---
title: "Empyrean Energy Clears Major Mako Milestone as Indonesian Gas Project Becomes Fully Funded"
publisher: "Share Talk"
author: "sharetalk"
published: "2026-09-10T07:27:58+00:00"
modified: "2026-09-10T07:27:58+00:00"
date: 2026-09-10
canonical: "https://www.share-talk.com/empyrean-energy-clears-major-mako-milestone-as-indonesian-gas-project-becomes-fully-funded/"
category: "Energy"
categories: ["Energy"]
tags: ["Conrad Asia Energy", "EME", "Empyrean Energy Plc", "Gaz Bisht", "Indonesia", "Mako gas field"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/09/84080666-7160-4865-8b5e-c922bce605a6.png?fit=1727%2C911&quality=80&ssl=1"
format: "news"
language: "en-GB"
---

# Empyrean Energy Clears Major Mako Milestone as Indonesian Gas Project Becomes Fully Funded

**Published:** September 10, 2026
**Author:** sharetalk
**Categories:** Energy
**Tags:** Conrad Asia Energy, EME, Empyrean Energy Plc, Gaz Bisht, Indonesia, Mako gas field
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/09/84080666-7160-4865-8b5e-c922bce605a6.png?fit=1727%2C911&quality=80&ssl=1)

---

[Empyrean Energy plc (AIM: EME)](https://www.investegate.co.uk/announcement/rns/empyrean-energy--eme/nations-farm-down-and-mako-funding-milestone/9765174) has announced a major milestone for the **Mako Gas Field in Indonesia** after completing the Nations farm-down transaction, which fully funds development and targets** first gas in the fourth quarter of 2027**.

**Conrad Asia Energy** and its subsidiary West Natuna Exploration Limited, operator of the Duyung Production Sharing Contract and Mako Gas Field, have completed the previously announced farm-down of a **75% non-operated participating interest to PT Nations Natuna Barat**.

Completion has triggered a **US$4 million payment from Nations**, representing the second tranche of the US$16 million cash consideration. A further **US$7 million is payable when commercial production begins**.

More importantly for Empyrean, Conrad has confirmed that the transaction means **Mako is now fully funded**, with development activities already underway.

The introduction of Nations as a significant partner substantially reduces the funding requirements and development risk previously associated with Mako while allowing Empyrean to retain economic exposure to future production.

### Empyrean retains 8.5% economic exposure

Under agreements reached with Conrad earlier this year, Empyrean is entitled to an **8.5% interest in WNEL Holdings**, the special purpose vehicle through which its continuing economic interest in Mako will be held.

That arrangement entitles Empyrean to **8.5% of all cash payments received by WNEL, including revenues generated from Mako gas sales**.

A key condition was approval from Indonesia’s Ministry of Energy and Mineral Resources, which has now been received.

With that approval secured, Empyrean said the remaining steps required to establish its **8.5% equity interest in WNEL Holdings are expected to be completed shortly**, with no further government approvals required.

Empyrean is also working with Conrad to complete the final reconciliation under their Settlement Agreement, including payment of a previously announced **US$353,388 cash call**, alongside applicable taxes, costs and expenses.

As part of the wider restructuring of ownership in the Duyung PSC, Conrad has already acquired Coro Energy’s former 15% participating interest and Empyrean’s former 8.5% direct interest.

Following completion of the outstanding settlement arrangements and issuance of Empyrean’s 8.5% equity interest in WNEL Holdings, Conrad will retain a **22.875% operated participating interest in the Duyung PSC** through its interests in WNEL.

Conrad is expected to publish an updated statement of reserves and resources following completion of the transactions.

**Empyrean chief executive Gaz Bisht** described completion of the Nations deal as a major milestone, highlighting that the structure provides **funding certainty for Mako without requiring further equity funding from Empyrean for the project**.

He said the arrangement represents a significant transformation in Empyrean’s position, giving shareholders exposure to a potentially material future cash-generating asset without the development funding burden that would otherwise have accompanied its participation.

With **Mako fully funded, development underway and first gas targeted for Q4 2027**, attention will now turn to completion of Empyrean’s 8.5% SPV interest and progress towards bringing the Indonesian gas field into commercial production.

---

**Original URL:** https://www.share-talk.com/empyrean-energy-clears-major-mako-milestone-as-indonesian-gas-project-becomes-fully-funded/
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