Empyrean Energy Share Discussion Threads

[judijudi] 19/4/2022 19:39

CLN shares

[haveapunt1] 19/4/2022 19:23

I’m not worried, sitting on 140k at 6.5p. My comment was more out of interest “as the post stated”, at where all the sells are coming from. Just a very simple discussion point

[judijudi] 19/4/2022 19:18

Don’t kid yourself
If it’s a duster it will drop 75-80% in the blink of an eye
But it isn’t going to be a duster

[oilforex] 19/4/2022 19:03

So much worry on here, honestly! If we had done a Pantheon and gone from 14p to 80p pre drill with no backstop of value then I'd get it But to put this into perspective the price rise here over the past few months has barely doubled. It's hardly like it has a long way to fall back! If you want to make a raise pre drill then tough. If you want to wait on the potential for a positive result sit tight. If neither of them, then best save yourself the worry and get out.Factor in that the company is somewhat underpinned by the GSA then this has to be one of the lowest risk drills in recent memory (risk in terms of potential gain versus potential loss) from these current levels. If it pans out, every investor here will make a packet. If it doesn't, then we all lose a bit.

[kir] 19/4/2022 19:02

great news. Earlier than expected. Looking at their last drill, this was completed ahead of schedule as the rig moving to Jade was about 2 weeks before anticipated date.

Another one added to the Filter list from his first post this morning when I started to go throught the BB,

So far everthing is going to plan or better still. Good luck to all LTH and everyone else who has joined us for longer term.

[wcj] 19/4/2022 18:48

All this fretting about CLNs. We were in a situation where we needed to finance the drill. There were several options, one of which was CLNs. But we were not going to get the drill paid for without giving up a % of the profits. Each route was going to affect trading in some way. And in due course it will all work its way out and we will resume trading on a straight buyer and seller basis without any distortion. Fine by me.

[neo26] 19/4/2022 18:41

Forward selling the last batch. Imho

[haveapunt1] 19/4/2022 18:24

These are not CLNS being sold imo. The 18mil RNSd on 28 March are gone. You just have to look at the trades the last two weeks. Again today, if you assume the black sells alone are one entity, there is over 8mil there, and that’s without the constant 100k sells all day long. It’s been similar for the last week at least at over 7 mil a day minimum and looking like one singular entity. Not de-ramping but interested to hear others views. Just looks very organized exit

[firestorm911] 19/4/2022 18:19

Good shs.

BUZZ and Co will be exercising their warrants at 100p in the next two weeks. Wish I had some. 😵‍8171;😡


Fortune favours the braves. For once, I pick a proper O&G shs that will bring me mega wonga. Hopefully, it makes me enough to buy one of those Oligarchs Yacht going on eBay.

GLA genuine Gamblers.

[buzzzzzzzz] 19/4/2022 17:08

I am a warrant holder and EME will need our money for flow test or money from elsewhere.

I am going to excercise my warrants but will not sell the shares as finding oil in Jade will only be the beginning of the ride and I suspect many other warrant holders will do the same.

[nametrade] 19/4/2022 17:05

Buzz, absolutely, but disappointing seeing as I’ve been here for years. This is the main event and Sacramento was a side show and not very exciting one at that.
After CLNs it will be warrant holders selling down to convert… at that rate should have just bought after the result with risk completely gone…🤪

[buzzzzzzzz] 19/4/2022 16:57

it's called supply and demand.

CLN were not around for California.

[nametrade] 19/4/2022 16:47

Its disappointing that you could buy cheaper today than last week with the drill risk reduced.. Also California lit the share price more...how does that make sense?

[blueblood] 19/4/2022 16:39

Disappointing day for share price given news better than expected at this stage. Still if it removes CLNs before oil shows next week it's irrelevant in the scheme of things!

[buzzzzzzzz] 19/4/2022 16:32

They are not shorting them FFS.

To make really big bucks they will keep what they have left in case EME hit oil and share price goes 50p or whatever.

If the well is a duster they get their money back and interest.

They have until 16th Dec to convert so the decision they have is whether to take a guaranteed 50% profit (roughly) by converting and selling now OR take a gamble and make 500+% as said previously even if the well is a duster they won't lose money.

Their decisions will be determined by their business model.

[stewart4990] 19/4/2022 16:22

Why don't they convert at 8p, they shorting them and trading them to make extra cash ?

Just dropped the price, good time to add, been in this for years and the news today was the best I have seen and yet we cant break through 12p.

[currypasty] 19/4/2022 16:17

good volume though, 25 million without the delayed's yet to show

[judijudi] 19/4/2022 16:13

SP still being held back by the CLN holdings imho

[judijudi] 19/4/2022 15:30

By Elric Langton | 19 April 2022



Empyrean Energy plc (AIM: EME), the oil and gas development boosted investor confidence it had significantly improved its Geological Chance of Success (GCoS) of commercial oil production at Jade and Topaz projects in Block 29/11 in China by 24% (65%) and 12% (47%) respectively after.

There is still more work before we crack open the bubbly. Light oil discovery, Viscosity and flow rates are essential updates for the market. But, for now, Jade is greatly improved due to the “gas cloud” recorded higher up in the column, which is indicative of commercial oil potential - a major derisk event.

Both Jade and Topaz prospects have gas clouds in the overburden on 3D seismic, similar to nearby discoveries.

Should Jade prove commercially viable, it also improves the Topaz Project and, importantly, makes its funding easier with improved options open to Empyrean.

It is a little disappointing to see the shares price drop from a 25% gain in early trading - currently up 12% at 11.55p ask as I write on a significant event, but I guess it is expected as CLN are traded as derisking events themselves. We shouldn’t be too frustrated by these because the CLN helped the Company get where it is. I hope the volume is such that these will be worked through without too much angst.

RNS

Jade prospect at its 100% owned Block 29/11 permit, offshore China:

HIGHLIGHTS

· LH 17-2-1 well at the Jade prospect drilled 12-1/4" section to 2150 metres Measured Depth ("MD")

o Elevated methane (C1) ranging from 227ppm to 15440 ppm was recorded while drilling 12-1/4" section.

o Higher values of methane (C1) ranging from 4190 ppm to 15440 ppm were recorded in the pre-drill interpreted "gas cloud" zone between 1550 metres to 1800 metres MD.

o CNOOC has confirmed comparable methane ranges in their oil discovery well LH 23-1-1d that is located 10km Southwest of the Jade prospect which also had a "gas cloud" feature

· Drilling results have validated the pre-drill interpretation of seismic data including the presence of gas clouds over the Jade as well as Topaz prospects

· Based on the results thus far, Empyrean has upgraded its internal Geological Chance of Success ("GCoS") over the Jade prospect from 41% to 65% and Topaz prospect from 35% to 47%

· Current operations are the installation of 9-5/8" casing before drilling 8-1/2" hole to the Total Depth ("TD") of 2860 metres MD

Empyrean is the operator of Block 29/11 in China and has 100% 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% participating interest in the development and production phase.

Progress

The NH9 Semisubmersible drilling rig made excellent progress at LH 17-2-1 with the drilling of the 12-1/4” section to 2150 metres MD and current operations are preparations for running 9-5/8” casing.

During drilling of the 12-1/4” section, elevated methane (C1) ranging from 227 parts per million (“ppm”) to 15440 ppm was recorded at the gas chromatograph during mudlogging. Negligible C2 and no C3 components were recorded. Higher methane values (C1) ranging from 4190 ppm to 15440 ppm were recorded in the zone between 1550 metres to 1800 metres MD which was interpreted pre-drill to be a “gas cloud” zone.

During the drilling of this section, EME was in regular communication with CNOOC to fully understand and cross-check the significance of elevated methane (C1) against CNOOC discovery wells. CNOOC has confirmed comparable methane ranges in their oil discovery well LH 23-1-1d, located 10km Southwest of the Jade prospect. LH 23-1-1d also exhibited a gas cloud on seismic data. The elevated methane readings to date have validated the Company’s pre-drill interpretation of seismic data, including the presence of a gas cloud in the overburden above the Jade prospect, a feature also present over the Topaz prospect. It is also the case that two dry wells drilled by AMOCO in the 1990s on the eastern flank of Empyrean’s Block 29/11 permit area did not display any gas clouds, nor did they have elevated methane (C1) whilst drilling the same geological formation.

Based on the latest elevated methane (C1) readings, Empyrean has upgraded its internal GCoS for the Jade prospect from 41% to 65%. It has also upgraded the GCoS for its Topaz prospect from 35% to 47%.


Forward plan

Following a 9-5/8” casing setting, the 8-1/2” hole will be drilled to the TD of 2860 metres MD.


Well Objective

The 2021 drilling campaign targets a world-class conventional oil target in the Jade prospect, to which Gaffney Cline & Associates (“GCA”) assigned a GCoS of 32%. After 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%. Following the elevated methane readings whilst drilling through the “gas cloud” zone, the internal Company GCoS is now 65%.

The Jade prospect has a GCA audited mean in place potential of 225 MMbbl and a P10 in place upside of 395 MMbbl. In addition, 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.

Empyrean’s excellent quality 3D seismic indicates a classic “fill to spill” geological setup in the basin, and a robust regional seal, that provides the Jade and Topaz prospects with a very real possibility of being filled similarly to nearby discoveries. The Jade and Topaz prospects both have gas clouds, similar to nearby discoveries, in the overburden on 3D seismic. Dry wells nearby do not have gas clouds. The Jade prospect is the first of the three identified prospects within Block 29/11, containing the Topaz and Pearl prospects. The combined audited mean in place potential of all three prospects is 884 MMbbl and a P10 in place upside of 1,588 MMbbl. The post-stack seismic inversion study showed Jade and Topaz both have the potential for excellent carbonate buildup reservoir quality with excellent porosity and permeability. Any oil discovered is expected to be light oil in the 38-41 API range, similar to nearby discoveries. These attributes, combined with the potential for exceptional natural reservoir drive, support the potential for excellent recovery rates.

The objective of the Jade well is to test for hydrocarbons down to TD of 2860 metres MD.

This announcement has reviewed the information contained by Empyrean’s Executive Technical Director, Gaz Bisht, who has over 31 years of experience as a hydrocarbon geologist and geoscientist.

Empyrean CEO, Tom Kelly, stated:

“The first technical objective of the Jade well has now been drilled. The validation of “gas clouds” through the presence of elevated methane levels in exactly the depth zone we interpreted on the excellent quality seismic data proves that the gas clouds exist and supports the Company’s pre-drill interpretation that the methane is probably coming from light oil in the anticipated reservoir section. This is a major box now ticked if we are to make a light oil discovery at Jade. In addition, the comparisons to nearby CNOOC discovery wells look very compelling. Drilling operations continue to run smoothly and safely, with progress to date right on schedule”.

[hang ten] 19/4/2022 14:42

Well done Tom and Gaz.. another box Tickety Tocked ! And a very significant one at that. Had we not encountered these Gas Clouds It would pretty much undermine the whole show and most certainly be very disappointing moving onwards. There's not much more to add until the next RNS and hopefully it will be the next Big box 'tickety tocked'. Good luck all as we move into this final stage - One more week that will potentially make many here very very wealthy indeed !

[solarfire73] 19/4/2022 14:24

"Modestly positive" FFS what a load of sh*te.

[10owen] 19/4/2022 14:23

Modestly positive.Tom must have really hacked Malcy off not giving him an exclusive.