Empyrean Energy PLC (AIM:EME) has said it is “eagerly” awaiting the finalisation of a long-term gas sale agreement for the Duyung PSC Project, offshore Indonesia.
Updating on Monday, Empyrean said bids relating to the sell-down process to fund development of the project should be received by the end of this calendar year, with production of methane from the site due by 2025.
Chairman Patrick Cross said in the company’s interim results that he expected to update shortly on the sell-down process for Duyung, of which Empyrean owns 8.5%.
This would follow a non-binding agreement in September between Mako operator WNEL and Sembcorp Gas for the long-term sale of gas from the field.
“The macro environment for gas in South-East Asia, and Singapore in particular, is expected to continue trending favourably with the region transitioning from coal to gas as the preferred energy source,” Cross said.
“We all now eagerly await good news from Indonesia before our attention turns to the targeted drilling of the Topaz prospect in China.”
Further de-risking and planning are being finalised at the Topaz Pearl River Mouth Basin oil prospect, meanwhile, Cross continued.
This is anticipated to be completed in the immediate future before drilling begins next year.