**Summary**
Empyrean Energy PLC announced the approval of the Final Investment Decision (FID) for the Mako Gas Project, located offshore Indonesia, as part of the Duyung Production Sharing Contract (PSC). This milestone transitions the project from appraisal to full development, with first gas targeted for Q4 2027. Key highlights include
1. **Funding and Costs**The project is fully funded at the joint venture level, with total capital expenditure estimated at US$320 million.
2. **Risk Reduction**FID follows successful appraisal drilling, flow <mark style="background-color:yellow">test</mark>ing, and confirmation of reservoir performance, significantly de-risking the project.
3. **Revenue Security**Long-term, government-backed contracted revenues are secured through January 2037 via a binding Gas Sales Agreement covering up to 111 Bbtud.
4. **Strategic Importance**The FID marks a material shift in Empyrean’s risk profile, transforming Mako from a resource opportunity to a funded development project with clear revenue visibility.
5. **Future Focus**Empyrean will now support the operator in construction and drilling execution, prioritizing safety, schedule discipline, and capital efficiency.
CEO Gaz Bisht emphasized the milestone as a defining moment for Empyrean, highlighting the project’s progression from exploration to a fully commercialized gas development with contracted offtake and a clear path to production. This development positions Empyrean to generate future cash flow in one of Asia’s fastest-growing energy markets.