What Empyrean Energy does

Empyrean Energy PLC is a London AIM-listed oil and gas explorer (ticker: EME) incorporated in the United Kingdom, with registered offices in London and operational offices in Subiaco, Western Australia. The company's portfolio is anchored by the Duyung Production Sharing Contract (PSC) offshore Indonesia, in which it is entitled to 8.5% of all cash payments from West Natuna Exploration Limited (WNEL), the operator and a majority-owned subsidiary of Singapore-based Conrad Asia Energy. The Duyung PSC hosts the Mako Gas Field, a six-well development with a design capacity of 172 mmscfd and a 59 km pipeline tie-back to the KF platform in the adjacent Kakap PSC, enabling delivery into the Indonesian domestic gas market and export to Singapore under a binding gas sales agreement covering up to 111 Bbtud running to January 2037. Empyrean's second core asset is a package of Sacramento Basin exploration projects in California, USA. The company runs a lean operating model (1-10 employees) and is currently pre-revenue, having approved Final Investment Decision on the Mako project in March 2026 with first gas targeted for Q4 2027.

Total capital expenditure for the Mako project is estimated at approximately $320 million on a 100% basis, with targeted operating costs of $70-80 million per annum. Empyrean's own share of upfront consideration under its farm-out arrangement with Conrad Asia Energy is $16 million (structured as $5 million immediately upon settlement of historical cash-call arrears in February 2026, $4 million within 30-45 days, and $7 million upon first production), supplemented by a £6.7 million convertible note. The company has secured over $280 million in letters of award covering more than 80% of project capital costs by end of Q1 2026, including binding contracts with the PDSI-ADES Consortium for the Admarine 502 jack-up drilling rig (six development wells, expected to commence Q2 2027), PT PAL Indonesia for the conductor support frame EPC and transport, and Timas Suplindo for subsea umbilical, flowline and riser (SURF) EPCI scope. Other participating-interest partners include Coro Energy (15%) and, following a 2025 farm-out agreement, PT Nations Natuna Barat of the Arsari Group is expected to become the majority participating interest holder in the Duyung PSC.

The revenue model is conventional upstream PSC: gas will be sold under the long-term binding offtake agreement starting Q4 2027, monetized through Empyrean's 8.5% cash-payment entitlement from WNEL. The company underwent an unscheduled CEO transition after the death of Tom Kelly in August 2025 and is concurrently conducting a portfolio review that may lead to divestment or restructuring of non-core assets such as the Sacramento Basin interests.

Name

Empyrean Energy

Legal name

EMPYREAN ENERGY PLC

Website

https://empyreanenergy.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

Empyrean Energy PLC is a London AIM-listed oil and gas explorer (ticker: EME) holding an 8.5% cash-payment entitlement in West Natuna Exploration Limited, which operates the Duyung PSC and Mako Gas Field offshore Indonesia. The company is pre-revenue, targeting first gas in Q4 2027 under a long-term binding gas sales agreement.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration

NAICS

Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI)

akta.pro secondary industry

Field Development & EOR/IOR for Gas (Compression, Refracturing, Reservoir Management) (EUAAAAAM)

Keywords

• Oil and gas exploration
• Upstream oil and gas
• Natural gas production
• Offshore gas development
• Hydrocarbon exploration

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Marketing or Sales

Distribution channels1 record

Marketing channels3 records

Core offering

Empyrean Energy is an oil and gas exploration and production company developing the Mako Gas Field within the Duyung PSC offshore Indonesia (where it holds an 8.5% entitlement interest) alongside its Sacramento Basin exploration projects in California. Its principal commercial activity is the upstream development of natural gas resources for sale under long-term binding gas sales agreements to the Indonesian domestic market and for export to Singapore, with first gas targeted for Q4 2027.

Product overview

Empyrean Energy is a London AIM-listed oil and gas explorer operating two core upstream projects: the Duyung PSC Project offshore Indonesia hosting the Mako Gas Field development (76.5% operated by West Natuna Exploration Limited/Conrad Asia Energy, with Empyrean holding 8.5% entitlement), and the Sacramento Basin Projects in California, USA. The company is currently focused on advancing the Mako Gas Field toward first gas production targeted for Q4 2027, with total project capital expenditure estimated at $320 million.

Differentiator

Problem solved

Functional benefit

Products and services

• Duyung PSC Project (Mako Gas Field) Offshore Indonesia oil and gas exploration and development project in the West Natuna Sea, featuring the Mako Gas Field with six development wells and a design capacity of 172 mmscfd, intended to supply the Indonesian domestic market and export to Singapore under a binding gas sale agreement running to January 2037. Empyrean's interest is held via an 8.5% entitlement to cash payments from West Natuna Exploration Limited.
• Sacramento Basin Projects (California) Oil and gas exploration projects located in the Sacramento Basin, California, USA, representing Empyrean Energy's secondary upstream exploration acreage alongside its primary Duyung PSC Indonesian development.

Quantifiable outcome

• Mako Gas Project transitioned from appraisal to full development execution following FID in March 2026
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered major and core.

• PT PAL IndonesiamajorTechnology or Integration · 22 June 2026Binding contract for engineering, procurement, construction and transport of conductor support frame for offshore Mako Gas Field development.
• PT Pertamina Drilling Services Indonesia (PDSI) and ADES ConsortiummajorTechnology or Integration · 5 June 2026PDSI-ADES Consortium providing the Admarine 502 jack-up rig for six-well drilling campaign at Mako gas field. Contract has firm period of 180 days expected to commence Q2 2027.
• Conrad Asia Energy LtdcoreStrategic or Co-development PartnerConrad Asia Energy is the parent company of West Natuna Exploration Limited (WNEL), which operates the Duyung PSC and Mako Gas Project. Empyrean holds 8.5% entitlement to cash payments from WNEL under a farm-out agreement.
• Timas SuplindomajorTechnology or IntegrationAwarded EPCI contract for subsea umbilical, flowline, and riser (SURF) work at Mako gas project, marking transition into execution phase.
• Coro EnergycoreStrategic or Co-development PartnerPartner in Duyung PSC alongside WNEL (76.5% stake) and Empyrean Energy (8.5%), with 15% participating interest.
• PT Nations Natuna Barat (Arsari Group)majorStrategic or Co-development PartnerExpected to become majority participating interest holder following 2025 farm-out agreement in the Duyung PSC.

Scale indicators10 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Coro Energy plc: AIM-listed partner in the Duyung PSC alongside Empyrean with a 15% participating interest. Direct co-venturer in the Mako Gas Field and the most operationally overlapping peer in Empyrean's portfolio.
• Serica Energy plc: London-listed independent upstream company with North Sea producing assets. Comparable as a UK-listed small/mid-cap E&P focused on single-basin/region assets, with similar investor profile to Empyrean.
• Conrad Asia Energy Ltd: Singapore-headquartered Asia-Pacific upstream company and operator of the Duyung PSC/Mako Gas Project through its subsidiary West Natuna Exploration Limited. Most directly comparable peer given identical asset exposure and overlapping management of Empyrean's flagship project.
• Pantheon Resources plc: AIM-listed independent upstream company pursuing appraisal and development in Alaska. Comparable as a UK-listed small-cap E&P at the pre-revenue/appraisal-to-FID stage with concentrated single-region exposure.
• Rockhopper Exploration plc: AIM-listed small-cap oil and gas explorer with interests spanning the UK and Italy. Comparable as a UK-listed micro-cap E&P with single-asset development focus and similar capital-raising profile.
• Jadestone Energy plc: London-listed Asia-Pacific upstream operator focused on producing gas and liquids assets in Indonesia, Australia and Vietnam. Closely comparable business model — small-cap, AIM/Main Market-listed, gas-weighted Southeast Asia portfolio.

Others

• Hunting plc: London-listed supplier of upstream oilfield equipment and services. Comparable as an adjacent, London-listed oilfield services peer rather than a direct competitor — serves the same upstream drilling/production customer base.
• Petrofac Limited: London-listed EPC services provider serving the offshore upstream industry. Comparable as an adjacent service provider rather than a direct competitor — supports similar offshore gas project execution and field development.

Broad incumbents

• Harbour Energy plc: London Main Market-listed independent E&P with operations spanning the UK North Sea, Indonesia, Mexico and Norway. Comparable as a publicly listed upstream company with Southeast Asian gas exposure but materially larger scale and broader portfolio than Empyrean.
• EnQuest plc: London-listed independent upstream operator focused on the UK North Sea and Malaysia. Comparable as a publicly traded E&P with Southeast Asian gas exposure, although operating at meaningfully larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/EmpyreanEnergy
• LinkedInlinkedin.com/company/empyrean-energy-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Empyrean Energy