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EME Empyrean Energy Plc

0.625
0.00 (0.00%)
Last Updated: 08:00:21
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Empyrean Energy Plc LSE:EME London Ordinary Share GB00B09G2351 ORD 0.2P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 0.625 98,461 08:00:21
Bid Price Offer Price High Price Low Price Open Price
0.55 0.686
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Oil And Gas Field Expl Svcs USD USD -20.8M USD -0.0211 -0.29 6.11M
Last Trade Time Trade Type Trade Size Trade Price Currency
12:54:52 O 7,084 0.5622 GBX

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Empyrean Energy Forums and Chat

Date Time Title Posts
16/4/202408:49EME - Post Sale of Sugarloaf Asset54,696
14/3/202418:17Empyrean Energy - EME - Charts and Info54
13/6/202313:24Empyrean Energy22,263
22/11/202214:05Empyrean energy -
12/9/202211:25Sacramento Basin-

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Empyrean Energy (EME) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
11:54:530.567,08439.83O
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2024-04-15 15:27:410.56500,0002,789.50O

Empyrean Energy (EME) Top Chat Posts

Top Posts
Posted at 16/4/2024 09:20 by Empyrean Energy Daily Update
Empyrean Energy Plc is listed in the Oil And Gas Field Expl Svcs sector of the London Stock Exchange with ticker EME. The last closing price for Empyrean Energy was 0.63p.
Empyrean Energy currently has 985,470,767 shares in issue. The market capitalisation of Empyrean Energy is £6,109,919.
Empyrean Energy has a price to earnings ratio (PE ratio) of -0.29.
This morning EME shares opened at -
Posted at 12/4/2024 16:18 by safiande
Coro RNS just out confirming that they are finalising contractual arrangements with a specialist, London-based, E&P financial advisor to assist procuring a debt solution for its element of the required development capital at Mako.
Could indicate that they plan to stay in at least partially and maybe just for the first 5 - 7 years when cash flow is at its highest Does not mean that EME plan to do the same as Coro as EME still has Topaz as far as we are aware. Depending on any farm down Coro´s equity is of course higher than EME´s 8.5%.
Posted at 01/4/2024 11:49 by safiande
Article today in " Upstream " related to the proposed signing of the domestic GSA by end May. CRD doubt whether it will be implemented as it is subject to construction of a spur pipeline by MOMR from Singapore to Batam. Also it is not in CRD´s interest if it is ever executed as the domestic gas values are much lower than the export values agreed with Sembcorp. GSA with Sembcorp to be signed in the coming months. Signature of GSA and the FID at the end of Jun will allow CRD & the partners to book volumes as reserves for e.g. borrowing purposes.


"Field Development
Conrad firms up gas sales deal, moves towards FID for Indonesian offshore gas field project
Pertamina subsidiary PGN will purchase domestic portion of Mako's production


CONRAD ASIA ENERGY
Amanda Battersby
Asia Bureau ChiefSingapore

Published 1 April 2024, 02:44
Conrad Asia Energy has achieved another milestone towards exploitation of the Mako field offshore Indonesia with the signing of binding key terms for a gas sales and purchase agreement (GSA) covering the domestic portion of the production with national gas company Perusahaan Gas Negara (PGN) — a subsidiary of national oil company Pertamina.

This GSA will be subject to the construction of the pipeline connecting the West Natuna Transportation System (WNTS) with the domestic gas market on Indonesia’s Batam Island. The deal, which forms part of Conrad’s Domestic Market Obligation (DMO) as set out in Mako’s revised Plan of Development, will represent approximately 29.5% of Mako’s sales gas volumes until the Duyung production sharing contract that hosts the field expires in January 2037.

The operator and PGN intend to sign the GSA before end-May.

The lion’s share of Mako’s output is destined for export via the existing WNTS to Sembcorp Gas in Singapore, and Conrad hopes that this GSA will be finalised “over the coming months”.

Delays in securing these GSAs have already derailed the project’s schedule, pushing back Mako’s on stream date from 2025 to mid-2026; while capital expenditure for the phase one development now stands at US$325 million with capital costs to initial revenues currently estimated at US$250 million.

The phase one project comprises six wells with two dry-tree wells and four subsea wells connected via subsea umbilicals, risers and flowlines to a conductor support frame and then to a mobile offshore production unit with gas processing and compression facilities.

The final investment decision is being targeted by mid-2024 for the proposed Mako development that envisages 120 million cubic feet per day of gas being produced for a seven-year plateau period with output declining thereafter.

“Conrad has been working closely with PGN for the commercialisation of Mako gas. These key terms are a very important milestone paving the way for a fully termed gas sales agreement and brings the company a step closer to the FID for the Mako development,” commented Conrad chief executive Miltos Xynogalas.

The Singapore-based operator has a 76.5% operated interest in the Duyung PSC and its partners are Coro Energy on 15% and Empyrean Energy with 8.5%.

Indonesia’s upstream regulations call for players to supply approximately 25% of their share of production to the domestic market although there is no requirement for them to construct infrastructure such as pipelines to enable the delivery of any DMO."
Posted at 28/3/2024 16:28 by sharesure
Stewart, i share your frustration with this company’s Board. As for the share price I don’t think that in the run-up to the tye and possibly shareholders selling and then re-purchasing in their share ISA anyone can read too much into the movements in the share price over the next fortnight or so.
I doubt that the company won’t pursue the missing money when they can - I think that they will only justify that expenditure when they have the legal funds available (in case they lose or cannot recover all of their costs) maybe its a 4 to 1 bet although if it was lost to a Singapore based fraud I would have thought their government would have been keen to help, knowing that their declared aim of becoming the second biggest financial market won't be helped by frauds like this.
Posted at 04/3/2024 11:23 by odillon
As I understand it we should work on the basis that EME has a 7.225% stake in Duyung since we need to deduct the 15% payable under the loan agreement.

Has that 15% changed in renegotiations?

I am hoping for a good price point which makes the stake very valuable even at 7.225%. I hope this is announced soon, given the share price fall thus far today. Although this may offer an opportunity to get in at a good price - but not for me as I have no new investment funds available at this time.
Posted at 13/2/2024 19:09 by georgesorrow
TK may not have mentioned China in his comment at the end of the RNS, but he does not seem to be walking away from the licence, at least not just yet.
Top of the list of things the placing funds will be used for is:
"ongoing prospect, licensing fees and permit costs at Block 29/11, Offshore China".
So something is still going on in China, however hopeless the timelines look for Topaz from here.

Today was obviously a relief rally on news that EME will not be going down the toilet for a few months, by which time the mythical GSA might have landed.

If the GSA does land, I still think it could be worth £35m or more to EME after debts paid, which would obviously be a multi-bagger and then some from today's share price irrespective of China. There is salvage value to be had from the wreck that is EME.
Posted at 13/2/2024 08:25 by digger2779
digger2779 - 29 Jan 2024 - 16:48:25 - 54056 of 54152 EME - Post Sale of Sugarloaf Asset - EME
I get the feeling we are imminently looking at a quarter pee placement. Imminent always appears sooner when it's bad news.

Hate it when I'm right! Suppose they had to wait for all the "agreed nod wink wink" forward selling which dragged the share price down to yesterday's level to finish. Took them the best part of a month which is utterly corrupt in my opinion.
Posted at 02/2/2024 08:01 by currypasty
Conrad Successfully Completes Oversubscribed A$13 million Placement to Advance Gas Projects and Announces A$2 million Security Purchase Plan

Highlights
Conrad has received firm commitments to raise A$13 million at an issue price of A$0.95 per CHESS Depositary Interest (“CDI”) by way of a placement ("Placement").
The Placement saw strong interest from new and existing institutional and sophisticated investors with demand exceeding anticipated commitments for CDIs under the offer.
Proceeds will be used to complete a 3D seismic survey across the shallow water Aceh gas discoveries and continued project costs associated with the Mako gas project, as well as general working capital.
The successful completion of the Placement ensures that the company will remain well funded through a number of near-term goals designed to further de-risk the Mako gas project and progress other key initiatives, including:
Finalisation of binding gas sale agreements for Mako to supply gas to Singapore;
Conclusion of Duyung Production Sharing Contract ("PSC") Farm-Down process;
Finalisation of project financing discussions;
Mako final investment decision; and
Maturing gas commercialisation initiatives in Aceh.
Conrad also announces a security purchase plan (“SPP”) to eligible securityholders in Australia, New Zealand, Hong Kong, Indonesia, Malaysia, Seychelles, Singapore, the United Kingdom and the United States to raise approximately A$2 million.
Posted at 23/1/2024 12:47 by safiande
Jem,

You´re right.......again!

EME agreed some time ago that CRD would lead on the farm down as it was felt that a bigger combined program sale of say c.50% would attract a better price than 8.5% in isolation.

EME has mentioned a few times how satisfied they are with CRD´s handling of the farm down re the data room , the investment bank etc and that they have every confidence in CRD´s ability.

" Empyrean has an 8.5% interest in Duyung, containing the Mako gas field, with Conrad holding 76.5% and Coro holding 15%. The deal with Conrad provides that any sale or part sale that is offered to Conrad must be offered to Empyrean pro-rata. It is Empyrean’s opinion that the best deal on the Mako gas field will be obtained by dealing at the 100% level even if it is a partial sale or JV. This is because the project has now grown to a size where likely participants may want a significant stake and/or operatorship.
For this reason, it is our opinion that we will get a better result by not dealing piecemeal on our smaller interest alone." ( EME Sep 2020 )

As you mention there is also a formal tri-partite operating agreement in place signed by the three partners whereby each partner has equal rights in the decision making process regardless of individual working interest.

"The partners in the Duyung PSC are Conrad Petroleum (76.5%), Coro (15%) and Empyrean Energy (8.5%) which have a joint operating agreement. Coro has a seat on the technical committee and along with Empyrean can veto certain key matters should they wish. These two smaller partners apparently had a large say in the appraisal drilling programme." ( Align Research Jan 2022 )
Posted at 20/12/2023 12:58 by safiande
Stew,
We already know from Mario in May that the GSA is valued at $US6bn. Could be more if the Indos have been hanging on for top dollar since then. Also priced against Brent. Signature doesn´t produce any direct cash until first sales in 2025 so could be share price swings at first as in any market. If EME sell all or a portion of their wi, then this will produce early cash which will lead to a more sustainable share price This farm down is planned for year end as per CRD. I suspect that divestment & the GSA will be around the same time as they are linked.
Posted at 18/12/2023 17:07 by georgesorrow
Q: How do you get EME share price to 3.5p?

A: Coro's share of Duyung recently valued at $101m, which values EME share at $57.23m, or about £45m.

Take off EME debt of about £10m (includes 15% of disposal proceeds at £45m), leaves about £35m.

We have just under one billion shares, so if share price approached anything like cash value that would be roughly 3.5p.
Empyrean Energy share price data is direct from the London Stock Exchange

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