Empyrean Energy Share Discussion Threads

[rickyhatton] 10/5/2022 12:03

The dream is very much alive, not dead

"The CNOOC four light oil discoveries along the western boundary of the block clearly demonstrate a working petroleum system and light oil charge to these nearby oil discoveries. All successful wells have been drilled on traps that were in place at the time of oil migration. The dry wells drilled during the 1990s by Amoco were drilled into traps that came into existence after the time of oil generation and migration in the basin and therefore could not trap that oil. However, weak oil fluid inclusion fluorescence (in the core) at both Amoco wells to the east of Topaz suggests these wells are located on paleo migration pathways that received oil migration. Topaz lies along these paleo migration pathways in between the CNOOC discovery LH 16-2 to the west and the Amoco wells to the east

This analysis, in conjunction with regional 3D data, also indicates oil to most likely be migrating east from LH 16-2 towards the Topaz prospect because the geological setup doesn't allow the oil to migrate either to the south, west or to the north of the LH 16-2 discovery because those directions are downdip or have a downdip component or they are in a migration shadow.

At the same time, thermal maturity modelling completed by CNOOC indicates the Baiyun Sag North has been generating and expulsing oil around 5 million years ago when the Topaz prospect was optimally located to receive oil charge.”

[begorrah88] 10/5/2022 12:02

At least the RNS gave an update on Duyung even if the update is that it is no further forward. Seems like the latest expectation of progress is before end of July.

[oilforex] 10/5/2022 11:56

Onwards and upwards from here.

[manual dexterity] 10/5/2022 11:56

1.5p. That's a results considering the share price over the last few days. Not a Bad RNS at all.

[currypasty] 10/5/2022 11:53

Its done now, debt restructured, sounds like we sell Duyung asap, and we drill again

[stewart4990] 10/5/2022 11:51

There we have it 1.5p, well its done now, lets move forward with Topaz and hopefully Duyung sale.

[lazarus2010] 10/5/2022 11:29

current market malaise...

The ZEW Indicator of Economic Sentiment for Germany increased to -34.3 in May of 2022 from a 2-year low of -41 in April. Figures beat market forecasts of -42, as the outlook is slightly less pessimistic for the economic situation in Germany. In contrast, the current conditions index fell further to -36.5, the lowest in a year and worse than forecasts of -35. Most analysts said Covid restrictions in China will have a heavy burden on future economic growth in Germany and expect an increase in short-term interest rates by the ECB in the next six months while seeing inflation falling from the current very high levels

[helpfull] 10/5/2022 10:59

"a 90 bag gamble"?

How many "bags" was Jade? 50? 100? Weren't we all supposed to be millionaires two weeks ago? Who was it that was going to buy the Jade oil for £500,000,000? Topaz can be any bag you want it to be. I'll raise you to 150 bags. It really doesn't matter. The important point is the chance that it is likely to happen. Not the ratio of risk/reward. The same mistake as Jade.

Of course the shares need to be traded. And I suppose any carrot will do. The traders want your money. Topaz is one or more years away. Keep your money in your pocket until then.

Be careful.

[lazarus2010] 10/5/2022 10:40

all exploration wells are more than likely to fail due to GCOS typically being 20%, and yes it's a gamble. De-risking that gamble based upon all the survey and investigative work carried out. What's your proposal unhelpfull? Forget about it and watch CNOOC drill it themselves and announce the biggest oil find offshore China? I don't think that is likely to happen. It's not exactly wildcat territory, there is oil in the region! It took quite a few years before they eventually found oil in the Saudi desert...a 90 bag gamble is worth the risk don't you think?

[10owen] 10/5/2022 10:38

Tempting to buy at these levels but if you are right about a placing we need to see the price and the rationale that goes with it.I remember picking up shares at just over 3p when we had the 3.5p placing.This time we may see a sustained relief rally or a pullback to the placing price or below time will tell.At least it should keep the dream alive for those of us whose nerves are just about holding up.As always Gla.

[helpfull] 10/5/2022 10:32

What's not to like?

Is Topaz a goer? The drill will happen because the management has to have a purpose. But the "gas cloud" umbrella has been blown away. In the recent RNS management put forward a new theory as to why there was a gas cloud over Jade and yet zero oil. A little bit of shutting the stable door after the donkey has bolted.

Topaz. Topaz is to rely on a 6km migration from Baiyun Sag North (as opposed to 26km for Jade) and possibly migration from the CNOOC LH16-2 discovery well. Or is that overspill? Sound familiar? Or perhaps the gas cloud migrated into Topaz by another, as yet, unrealized route. You might have to wait until after the drill to find that out. It is an outright gamble. More than likely to fail according to current GCoS. And if the GCoS improves?. Jade informs investors it is still more than likely to fail.

Be careful.

[lazarus2010] 10/5/2022 10:11

price bottomed? GSA imminent? Topaz a goer...what's not to like? 125p target = 90 bags! Climb aboard! niai dyor ;-)

[sue999] 10/5/2022 09:22

When Chriot (CHAR) goes below 20p with all the massive gas discovery, what can you expect from EME. Also Amazon down from 3500 to 2200. It is not just EME..

[pb01] 10/5/2022 09:14

Interesting article. Wonder much of our bit is the 8.5Billion valuation.



hxxps://www.energyvoice.com/oilandgas/asia/409715/8-5bn-worth-of-southeast-asia-oil-and-gas-projects-eye-fid-in-2022-but-delays-likely-says-rystad/

[iceagefarmer] 09/5/2022 23:58

still time to buy vast resources... 100 bagger

[1sajad] 09/5/2022 23:40

He won't resurface with his 99.9% chance of success the clown

[aimomniscient] 09/5/2022 23:20

Placing at 1.25 is my bet. Where is this Larratt chap, has he resurfaced yet?

[jaystevens1] 09/5/2022 19:06

Given cash in hand and cash burn there has to be a placing within 2 months or its lights out.

Clearly people are forward selling as they know exactly what is coming.

[georgesorrow] 09/5/2022 18:51

I can't understand why everyone has bought into the derampers' imminent huge placing scare. They should have a bit of cash left from warranties and they know Duyung GSA will happen at some point and the stated plan is to monetise it. And they do not have to have a bagfull of cash to show by the 12 June, as far as I know. Where did this idea come from? The commitment is to drill in two years, not to deposit £10m plus in the bank. This is not a deadline for a placing or to find a buyer for Duyung.

[10owen] 09/5/2022 17:58

Dont disagree with what you have said Laz and it may seem like small beer if Topaz comes in but if it is another 20% dilution on top of the near 90% fall is hard to take for Lths.We got back to around 3p after the news .A 20% drop from there would have been much easier to take.But we are where we are and we will just have to see how this pans out.

We need a clear plan from now on and not just a hope that it will be alright on the night.

[lazarus2010] 09/5/2022 17:17

Also to say Tom has focussed on exploration. He should have always been looking for deals to buy income ie take stakes in near producing assets or actual producing assets to provide base income to cover costs so we never have to be put into a position to raise cash to pay G&A and his costs!!

[lazarus2010] 09/5/2022 17:14

so rumours of a placing put on the bb by anonymous posters, the same as the a.p. who said that the drill bit was stuck. For me that was a get out clause for insiders to be able to say they read that post, panicked and sold and the SFA, sorry FSA, will accept their excuse.

Put things into perspective, if TK raises now, even at these prices, on the basis that he needs some cash to cover lighting, heating, surfing lessons, maybe even some O&G Exploration For Dummies books to hand around the office, he has to raise, end of.

he knows he has cash coming in from Duyung BUT has no idea when (refer to the moans and groans on the Coro bb re Duyung GSA delays and Mark Hood giving out timescales, same as Gaz, and those dates have not been met), so what does he do? Take a chance on the GSA being announced and him finding a buyer before June 12th or 22nd whenever it is, or raise just enough cash (or maybe another loan against Duyung if that is possible?). Let's say there is 20% dilution, the end game is NOT sell Duyung, the end game is drill Topaz. He has already stated that is his intention and that is what he is working to.

At a potential c. 900mnl bbls, 50% = 450mln bbls at $5 in the ground = $2.25bln

If the number of shares went up say 20%, or even 100%, that would be $2.25bln/c.800mln shares = minimum $2.50/share, or $5.00 if we could get the $10 for flowing oil/proven reserves.

100% increase would be 1.72bln shares = c. $1.50 or £1.20 all rough figures so don't say it's $1.55 or whatever!

Who would accept some dilution for £1.20 a share within 12 months?

Just to say, I have no idea if there will be a raise or not, I'm just looking at the facts that are in all our faces!

Maybe he should have raised the cash for the testing ahead of the dry well, then he would have $7mln'ish in the bank and wouldn't have had to pay for testing...however the contractual terms for those shares at say 8p might have been more damaging to the company than raising down here.

aimho dyor dyot niai

[blueblood] 09/5/2022 15:43

What placing is that then? Can't see any RNS just bunch of sad tw*ts jumping upon a depressed share price

[the bolton wanderer] 09/5/2022 14:04

Jay Stevens- It was only a couple of days ago that you said the placing was to be at 1.25p
Will you make up your mind!