Empyrean Energy (AIM:EME) rose 9.7% to 6.1p on Friday after it secured a jack-up drilling contract for the Mako gas field.
Conrad Asia Energy, Empyrean's partner, has advised that it has engaged PT Pertamina Drilling Services Indonesia for the independent‑leg cantilever jack‑up Admarine 502 rig.
"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," Empyrean CEO and Technical Director Gaz Bisht said.
The contract covers drilling of six development wells and installation of the conductor support frame, with options to extend, and the day rate is described as competitive for the region.
It noted that the project's total capital expenditure to first gas is estimated at US$320 million, gross.
Drilling is slated to begin during Q2 2027.
