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Final Investment Decision Approved
Empyrean Energy PLC has announced the approval of the Final Investment Decision (FID) for the Mako Gas Project in Indonesia, a significant step towards future cash flow generation with first gas targeted for the fourth quarter of 2027. The project is fully funded at the joint venture level, with total capital expenditure to first gas estimated at approximately US$320 million on a 100% basis. This FID de-risks the project following successful appraisal drilling and testing, and it benefits from long-term, government-backed contracted revenues through January 2037, covering up to 111 Bbtud and the full 2C contingent resources. Disclaimer*
About this update from Empyrean Energy Plc
3 March 2026 This announcement contains inside information Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas Final Investment Decision Approved for Mako Gas Project Empyrean Energy plc ("Empyrean" or the "Company"), the oil and gas exploration and development company with interests in Australia, Indonesia, and the United States refers to the announcement by Conrad Asia Energy Ltd ("Conrad', (ASX:CRD)) that it and its majority-owned subsidiary, West Natuna Exploration Limited, as operator of the Duyung Production Sharing Contract ("PSC"), have approved the Final Investment Decision ("FID") for the Mako Gas Project, offshore Indonesia. Empyrean continues to hold a participating interest in the Duyung PSC as detailed in the RNS dated 30 January 2026 and 23 February 2026. Highlights · Approval of FID transitions the Mako Gas Project into full development and materially advances Empyrean's pathway toward future cash flow generation. First gas is currently targeted for 4Q 2027. · The Project is fully funded at joint venture level, including contingency allowances, significantly reducing funding risk as development activities accelerate. · Total capital expenditure to first gas is estimated at approximately US$320 million (100% basis). · FID materially de-risks the Project following successful appraisal drilling, flow testing, confirmation of reservoir performance, finalisation of gas processing design, and planned tie-in to the West Natuna Transportation System ("WNTS"). · The Project benefits from long-term, government-backed contracted revenues through January 2037 under a binding Gas Sales Agreement covering up to 111 Bbtud and the full 2C Contingent Resources attributable to the field, providing clear revenue visibility once production commences. CEO & Technical Director, Gaz Bisht, commented: "The approval of the Final Investment Decision for Mako marks a defining milestone for Empyrean and for the Duyung joint venture. It transitions the Project from appraisal into full development, with contracted gas sales, secured funding at the joint venture level and a clear path toward first gas in 4Q 2027. It is particul...
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