Business
Duyung PSC Update
Empyrean Energy PLC has reached a binding term sheet with Conrad Asia Energy Ltd to amicably resolve a cash call dispute concerning the Duyung PSC and Mako Gas Field in Indonesia. Under the agreement, Empyrean will retain economic exposure to the Mako Gas Field without future direct cash call obligations, with project finance secured through to development and first gas targeted for Q4 2027. Empyrean's 8.5% participating interest will be transferred to a special purpose vehicle, and the company will pay US$353,388.50 upfront, with a further US$353,388.50 to be paid from SPV dividends, settling all past claims. Empyrean will also benefit from 8.5% of consideration from a farm-out by WNEL to a majority farminee. The agreement necessitates restructuring of Empyrean's secured convertible note. Disclaimer*
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n\n \n30 January 2026\nThis announcement contains inside information\n \nEmpyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas\n \nEmpyrean Energy PLC ('Empyrean' or 'the Company')\nDuyung PSC Update\n \nEmpyrean Energy plc (\"Empyrean\" or the \"Company\"), the oil and gas exploration and development company with interests in Australia, Indonesia and the United States, is pleased to announce that it has signed a binding term sheet for a settlement agreement (the \"Term Sheet\") with Conrad Asia Energy Ltd (ASX: CRD) (\"Conrad\"), the operator of the Duyung PSC and Mako Gas Field in Indonesia (\"Mako\"), which has successfully and amicably resolved the outstanding cash call dispute between Empyrean, Conrad and Conrad's subsidiary, West Natuna Exploration Limited (\"WNEL\"). As part of this Term Sheet, Conrad has withdrawn its Notice of Election of Remedy and Forced Withdrawal (the \"Notice\").\n \nThis Term Sheet reflects a cooperative and solution-focused approach by both parties and provides Empyrean with a clear, funded pathway to retain economic exposure to the Mako Gas Field as well Duyung PSC without future direct cash call obligations.\n \nHighlights\n· Term Sheet executed between Empyrean and Conrad for Duyung PSC settlement and resolution of the Mako Gas Field cash call dispute;\n· Conrad Withdrawal Notice withdrawn;\n· Project finance secured to cover Empyrean future funding exposure through to development; and\n· Pathway to first gas from Mako targeted for Q4 2027\n \nSummary of Term Sheet entered into between Conrad and Empyrean\n \nEmpyrean Participating Interest (PI) in Duyung PSC\n· Empyrean's 8.5% Participating Interest (\"PI\") in the Duyung PSC will be transferred to WNEL;\n· Empyrean and Conrad will establish a Singapore-domiciled special purpose vehicle (\"SPV\") with shareholdings of 8.5% to Empyrean and 91.5% to Conrad (the \"Subscription\");\n· Following Indonesian government approval of Empyrean's PI transfer and the transfer of a 75% participating interest in the Duyung PSC from WNEL to a majority farm-in partner (\"Majority Farminee\"), WNEL ...