REG - Empyrean Energy PLC - Mako Gas Project Update

Empyrean EnergyAnnouncement

30/04/2026 08:45

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RNS Number : 5808C  Empyrean Energy PLC  30 April 2026

 

30 April 2026

 

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

 

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

Mako Gas Project Update

 

Empyrean Energy plc ("Empyrean" or the "Company"), the oil and gas exploration
and development company with interests in Australia, Indonesia, and the United
States, provides the following update on progress at the  Duyung PSC and the
Mako Gas Field in Indonesia ("Mako Gas Project").

 

Following Empyrean's announcement on 3 March 2026 in which Conrad Asia Energy
Ltd  ("Conrad', (ASX:CRD)) and its majority-owned subsidiary, West Natuna
Exploration Limited ("WNEL"), as operator, approved the Final Investment
Decision ("FID") for the Mako Gas Project, Conrad have advised the market that
project development activities remain on track.

 

As detailed by Conrad in their ASX Quarterly Activities Report for the period
ending 31 March 2026, by the end of Q1 2026, WNEL had issued letters of award
covering more than US$280 million of the Mako Gas Project capital contracts,
constituting over 80% of the total capital costs. Letters of award have been
issued for the drilling rig, SURF (subsea, umbilicals, risers, flowlines)
EPCI, CSF (conductor support frame) EPCT, and all long lead items. Several
milestone payments have already been made to the contractors. Cost remain in
line with previous guidance.

The Mako Gas Project is structured as a tow-phase programmed initially
comprising six development wells (this FID) tied back to a leased Mobile
Offshore Production Unit ("MOPU") at the field. The MOPU has a design capacity
of 172 mmscfd. Sales gas will be transported via an approximately 59km,
18-inch pipeline to the KF platform in the adjoining Kakap PSC, then through
the WNTS pipeline for delivery to the Indonesian domestic market. Supply will
be facilitated via a new spur pipeline from the WNTS to Pemping Island, Riau
Province, which is being constructed by PLN EPE, a wholly owned subsidiary of
PLN Persero.

Gas allocation volumes and transportation tariffs within the WNTS have been
agreed with SKK Migas and the WNTS Joint Venture. A formal Gas Transportation
Agreement is expected to executed in the coming weeks.

As advised previously, total capital expenditure to first gas is estimated at
US$320 million (100% basis).

The Mako Gas Project is fully-funded (including a substantial contingency) and
remains on-track for first gas in Q4 2027.

Under its agreement with Conrad, as announced on 23 February 2026, Empyrean is
entitled to 8.5% of all cash payments to WNEL.

Interim CEO, Gaz Bisht, commented:

 

"Empyrean is pleased to note the rapid advancement in development activities
at the Mako Gas Field, with significant procurement activity being undertaken
during the March quarter, all fully funded under the previously announced
Carry Loan Agreement. Importantly, first production from Mako remains on track
 commence late next year, a landmark milestone for all parties involved".

 

The information in this announcement has been reviewed by Empyrean's Technical
Director, Gaz Bisht, who has over 36 years' experience as a hydrocarbon
geologist and geoscientist.

 

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

 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)20 7469 0930
 Colin Rowbury

 

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