London — 11 November 2025 — Empyrean Energy Plc (AIM: EME) surged on Tuesday after the company flagged an operator update at Indonesia’s Mako Gas Field, part of the Duyung Production Sharing Contract (PSC). In a regulatory notice at 11:42 (UK time), Empyrean said operator Conrad Asia Energy placed its ASX‑listed securities in a trading halt pending an announcement “in relation to the completion of the proposed farm down of their 75% interest” in the Duyung PSC, where Empyrean holds 8.5%. Empyrean added it will provide an update to the AIM market “as soon as possible.” 1
Share price and volumes: intraday highs and heavy dealing
Following the RNS, EME shares spiked sharply. By late morning, London South East’s live RNS page showed an indicative last price of 0.1175p, up 95.83% on the day, with an open of 0.06p, intraday high of 0.118p, and low of 0.105p (prices delayed). 2
Trading activity was exceptional. Interactive investor listed Empyrean among the 10 most‑traded shares on its platform in the morning session of 11 November 2025. 3
Broker data feeds also captured extraordinary activity: AJ Bell’s market research page recorded volume of ~2.22 billion shares and a trade high around 0.1209p for the session (prices/volumes delayed). 4
Independent market wrap coverage echoed the momentum. UK Investor Magazine noted Empyrean’s share price was up 91.7% to 0.115p with volumes “set to exceed any other day in the past year.” 5
Why today’s update matters
Conrad’s trading halt on the ASX reinforces expectations that a farm‑down transaction at the Duyung PSC is nearing completion—an event investors have long anticipated given its potential to de‑risk project financing and accelerate development at Mako, one of the West Natuna Sea’s largest undeveloped gas fields. A live ASX trading halts scanner listed Conrad Asia Energy (ASX: CRD) in halt status from late 10 November (Sydney time), underscoring the pending news flow tied to Duyung. 6
What Empyrean actually said (today)
Empyrean’s RNS is deliberately brief: the company acknowledged Conrad’s trading halt and stated it is not yet in a position to make an announcement, but will update AIM “as soon as possible.” Key takeaway: today’s share price reaction is market‑driven on the prospect of a farm‑down completion at the operator level; Empyrean itself has not issued new commercial terms or deal specifics. 1
Background: recent Mako/PLN milestones (context for readers)
For context, on 17 July 2025 the Mako operator signed a Gas Sales Agreement (GSA) with PLN Energi Primer Indonesia (PLN EPI) to supply all Mako gas domestically at pricing linked to the Indonesian Crude Price (ICP). Empyrean reiterated in that RNS that it holds an 8.5% interest in Mako. Although prior gas allocation arrangements with PGN and Sembcorp were terminated, the PLN EPI GSA has been viewed by the market as a key commercial step for progressing Mako. 7
Today at a glance — EME.L (11 Nov 2025)
- Headline driver: Operator Conrad Asia Energy seeks to complete farm‑down of its Duyung PSC interest; trading halt in place on the ASX pending announcement. 1
- Price action: Intraday indications show ~0.1175p last, +95.83% vs previous close; 0.06p open; 0.118p high; 0.105p low (delayed). 2
- Liquidity: Featured among interactive investor’s most‑traded shares this morning; volumes around 2.22 bn shares reported on AJ Bell’s feed (delayed). 3
What to watch next
- Conrad ASX announcement: The content, structure and counterparty/counterparties to the farm‑down will determine the funding path and timeline to decisions at Mako. Today’s halt suggests imminent disclosure from the operator. 6
- Empyrean follow‑up RNS: The company has committed to update AIM once it can comment; investors should monitor the RNS feed for deal detail, implications for Empyrean’s 8.5% interest, and any forward work programme updates. 1
Sources & official documents (11 Nov 2025 unless stated)
- Empyrean Energy RNS: “Duyung PSC Update” (11:42 UK) — acknowledgment of Conrad’s ASX trading halt regarding completion of proposed farm‑down; Empyrean to update AIM asap. 1
- London South East — Live RNS page for EME — intraday price, open/high/low and % change snapshot (delayed). 2
- interactive investor — “Daily Trading Flash: 10 most‑traded shares (11 Nov 2025)” — EME listed among the day’s most‑traded names on the platform. 3
- AJ Bell market research (EME) — intraday volume ~2.22 bn and trade high ~0.1209p (delayed). 4
- MarketIndex — ASX trading halts — Conrad Asia Energy (CRD) shown in halt status around the time of the pending announcement. 6
- Background: Gas Sales Agreement with PLN EPI (RNS, 17 Jul 2025) — key commercial terms and Mako gas pricing linkage to ICP. 7
Editorial note
This article focuses on news and market activity dated 11 November 2025. All share prices and volumes referenced are delayed feeds and indicative, not real‑time prints. This content is for information only and is not investment advice. Always do your own research and consider professional guidance before making investment decisions.
