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Empyrean Energy Secures Indonesian Energy Ministry's Nod to Transfer 8.5% Stake in Mako Gas Field

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Empyrean Energy (EME.L) said Tuesday Indonesia's Ministry of Energy and Mineral Resources approved the transfer of its 8.5% participating interest in the Mako gas field to Conrad Asia Energy and its West Natuna Exploration subsidiary.

Under their agreement, the London-listed oil and gas explorer will receive 8.5% of all cash payments to West Natuna Exploration, including revenue from gas sales.

Empyrean Energy noted that Conrad is awaiting regulatory approval for the farm-down of a 75% participating interest in Mako to Nations Petroleum Natuna Barat.

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