Empyrean Energy shares jump as drill rig secured for Mako field

(Sharecast News) - Shares in Empyrean Energy surged on Friday morning after the AIM-listed oil and gas explorer moved closer to drilling the Mako Gas Field offshore Indonesia after securing a jack-up drilling rig. Empyrean called it the moment "shareholders have been waiting for".

The company holds an 8.5% interest in the Duyung production sharing contract, through its 10% shareholding in West Natuna Exploration, which holds an 85% participating interest.

The main asset in the permit is the Mako, hailed as a "world-class discovered gas resource", which has a development programme of six wells.

Empyrean has announced that West Natuna Exploration has now signed a binding contract with PT Pertamina Drilling Services Indonesia for the provision of a jack-up drilling rig to support the development of the Mako field.

"This is the moment Empyrean shareholders have been waiting for. A binding rig contract is not a plan - it is a commitment, and it signals to the market that the Mako Gas Field is moving to drill," said Empyrean's chief executive and technical director Gaz Bisht.

"With over US$320 million of development capital underpinned by a contracted drilling schedule and a Q2 2027 commencement date, I am confident that Mako will deliver the value this asset has always promised. Today is a good day for Empyrean."

The stock was 11.2% higher at 0.062p by 0959 BST.