Empyrean Energy Share Discussion Threads

[dafrog] 07/3/2022 17:21

Starz, Costa Rica, fantastic place. Have good time.

[stewart4990] 07/3/2022 17:00

James,

Not seen that with China, she opened her big mouth again, she needs to process before she speaks.

[jamesiebabie] 07/3/2022 16:40

c&c - which ship/vessel?

[cashandcard] 07/3/2022 16:37

Jamesie,Ship Ahoy?

[jamesiebabie] 07/3/2022 16:35

Stew - Good old Liz Truss having a go at China does not help, either.

[stewart4990] 07/3/2022 16:33

Well every man and his dog tracks the survey ships for Jade and we get a very muted reaction price wise, of course Ukraine is the major factor but I expected much more, no better at Coro either with the Italian assets being now much more valuable.

I guess eme and Coro have no luck, all ducks lined up and Russia invades Ukraine.

Good luck to those people in Ukraine I have certainly donated to their plight.

[starzerus] 07/3/2022 15:58

Well it looks like I picked a great time to go away as usual.

Will be in Costa Rica for three weeks from tomorrow - So if any important news comes please can someone who knows me let me know.

cheers and good luck all.


Holiday cancelled twice due to covid and lock downs - third time lucky.

[thetoonarmy2] 07/3/2022 14:32

Well, we won't know till we know, if Jade comes in well all bets are off but I do know Tom has said a number of times we are an explorer, not a producer if we have the money from Jade I wouldn't blame him holding on to Duyung till the 5 well plan is out there.

I am very positive that Jade will come in but in the unlikely event that it didn't I think it will be sold PDQ be more placings I reckon.

[safiande] 07/3/2022 14:11

Toon,
The previous GSAs between Premier - Sembcorp which extend to 2024 are worth several US$ billions.

Coro has today issued the full proposals related to the extended two year loan period. Extract related to Duyung is below which envisages a sale within the period of the extension up to Apr 2024 & that the noteholders will be involved in the assessment of any offers. This period covers the 18 month development program. You mentioned that Tom is not interested in production. However he may be interested in development only ( x 5 wells ) which will greatly increase the value of Duyung even more and result in maiden cash flow - 30 MMSCFD per well.

"The Mako gas field, contained within the Duyung PSC area (operated by Conrad Asia Energy Ltd), remains a high value asset in the Issuer's portfolio, and the operator Conrad Asia Energy Ltd are very focused on the commercial workstreams including an updated Plan of Development for submission to the Indonesian authorities and gas sales agreement negotiations with various counterparties. Achievement of these commercial milestones will be key to monetising the asset, upgrading contingent resources to reserves, and ultimately to enabling thepartners to take a Final Investment Decision.
Against this background, the Issuer took the decision to propose a restructuring of the Notes, including the
extension of the maturity of the Notes to 12 April 2024 and the delayed payment of interest due on the Tranche A Notes with respect to interest accruing from 12th April 2021. These changes will provide the Issuer with the time it requires to deliver the monetisation of the Duyung PSC.
It is proposed that a new covenant be added to Condition 5 (Covenants) by the Supplemental Trust Deed in relation to the sale of the Duyung PSC Asset (as defined in the Conditions). More specifically: (i) the Issuer shall have the obligation to continue to pursue, and support Conrad Asia Energy Ltd, as the operator of the Duyung PSC, to pursue, the sale of the Duyung PSC Asset; (ii) the Noteholders will form a steering committee representing all Noteholders in order to help the Issuer to assess any offers received in relation to the sale of the Duyung PSC Asset or part of it; (iii) strictly subject to director statutory duties, the Issuer shall have the obligation to engage ingood faith in any related proposal supported by a simple majority of Noteholders and work to secure support, as required; "

[currypasty] 07/3/2022 13:49

Will we be allowed to sell Duyung once the GSA are signed and released ?

[thetoonarmy2] 07/3/2022 13:47

Safiande. Yes Coro has done a quick about-turn on Italian assets and who can blame them although I am waiting to see the GSA not necessarily the FID if numbers are given with the GSA it will give some idea on the value hopefully.

[safiande] 07/3/2022 13:12

Toon,
Coro has reversed its decision to sell its Italian assets because of high gas prices " ..Italian gas prices have now reached circa €1.55 per scm, a 700% rise over the last 12 months. " so they may not be planning an early sale of Duyung, at least not pre FID, which has now slipped to H2 or even early 2023.

[thetoonarmy2] 07/3/2022 12:46

Well, guys after all the frustration over the survey getting done in what has been apparently the worst weather in over 10 years it's done now, I know Tom Kelly and Gaz Bisht will be more relieved than anyone of us having spoken to Tom when all he could say was nothing to report just the weather is atrocious.

So I'm just waiting for certain ones to be shouting out for PR about the survey although personally can't see him doing that before he has confirmation of the Rig date then I would expect Tom to push the PR button, with Duyung believe me Tom is as anxious as all of us to get the GSA done he is certainly not holding anything up.
So down to those 2 bits of news and we are off to the races the good thing is Duyung and the price of gas it is a bit of a slam dunk for us, just the timing and then its squeaky bum time while we drill the Jade prospect with our Bamboo Rig :)

Well done Tom & Gaz you are getting this closer to fruition as we have all dreamed about.

[blakieboy7] 07/3/2022 12:46

Wonders will never cease!!

[nametrade] 07/3/2022 12:42

Well, I'm shocked...

EME have remembered they have a twitter account...

[los ricos] 07/3/2022 11:13

Thanks Blakie and Blue for info. Keep it coming.

[ride daice] 07/3/2022 11:06

wcj,

Still valid,

But only for 4*.

[jamesiebabie] 07/3/2022 11:02

blakie - it is on it's second well of the year. It has been on it's current location since the 17th Feb.

[wcj] 07/3/2022 10:56

I still have my petrol ration book from the 70s three day week. Are they still valid?

[blakieboy7] 07/3/2022 10:47

From Doug over on LSE earlier - 9 = jiuThe rig Nan Hai Jiu Hao is at 19.93N & 114.81Eso is c.60nm south west of us.Data states that it left Shenzhen port on 15th Dec,so has been operational at sea for best part of two months.Sufficient time to have drilled several exploratory wells.Fingers crossed that we are next.

[dafrog] 07/3/2022 10:36

We have masses of coal but we have a greenie government.

[jamesiebabie] 07/3/2022 10:12

blakie - it just shows how fragile the system is. Do we have any coal left?

And guess what. the UK gas prices for households from 1/10/22 is based on a historic average; guess which period that is? You can't make this up.

The average household fuel bills will likely be c.£2,750 per year!!! The poor will feel this the most.

We need SMR technology rolling out. In the short term, we need the nukes to open up as much as possible but safety is upmost.

Will we see rolling electricity outages throughout the UK? Strange times.

[blakieboy7] 07/3/2022 10:02

JB completely agree that government intervention is definitely required

[currypasty] 07/3/2022 10:01

you would think the whole world were falling over themselves to hurriedly sign a gas sales contract