IN BRIEF: Empyrean shares quintuple as notes Mako gas sale agreement

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Empyrean Energy PLC - oil and gas development firm focused on the Duyung production sharing contract offshore Indonesia - Says the operator of the Mako field has signed a gas sales agreement with state-owned electric utility company PT PLN Energi Primer Indonesia. The deal signed by Conrad Asia Energy Ltd covers the current Duyung production sharing contract, which houses Mako, and allows for the sale of up to 111 billion British thermal units per day. Empyrean Chief Executive Officer Tom Kelly says: ‘The GSA between the Mako joint venture and PLN EPI is a significant milestone for the Mako gas field. It is anticipated that this milestone will provide momentum to the project in a region of Asia that is experiencing strong demand for gas to meet energy demand growth.’ Empyrean holds an 8.5% stake in the Mako gas field, with Conrad Asia Energy holding the remaining stake.

Current stock price: 0.12 pence each, more than quintupled from 0.019p at the close on Wednesday

12-month change: down 58%

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