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. Announcement • Feb 27
Empyrean Energy PLC Announces Appointment of Gajendra (Gaz) Bisht as CEO, Effective February 27, 2026 Empyrean Energy PLC announced that current Interim Chief Executive Officer and Technical Director Gajendra (Gaz) Bisht has been appointed as CEO, effective immediately (27 February 2026). Mr. Bisht will also continue in his role as Technical Director. The appointment of Mr. Bisht to perform both roles represents the most prudent course in the circumstances and recognises his commitment and performance over the past 6 months in the interim CEO role. This appointment follows the successful settlement with Conrad and securing of Empyrean's participation in the Mako Gas Discovery. It also reflects a focus on cost reduction while the Company assesses new value accretive opportunities in the oil and gas sector. As advised, Empyrean is currently undertaking a disciplined evaluation of its broader portfolio and is assessing new growth opportunities. Gaz Bisht is an oil and gas professional with over 36 years of proven skills in all aspects of Exploration and Production. In the past 5 years, he has developed strong business acumen in strategy framing and execution and has built deep and effective relationships with international companies as well as regulators in South-East and North Asia, particularly in Indonesia, China and Malaysia. Announcement • Sep 04
Empyrean Energy Plc, Annual General Meeting, Sep 30, 2025 Empyrean Energy Plc, Annual General Meeting, Sep 30, 2025. Location: the offices of cavendish capital markets, 1 bartholomew close, ec1a 7bl, london United Kingdom Announcement • Jul 21
Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £1 million. Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,250,000,000
Price\Range: £0.0008
Transaction Features: Subsequent Direct Listing New Risk • Jul 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. 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 (23% average weekly change). Negative equity (-US$5.9m). Earnings have declined by 36% per year over the past 5 years. Shareholders have been substantially diluted in the past year (249% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£893.9k market cap, or US$1.22m). Minor Risk Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Announcement • May 02
Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £0.061122 million. Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £0.061122 million.
Security Name: Ordinary shares
Security Type: Common Stock
Securities Offered: 67,913,333
Price\Range: £0.0009 Announcement • Apr 04
Empyrean Energy Plc Announces Update on the Wilson River-1 Well Empyrean Energy plc announced the following update on the Wilson River-1 well: The JV partners in The Wilson River-1 have decided to conduct a Drill Stem Test ("DST") over the potential oil zone identified from analysis of logs and hydrocarbon shows from the well. The JV is currently refining the testing and completion options and getting quotes to carry out the work. The testing program is currently on schedule to commence during late April. Following the results of the testing program the JV will consider an extended production test. Other potential zones of interest are still having petrophysical analysis completed along with comparison to producing wells in the region where data is available. Announcement • Mar 25
Empyrean Energy plc Provides an Update on Wilson River-1 Well Empyrean Energy plc provided an update on the Wilson River-1 well. The Wilson River-1 well has reached total depth ("TD") of 1,464 m. Following reaching TD, open hole quad combo logs were acquired to measure multiple formation properties and reservoir characteristics. Based on preliminary log analysis and hydrocarbon shows, including approximately 6m of potential gross oil zone in one of the main target reservoirs, 7-inch production casing has been run into hole and cemented to a depth of 1,459.6 m. The well has been cased and suspended whilst expert petrophysical analysis is completed and the results are compared with existing producing wells nearby to better define a testing and completion regime. The rig is on standby on location at no cost whilst the testing program is decided upon. The petrophysical analysis is expected to be concluded within one week and a further announcement will be made regarding this further analysis and the agreed testing program in due course. Announcement • Mar 14
Empyrean Energy plc Commences Drilling of Wilson River-1 Well Empyrean Energy plc announced that rigging up operations for drilling the Wilson River-1 well proceeded smoothly and that Condor Energy Services Ltd. has advised that the well spud in at 2.30pm 14 March 2025 local time and that drilling operations have now commenced. Well Objective: Wilson River-1 has been designed as a vertical oil exploration well in the Northwest corner of ATP 1173 permit located Southwest Queensland, Australia. The main objective of the well is to evaluate and test the hydrocarbon potential of a seismically identified up thrown, structural fault bounded high. The Murta, Birkhead and Hutton formations are the primary targets and potential reservoir sands in Cadna-owie (Basal Wyandra) and Namur sequences are secondary targets. The prognosed total depth of the well is 1450m DRT (Depth Rotary Table) estimated to be approximately 50mMD into the Basement facilitating effective petrophysical analysis of the defined targets. It is planned to drill 12-1/4" hole section to ~350 mTVD/DRT and then run and cement 9-5/8" casing to surface. Following a successful leak-off test, it is planned to then drill 8-1/2" hole to TD (Total Depth) of ~1450mDRT. Based on the offset wells data, it is anticipated that the well could reach the TD (Total Depth) within 5-6 days from spudding. Planned Formation Evaluation: It is then planned to acquire a "Quad Combo" logging suite in the well for a comprehensive formation evaluation of target zones. This will include Gamma Ray, Density, Neutron, Inline Dipole Sonic, Laterolog Resistivity and Multi-Arm Caliper logs. Once logs are evaluated, the well will be cased and suspended. It is anticipated that log analysis and specialised petrophysical analysis may take a few weeks after which a cased-hole DST (Drill Stem Test) will be considered depending on the results. Announcement • Mar 11
Empyrean Energy plc Announces Wilson River-1 Drill Preparations Update Empyrean Energy plc announced that it has received notice from its joint venture partner, Condor Energy Services Ltd., that the rig package arrived on location and rig up for the Wilson River - 1 well has commenced. Completion of the rig up and testing is expected this week, with the Wilson River-1 well anticipated to spud during the coming weekend on 15th or 16th March. A further update will be provided once the well spuds. Announcement • Feb 17
Empyrean Energy plc Announces Wilson River-1 Well Update Empyrean Energy plc has been advised by Chi Oil and Gas Pty Ltd., as operator of the Wilson River-1 well, that the cultural heritage survey has been completed for the drill location. The cultural heritage survey was completed and confirmed that the designated drill location area for the Wilson River-1 well had no cultural heritage features previously registered or identified. Subsequent to the survey being completed, site works to remediate existing access tracks and clear the drilling pad area have commenced. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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$5.9m). Earnings have declined by 36% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£997.1k market cap, or US$1.22m). Announcement • Nov 12
Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £0.118798 million. Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £0.118798 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 59,399,000
Price\Range: £0.002 Announcement • Nov 07
Empyrean Energy Plc has filed a Follow-on Equity Offering in the amount of £0.25 million. Empyrean Energy Plc has filed a Follow-on Equity Offering in the amount of £0.25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 125,000,000
Price\Range: £0.002 New Risk • Oct 02
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$4.4m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.8m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Negative equity (-US$4.4m). Earnings have declined by 46% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£3.50m market cap, or US$4.64m). Minor Risk Shareholders have been diluted in the past year (31% increase in shares outstanding). Announcement • Sep 05
Empyrean Energy Plc, Annual General Meeting, Sep 30, 2024 Empyrean Energy Plc, Annual General Meeting, Sep 30, 2024. Location: the offices of cavendish capital markets, 1 bartholomew close, ec1a 7bl, london United Kingdom Announcement • Aug 22
Empyrean Energy plc Announces Board Restructure Empyrean Energy plc announced that Dr. Patrick Cross has stepped down as non-executive chairman of the company, effective immediately. Existing non-executive director Mr. John (Spencer) Laycock has assumed the position of non-executive chairman. Dr. Cross will remain on the board as a non-executive director. New Risk • Jul 05
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (23% average weekly change). High level of non-cash earnings (95% accrual ratio). Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£3.84m market cap, or US$4.91m). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). New Risk • Feb 15
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 62% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (21% average weekly change). High level of non-cash earnings (95% accrual ratio). Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£7.04m market cap, or US$8.85m). Announcement • Sep 04
Empyrean Energy Plc, Annual General Meeting, Sep 27, 2023 Empyrean Energy Plc, Annual General Meeting, Sep 27, 2023, at 09:00 Coordinated Universal Time. Location: Armstrong Teasdale, Royal College of Surgeons of England, 38-43 Lincoln's Inn Fields, WC2A 3PE London United Kingdom New Risk • Jun 22
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. 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 Less than 1 year of cash runway based on free cash flow trend (-US$16m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-US$1.0m). Earnings have declined by 45% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£6.70m market cap, or US$8.54m). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Shareholders have been diluted in the past year (18% increase in shares outstanding). Announcement • Jun 01
Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £1.51803 million. Empyrean Energy Plc has completed a Follow-on Equity Offering in the amount of £1.51803 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 189,753,783
Price\Range: £0.008
Transaction Features: Subsequent Direct Listing Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Executive Director of Technology & Executive Director Gaz Bisht was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Executive Director of Technology & Executive Director Gaz Bisht was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.