Empyrean Energy Share Discussion Threads

[smackeraim] 12/1/2022 08:47

What loan payback? It's a convertible. It gets paid back in shares at 8p.

[linz22] 12/1/2022 08:40

I think, maybe, it was just a bit tongue in cheek..?

[birotop] 12/1/2022 08:34

Lol….😝

[buzzzzzzzz] 12/1/2022 08:33

Lowsulpher

You want to say that to my face?

It can be arranged!

[judijudi] 12/1/2022 08:06

Anyway it’s not going to be a duster is it 🤷‍a94;️🤞🤞

[nametrade] 12/1/2022 08:03

laz,

Was that tongue in cheek as well?

just checking....

[lazarus2010] 12/1/2022 07:59

Judi, the loan isn't = to the value of Duyung at say $30mln, $40mln...therefore ALL of Duyung would not need to be sold, also if Duyung is proven to be worth say 10pps to EME before even being developed then one might expect the share price to rise a bit and Tom could then raise some cash and pay off the loan.

He could also raise another loan for Topaz to pay off the existing loan, using the enhanced valuation of Duyung as collateral...there are lots of permutations available imho

[petercrosby] 12/1/2022 07:53

Remember if all 12p warrants are converted then there is enough there for testing.

[judijudi] 12/1/2022 07:45

Laz,
If we don’t find oil at Jade Duyung will have to be sold to pay back the loan we have taken out to drill Jade

[lazarus2010] 12/1/2022 07:27

ls1...no need for such language ;-)

The long term financial returns from Duyung tell us that it won't be sold...in a hurry.

The fact that Tom has raised the cash for the drill tells us it doesn't need to be sold.

If Jade well hits oil, the share price will rise (we all expect/hope!) and almost certainly the $7m to test can then be raised from a much higher share price with less dilution than if he had tried to raise it at 6p

Duyung could be sold if Jade fails to produce commercial quantities of oil and we need the cash to drill Topaz (but on the other hand Duyung could still be a very valuable asset to keep as by then we should have a GSA and an estimate of the potential valuation of our 8.5% and also more information on the potentially increased size of the field)

Clearly nobody knows if/when it will be sold but the odds are at the moment that there is no need to sell it and therefore it won't be sold.

aimho dyofr gla

[abergele] 11/1/2022 19:48

Putting a ruler across the bottom of last drop and aligning it to a bottom at April 2020 sees other points of direction change,,,so perhaps we have now changed our direction to further highs again..
A slow climb now maybe pos...aimo,,gl.all Lth's

[blakieboy7] 11/1/2022 18:51

httPs://oilprice.com/Energy/Oil-Prices/Oil-Prices-Jump-Over-3-Ahead-Of-Inventory-Data.amp.html

[buzzzzzzzz] 11/1/2022 18:31

Duyung is not going to be sold.

Who told you that?

[lowsulpher1] 11/1/2022 16:37

Its a pity EME is not flying with the price of oil is goning so well. and all the good news in the pipe line DUYUNG to be sold and the Drilling to start in China very soon.

[smackeraim] 11/1/2022 16:24

Oil flying (again)

[starzerus] 11/1/2022 09:06

PROACTIVE

Empyrean Energy 5.95p £37.9m (Empyrean Energy PLC (AIM:EME))

Update on preparations to drill the Jade prospect at its 100% owned Block 29/11 permit, offshore China: Empyrean and China Oilfield Services Limited ('COSL') survey engineers have held several meetings over the past week resulting in a revised scope of survey works and providing a greater sea swell tolerance to conduct the well site survey required over the Jade drilling location. A shorter survey duration requiring 3-4 days of swell less than 1.7m now required before rig mobilisation and drilling. CNOOC EnerTech-Drilling & Production Co ('CNOOC EnerTech') team has made significant progress in securing critical pre-drilling permitting including Standby Vessel and Environmental Impact permits already being completed. A further five permits are in progress and expected in the coming weeks with the last of eight permits requiring the well site survey in order to complete.

[starzerus] 11/1/2022 09:05

January 10, 2022, by Nermina Kulovic

Empyrean Energy is working with its partners to start drilling the Jade prospect, located at Block 29/11 permit offshore China, which has already been delayed due to poor weather conditions.

Empyrean is the operator of Block 29/11 in China and has 100 per cent working interest during the exploration phase. In the event of a commercial discovery, its partner, China National Offshore Oil Company (CNOOC), may assume a 51 per cent participating interest in the development and production phase.

Empyrean and China Oilfield Services Limited (COSL) executed the integrated drilling contract for the drilling of the Jade prospect in November and the well was supposed to be spud between 15 December to 30 December 2021. However, sea conditions have not allowed this project to continue as initially expected as the well site survey has been delayed due to poor weather conditions.

Before the drilling contract, COSL was also put in charge of a well site survey over the Jade prospect. According to Empyrean’s update on Monday, Empyrean and COSL survey engineers held several meetings in the past week to review the well site surveys status and reworked the scope of the survey resulting in a widened operable weather window.

This resulted in a revised scope of survey works and providing a greater sea swell tolerance to conduct the well site survey required over the Jade drilling location. A shorter survey duration requiring 3-4 days of swell less than 1.7m is now required before rig mobilisation and drilling as opposed to previous plans for a 5-day survey with a swell tolerance of 1.2m. The increased swell tolerance of the new scope is specifically designed to give Empyrean and the COSL survey team a greater chance of completing the well site survey sooner.

According to Empyrean, CNOOC EnerTech team, which was hired last November to manage a number of critical pre-drilling permitting and logistical requirements, has made significant progress in securing critical pre-drilling permitting including a standby vessel and environmental impact permits already being completed.

A further five permits are in progress and expected in the coming weeks with the last of eight permits requiring the well site survey in order to complete.
Jade prospect

The 2021 drilling campaign is targeting a conventional oil target in the Jade Prospect, to which Gaffney Cline & Associates (GCA) assigned a Geological Chance of Success (GCoS) of 32 per cent. Subsequent to this independent assessment, the company completed a gas cloud study and post-stack seismic inversion study that it believes further mitigates risk and increases the GCoS to 41 per cent.

The Jade Prospect has a GCA audited mean in place potential of 225 MMbbl and a P10 in place upside of 395 MMbbl. Four recent nearby discoveries by CNOOC immediately to the West of the Jade Prospect are filled to their P10 potential or better. All four CNOOC discoveries have gas clouds showing in the overburden on seismic.

It is expected that the Jade prospect will take approximately 26 days to reach total depth, with the testing of any oil column encountered expected to take a further 14 days.

Empyrean CEO, Tom Kelly, stated: “The Empyrean, COSL and CNOOC EnerTech teams are all working hard to tick all of the boxes required to get out there and drill the high impact and exciting Jade prospect as soon as practicable. The Jade prospect looks to be one of the highest impact exploration wells scheduled for 2022, globally. We need a little bit of luck from the weather, but we are finding ways to progress despite the unseasonal late poor weather conditions.”

[go_baby_go] 11/1/2022 07:58

what have you the vessael name and location? That last link is not the vessel location, but the weather at the location of Block 29/11 roughly.
it's still here,

[jamesiebabie] 10/1/2022 23:03

go-baby-go,

I believe you are following the wrong vessel. Right location, wrong vessel. Marinetraffic has vessel in totally the wrong location.

[bobdobalina] 10/1/2022 22:21

Hope you're right 😁🤞🤣

[go_baby_go] 10/1/2022 21:13

Currently 0.9m at 8s 5.00am there time.
Has increased a little. Over the next five days range from 0.6m-2.1m avg 1.2m. Exception on Wednesday 11am-5pm (there time) you have 1.9m-2.1m.
Think your talking Wave which is higher 1.3m-2.4m
This is using the ECMWF Model

Windy.com

[bobdobalina] 10/1/2022 19:03

Go baby go I dont know where you get your swell forecast from,I've been using weatheronline swell charts and its give 2m+ this week but looking like weekend may bring a spell of smaller and hopefully it'll last 🤞🤞🤞🤞