Empyrean completes first payment for Duyung PSC interest

By Alexander Ginting

London Stock Exchange-listed firm Empyrean Energy PLC announced on Friday that it has now held 10 percent working interest in Duyung PSC exploration block offshore West Natuna after completing initial payment of US$2 million to Conrad Energy.

Under a deal announced on April 4, 2017, Empyrean has entered into a sale and purchase agreement for the acquisition of up to 20 percent interest in West Natuna Exploration Ltd (WNEL) from Conrad Petroleum Pte Ltd. Conrad is the registered and beneficial owner of WNEL, which holds a 100 percent interest in Duyung PSC.

Further payment of $2 million to complete the acquisition will be executed on or before May 26, 2017, the company said.

The Duyung PSC includes the ?Mako? shallow gas discovery with a Competent Persons Report verifying 2C and 3C resource of 430-650 Bcf recoverable gas. It is planned that the Mako South-1 well will be drilled in late Q2 / early Q3 to undertake flow test and establish reservoir quality.

When the deal is completed, Conrad will still have 80 percent interest in Duyung PSC.