Empyrean Energy Share Discussion Threads

[blakieboy7] 05/10/2021 10:15

Laz, Jemjem posted it earlier today

[lazarus2010] 05/10/2021 10:15

Toon, have a word with Cenkos and get them to remove the 1 share at 6.1p so the bid goes to a more realistic 6.2 or 6.25...cheers

Anybody - any sign of the Cenkos note>

[thetoonarmy2] 05/10/2021 10:12

Good to see you back Jamesie hopefully this is the last leg coming into play and all to play for

[jamesiebabie] 05/10/2021 10:03

Laz - My Bitcoin is doing me proud; retirement for me this year all being well. May drag on a little as I will be trying to work out what to do with my business.

I'll be a little more active on here again.

It's been a long time waiting for many of you and you deserve a good return, but this is exploration.

[jemjem] 05/10/2021 09:58

7500 max available at full ask. 6.25p to sell. mm's looking for some stock again.
Imo

[lazarus2010] 05/10/2021 09:53

Welcome back JB,You can probably buy the company after bitcoin over last 2 years!?🤪9322;🤪

[jamesiebabie] 05/10/2021 09:46

I'm back in for the drilling.

You folks have more patience than me.

[lazarus2010] 05/10/2021 09:33

Bid for 50k now at 6.225 but drops back below 6.2 for higher amounts.

[buzzzzzzzz] 05/10/2021 08:49

TD

My thoughts exactly!

Australians are the masters of insider trading anyway.

[starzerus] 05/10/2021 08:48

it is going to happen, but the market want to see the finance sorted.

[blakieboy7] 05/10/2021 08:47

Another tick up

[the donald] 05/10/2021 08:47

petercrosby5 Oct '21 - 08:36 - 40993 of 40996
0 0 0
The Donald

There is this thing called insider trading...

What does that mean?????

[buzzzzzzzz] 05/10/2021 08:42

TK cutting it very fine!

Another placing would go down comme un ballon plomb!

[starzerus] 05/10/2021 08:41

With the exception of one field, which is 90% full, all of the CNOOC discoveries situated alongthe migration pathway to Block 29/11, which also contains the Jade prospect, are “filled tospill”. As such, the CNOOC discoveries have often been close to their P1 or at the very leasttheir P10 oil in place volumes. In the P10 case, the Jade prospect contains 395mmboe of oilin place.

[jemjem] 05/10/2021 08:39

6.174p trades are buys.

[petercrosby] 05/10/2021 08:36

The Donald

There is this thing called insider trading...

[blocker2] 05/10/2021 08:29

Negotiations going on behind the scenes possibly

[the donald] 05/10/2021 08:27

Thinking aloud here and I'm sure many of you have contemplated this. Why is no JV partner throwing some money at this? Oil prices are high, 41% COS, many successes in the region?

[judijudi] 05/10/2021 08:23

Jem
Cheers 👌👍

[pb01] 05/10/2021 08:22

Nice write up by Cenkos. Compelling stuff for any new investors that don’t know the story.

[starzerus] 05/10/2021 08:20

i see it now blakieboy

[blakieboy7] 05/10/2021 08:18

Jemjem has posted below tarz

[starzerus] 05/10/2021 08:17

thanks JemJem

[blakieboy7] 05/10/2021 08:12

Thanks Jemjem!

[jemjem] 05/10/2021 08:11

Empyrean Energy Plc
Well Site Survey Awarded
Empyrean has announced the award of the contract for the well site
survey over the 225mmbbl Jade prospect to China Oilfield Services
Limited (COSL). The award of the well site survey contract marks another
important milestone for Empyrean as the Company moves towards the
drilling of the Jade prospect in December 2021.

As explored in our previous report, exploration success at Jade would see
our risked valuation of the Jade prospect increase from 9.9p to an
estimated c41.8p, a c4.2x increase. Success at Jade would also
significantly de-risk both the adjacent Topaz and Pearl prospects.
Unrisked (the point at which there is 0% risk) our valuation of the Pmean
resources at Jade would increase to c83.7p.

With all but one of the adjacent CNOOC oil discoveries “filled to spill”,
their recoverable resources are close to the P1/P10 oil in place volumes.
Assuming a P10 oil in-place volume for the Jade prospect increases our
unrisked valuation from an estimated c83.7p to c135.7p. BUY.

 Another Important Milestone – Empyrean Energy has awarded a contract for the
well site survey over the Jade prospect to COSL on Block 29/11. The objective of the
well site survey is to identify all possible constrains and hazards which may affect the
operational or environmental integrity of a proposed drilling operation. In addition,
the survey is designed to provide sufficient data to fully assess potential top-hole
drilling hazards at the proposed well location and to ensure the rig can be secured
safely onsite.
The site survey is scheduled to commence in late October 2021, subject to a safe
weather window for operations.

 High Impact Exploration at a Discount – In September, Empyrean awarded COSL an
Integrated Drilling Contract (IDC) for the drilling of the Jade prospect exploration well
in mid to late December. The final IDC is expected to be signed in the coming weeks
once the ancillary drilling programme and geological programme have been
finalised.
Empyrean had previously been quoted a dry hole cost of US$18.5m; however,
following detailed well engineering and design work with AGR, Empyrean and COSL
have agreed a substantially reduced turnkey dry hole cost of US$12.3m, a c34%
saving on the initial quote. The substantially reduced drilling contract quote has beenreached without compromising well design, safety or operational efficiency. On asuccess case, testing of any oil column has been quoted at US$7.4m.
The award of a contract to COSL at c34% below the initial quote is significant and iseffectively better than a 34% JV farm out, maintaining Empyrean’s 100% exposure
without the need for any asset dilution.

 China’s Largest Oilfield Contractor – COSL is China’s largest oilfield contractor and one ofthe largest energy service companies globally. COSL has the largest drilling fleet in Asia and
the third-largest drilling fleet worldwide, with 36 jack-up rigs, 12 semi-subs and six modularrigs, all equipped with the latest technology. Empyrean has previously hired COSL tocomplete a 580km2 3D seismic survey in Block 29/11, offshore China, in 2017. Empyrean hasalso had previous experience of using COSL’s drilling capabilities as part of the 2019 DuyungPSC drilling campaign, in Indonesia, where COSL employed the Asian Endeavour-1 jack-uprig to drill the Tambak-1 and Tambak-2 wells

 A Well To Watch – The Jade prospect is one of the most exciting prospects to be drilled bya junior oil and gas explorer this year. Jade is a four-way dip closed carbonate build-upencased in marine shale, situated updip and proximal to several CNOOC oil discoveries. Theprospect is estimated to contain 225mmbbls of gross mean oil in place, with Empyreanassigning the prospect an internal 41% geological chance of success (GCoS).
With the exception of one field, which is 90% full, all of the CNOOC discoveries situated alongthe migration pathway to Block 29/11, which also contains the Jade prospect, are “filled tospill”. As such, the CNOOC discoveries have often been close to their P1 or at the very leasttheir P10 oil in place volumes. In the P10 case, the Jade prospect contains 395mmboe of oilin place.

A comprehensive oil migration study, completed in June 2018 interpreted that the Jadeprospect was potentially filled from at least two different migration pathways. Whilstanalysis of the 3D seismic data from over the nearby LH 23-1d-1 oil discovery has helpedconfirm the potential “fill and spill” pathways to the Jade structure from the LH-23-1d-1discovery.

In May 2019, comprehensive analysis of the 3D seismic data also revealed the presence ofwell-defined gas clouds above the Jade prospect. Gas clouds have been effectively used asan exploration tool in many geological basins (eg North Sea, Gulf of Mexico), leading to thediscovery of significant amounts of oil.

Subsequent to the gas cloud study, post stack seismic inversion work confirmed the potentialfor a world-class carbonate reservoir at the Jade prospect. Analysis of the seismic inversiondata confirmed that the Jade prospect had the potential for a world-class reservoir, withporosities between 20-30% and 1 Darcy permeabilities. Any oil discovered is expected to belight oil in the 38-41 API range, similar to nearby discoveries. These attributes combined withthe potential for exception natural reservoir drive support the potential for excellent
recovery rates.