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Empyrean Energy ( (GB:EME) ) just unveiled an update.
Empyrean Energy reported further progress on the Mako Gas Project in Indonesia, where operator West Natuna Exploration Limited has now issued letters of award covering more than US$280 million of capital contracts, representing over 80% of total projected costs. Key awards include the drilling rig, subsea EPCI work, conductor support frame contracts, and long-lead items, with several milestone payments already made and overall costs remaining in line with guidance.
The first phase of development will comprise six wells tied back to a leased mobile offshore production unit with a design capacity of 172 mmscfd, feeding gas via a new 59km pipeline into existing regional infrastructure for delivery to the Indonesian domestic market. With total capex to first gas estimated at US$320 million on a fully funded basis, the project remains on schedule for first gas in the fourth quarter of 2027, and Empyrean is entitled to 8.5% of all cash payments to the project operator, underscoring its exposure to future production-linked cash flows.
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 PLC is an oil and gas exploration and development company with interests in Australia, Indonesia, and the United States. Listed on AIM, the group focuses on upstream projects, including its stake in the Duyung Production Sharing Contract and the Mako Gas Field offshore Indonesia, positioning it to supply gas into the Indonesian domestic market.
Average Trading Volume: 123,053,585
Technical Sentiment Signal: Strong Sell
Current Market Cap: £3.15M
See more data about EME stock on TipRanks’ Stock Analysis page.