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An announcement from Empyrean Energy ( (GB:EME) ) is now available.
Empyrean Energy has reported progress on the Mako Gas Project in Indonesia’s Duyung PSC after project operator Conrad Asia Energy and its subsidiary West Natuna Exploration signed a binding SURF engineering, procurement, construction and installation contract with PT Timas Suplindo. The agreement covers detailed engineering, procurement of subsea materials, fabrication, transportation, installation and commissioning support for subsea umbilicals, flowlines, risers and associated infrastructure.
The Mako development will initially comprise six wells tied back to a leased Mobile Offshore Production Unit with a design capacity of 172 mmscfd, delivering gas through a 59km pipeline into the Kakap PSC and then via the West Natuna Transportation System to the Indonesian domestic market. With total capital expenditure to first gas estimated at US$320 million on a 100% basis, the SURF contract marks a major milestone toward first gas and underlines strong execution momentum following the project’s final investment decision.
Spark’s Take on EME Stock
According to Spark, TipRanks’ AI Analyst, EME is a Neutral.
The score is held down primarily by weak financial performance (no revenue, negative cash flows, and negative equity with rising debt), despite recent improvement in losses and cash burn. Technicals are mildly supportive with positive momentum signals, but valuation metrics provided offer limited support.
To see Spark’s full report on EME stock, click here.
More about Empyrean Energy
Empyrean Energy is an oil and gas exploration and development company with interests in Australia, Indonesia and the United States, focusing on upstream projects including the Mako Gas Field in Indonesia’s Duyung PSC. The company targets gas resources for the Indonesian domestic market, positioning itself within the broader Asia-Pacific energy supply chain.
Average Trading Volume: 90,582,845
Technical Sentiment Signal: Strong Sell
Current Market Cap: £3.43M
See more insights into EME stock on TipRanks’ Stock Analysis page.