Empyrean Energy (EME: AIM), the oil and gas development company with interests in China, Indonesia and the United
States, is pleased to provide its Interim Report for the six months ended 30 September 2024.
Highlights
Reporng period
Duyung PSC Project, Indonesia (EME 8.5%)
- On 24 June 2024, the Company announced that the Mako JV partners had entered into a binding domesc Gas
Sales Agreement for the sale and purchase of the domesc poron of Mako gas with PT Perusahaan Gas Negara Tbk
("PGN"), the gas subsidiary of PT Pertamina (Persero), the naonal oil company of Indonesia.
- The domesc GSA will be subject to the construcon of a pipeline connecng the West Natuna Transportaon
System ("WNTS") with the domesc gas market in Batam and it forms part of Mako JV's Domesc Market Obligaon
("DMO") as set out in the Mako's revised Plan of Development ("POD").
- The Total Contracted Gas volume under the PGN GSA is up to 122.77 trillion Brish Thermal Units ("TBtu"), with
esmated plateau producon rates of 35 billion Brish thermal units ("Bbtud") per day. The remainder of the Mako
sales gas volumes are targeted to be sold to Singapore via the export GSA signed in August 2024.
- On 2 September 2024, the Company announced that the Mako Joint Venture partners and Sembcorp Gas Pte Ltd
("Sembcorp"), a wholly-owned subsidiary of Sembcorp Industries Ltd, a leading energy and urban soluons provider
headquartered in Singapore, signed a binding GSA for the export of gas produced from the Mako eld to Singapore.
The contract term is unl the end of the Duyung PSC in January 2037 and allows for the sale of up to 76 billion
Bbtud, which is equivalent to around 76.9 million standard cubic feet per day ("mmscfd").
Block 29/11, Pearl River Mouth Basin, China
- On 13 June 2024, the Company announced that, as it had not commenced the drilling of the Topaz prospect by 12
June 2024 as required under the second phase of exploraon on Block 29/11, the permit formally expired on 12
June 2024.
- In August 2024, Empyrean has received a leer of demand from CNOOC alleging that Empyrean has outstanding
obligaons under the PSC. The Company disputes the leer and is endeavouring to sele the maer amicably
under the dispute resoluon clauses provided for in the PSC. Separately, Empyrean has put forward a submission to
CNOOC for further cooperaon on Block 29/11.
Corporate and New Project Opportunies
- On 11 November 2024, the Company announced that it had condionally raised gross proceeds of approximately
£1.255m from an aggregated Placing and Subscripon. This fundraising was condional upon the passing of the
resoluons which were subsequently approved by shareholders at a General Meeng held on 2 December 2024. The fundraising required a capital reorganisaon of the ordinary share capital of the Company which was also approved at the General Meeng.
- Empyrean is in advanced discussions to acquire an opon to parcipate in a convenonal oil exploraon project
(the "Wilson prospect") which is situated close to exisng infrastructure in the prolic Cooper Basin in South West
Queensland, Australia, adjacent to several producing oil elds operated by Santos-Beach (Cooper Basin JV) and
Bridgeport Energy.
