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Empyrean looks East for growth
Small cap oil and gas play Empyrean Energy (EME:AIM) continues its pivot to Asia having sold its US assets in 2016. It has now added to its existing Chinese acreage with a new project in Indonesia.
The Duyung PSC is being acquired for $4m and contains the Mako shallow natural gas discovery. Thought to contain between 0.4 and 1.3 trillion cubic feet of gas, a well to test this potential is expected this summer.