MEMR Approval of Transfer

Empyrean Energy plc ("Empyrean" or the "Company"), the oil and gas exploration and development company with interests in Australia, Indonesia, and the United States, is pleased to announce that Conrad Asia Energy Ltd ("Conrad"), and its subsidiary, West Natuna Exploration Limited ("WNEL"), operator of the Duyung PSC and the Mako Gas Field in Indonesia ("Mako"), have received approval from Indonesia's Ministry of Energy and Mineral Resources ("MEMR") for the transfer of Empyrean's 8.5% participating interest ("PI") in Mako.

In February 2026, Empyrean entered into binding documentation for settlement of historical cash call arrears with Conrad. Empyrean, Conrad and WNEL then executed a detailed Shareholders Agreement ("SHA") which governs the ongoing relationship between Conrad and Empyrean moving forward and also defined Empyrean's participation in the Mako Project within a Special Purpose Vehicle ("SPV"), WNEL Holdings. Under these agreements, Empyrean is entitled to 8.5% of all cash payments to WNEL including revenue from gas sales from Mako. The agreements were subject to customary conditions precedent, including approval from MEMR, which has now been duly received.

Conrad is currently awaiting MEMR approval on the farm-down of 75% PI to Nations Petroleum Natuna Barat ("Nations"), as announced on 19 November 2025, which is expected in the coming weeks. This final approval will trigger a cash payment of US$5.0 million to WNEL which is the first instalment of the agreed upfront cash consideration of US$16 million under the farm-out. This will be followed by a subsequent payment of US$4.0 million to WNEL in 30-45 days. The final payment of US$7.0 million will be paid to WNEL upon first production, currently targeted for late 2027.

Empyrean CEO, Gaz Bisht, commented:

"The receipt of MEMR approval for the transfer of our 8.5% interest completes an important condition precedent under our settlement with Conrad and confirms the clearly defined framework for Empyrean's ongoing participation in Mako gas field. Alongside this, we're pleased to see the project continuing to advance at pace - with FID approved, the substantial majority of capital costs already committed, and long-term gas sales arrangements in place, Mako is well on track toward first gas in Q4 2027."