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Highlights
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Empyrean Energy PLC is focusing on three key assets: Block 29/11 offshore China, the Duyung PSC offshore Indonesia, and interests in the Sacramento Basin, California.
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The company is awaiting the conclusion of the sell-down at the Mako gas project to set objectives for the 2024/2025 period.
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A recent Gas Sales Agreement (GSA) for export gas to Singapore marks a significant step toward a Final Investment Decision for the Mako project.
Empyrean Energy PLC {LSE:EME} a London AIM-listed oil and gas explorer, is concentrating its efforts on three cornerstone assets with considerable transformational potential: Block 29/11 offshore China, the Duyung PSC offshore Indonesia, and a multi-project participating interest in California's Sacramento Basin.
In its final results for the year ending March 31, 2024, the company reflected on a period marked by limitations in progress. Key events, particularly the conclusion of negotiations related to the Gas Sales Agreement (GSA) and the sell-down process at the Mako gas project in Indonesia, have been anticipated as pivotal moments for the company.
A recent milestone for Empyrean was the securing of a GSA with Sembcorp Gas, covering the export of natural gas from the Mako field to Singapore. This agreement is seen as a crucial step that underpins the sell-down process and moves the project closer to a Final Investment Decision (FID).
As the company moves forward, it remains focused on its strategic objectives while monitoring the outcomes of these significant developments. The anticipated completion of the sell-down at Mako is expected to enable management to outline objectives for the upcoming 2024/2025 period, thus paving the way for renewed operational momentum.
Empyrean continues to navigate a dynamic landscape in the oil and gas sector, with its ongoing commitment to advancing its projects, especially the promising Jade prospect in China. The exploration activities in this region are viewed as potentially transformative, underscoring the company's long-term vision for growth and development in the energy market.
