REG - Empyrean Energy PLC - Mako Gas Project Update

Empyrean EnergyAnnouncement

08/05/2026 10:15

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RNS Number : 6180D  Empyrean Energy PLC  08 May 2026

 

8 May 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").

Conrad Asia Energy Ltd (ASX: CRD) ("Conrad") and its majority-owned
subsidiary, West Natuna Exploration Limited ("WNEL"), as operator of the
Duyung PSC today advised that it has formally executed a binding contract with
PT. Timas Suplindo ("Timas") for the provision of Subsea Umbilical, Flowline,
and Riser ("SURF") EPCI contract to support the development of the Mako Gas
Field.

The key contract scope is as follow:

·      Engineering - Verification of Front-End Engineering and Design
("FEED") and execution of detailed engineering design for the SURF system,
including flowlines, export pipeline, risers, subsea structures, umbilical,
and installation engineering.

·      Procurement - Procurement of all Contractor Furnished Materials
and management, storage, and integration of Company Furnished Materials,
including line pipes, umbilical, SPCS, and subsea valves.

·      Construction / Fabrication - Fabrication, assembly, coating,
inspection, and testing of subsea structures and associated SURF components.

·      Transportation and Installation - Load-out, transportation, and
offshore installation of flowlines, export pipeline, subsea structures,
risers, umbilical, and tie-ins.

·      Pre-commissioning and Commissioning Support - Execution of
pre-commissioning activities, including cleaning, gauging, hydrotesting,
dewatering, and leak testing, and provision of support to WNEL during
commissioning and start-up.

 

A formal contract signing ceremony was held between Timas and WNEL on 7 May
2026 at Shangri-La Hotel, Jakarta.

 

The Mako Gas Project is structured as a two-phase programmed initially
comprising six development wells tied back to a leased Mobile Offshore
Production Unit ("MOPU"). 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.

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

Empyrean CEO and Technical Director, Gaz Bisht, commented:

 

"Empyrean is pleased to see another major milestone achieved for the Mako Gas
Project as the development phase continues to progress rapidly.

 

The execution of the SURF EPCI contract represents another important step
toward first gas and reflects the strong momentum now established across the
project following FID and commencement of key execution activities."

 

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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