Empyrean Energy Share Discussion Threads

[terry hardacre] 23/11/2017 21:37

Well we're all agreed then, Merry Thanksgiving all!

[cmackay] 23/11/2017 21:20

I agree with Terry, KevJames is a good poster. It has been a while with no news but last big spike came when I was in Barbados, so as I'm going back on Sunday we should get something from SGC on Sunday night :))

[bobby1904] 23/11/2017 21:17

Correct Terry. That's my point. Lets all stop trying to second guess the outcome - it's impossible to do with any certainty. If too worried then sell otherwise just sit tight & wait. Simples!

[judijudi] 23/11/2017 20:57

They were very quick off the mark with the 1st zone results
Which is the worry now
I hate delays as much as the next person
With tiny minnow drillers it’s rarely good news after any delay
But it could be because of extended flow tests
Who knows
Most certainly not Brimmers

[bobby1904] 23/11/2017 20:54

Kev James. When you get a moment can you please let me know what your crystal ball says about this weekend's premier league results, whilst you are in the mood for making predictions?....Maybe you can point me to the date quoted by SGC that they would next issue an RNS as I must have missed that? You are jumping at ghosts here. Worse still, you are doing so based on no news arriving within some fantasy timetable you have made up in your own head. Sorry to sound harsh, but I just don't get this whole approach of making up stuff when theres no factual basis for what you are saying. You are just adding 2 + 2 and getting to 5!!!

[rutter] 23/11/2017 20:42

Would be good to have a placing on the back of a success. Difficult to raise cash on the bck of a dud. But hey....SGC are testing only the second zone. Why the jitters

[kevjames] 23/11/2017 20:41

Bushman

Thanks - I did read Dinga's post, he maybe right. I've invested in these types of high risk stocks for too long now and know that this is often an unexpected outcome. It happened with ANGS today (despite lots saying it couldn't) and many of the LTH's here were caught out with the capital raise at 8.5p - it seems a long time ago now but it certainly miffed many of at the time.

[bushman1] 23/11/2017 20:25

KevJames. D1NGA post 19261 above offers possible answer.

[kevjames] 23/11/2017 20:16

Something does not fit well here for me. The time between news is something that I am sure we are all concerned about - I am. If the news was bad they would need to release to comply with ASX rules and if it was good, they would surely shout it out loud - that is the Gary Jeffrey way!! However, to have nothing for 10 days doesn't really stack up for me. Therefore, I am wondering if the issue is one of money and that SGC and perhaps the others JV partners need to capital raise. The "Dempsey well" must be well over budget and is not generating income yet. Perhaps the "begging bowl" is out and about and until it is filled we won't get any further updates - just my thoughts but not unusual for these type of companies to have to do this.

I know many of the guys who went to the EME AGM were told that there was no requirement to raise funds but I have just checked the AGM report from which I quote from below:

"Empyrean will earn a 30% interest in the Dempsey Prospect targeting 1 Tcf of gas by paying US$2,100,000 towards the cost of drilling the Dempsey 1‐15 exploration well. These drilling costs have a promoted cap of US$3,200,000 and Empyrean will pay its working interest of 30% towards any additional costs towards Dempsey 1‐15, including completion costs. The Dempsey 1‐15 well was spudded on 2 August 2017 and is currently drilling ahead at the time of writing this report."
Considering it spudded on the 2nd Aug and we have completion crews still on-site nearing the end of November - this must be well over budget (by a couple of million?? at least, which suggest we may have already spend $3.2 million and are liable for 30% of any further costs - as they were not actually completely capped!! SGC are not particularly cash rich either, so this fits a possible explanation.

I hope I am wrong and I would be keen to hear other viewpoints to blow my thoughts out of the water. GLA.

[lw425] 23/11/2017 19:38

gaps still to be filled

target 8p here in the short term

[blueblood] 23/11/2017 19:24

Was that with the Village People?

[brimsley] 23/11/2017 18:59

bushman it WAS a serious answer I have not worked the NorthSea but HAVE worked Calif so do know a tad about these matters all is not 'well' whether you like it or not Crying about it won't help

[blueblood] 23/11/2017 17:38

Very nice find Tarz

[stewart4800] 23/11/2017 15:56

Tarz,

Nice find, send it to the Financial times !!!

Bloody share price

[starzerus] 23/11/2017 15:46

while we are waiting

hxxps://www.naturalgasworld.com/ngw-magazine-2/22-china-builds-its-gas-businesses-56770


This snippet from NGW Natural Gas World Magazine ref EME today

Small Oil and Gas Independents Developing China’s offshore Resources

China recently completed its 2017 new permit licensing round, offering 22 blocks, including some in the Pearl River Mouth Basin and the Beibu Gulf. In recent years, there has been an increased number of small independents operating blocks offshore China. Small independents include ROC Oil (now part of Brightoil), Empyrean Energy, Primeline Energy, Smart Oil and most recently SK Energy of Korea, which was awarded Block 17/08 in September 2017.

And Empyrean Energy has started 3-D seismic work on Block 29/11 to derisk prospects derived from the Liuhua 16-2 oil discovery, completed in mid-2017. Canadian Primeline’s producing Lishui gas fields offshore China are feeding the Zhejiang Gas Grid – possibly the first successful foreign investment to directly supply gas to a regional grid.

[currypasty] 23/11/2017 15:42

wasn't there 2 'thin sands' below the X targets?

I would rather they just keep testing and moving on till a good one is hooked up producing, then RNS it

[blueblood] 23/11/2017 14:26

So given ASX disclosure they could be testing now

[judijudi] 23/11/2017 14:22

Way overdue I reckon

[short6] 23/11/2017 13:33

From the RNS of the 14th

The tested zone has been isolated and preparations are underway for the next stage of testing which will target the next shallower zone of gas shows.

So 9 days ago they had already set the packer and isolated the lower zone.

News must be due on the next zone.

[bushman1] 23/11/2017 13:17

Excellent. Many thanks D1NGA. Thus is very interesting and useful information.