Empyrean Energy Share Discussion Threads

[pb01] 05/5/2021 07:36

Nice to see Jade progressing although cash from Duyung sale, Jv or fund raise will be presumably be needed before rig contract is executed to pay a booking deposit?

I get a strong feeling that Dyung news must be imminient on the POD and / or the GSA. This pathes the way for the sale at an optimum price.

Malcay may provide more info once he catches up with TK shortly.

[lazarus2010] 05/5/2021 07:30

begorrah, I think this is of real value. Yesterday I posted some thoughts and part of that was wondering when they could book a rig and if it was only after the well design was complete. Well now we have an answer and we know that with this report TK will be picking up the phone and agreeing a rig deal (which I would expect he has already discussed and has set up and it just needs TK to give the green light, which he now can!)

[starzerus] 05/5/2021 07:25

Nice to see a step closer. Now some news on the finance of how we are going to pay for the Bamboo production for the rig would be nice. Where is HP anyway?

[judijudi] 05/5/2021 07:19

Little steps
Desperately need news on a Duyung sale and a farm in partner for a free carry
Then we really are off to the races 😀

[doc robinson] 05/5/2021 07:11

Another step closer very positive and ready for rig news soon.

[blakieboy7] 05/5/2021 07:11

Hopefully momentum will continue today

[begorrah88] 05/5/2021 07:08

Well at least he is communicating even if nothing of any real value. I was hopeful of some nod towards dates etc.

Still can't dismiss the nagging feeling that this might be chatter for chatters sake before a fund raiser is announced but if it has genuine timeframes and actions factored in then it might not be a bad thing to know the way forward.

[blakieboy7] 05/5/2021 07:07

05 May 2021Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & GasEmpyrean Energy plcBlock 29/11, China - Jade prospect well design and well engineering projectEmpyrean Energy ("Empyrean" or the "Company"), the oil and gas development company with interests in China, Indonesia and the United States, provides the following update on well design and engineering work for the Jade prospect on Block 29/11, offshore China.HIGHLIGHTS-- Comprehensive analysis completed of drilling data from nearby offset wells, including four CNOOC owned wells-- A robust well design for the Jade prospect has been finalised after considering two casing design options-- All drilling operation issues have been analysed comprehensively for a safe and cost-effective drilling operation-- The Jade prospect has been assessed by Gaffney Cline to have Oil in Place (STOIIP) potential of 225 MMbbl (mean) with an upside case of 395 MMbbl (P10)On 23 April 2021, Empyrean announced that the Company had commenced comprehensive planning for the drilling of the Jade prospect in order to ensure a safe and secure drilling campaign and had awarded a contract to AGR's team in Australia to assist with well planning. AGR has now completed the well design and engineering project, and provided Empyrean with its detailed report.The AGR team completed a comprehensive review of offset wells in the vicinity of the Jade prospect, which includes four CNOOC wells.Two well design options were identified, including a three-string (casing) design and a four-string (casing) design in a success case.AGR has recommended the four-string design as it provides a more robust well design with reduced exposure to potential unplanned events and associated costs.Key Benefits of the four-string design include:-- The surface casing shoe can be set shallower to provide sufficient kick tolerance reducing the risk of surface hole problems, or requirement for a pump and dump mud and associated costs.-- Reduced risk of hole problems while drilling the final hole section that can lead to difficulties evaluating target formations and / or results in a contingency casing string across the reservoir in the success case. Planning for contingent testing equipment for this scenario would be required, reducing the cost benefits associated with string elimination.-- Reduced risk of complications during abandonment operations due to failure to achieve sufficient annular cement if the production string is run/cemented.Based on AGR analysis and recommendation, EME management has decided to plan for a four-string design for the Jade prospect well.In addition, the AGR report has provided a comprehensive design recommendation for drilling fluids, cement and abandonment for the well. Abandonment of the exploration and appraisal wells is a requirement even in the success case. The plan is to drill and test the Jade prospect. Following a successful test, a subsequent appraisal well would be drilled and core taken to assist with development planning. Following development approval, subsequent wells are designed for production.The information contained in this announcement has been reviewed by Empyrean's Executive Technical director, Gaz Bisht, who has over 31 years' experience as a hydrocarbon geologist and geoscientist.Empyrean CEO, Tom Kelly, stated:"With the timely completion of well design and engineering work, Empyrean is confident of conducting a safe and secure drilling campaign for the exciting and potentially transformational Jade prospect. AGR has completed a detailed, comprehensive and professional analysis, with recommendations that the Empyrean team are able to implement and act upon. Our next step is to utilise the report and recommendations to identify and negotiate a suitable rig for the drilling of Jade. We plan to update shareholders on our ongoing well planning soon."

[bluehooperman] 05/5/2021 07:07

Lovely Jubley Del BoyThis time next year........:-))

[craig2016] 04/5/2021 18:53

lots of fresh investment here in the past few trading days which is great to see. I really believe this is still a fantastic entry point. There's a lot of lth that have been underwater for a long time so it's expected to see some sells, however I'm pretty sure in the coming weeks when news drops, trading in the single figure range will be a thing of the past.

[blakieboy7] 04/5/2021 17:59

A 200k buy went through at 4.40pm

[currypasty] 04/5/2021 17:34

looks like a sell to me, and hence why mm's sluggish on raising the BID.. Id say it was positive its out of the way, and trades balance better now

[bengal1] 04/5/2021 17:30

Looks like we run out of steam.. I expect a pull back tomorrow.

[blakieboy7] 04/5/2021 17:29

Absolutely blue! More of the same tomorrow, less the chunky sells

[bluehooperman] 04/5/2021 17:27

BlakieboyWith the 1.8 million shares out of the way, we can now move up in a more orderly fashion tomorrow !!!

[stewart4990] 04/5/2021 17:24

That trade looks like a sell to me, looked at the trades at the time of the trade.

[blakieboy7] 04/5/2021 17:19

There's a late reported 1.8mm trade from just before 10am today

[begorrah88] 04/5/2021 16:19

You'd have to assume there has been a very big dump in the background today.The bid has really struggled to rise in spite of solid & decent volume buying then, at about 1.30 the buying stopped & the constant 10k sells started.Now we are back at .1 above where the bid started & buys getting cheaper.Odd but today's volume will have taken out a chunk of the sellers stock and we get closer to news.

[blakieboy7] 04/5/2021 16:15

Ah I wasn't expecting that drop just before close of play

[wcj] 04/5/2021 15:57

There are times when a share refuses to give me a chance to buy, carrying on up when I am waiting for a pull-back to buy into. (I am kidding myself that I am the patient investor here). And I tend to go with the principle that it is good to buy when no-one is prepared to allow you in comfortably; the more agonising the better.

The current rise in EME has been very short of buying opportunities.

[lowsulpher1] 04/5/2021 15:37

Hi all I have to agree with The toonarmy2 get rid of cenkos they are a waist of time and money.

[the donald] 04/5/2021 13:38

I agree. Fully intend to increase my position after taking some profit elsewhere but probably a few months off. So long as I'm in for the first China drill, I don't mind paying a bit more.

[lazarus2010] 04/5/2021 13:35

TD, it hasn't paid off until we can cash out, as you well know, but at least we're heading back in the right direction with the share price seemingly supported by substance rather than smoke and mirrors!