Empyrean Energy Share Discussion Threads

[odillon] 16/9/2022 10:48

As I understand it this (from the RNS) is the explanation for the Jade prospect not coming through as expected;

"The Topaz prospect has an additional oil migration pathway from Baiyun East Sag. This sag has been bio-marked as the proven source rock for all four CNOOC light oil discoveries to the immediate West of Block 29/11.
Post well analysis indicates that the gas shows within the "gas cloud" zone in the overburden at the Jade well are now interpreted have migrated from Baiyun North Sag via reactivation of a nearby fault, approximately 800m away rather than coming from basinal faults extending into Baiyun East Sag which is approximately 20km away. The identification of this nearby fault that extends into the Baiyun North Sag is now the most likely explanation for the gas shows in the Jade well.

This interpretation enhances the prospects of Baiyun North Sag as a potenally valid additional source rock and, in turn, the likelihood of the Topaz prospect having access to two mature source rocks/kitchens."

[currypasty] 16/9/2022 10:36

so how are we going to pay off the loan notes?

[abergele] 16/9/2022 10:34

I as many friends here have bought and held enough shares,and I for one bought extra for the grandchildren last minute as you say "the Donaldd" on those special words re. increased Gas estimates..where do we go from here I wonder?
gl all LTH's

[helpfull] 16/9/2022 10:33

Tickety Rickety Tickety Tock!

"In addition, the Company is required to repay the principal owing on the Convertible Note prior to 1 December 2022, being £3.3 million as at the date of this report, in accordance with the restructured terms announced to the market on 10 May 2022"

At 1p that could be 330 million new shares. At 0.5p double. Nobody will do a deal with a company that involves paying off its debt. December 1at is fast approaching.

Be careful.

[blueblood] 16/9/2022 10:15

Yeah c'mon Gaz spill the beans on how you got it so wrong and why Topaz is better bet now after learning from Jade!

[the donald] 16/9/2022 09:47

Don't be too harsh on Gaz. The same Gaz that couldn't wait to do an interview on finding gas clouds and how they have increased their estimates on increased chances of success. How many shareholders bought more shares on this news? Surely his $220k salary could justify an interview to explain how he got Jade wrong?

[coiin stein] 16/9/2022 09:34

DRIP, DRIP, DROP, 𝐰𝐡𝐞𝐧 𝐰𝐢𝐥𝐥 𝐢𝐭 𝐬𝐭𝐨𝐩.
𝐍𝐨𝐭 𝐟𝐨𝐫 𝐚 𝐰𝐡𝐢𝐥9838; ..
𝐜𝐫𝐨𝐜9848;𝐝Ү42;𝐥𝐞;
𝐖𝐡𝐞𝐫9838;’𝐬; 𝐭𝐡𝐞 𝐬𝐮𝐩𝐩9848;𝐫Ү53; 𝐭𝐡𝐞𝐧, 𝐲𝐨𝐮 𝐦𝐚𝐲 𝐚𝐬𝐤
𝐀𝐭 .72p …
𝐚𝐬 𝐩𝐫𝐞𝐯9842;𝐨Ү54;𝐬𝐥;𝐲, 𝐟𝐨𝐫𝐞9836;𝐚Ү52;𝐭
........................
𝐀𝐧𝐝 ��R17;𝐝 𝐥𝐢𝐤𝐞 𝐭𝐨 𝐭𝐡𝐚𝐧9844; 𝐡𝐞𝐥𝐩9839;𝐮Ү45;,
𝐟𝐨𝐫 𝐠𝐢𝐯𝐢9847;𝐠 𝐦𝐞 𝐭𝐡𝐞 𝐜𝐨𝐮𝐫9834;𝐠Ү38; 𝐚𝐧𝐝 𝐜𝐨𝐧𝐟9842;𝐝Ү38;𝐧𝐜;𝐞 𝐭𝐨 𝐭𝐫𝐲 𝐦𝐲 𝐡𝐚𝐧𝐝 𝐚𝐭 𝐩𝐨𝐞𝐭9851;𝐲.
𝐈’9846; 𝐬𝐮𝐫𝐞 𝐲𝐨𝐮’Ү45;𝐥 𝐚𝐥𝐥 𝐚𝐠𝐫𝐞9838;, 𝐭𝐡𝐚𝐭 𝐚𝐬 𝐚 𝐟𝐢𝐫𝐬9853; 𝐚𝐭𝐭𝐞9846;𝐩Ү53; 𝐢𝐭’𝐬 𝐚𝐛𝐬𝐨9845;𝐮Ү53;𝐞𝐥;𝐲 𝐛𝐫𝐢𝐥9845;𝐢Ү34;𝐧𝐭;.

[blueblood] 16/9/2022 09:15

The $2m fraud looking like gross incompetence and somebody should have carried the can for that. Hopefully there is still chance we will recover something!

[jemjem] 16/9/2022 09:14

Curry,
If a decent offer is forthcoming, I'm sure we'll be out of here. However, the ipo prospectus is quite clear that the value of the project increases significantly as we get through GSA's, FEED and FID. At the very least we have to be in a position to take it that far - if necessary.
RBL is,imo, undoubtedly essential to secure and the best way to realise the greatest return.
Imo

[the donald] 16/9/2022 09:06

The difficulty is Curry is we are not in a good negotiating position especially with loan notes due on 1st Dec and they have a charge on the Duyung asset. The loan note holders will have to be paid so the charge is lifted on Duyung to offer them as security.

[currypasty] 16/9/2022 08:56

I would hope we dont get near the 'reserves based landing' requirement... rather sold off long before that..


we all know how the mcqarie loan and the current loan panned out

[jemjem] 16/9/2022 08:48

I get why some are annoyed over parts of the accounts (pay rise and bonus) but the China drill was a turnkey project. The agreed price was the agreed price - however long it took.
As far as funding goes, I note the comment from Coro this morning that they expect Reserve Based lending to fund much of their capital requirements. I would certainly expect eme to be going down the same route.
Imo

[birotop] 16/9/2022 08:33

Amateurs and chanchers..

[the donald] 16/9/2022 08:31

Surely Gaz on his $220k PA would have known how long it would take to drill too? If unsure, get a rebate clause in. I'm sure had it gone over, they would have had their hand out.

[currypasty] 16/9/2022 08:29

I wonder if we got more than one quote?

[judijudi] 16/9/2022 08:28

The Donald,
I think we got shafted on the drill costs (26 days estimate 16 days actual)
The Chinese would have known full well how long it would take to drill and we should have realised
Isn’t that one of the reasons why we pay a Geologist to double check or am I being to harsh?
Talking of Geologists ours has a lot to prove and why doesn’t he buy shares in the open market?
imho

[oilforex] 16/9/2022 08:27

TK is, and always has been, a complete chancer. Unfortunately for us we continue to back him at last chance casino.When all is said and done, it makes a for rollercoaster of a story, but unfortunately destroys wealth along the way.

[currypasty] 16/9/2022 08:15

on the bright side, results published so were still a going concern!

[oilforex] 16/9/2022 08:12

If only we were in an oil and gas bull market with world class assets and a great leadership team. Oh...

[stewart4990] 16/9/2022 08:10

Well I had a few positions open with Spreadex but closed them all at 1p on open. I will continue to hold all my bought and paid for shares and may add if I see any progress with GSA.All in all been a disaster financially for me but was my choice and poor judgement.I noted the 2 directors lapped up their salaries whilst many here bailed the company with a placing at 1.5p following the Jade drill, and clearly the 2M was our basic mistake.