REG - Empyrean Energy PLC - Fundraising

Empyrean EnergyAnnouncement

21/07/2025 07:00

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RNS Number : 8257R  Empyrean Energy PLC  21 July 2025

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SEE THE IMPORTANT INFORMATION IN THE APPENDIX TO THIS ANNOUNCEMENT.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
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INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

21 July 2025

 

Empyrean Energy Plc

("Empyrean" or the "Company")

 

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 £1,000,000 (before costs) through a placing of
1,250,000,000 new ordinary shares of 0.01p each in the Company (the "Placing
Shares") at a price of 0.08p 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.

 

Funds raised pursuant to the Placing will be used for ongoing development
costs associated with Empyrean's 8.5% interest in the Mako Gas Field and for
general working capital.

 

As announced on 17 July 2025, the Mako JV partners have signed  Gas Sales
Agreement ("GSA") with the Indonesian Government owned electric utility
company, PLN Persero. This GSA creates very positive momentum for the Mako Gas
Field and is a key milestone on the pathway to production.

 

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 25 July 2024.

 

Following Admission, the Company will have 5,719,672,441 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.

 

In connection with the Placing, the Company has agreed to issue warrants to
CMC Markets Plc to subscribe for 62,500,000 new Ordinary Shares in the Company
at the Issue Price at any time within 2 years from the date of grant.

 

 

Empyrean CEO, Tom Kelly,commented:

 

"Empyrean is delighted with the continued support being shown for the Mako
Project. We have taken the prudent step in bolstering our cash position now
that the major milestone of a Gas Sales Agreement with PLN Pesero, the
Indonesian Government owned utility company, has been signed following the
earlier directive for Mako gas to be used for domestic supply. Indonesian
demand for energy is experiencing strong growth and natural gas is replacing
coal for this transition."

 

The Mako Joint Venture partners and their respective interests are :-

Empyrean Energy plc          8.5%

Conrad Asia Energy Ltd       91.5%

 

Duyung PSC - Mako Gas Field
                                        EME 8.5%
Participating Interest

Empyrean holds an 8.5% operated interest in the Duyung PSC. Duyung is located
in the Riau Islands Province, Indonesian waters in the West Natuna area,
approximately 100 km to the north of Matak Island and 400 km northeast of
Singapore. The Mako field contains 2C Contingent Resources (100%) of 376
billion cubic feet ("Bcf").

 

The contract term is until the end of the Duyung PSC in January 2037 and
allows for the sale of plateau gas rates of 111 Bbtud which is equivalent to
around 111.9 mmscfd. The contract is for the entirety of Mako's 2C Contingent
Resources.

 

The gas price will be linked to the Indonesian Crude Price ("ICP"), which is
akin to Brent oil linked LNG pricing and will be economically equivalent to
the pricing agreed approved earlier for Mako gas to be sold both domestically
and for export, thereby underpinning the value of gas from Mako. This reflects
ever-growing Indonesian domestic gas demand. The terms of the GSA are
confidential.

 

PLN EPI Background

 

PT PLN Energi Primer Indonesia ("PLN EPI") is a sub-holding of PLN Persero
which was established on 21 September 2020 to ensure the availability of
primary energy supplies through consolidating procurement & logistics
processes, searching for primary energy sources and developing a resilient
ecosystem and strong supply chain. The energy sources include but not limited
to coal, gas and liquid fuel and biomass. PLN EPI will be a buyer of energy
sources and will in turn provide the storage and logistic system to supply to
all power plants in Indonesia giving them flexibility in balancing the energy
source requirement effectively and efficiently.

 

 

Further details of the Fundraising are set out below.

 

 

 

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 

                                                                                2025
 Announcement of the Fundraising                                                21 July
 Admission effective and commencement of dealings in the Placing Shares on AIM  On or around, 8.00 a.m. on 25 July
 Placing Shares credited to CREST stock accounts                                25 July

 

Notes:

(i)            References to times in this document are to London
time (unless otherwise stated).

(ii)           If any of the above times or dates should change, the
revised times and/or dates will be notified by an announcement to an RIS.

(iii)          The timing of the events in the above timetable and in
the rest of this document is indicative only.

 

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

 

 Empyrean Energy plc                      Tel: +61 (08) 6146 5325
 Tom Kelly

 Cavendish Capital Markets Limited        Tel: +44 (0) 207 220 0500

 (Nominated Advisor and Broker)
 Neil McDonald

 Pearl Kellie

 Novum Securities Limited (Joint Broker)  Tel: +44 (0) 207 399 9400
 Colin Rowbury

 

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