Announcement • Jul 09
Empyrean Energy plc Announces Resignation of Patrick Cross as Non-Executive Director, Effective July 7, 2026 Empyrean Energy plc announced that Dr Patrick Cross has resigned from his position as Non-Executive Director of the Company, due to ill health, effective 7 July 2026. Dr Cross has been a dedicated member of the Empyrean Board, previously as Chairman, for over 20 years and has over that time made a significant contribution to the Company. New Risk • Jun 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Negative equity (-US$4.0m). Earnings have declined by 4.5% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£2.57m market cap, or US$3.40m). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Shareholders have been diluted in the past year (28% increase in shares outstanding). Announcement • May 02
Empyrean Energy plc Provides Mako Gas Project Update Empyrean Energy plc provided the following update on progress at the Duyung PSC and the Mako Gas Field in Indonesia. Following Empyrean's announcement on 3 March 2026 in which Conrad Asia Energy Ltd. and its majority-owned subsidiary, West Natuna Exploration Limited, as operator, approved the Final Investment Decision for the Mako Gas Project, Conrad have advised the market that project development activities remain on track. As detailed by Conrad in their ASX Quarterly Activities Report for the period ending 31 March 2026, by the end of First Quarter 2026, West Natuna Exploration Limited had issued letters of award covering more than USD 280 million of the Mako Gas Project capital contracts, constituting over 80% of the total capital costs. Letters of award have been issued for the drilling rig, SURF (subsea, umbilicals, risers, flowlines) EPCI, CSF (conductor support frame) EPCT, and all long lead items. Several milestone payments have already been made to the contractors. Cost remain in line with previous guidance. The Mako Gas Project is structured as a tow-phase programmed initially comprising six development wells (this Final Investment Decision) tied back to a leased Mobile Offshore Production Unit at the field. The Mobile Offshore Production Unit has a design capacity of 172 mmscfd. Sales gas will be transported via an approximately 59km, 18-inch pipeline to the KF platform in the adjoining Kakap PSC, then through the West Natuna Transportation System pipeline for delivery to the Indonesian domestic market. Supply will be facilitated via a new spur pipeline from the West Natuna Transportation System to Pemping Island, Riau Province, which is being constructed by PLN EPE, a wholly owned subsidiary of PLN Persero. Gas allocation volumes and transportation tariffs within the West Natuna Transportation System have been agreed with SKK Migas and the West Natuna Transportation System Joint Venture. A formal Gas Transportation Agreement is expected to executed in the coming weeks. As advised previously, total capital expenditure to first gas is estimated at USD 320 million (100% basis). The Mako Gas Project is fully-funded (including a substantial contingency) and remains on-track for first gas in Fourth Quarter 2027. Under its agreement with Conrad, as announced on 23 February 2026, Empyrean is entitled to 8.5% of all cash payments to West Natuna Exploration Limited. The information in this announcement has been reviewed by Empyrean's Technical Director, Gaz Bisht, who has over 36 years' experience as a hydrocarbon geologist and geoscientist. 
