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LONDON - Empyrean Energy PLC (AIM:EME) reported a loss of $3.35 million for the year ended March 31, 2025, compared to a $9.59 million loss in the previous year, according to its final results statement released Monday.
The oil and gas exploration company’s primary focus remains on its 8.5% interest in the Duyung Production Sharing Contract in Indonesia, where the Mako gas field is located. A significant development during the period was the Indonesian government’s directive that all Mako gas be made available for the domestic market in Batam.
Following this directive, in July 2025, Conrad Asia Energy Ltd, the operator, signed a binding gas sales agreement with PLN EPI, a subsidiary of Indonesia’s state-owned electric utility company. The gas price will be linked to the Indonesian Crude Price, which is similar to Brent oil-linked LNG pricing.
The company reported that this agreement has sparked renewed interest in the farm-down process for the Duyung PSC, with Conrad receiving non-binding offers and entering discussions with one party.
In other operations, Empyrean’s Wilson River-1 well in Queensland, Australia was drilled but subsequently plugged and abandoned after testing confirmed the recovery of formation water rather than oil in the potential zone.
The company’s financial position showed cash and cash equivalents of $1.68 million at year-end, up from $0.98 million the previous year. During the reporting period, Empyrean raised approximately $3.22 million through several equity placings to fund operations.
The company noted in its statement that it requires additional funding to meet ongoing cash needs and potential settlement of claims from CNOOC related to its previously held Block 29/11 in China.
The financial results were released following the recent news of CEO Tom Kelly’s passing after a tragic accident, with Technical Director Gaz Bisht appointed as interim CEO.
The information is based on a press release statement from the company.
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