Empyrean Energy Share Discussion Threads

[blueblood] 16/2/2022 09:27

Don't we get 100% of the revenue until we recover our costs first though?

[jemjem] 16/2/2022 09:24

pacman9.
Not correct. CNOOC have 51% back in rights when the well is deemed to be commercial. They pay 51% of costs from that point - but not back costs.
nav1000.
That's the way it's done in China. 51% back in rights whether you're Shell or Empyrean. You do initially get the block for free and have to prove it up to an agreed time scale.
Imo

[pacman9] 16/2/2022 09:16

They have back in rights but will have to pay back 51% of costs accrued appraising the well.

[nav1000] 16/2/2022 09:10

So if they hit oil cnooc will take 51% share? Free of charge

[nav1000] 16/2/2022 09:08

Whats happening about the cyber fraud?

[jamesiebabie] 16/2/2022 09:05

tbh Laz - there's two others out; but others are in port/anchorage. It's 25:75 as there are not many of them.

[lazarus2010] 16/2/2022 08:56

Jem, fingers crossed that is correct!

JB, I would expect the survey vessels to have a list of locations and do a batch of surveys before returning to port, so the wider sweep would tie in with that. Also I take it you're still tracking other vessels, specifically survey ships, are any of them still out and meandering around? If yes this would support the wave height data as being acceptable for survey ships imho

[jemjem] 16/2/2022 08:52

That's true Laz. The permits are done in eme's name, but everyone working for eme in China are COSL employees or contractors. The permit department are, effectively COSL employees. IF they want to get it through quickly, they can and they will.
Imo

[jamesiebabie] 16/2/2022 08:51

Knowing 721 has been to the north of our block for several days, I wonder if there s another well or two that will be drilled? Could CNOC be looking to do a batch all around? If so, this provides me with more confidence that we are indeed in an area of 'filled to spill'.

Edit - especially for Pearl, as and when that happens.

[lazarus2010] 16/2/2022 08:45

Jem, maybe in an ideal world, but this is EME we're talking about...the unluckiest stock on the market! Also as the weather has been so bad, there could be an avalanche, or maybe tsunami of permit applications which need to be waded through, plus covid factor, so it could be 1 week, it could be more...

[lazarus2010] 16/2/2022 08:42

JB, just questioning the data...do we know if the link above uses ocean buoys to measure, or are they using satellite data which might be less accurate?

Tom probably uses this to keep an eye on surfing conditions around the world.

[jemjem] 16/2/2022 08:35

Laz,
Completion of survey to issue of permit could be as little as 7 days.
Imo

[bluehooperman] 16/2/2022 08:35

Thanks JB & Kev (the golfer :-0)Is this the lull before the Storm?? With no swell obviously!!

[jamesiebabie] 16/2/2022 08:13

Swell hts are c1.5m - 2m at the moment. It looks doable.

[lazarus2010] 16/2/2022 08:11

Craig, yeah 1.7m using a bigger vessel. The first link I posted is specially designed survey ship for upto 2.5m and second link is to Autonomous Underwater Vehicle, pre programmed and off it trots...or swims 🤔

[craig2016] 16/2/2022 08:05

It's all down to the vessel tbh, we had to shut down our water injection system last week to conserve diesel as we had 750m3 on our supply that was sitting just off our 500m exclusion zone and wouldn't come along side for a week as it was > 3m significant wave height

I noticed in the Dec RNS it stated swell to be 1.7m or less

[jamesiebabie] 16/2/2022 08:05

Cheers, Kev.

I'll try to provide an update around lunchtime.

[kevjames] 16/2/2022 08:01

Guys

I would imagine that the survey area will be a few miles wide based around the centre of Jade.
From the requirements I posted, you can see that a low sea swell will be important to gather accurate data. i would think that it will need 2- 3 days to complete if the weather is agreeable and the crew efficient and competent.
Let's see what gets reported ( if anything) by EME over the next few days.

[lazarus2010] 16/2/2022 07:57

Craig, as you're rig based, do you have any contacts to sub sea survey companies wherein you could ask a few questions regarding maximum wave/swell height for surveys to take place? Data suggests wave height still above 1.7m but there are vessels that can do surveys in 2.5m waves.

[pacman9] 16/2/2022 07:49

Will know soon enough. If it keeps doing what it's doing and then leaves the area for good and heads back to port late Thursday or Friday then I'd wager it has been conducting our survey.

[jamesiebabie] 16/2/2022 07:47

trade - that is my thought as it is only going slow, but I am no expert. It is currently travelling at 3.6knts.

[tradesense] 16/2/2022 07:40

It looks like it is surveying.