Business
First Completion of Reduction of Duyung Interest
First Completion of Reduction of Duyung Interest.
About this update from Empyrean Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4549W Empyrean Energy PLC 17 April 2019 \n\nThis announcement contains inside information\n \nEmpyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas\n \nEmpyrean Energy PLC (\"Empyrean\" or the \"Company\")\nFirst Completion - Reduction of Interest in Duyung PSC, Indonesia, for Cash and Shares\n \n17 April 2019 \n \nEmpyrean Energy Plc (\"Empyrean\"), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to advise that, in accordance with the binding, conditional purchase agreement (the \"Agreement\") pursuant to which Coro Energy plc (\"Coro\") has agreed to acquire a 15% interest in the Duyung Production Sharing Contract (\"Duyung PSC\") from West Natuna Exploration Limited (\"WNEL\"), Empyrean has now received its pro rata share of the final cash and share component of the Consideration (as defined below) to the existing owners of WNEL. \n \nUnder the Agreement, Coro will acquire a 15% interest in the Duyung PSC for aggregate consideration in cash and Coro shares of US$4.8 million and the contribution of US$10.5 million by Coro toward the 2019 drilling campaign at the Mako gas field (the \"Consideration\"). The cash and share component of the Consideration has been paid pro rata to the previous owners of WNEL, being Empyrean, which held a 10% effective interest in the Duyung PSC, and Conrad Petroleum Ltd (\"Conrad\"), which held a 90% effective interest in the Duyung PSC, each through a shareholding in WNEL.\n \nWNEL is the owner and operator of the Duyung PSC in the West Natuna basin, offshore Indonesia which contains the Mako gas field.\n \nHighlights\n \n· The total cash and share consideration paid by Coro was US$2.95 million in cash and US$1.85 million in the form of 60,905,037 new ordinary shares of 0.1p each in Coro (the \"Consideration Shares\"). Coro has also paid the remaining US$9.3 million of the US$10.5 million drilling campaign contribution to WNEL, having paid US$1.2 million to WNEL on 11 February 2019.\n \n· Empyrean received its final cash component of the Consideration of US$120,000 from Coro on 17 April 2019, having received the initial cash component of US$175,000 on 11 February 2019. \n \n· E...