Mako Gas Project Update

22 June 2026

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

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

Mako Gas Project Update

Empyrean Energy plc ("Empyrean" or the "Company"), the oil and gas exploration and development company with interests in Australia, Indonesia, and the United States, provides the following update on progress at the Duyung PSC and the Mako Gas Field in Indonesia ("Mako Gas Project").

Conrad Asia Energy Ltd ("Conrad', (ASX:CRD)) and its majority-owned subsidiary, West Natuna Exploration Limited ("WNEL"), as operator of the Duyung PSC today advised that WNEL has formally signed a binding contract with PT PAL Indonesia ("PT PAL") for the provision of an Engineering, Procurement, Construction and Transport of the Conductor Support Frame ("CSF") to support the development of the Mako Gas Field.

Key Contract Highlights:

· Engineering - All detailed engineering required to update the FEED, finalise the full CSF design, including the transportation and installation engineering. 

· Procurement - Procurement of all non-Company Supplied materials.

· Construction / Fabrication - Fabrication and assembly of the jacket and topsides structures.

· Transportation - Transportation to the offshore location in the Mako Field.

The Mako Project is structured as initially comprising six development wells tied back to a leased Mobile Offshore Production Unit ("MOPU"). Sales gas will be transported via an approximately 59 km 18-inch pipeline to the KF platform in the adjoining Kakap PSC, then through the WNTS pipeline for delivery to the Indonesian domestic market.

As advised previously, total capital expenditure to first gas is estimated at US$320 million (100% basis).

Empyrean CEO and Technical Director, Gaz Bisht, commented:

"We are pleased to see Conrad and WNEL continue to make tangible progress at Mako with the signing of this binding EPCT contract for the Conductor Support Frame. The CSF is a critical structural component of the development, and securing this contract with PT PAL - a well-established Indonesian fabricator - represents another important step in de-risking the project's execution timeline towards first gas.

"This milestone follows a period of sustained progress at Mako and underscores the project's transition from front-end engineering into the execution phase. Empyrean continues to work closely with Conrad and WNEL as the Mako Gas Project advances, and we look forward to providing further updates as the development progresses towards first gas."."

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.

For further information please visit www.empyreanenergy.com or contact the following: