Empyrean Energy plc (LSE:EME) has provided an update on its planned investment in the GOLD Cluster gas exploration project in Upper Austria, confirming that construction of the GOLD-1 wellsite is scheduled to begin on 27 October 2026, with drilling expected to commence in the first week of January 2027.
The oil and gas exploration and development company is working towards finalising an Exploration and Investment Agreement (EIA) with ADX VIE GmbH (ADX.V), under which Empyrean would acquire a 10% economic interest in the GOLD Cluster.
Both companies expect to execute the agreement by 30 October 2026, allowing additional time to complete the associated partnership arrangements.
The revised drilling timetable reflects rig availability and operational considerations associated with equipment mobilisation and staffing during the Christmas and New Year period.
Empyrean and ADX Target 30 October Agreement
Empyrean and ADX.V are continuing negotiations to finalise the Exploration and Investment Agreement governing Empyrean’s proposed participation in the GOLD Cluster.
Under the proposed transaction, Empyrean would acquire a 10% economic interest in the exploration project, which is currently held entirely by ADX.V.
The companies expect to sign the EIA by 30 October 2026, following completion of the associated partnership documentation.
The agreement is intended to establish the contractual framework for Empyrean’s participation in the project and the progression of planned exploration activities.
Empyrean initially outlined the proposed investment in an announcement dated 14 September 2026.
The company has not announced completion of the agreement, and its proposed economic interest remains subject to the transaction being finalised.
GOLD Cluster Covers 73 Square Kilometres in Upper Austria
The GOLD Cluster comprises three shallow gas exploration prospects: GOLD, ZAUN and GRAB.
The prospects are located within the Molasse Basin in Upper Austria and cover approximately 73 square kilometres of the ADX-AT-II exploration licence area.
ADX.V currently holds a 100% interest in the licence area containing the prospects.
Empyrean’s proposed 10% economic participation would provide exposure to exploration activities across the GOLD Cluster, subject to the terms of the final agreement.
The GOLD-1 well is the next planned drilling activity within the project.
The company’s latest announcement did not provide updated prospective resource estimates, drilling costs or additional geological information for the three prospects.
GOLD-1 Wellsite Construction Scheduled to Begin on 27 October
Preparations for the GOLD-1 exploration well are progressing, with construction of the wellsite scheduled to commence on 27 October 2026.
The work forms part of the preparations required before drilling operations can begin.
Empyrean confirmed that planning for the drilling programme is underway, with the well expected to be spudded during the first week of January 2027.
The company said the timetable takes account of drilling rig availability and the operational considerations associated with working over the year-end holiday period.
Equipment mobilisation, personnel availability and drilling activities can be affected by the Christmas and New Year period, according to Empyrean.
The January schedule is intended to accommodate these factors while allowing site preparations and partnership arrangements to progress.
No specific drilling completion date or timetable for exploration results was provided.
Empyrean Outlines Next Steps for Austrian Gas Exploration
Empyrean Chief Executive Officer Gaz Bisht said the company is continuing to work with ADX.V to complete the EIA and related partnership agreements.
He explained that the planned January drilling date reflects rig availability and the decision to avoid potential operational inefficiencies associated with mobilisation during the festive period.
Management said its immediate priorities remain finalising the contractual arrangements, progressing wellsite construction and preparing for the GOLD-1 drilling programme.
The company has not disclosed any changes to the proposed 10% economic interest or announced additional financial commitments in its latest update.
Empyrean maintains exploration and development interests in Austria, Indonesia and the United States.
The GOLD Cluster represents part of its Austrian exploration activities, with the next scheduled milestones being execution of the investment agreement, commencement of site construction and the planned drilling of GOLD-1 in January 2027.
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