StockMarketWire.com - Empyrean Energy said it had received its share of the final cash and share payment from Coro's $4.8m cash and shares investment in Duyung production sharing contract.

Empyrean received a final cash component of US$120,000 from Coro on 17 April 2019, having received the initial cash component of US$175,000 on 11 February 2019, the company said.

Coro acquired a 15% stake in the Duyung production sharing contract from West Natuna Exploration Limited (WNEL) and also paid the outstanding funds toward the 2019 drilling campaign at the Mako gas field.

The cash and share component had been paid pro rata to the previous owners of West Natuna Exploration Limited (WNEL), being Empyrean, which held a 10% effective interest in the Duyung, and Conrad Petroleum, which held a 90% effective interest in the Duyung PSC, each through a shareholding in WNEL.

Following completion, the owners of the Duyung PSC would be Conrad (76.5%), Empyrean (8.5%) and Coro (15%).

Under the agreement, Coro paid US$2.95m in cash and US$1.85m in the form of 60,905,037 new ordinary shares in Coro. Coro had also paid the remaining US$9.3m of the US$10.5m drilling campaign contribution to WNEL, having paid US$1.2 on 11 February 2019, the company said.




At 10:20am: [LON:EME] Empyrean Energy PLC share price was -0.1p at 9.25p



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