Empyrean shares soar after signing of Indonesia gas sale deal

(Alliance News) - Empyrean Energy PLC on Monday said it has entered a binding gas sale agreement ...

Alliance News 24 June, 2024 | 11:03AM
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(Alliance News) - Empyrean Energy PLC on Monday said it has entered a binding gas sale agreement with a subsidiary of Indonesia's national oil company PT Pertamina.

The London-registered oil & gas exploration and production company is focused on three assets in China, Indonesia and California, US.

Empyrean shares surged 36% to 0.32 pence each in London on Monday morning.

The company has an 8.5% participating interest in the Mako gas field, offshore Indonesia.

Empyrean and its joint venture partners signed a deal relating to Mako with total contracted gas volume of up to 122.77 trillion British thermal units, with estimated production rates of 35 billion BTU per day.

Further details remain undisclosed, although the company said the deal is subject to the construction of a pipeline connecting the West Natuna Transportation System with the domestic gas market in the Indonesian city of Batam.

The remaining sales gas volumes will be sold to Singapore in accordance with a non-binding agreement signed in the third quarter of 2023.

Production is due to begin in 2026 subject to the completion of a formal gas sale agreement with the Singapore buyer.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Empyrean Energy PLC 0.31 GBX 18.10 -

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