Business
Convertible Note Amendment
Empyrean Energy PLC has amended key terms of its convertible note, reducing the annual interest rate from 20% to 5% for the period April 1, 2026, to September 30, 2026, after which it reverts to 20%. The company must now maintain a minimum cash balance of £1.25 million until the note is repaid. The face value of the convertible note, including accrued interest, stands at £6.7 million as of March 2026. Empyrean also reported unaudited free cash of £1.76 million as of March 31, 2026, and anticipates adequate working capital for at least 18 months, with the lender open to discussing the cash balance requirement for value-accretive opportunities. Disclaimer*
About this update from Empyrean Energy Plc
14 April 2026 This announcement contains inside information Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas Convertible Note Amendment Empyrean 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 reached agreement to amend key terms under its existing Convertible Note. Background In December 2021, the Company announced that it had entered into a Convertible Loan Note Agreement with a Melbourne-based investment fund (the "Lender"), pursuant to which the Company issued a convertible loan note to the Lender and received gross proceeds of £4.0 million (the "Convertible Note"). As announced in May 2022, the Company and the Lender then amended the key repayment terms of the Convertible Note, which at that time included the right by the Lender to redeem the Convertible Note within 5 business days of the announcement of the results of the Jade well at Block 29/11. The face value of the Convertible Note, including accrued interest, was reset to £3.3 million with interest to commence and accrue at £330,000 per calendar month from 1 December 2022. As announced in May 2023, the Company and the Lender reached agreement to amend further key terms including a reduction in the face value of the Convertible Note from £5.28 million (including interest accrued to the end of May 2023) to £4.6 million. It was also agreed with the Lender that no interest would accrue on the Convertible Note until 31 December 2023, with interest accruing thereafter at a rate of 20% p.a. At that time, the conversion price on the Convertible Note was also reduced from 8p to 2.5p per Share. The agreed terms provided that upon a successful sale of the Company's interest in Mako, Empyrean must redeem the face value of the Convertible Note and pay the Lender the greater of (a) US$1.5 million or (b) 15% of the proceeds such sale. Changes Effective 1 April 2026 As announced in February 2026, Empyrean, Conrad Asia Energy Ltd ("Conrad"), and its subsidiary, West Natuna Exploration Limited ("WNEL") executed a detailed Shareholders Agreement ("SHA") which governs the ongoing relationship between Conrad and Empyrean moving forward and also defined Empyrean's participation in the Ma...
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