Fundraising

Empyrean Energy plc ("Empyrean" or the "Company"), the oil and gas development company with interests in Australia, Indonesia and the United States, advises that it has raised £1,000,000 (before costs) through a placing of 1,250,000,000 new ordinary shares of 0.01p each in the Company (the "Placing Shares") at a price of 0.08p per Placing Share (the "Issue Price") (the "Placing").

CMC Markets Plc, trading as CMC CapX, is the Company's placing agent in respect of the Placing.

Funds raised pursuant to the Placing will be used for ongoing development costs associated with Empyrean's 8.5% interest in the Mako Gas Field and for general working capital.

As announced on 17 July 2025, the Mako JV partners have signed Gas Sales Agreement ("GSA") with the Indonesian Government owned electric utility company, PLN Persero. This GSA creates very positive momentum for the Mako Gas Field and is a key milestone on the pathway to production.

The Placing is conditional on the Placing Shares being admitted to trading on the AIM market operated by London Stock Exchange plc ("Admission"). Admission is expected to take place on 25 July 2024.

Following Admission, the Company will have 5,719,672,441 Ordinary Shares in issue. This figure may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

In connection with the Placing, the Company has agreed to issue warrants to CMC Markets Plc to subscribe for 62,500,000 new Ordinary Shares in the Company at the Issue Price at any time within 2 years from the date of grant.

Empyrean CEO, Tom Kelly,commented:

"Empyrean is delighted with the continued support being shown for the Mako Project. We have taken the prudent step in bolstering our cash position now that the major milestone of a Gas Sales Agreement with PLN Pesero, the Indonesian Government owned utility company, has been signed following the earlier directive for Mako gas to be used for domestic supply. Indonesian demand for energy is experiencing strong growth and natural gas is replacing coal for this transition."

The Mako Joint Venture partners and their respective interests are :-

Empyrean Energy plc 8.5%

Conrad Asia Energy Ltd 91.5%

Duyung PSC - Mako Gas Field EME 8.5% Participating Interest

Empyrean holds an 8.5% operated interest in the Duyung PSC. Duyung is located in the Riau Islands Province, Indonesian waters in the West Natuna area, approximately 100 km to the north of Matak Island and 400 km northeast of Singapore. The Mako field contains 2C Contingent Resources (100%) of 376 billion cubic feet ("Bcf").

The gas price will be linked to the Indonesian Crude Price ("ICP"), which is akin to Brent oil linked LNG pricing and will be economically equivalent to the pricing agreed approved earlier for Mako gas to be sold both domestically and for export, thereby underpinning the value of gas from Mako. This reflects ever-growing Indonesian domestic gas demand. The terms of the GSA are confidential.

PLN EPI Background

Further details of the Fundraising are set out below.

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

2025

Notes:

• References to times in this document are to London time (unless otherwise stated).
• The timing of the events in the above timetable and in the rest of this document is indicative only.