing this update to comply with its relevant disclosure
obligations.

 

The intended effect of the Notice is that Empyrean is deemed to have proposed
to withdraw under the JOA and Empyrean's participating interest is deemed to
have been transferred to WNEL. As noted above Empyrean's position is that the
dispute-resolution process is active and ongoing and no such remedies may be
exercised under the JOA.

 

Empyrean has received legal advice on the matter and rejects that the Notice
was issued validly, and it will take all necessary action to protect its
interest.

 

Empyrean notes that Conrad entered into a trading halt on the ASX on 11
November 2025 pending an announcement to the ASX in relation to the completion
of the proposed farm down of its 75% of the Duyung PSC. Conrad then requested
a voluntary suspension of its securities on 13 November 2025 and trading in
its securities remain in suspension. Empyrean was advised that the Notice
purports to (or has the effect of) frustrating the tag along provisions in the
JOA.

 

Empyrean remains committed to a cooperative, commercial and transparent
resolution of the dispute and continues to reserve all of its rights in
respect of any loss, damage or costs arising from actions by WNEL/Conrad that
Empyrean considers to be contrary to the JOA or associated agreements.

 

Further updates will be issued in due course, as appropriate.

 

For further information please visit www.empyreanenergy.com
(http://www.empyreanenergy.com/)  or contact the following:

 

 

 Empyrean Energy plc                                               Tel: +61 (8) 6146 5325
 Gaz Bisht/Jonathan Whyte

 Cavendish Capital Markets Limited (Nominated Advisor and Broker)  Tel: +44 (0) 207 220 0500
 Neil McDonald

 Pearl Kellie

 AlbR Capital Limited (Joint Broker)                               Tel: +44 (0) 207 399 9400
 Colin Rowbury

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCGIBDBXGBDGUI



            Copyright 2019 Regulatory News Service, all rights reserved