Execution of Mako Offshore Drilling Rig Contract

5 June 2026

Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas

Empyrean Energy PLC ('Empyrean' or 'the Company')

Execution of Mako Offshore Drilling Rig Contract

Empyrean Energy plc ("Empyrean" or the "Company"), the oil and gas exploration and development company with interests in Australia, Indonesia, and the United States, provides the following update on progress at the Duyung PSC and the Mako Gas Field in Indonesia ("Mako Gas Project").

Conrad Asia Energy Ltd ("Conrad", (ASX:CRD)) today advised that its majority-owned subsidiary, West Natuna Exploration Limited ("WNEL"), has formally executed a binding contract with PT Pertamina Drilling Services Indonesia ("Pertamina Drilling") through the PDSI - ADES Consortium for the provision of a jack-up drilling rig to support the development of the Mako Gas Field.

Key Contract Highlights

· Rig Type: Independent-leg cantilever jack-up drilling rig.

· Rig Name: Admarine 502.

· Scope of Work: Drilling of six development wells and installation of the Conductor Support Frame (CSF)

· Contract Term: Firm period of 180 days, with options to extend.

· Day Rate: Competitive market rate consistent with prevailing regional conditions.

· Commencement Date: Expected in Q2 2027.

A formal signing ceremony was held at Millennium Centennial Centre 18th floor, office of the Consortium PT Pertamina Drilling Services Indonesia (PT PDSI) - PT ADES Drilling Indonesia, with WNEL represented by Danial Murtadho (WNEL General Manager), PT PDSI represented by Avep Disasmita (President Director), and PT ADES Drilling Indonesia represented by Khalid Abdelmuneim Khider Ahmed (Asia Regional Director). In attendance also were the Management team of the three companies.

The Mako gas development plan has been structured as initially comprising six development wells tied back to a leased Mobile Offshore Production Unit ("MOPU"). Sales gas will be transported via an approximately 59 km 18-inch pipeline to the KF platform in the adjoining Kakap PSC, then through the WNTS pipeline for delivery to the Indonesian domestic market.

As advised previously, total capital expenditure to first gas is estimated at US$320 million (100% basis).

Empyrean CEO and Technical Director, Gaz Bisht, commented:

"This is the moment Empyrean shareholders have been waiting for. A binding rig contract is not a plan - it is a commitment, and it signals to the market that the Mako Gas Field is moving to drill.

We have a world-class discovered gas resource, a contracted jack-up rig, a clear development programme of six wells, and a pathway to market through established Indonesian domestic gas infrastructure. The remaining work is execution. With over US$320 million of development capital underpinned by a contracted drilling schedule and a Q2 2027 commencement date, I am confident that Mako will deliver the value this asset has always promised. Today is a good day for Empyrean."

The information in this announcement has been reviewed by Empyrean's Technical Director, Gaz Bisht, who has over 36 years' experience as a hydrocarbon geologist and geoscientist.

For further information please visit www.empyreanenergy.com or contact the following: