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EME Empyrean Energy Plc

-0.029 (-7.25%)
23 May 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
-0.029 -7.25% 0.371 16:35:24
Open Price Low Price High Price Close Price Previous Close
0.371 0.40
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Industry Sector

Empyrean Energy EME Dividends History

No dividends issued between 23 May 2014 and 23 May 2024

Top Dividend Posts

Top Posts
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 08/4/2024 14:45 by odillon

Flattery doesn't come into it.

It's clear from clauses five and six of the agreement that the payment to the creditors will always be a minimum of 15% of EME's Mako proceeds, plus the face value of the convertible note.

If EME don't pay this from Mako proceeds are you going to lend them the money?

5. On a successful sale of the Company's interest in Mako, Empyrean must redeem the face value of the Convertible Note and pay the Lender the greater of (a) US$1.5 million or (b) 15% of the proceeds such sale;

6. In the event that the Company repays the Convertible Note from sources other than a sale of its interest in Mako, Empyrean must also pay the Lender US$1.5 million on redemption of the Convertible Note together with a further payment based on either (a) the actual valuation achieved on any sale within 2 years or (b) an updated valuation of the Company's interest in Mako if not sold within that 2 year period, in each case so that the total proceeds paid to the Lender are 15% of the valuation of the Company's interest in Mako;
Posted at 08/4/2024 12:37 by safiande
Rather unflattering reply from oddi on Sat which is disappointing considering how much we helped him on the DMO where he also failed to grasp the fundamentals.
Until any Mako sale is implemented, then it is not known whether the either / or in para 5 applies. If the latter namely 15% of the proceeds, then this is merely a method of calculating the repayment. It certainly does not mean a reduction in equity as claimed. Personally we would be horrified if EME had to sell valuable Mako equity to cover a puny loan. Furthermore the loan provisions make it clear that EME can pay off the debt from sources other than a sale. So clearly there will be no equity reduction.
Posted at 06/4/2024 00:12 by safiande
Thanks for finally accepting the obvious. It is frustrating that it took so long to get there, as the fact remains as stated several times in our posts that EME´s equity is still 8.5% and not your lower figure, pending execution and formal implementation of any revised final arrangement as agreed by all parties such as MOMR, MIGAS, CRD & Coro and also notified to ASX, LSE etc.
Posted at 05/4/2024 21:51 by odillon
Thank you Showme for setting out the provisions.

Saf is right that agreements can change over time, but if there is any alteration from this point I very much doubt it is something which will be a detriment to the creditors. More likely it will be more money for the creditors and less for the EME shareholders. So sell up soon, settle debts and then give some good money to the EME shareholders.
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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