EME Empyrean Energy Plc

TIDMEME

RNS Number : 3822S

Empyrean Energy PLC

11 March 2019

This announcement contains inside information

Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas

Empyrean Energy PLC ("Empyrean" or the "Company")

Plan of Development Approval for Mako Gas Field, Duyung PSC, Indonesia

11 March 2019

Empyrean, the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that the Ministry of Energy and Minerals in Indonesia has approved the Plan of Development ("POD") for the Mako Gas Field at the Duyung PSC in Indonesia.

Tom Kelly, CEO of Empyrean, commented:

"The POD approval by the Ministry of Energy and Mineral Resources in Indonesia is another important milestone in progressing the Mako Gas Field towards production. Tenure has now been secured on the Duyung PSC out to 2037 which reduces risk and adds intrinsic value to the project. Importantly, the POD approval is also crucial to advancing negotiations of the heads of agreement into a gas sales agreement with the buyer in Singapore for the off-take of Mako gas. It also paves the way for appraisal later in the year that can increase resources at Mako and hopefully test the deeper Tambak prospect."

The Duyung PSC covers approximately 890 km(2) in the Riau Islands Province, situated in the offshore Indonesian waters of the South China Sea, and is proximal to the West Natuna Transportation System (WNTS), a gas pipeline to markets in Singapore. WNTS currently supplies approximately 0.4 billion cubic feet (Bcf) of natural gas per day to Singapore. In June 2017, Empyrean participated in the successful Mako South-1 exploration well. A recent resource audit by Gaffney Cline & Associates (RNS dated 21 Jan 2019) reported contingent 2C resources of 276 Bcf in the Mako Gas Field.

**ENDS**

For further information:

 
 Empyrean Energy plc 
 Tom Kelly                Tel: +61 8 9380 9920 
 
 
 Cenkos Securities plc 
 Neil McDonald            Tel: +44 (0) 131 220 9771 
 Beth McKiernan           Tel: +44 (0) 131 220 9778 
 Pete Lynch               Tel: +44 (0) 131 220 9772 
 
 
 St Brides Partners Ltd 
 Priit Piip               Tel: +44 (0) 20 7236 1177 
 Frank Buhagiar           Tel: +44 (0) 20 7236 1177 
 

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END

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