Empyrean Energy PLC (AIM:EME) lit up the small-cap leaderboard this week, with shares rocketing 500% after news of a game-changing gas sales deal in Indonesia.
The company owns an 8.5% stake in the Mako gas field, long seen as full of potential but stuck in development limbo, which now looks significantly more valuable following a binding agreement with PLN EPI, the supply arm of Indonesia’s state power company.
It’s a major milestone. All gas from Mako will be sold domestically at prices pegged to oil, a far cry from the less generous fixed-price deals often seen in the region.
Crucially, Empyrean and its partners won’t have to foot the bill for new pipeline infrastructure, as PLN is covering that too.
Investors didn’t need a second invitation. After years of waiting, it seems Mako’s moment may finally be here.
In afternoon trading, the shares were up 13% at 0.12p.