Empyrean Energy PLC (AIM:EME) told investors it is looking forward to providing an update on positive developments with its proposed new project in Queensland, Australia, in the near future.
The company today released its interim results statement for its six months ended 30 September 2024, a period of transition across its business.
Empyrean also noted the progress during the period for the Mako gas field in Indonesia, where it has an 8.5% working interest. Here, the venture secured a binding domestic Gas Sales Agreement (GSA) with PT Perusahaan Gas Negara Tbk for the sale of gas to the domestic market.
A binding export GSA was signed with Sembcorp Gas Pte Ltd to supply gas to Singapore until the end of the Duyung Production Sharing Contract in 2037.
Elsewhere, as previously announced, the company exited its business in China, and its presently in dispute with CNOOC regarding alleged outstanding obligations under the Petroleum Sharing Contract.
Empyrean ended the reporting period with $0.63 million of cash, before raising £1.255 million in November.
It reported a $1.56 million loss before tax in the half-year.
In Australia, the company recently announced it was in advanced talks to acquire an option to participate in the Wilson prospect, a conventional oil exploration project in the Cooper Basin, Australia. The project is located near existing infrastructure and producing oil fields.