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EME Empyrean Energy Plc

0.018 (7.21%)
18 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Empyrean Energy Plc EME London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.018 7.21% 0.2675 16:35:10
Open Price Low Price High Price Close Price Previous Close
0.2675 0.2495
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Industry Sector

Empyrean Energy EME Dividends History

No dividends issued between 19 Jun 2014 and 19 Jun 2024

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Top Posts
Posted at 13/6/2024 14:37 by safiande
I recollect that a few punters here espoused the merits of EME entering into further exploration deals to enhance cash flow. I assume that " low risk / high impact " in today´s RNS from Tom refers to early cash flow. If the proceeds from Mako are substantial as mentioned, then Tom can afford to enter into decent wi arrangements on these new programmes with the cash left over following the Topaz JVP deal, assuming that the extension is granted and assuming that EME wishes to continue.

Conrad confirmed today that despite the likely 6 month slippage in the Mako FID that :-

"The parties continue to endeavour to sign a GSA by the end June 2024."

This refers primarily to the export GSA which will impact favourably on the sale process and ultimate value. Furthermore Conrad also confirmed today that additional parties have expressed an interest in the sale which should positively affect the selling price.
As Mako is a cash cow I had considered that EME might stay in at least partially. However first production has slipped to at least Q4 / 2026 so a total sale in say Q3 / 2024 will free up cash for Topaz and the new programmes as needed.
Posted at 08/6/2024 10:58 by odillon
Tom the Dom - it only takes one shareholder to attend the AGM and ask the pertinent questions. Buzzzzzz went to the 2023 AGM. He asked about the fraudulent transaction and was told that they were awaiting the results of the police investigation. Additionally he said that they felt they had a good case but would need funds to pursue it.

Some of us arrived at the EME party at a later stage than others. I was one of the Jade spike party guests.

As well as being an EME shareholder I am someone who likes getting to the bottom of mysteries. I learned about the fraudulent transaction after becoming a shareholder.

I am intrigued as to why I have been unable to find any Court record of the company applying for an injunction.

I also find it puzzling that whilst the EME RNS about the injunction and the police investigation was repeated on the various share websites, there appears to be no coverage anywhere of what I think is a striking story with any comment independent of what the company said.

Shareholder concerns about this matter are not a current phenomenon, they have been voiced repeatedly since the money was reported by the company as misdirected.

I envy your ability to take a "let it go, let it go" stance with regard to this matter. But my position is that I have woken up and smelt the dwarves and I side with those shareholders who are looking for transparency from the company with regard to the full facts concerning this very large sum of money.
Posted at 28/5/2024 08:38 by judijudi
It’s truly appalling how EME has been handled by our management
5th rate projects (bar one) losing (ahem) 2 million, all the while treating EME as a lifestyle company

Inception 2005
Share price £1.50+
Share price struggling to hold 0.3 of a single penny
And not producing a thimble full
What a CV!
All in my opinion
Posted at 24/5/2024 13:58 by georgesorrow
I don't think people should be bigging-up an anticipated announcement of an extension. It would be very welcome, it would certainly cheer me up, but realistically it would be a bit of a miracle if TK pulled it off. No-one has ever hinted that extension talks are even taking place.

EME announced the last two-year extension on 10 June 2022 with a work obligation to drill an exploration well - not fullfilled. They also had to make a payment to CNOOC upfront of $250,000, which I doubt we have anyway.

I think people should be assuming that the only value in EME at the moment is 8.5% of Duyung, which is still a very substantial amount of money.
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 08/4/2024 15:46 by safiande
If EME gives up on Topaz or if CNOOC gives up on EME, then I can imagine that post first production of Mako, EME may consider a divi of sorts.
Toon may know more, but at present he is as silent as Tom is on Topaz status.

Btw. Who couldn´t use a divi right now?
Posted at 02/3/2024 19:00 by 10owen
I understand the point you are making Shoeme and cant argue with it but just As Topaz may depend on extending current timelines to be in play Coro may be able as they have done before to renegotiate their debt.It looks as though Eme is funded to GSA sale as you say but we have been here before so let's not count chickens just yet.Im hopeful Coro will sort the debt out and have taken a position on that basis.If they dont then it's been the wrong call on my part.I also hope Eme are fully funded to point of sale if not again I will have made the wrong call.Not sure if you have a stake in Coro but good luck with Eme.
Posted at 28/2/2024 14:13 by showme01
If we are truly in a nascent bull market, as tentatively suggested last year, we should find small cap stocks that have been chronic performers to come back to life. For this to happen we need the return of liquidity, but we also need companies to deliver the correct newsflow. In the case of Empyrean Energy (EME), shares this week were up a third as the company announced the approval of gas pricing and allocation by the Minister for Energy and Natural Resources. This clears the path for definitive binding gas sales agreement (GSA) to be completed. With this support from the Indonesian Government, the GSA is now closer. Having the major terms settled and ministerial approval are very important milestones for EME. Best of all this significantly reduces uncertainty for any potential JV partner or buyer. Indeed, Mako gas is expected to play a significant role in lifting Indonesia’s gas production. It is in turn set to be transformational for EME, and given that the shares were more than double where they are now at 0.62p this time last year, before the big thumbs up from the Minister, we should see the shares re-rate much further.
Posted at 23/1/2024 12:47 by safiande

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 16/1/2024 10:52 by georgesorrow
Mario's statement that farmdown should happen "in 2024, probably Q1" is obviously another step backwards, and very different from EME's statement last month that CRD was hoping to receive bids by close of 2023.
It is very difficult to keep the faith now in Topaz happening. There simply won't be enough time to procure equipment, carry out sea bed survey (if one is needed) and, of course, book and pay a deposit on a rig. You don't book a rig a few weeks in advance of drilling. TK would really have to pull something out of the hat now to make it happen.
That said, with EME's market cap circa £5m, the best hope for shareholders is probably to just sit tight and wait for the Mako farmdown money, when the cash-in-bank value of EME will be multiples of £5m.

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