Empyrean Energy Share Discussion Threads

[oilforex] 16/9/2022 08:27

TK is, and always has been, a complete chancer. Unfortunately for us we continue to back him at last chance casino.When all is said and done, it makes a for rollercoaster of a story, but unfortunately destroys wealth along the way.

[currypasty] 16/9/2022 08:15

on the bright side, results published so were still a going concern!

[oilforex] 16/9/2022 08:12

If only we were in an oil and gas bull market with world class assets and a great leadership team. Oh...

[stewart4990] 16/9/2022 08:10

Well I had a few positions open with Spreadex but closed them all at 1p on open. I will continue to hold all my bought and paid for shares and may add if I see any progress with GSA.All in all been a disaster financially for me but was my choice and poor judgement.I noted the 2 directors lapped up their salaries whilst many here bailed the company with a placing at 1.5p following the Jade drill, and clearly the 2M was our basic mistake.

[lazarus2010] 16/9/2022 08:10

and this...

Topaz remains a world class conventional oil target in the Jade prospect, to which GCA assigned a Geological Chance of Success ( "GCoS" ) of 30%. The Topaz prospect has a GCA audited mean in place potential of 506 MMbbl and a P10 in place upside of 891 MMbbl. Following the Jade prospect, Topaz prospect is the second of the three identified prospects within Block 29/11, which also contains the Pearl prospect. The combined 2018 audited mean in place potential of the Topaz and Pearl prospects is 659 MMbbl and a P10 in place upside of 1,193 MMbbl.
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For Topaz
Take off 50% = 330MMbbls
multiply by recovery factor say 10% = 33MMbbls
Prove = $5/bbl = $165mln
Proven and flowing = $10/bbl = $330mln.

Current market cap say $8mln

to get 10 bags we need a MC of $80mln therefore Tom can farm out upto 75%, which could give us a practically nil cost well and de-risk it entirely.

Don't be greedy Tom!

[martym] 16/9/2022 08:06

Is this doomed

[soggy] 16/9/2022 08:03

And a big drop on the open - market ain't too impressed...

[judijudi] 16/9/2022 08:03

I find it hard to believe that with the share price struggling to hold just 1p and the fact that we must nearly be running on gas and the fact that they have misplaced $2,000,000 that they are still drawing that amount of salary
A salary based on failures. I would be happy if they trebled that salary on success but failures no. They are taking to much
In my humble opinion only

[lazarus2010] 16/9/2022 08:02

Key points for me...

As always, the Company continually assesses other financing and strategic alternatives to provide it with additional working capital as and when required, including through the sale or partial sale of existing assets, through joint ventures of existing assets or through further equity or debt funding.

The Company has also successfully restructured its convertible note.

In addition to its existing projects, Empyrean continues to assess a number of additional oil and gas projects that it believes may enhance a balanced portfolio of opportunity and will update shareholders as required.

...this should lead to more dreams of Blue Sky ;-)

[helpfull] 16/9/2022 07:59

Tickety Tock! Smelly shock!

If you can't smell the looming cash raise this morning you never wi!!. Going concern? Trying to put lipstick on Californian assets.

Be careful.

[the donald] 16/9/2022 07:42

And make another $95k. (a) Services provided by Apnea Holdings Pty Ltd, of which Mr Kelly is a Director. In addition to the Director fees above, Apnea Holdings Pty Ltd was paid US$95,000 for capital raising services for the July 2021 Placement which raised US$6.92 million

[the donald] 16/9/2022 07:40

At least Tom Kelly was able to justify a slight increase in salary to $304,000 in 2002 and Gaz stayed on $220,000.

[the donald] 16/9/2022 07:35

This is the part they really do need to get right. The Directors are however optimistic that the full funding commitments for the Topaz well and the Convertible Note will be met, having a successful track record of equity (and debt) funding including funding the recently drilled Jade well.

It is the belief of the Board that there are likely value catalysts throughout the next 12 months leading up to drilling - including maximising the value of its interest at the Mako Gas field and activities leading into the intended drilling of the Topaz Prospect. There are a number of key milestones for the Project, each of which brings the Project closer to production. Each milestone reduces risk and increases the value of the Project. The major milestones are approval by the Indonesian Government of a revised Plan of Development that is currently before them, signing of the GSA(s), completion of front-end engineering design, final investment decision and production. Empyrean's interest can be sold at any stage but with two of these major milestones due imminently without any further funding required, it is the Board's current intention to at least achieve those milestones before considering a sale versus funding through to production.

The Directors note that if the well commitment is not met in the timeframe advised then either a renegotiation of the commitment timing will be required or the licence could be relinquished.

The Directors have therefore concluded that it is appropriate to prepare the Company's financial statements on a going concern basis; however, in the absence of additional funding being in place at the date of this report, these conditions indicate the existence of a material uncertainty which may cast significant doubt over the Company's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.

[the sage] 16/9/2022 07:35

Next time you speak to him rajawali, ask him what he thinks about Topaz. I'm sure we'd all be interested on his opinion.

[jemjem] 16/9/2022 07:31

What it's says is they are hoping to drill in 2023. The reference to June 2024 is the date by which they HAVE to drill I.e. 2 years from the commitment to do so.Imo.

[the donald] 16/9/2022 07:31

Still no fraud money back? This makes me laugh....Empyrean has also reviewed its internal control policies including overseas and domestic payment processes and has added further authority approvals and procedures for all material payments. Errrr like send a pound first before sending 2 million.

[manual dexterity] 16/9/2022 07:30

How much cash do they have?

Sorry, does that include the last placing.

[judijudi] 16/9/2022 07:30

Sorry my mistake 🤦🏻🙈😩

[judijudi] 16/9/2022 07:24

Drilling Topaz by June next year 🤞🤞

[oilforex] 16/9/2022 07:22

Well we have perhaps the most detailed update out this morning that I think they've ever put out this morning. Should give everyone something to digest over the long weekend.

[solarfire73] 16/9/2022 07:22

Good update from CORO this morning. It's clear that CORO are securing funds for Duyung's compelling production timeline.

Now over to Tom Kelly to announce his plans for EME.