Execution of Mako Offshore Drilling Rig Contract

Summary by AI BETAClose X

Empyrean Energy PLC has announced the formal execution of a binding contract for a jack-up drilling rig, the Admarine 502, to support the development of the Mako Gas Field in Indonesia. The contract, with a firm period of 180 days and options to extend, is expected to commence in Q2 2027 and covers the drilling of six development wells and the installation of the Conductor Support Frame. The total estimated capital expenditure to first gas remains US$320 million on a 100% basis, with the company confident in the asset's value delivery.

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