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Empyrean Energy PLC on Tuesday said it has received a notice of election of remedy and forced withdrawal from West Natuna Exploration Ltd, or WNEL, the operator of the Duyung production sharing contract. Empyrean shares were down 43% at 0.079 pence in London on Tuesday afternoon. The oil and gas development firm focused on the Duyung PSC offshore Indonesia said that the notice was issued while Empyrean and WNEL were engaged in ‘constructive and good-faith’ negotiations over disputed unpaid cash calls. Empyrean said it had made progress in recent discussions and that an ‘in-principle’, verbal understanding regarding the disputed cash-call amounts, which total $789,815, had been reached with WNEL, a wholly owned subsidiary of Conrad Asia Energy Ltd. The company says it will take ‘all necessary action’ to defend its stake, including arbitration if the operator walks away from negotiations. Empyrean has formally requested that WNEL withdraw the notice. Conrad Asia Energy has been in a trading halt on the Australian market since mid-November as it works to sell down part of its 75% holding. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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