Empyrean Energy Share Discussion Threads

[hodge podge] 10/9/2021 11:07

Fun?
With an weighted average of 20p
GL son
Discuss

[blakieboy7] 10/9/2021 10:24

you're worse than a typical politician

[hodge podge] 10/9/2021 10:20

Off filter Toon?
Make your mind up son.
Busy with spud in the next week on one of my biggies
Surely you know what that is?
Discuss

[starzerus] 10/9/2021 10:06

Hodge Podge should get out of Dodge

[blakieboy7] 10/9/2021 09:42

Answers Toon's questions you plank

[hodge podge] 10/9/2021 09:40

Oh LOL
Another "you are on ignore, but I need to know what you are saying coz you are always right" type
Watch what happens next ;-)
Discuss

[michmcd] 10/9/2021 09:08

Hodge I took you off filter with interest to see if you had responded to Toons comments. But no. Back with silly comments and questions. I look forward to you getting your comeuppance. Your a pathetic coward.

[hodge podge] 10/9/2021 08:52

What could possibly go wrong?
Discuss

[blueblood] 10/9/2021 08:28

Be good to see some more blue today as we move into most critical few months in company's history. Incredible risk/reward profile from these levels as China is only priced in for buttons with Duyung underpinning the current mcap.

[starzerus] 10/9/2021 07:26

from Rigzone

Oil and gas company Empyrean Energy has hired China Oilfield Services Limited (COSL) to drill the Jade prospect exploration well on Block 29/11, offshore China.

Empyrean is the operator of Block 29/11 and has 100 percent working interest during the exploration phase. In the event of a commercial discovery, its partner CNOOC may assume a 51 percent participating interest in the development and production phase.

The company said in a statement that all technical, commercial, and contractual terms were agreed and COSL has confirmed rig availability and a target spud date between December 15-30, 2021. CNOOC also gave its approval ahead of the contract award and all parties agree on the timing of the Jade prospect drilling.

In April, Empyrean appointed AGR to complete a comprehensive well design and engineering project for the Jade prospect. Based on AGR's analysis and recommendation, a four-string casing design was chosen as the best solution.

The parties were also able to agree on a $12.3 million turnkey quote for the Jade drilling. This is an approximate 34 percent saving on the initial $18.5 million quote. On a success basis, testing of any oil column has been quoted at $7.4 million.

It is worth noting that, although Empyrean raised $6.92 million in early July through an equity placing, it will require further funding, via a joint venture, the exercise of warrants, or from an equity raising to enable it to undertake the drilling of Jade.

As for Jade, it has an 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 Jade are filled to their P10 potential or better. Other prospects identified on block 29/11 are Topaz and Pearl prospects, with the combined audited potential of 884-1,588 MMbbl.

"The countdown to the drilling of the Jade prospect has begun. Locking in rig availability, finalizing costs, and setting a target spud date were all essential to securing the remaining funds required to drill the Jade prospect whether that be by JV, warrant exercise, or equity raise,” Empyrean CEO Tom Kelly said.

“All other drilling preparation activities, including finalizing the site survey, ordering long-lead items, and securing the necessary drill permits, are progressing well. We also thank CNOOC for their continued support and cooperation throughout this process," he added.

To contact the author, email [e-mail]

[petercrosby] 10/9/2021 07:25

If Jade is on the migration pathway to topaz and is either dry or not filled to spill will they still drill topaz?

[nametrade] 10/9/2021 07:14

Ht, sounded to me like he couldn't recall the number and came out with the total figure in the moment by mistake. He didn't sound certain on this although the point was that the Topaz prospect was quite large.
IMO.

[hang ten] 09/9/2021 22:02

Gaz mentions Jade to have est. 1.2 billion barrells in place... can anyone confirm this to be a true estimate ? I was of the understanding the whole block 29/11 to be of an estimated 1.2billion barrells . Hope I'm wrong and he's right .

[bengal1] 09/9/2021 17:41

Move to 7p +

[blakieboy7] 09/9/2021 17:11

Nice way to end the day!

[starzerus] 09/9/2021 17:10

165k buy just went through

[blueblood] 09/9/2021 16:26

Need TK to follow through with official RNS on Duyung now asap

[wcj] 09/9/2021 15:30

5.93 / 6.02

[jemjem] 09/9/2021 15:19

Lazarus20109 Sep '21 - 14:40 - 40388 of 40392
0 1 0
51% of costs to date and 51% contribution to all future costs afaiaa

Laz
They don't receive anything from CNOOC for costs up to the point that CNOOC declare it commercial. CNOOC pay 51% of all development costs thereafter.
What Eme do get, however, is an accelerated payback of all original costs out of the first sales from production.
Imo.

[lazarus2010] 09/9/2021 15:10

it was interesting that Biz mentioned they will carry out flow testing if the logs show the presence of an oil column. I thought we were originally informed that flow testing would need a new well to be drilled? Maybe this is just a reduced flow test of some sort to prove flow rather than to do a full measured flow test; although he did say it would be for 12 days?

[sharesure1] 09/9/2021 15:07

Thanks. Shame there isn’t some sort of extra return to acknowledge the financial risk on EME’s part.