Empyrean Energy Share Discussion Threads

[stewart4990] 01/10/2024 12:10

Hmm. So Conoco sent a letter asking for $12m in respect of work, what is that for Jade ? Topaz I assume.
Well good luck going against them, perhaps the seismic are superb and they want them, either way eme in my view has been a complete disaster, certainly for me.

I wont sell my few million as its worth sod all compared to what I paid, clueless the directors, if they get anything from this good and I will be out.

I note nice salaries taken though, absolutely disgraceful.

[showme01] 01/10/2024 11:32

Below is an extract from the RNS.

Drilling cost $12.3m in total. EME raised over £12.5m so how can they owe CNOCC $12m?

RNS Number : 5189K
Empyrean Energy PLC
02 September 2021

The Company had previously been quoted US$18.5 million to drill the Jade well with testing of any oil column to be in addition to this amount. Following the well engineering and design work completed with AGR, the Company has been working diligently with COSL towards securing a rig and finalising costs for the well. To this end, the parties have reached agreement on a substantially reduced turnkey quote for the drilling of the Jade Prospect of US$12.3 million on a dry hole basis, an approximate 34% saving on the initial quote. On a success basis, testing of any oil column has been quoted at US$7.4 million.


The Company announced on 9 July 2021 that it had raised gross proceeds of £5.02 million (US$6.92 million) through an equity placing and that the net proceeds would be used to secure a suitable drilling rig and order long lead items, as well as for the Company's general working capital requirements. The Company will require further funding, via a joint venture, exercise of warrants or from an equity raising in order to enable it to undertake the drilling of the Jade Prospect.

16 December 2021



Empyrean Energy PLC ("Empyrean" or the "Company")



Empyrean raises £7.623 million (US$10.14m) to fully fund Jade prospect drilling

[showme01] 01/10/2024 11:22

Looming court case? You do like a bit of drama JJ.

[showme01] 01/10/2024 11:17

In fairness, I have said the same thing all along. Topaz is not dead. Gas clouds Gaz seems to have a good long standing relationship with CNOCC which explains why tiny EME got the award in the first place.

[georgesorrow] 01/10/2024 11:13

"It is the belief of the Board that the completion of the export GSA is a significant value catalyst that is a necessary precursor to maximising the value of its interest at the Mako Gas field through the current sell down process. Completion of these has the potential to enhance Empyrean's chances of negotiating a revised arrangement with CNOOC for the drilling of the Topaz prospect."

So Topaz is not totally dead, at least in TK's mind.

[flughafen17] 01/10/2024 11:06

Looks a 'false' fall here on tiny volume, nothing much online now, clearly the new 45m shareholder seems content with progress.

19th Sept

'Empyrean Energy was notified on 19 September 2024 that Nortrust Nominees Limited now holds 45,000,000 ordinary shares in the Company, which represents approximately 3.47% of the issued share capital of the Company'

[tomthedom] 01/10/2024 09:53

its the $12m claim from cnooc that raises the eyebrows,,,
and the timing and quantum of mako sale,,,
and the near $3m of creditors that need paying,,,
that's enough for starters,,,

[showme01] 01/10/2024 09:19

Michmcd, You can't beat a bit of blackmail eh! lol. Fair play, if that is the game. it might well be what EME need to get the license back over the line. It also implies that the info EME have uncovered is positive. Can not for the life of me understand the drop. It is a few grands worth of sells from people you saw the CNOCC issue as negative. Yet look at Coro, they have focussed on the funding part of the update.

[michmcd] 01/10/2024 08:24

Because he is refusing to give the outputs to China unless they grant an extension. Thats why the Chinese are sending nasty letters - they want them, he wont give them. Stand off.

Poor comms and all that - but maybe - just maybe - the results are worth holding on to and the drill is worth undertaking .... the unresponsive (wont reply to me anyway) tw*t just needs to sort it now doesnt he.

[blakieboy7] 01/10/2024 08:22

Big bounce on Coro today

[georgesorrow] 01/10/2024 08:05

They have always studiously avoided any indication of whether the migration studies were encouraging or negative. Never any report on results. Why?

[georgesorrow] 01/10/2024 08:00

75% spread. Is that a record?

[birotop] 01/10/2024 07:40

I think “taken to the cleaners “ springs to mind, never mind £2m disappearing without trace, still that’s why we pay him what we do…

[transact2018] 01/10/2024 07:32

So Tom has had to finally disclose there are outstanding issues with the PSC with CNOOC.Why on earth hasn't this been disclosed before.Not the behaviour of a CEO you can trust.

[blakieboy7] 01/10/2024 07:01

The great reset! Ha

[currypasty] 01/10/2024 06:47

A successful sell down of our 8.5% interest in the Duyung PSC will enable the Company to reset and move forward with its exploration objectives as well as make repayment of the Convertible Note.

[michmcd] 01/10/2024 06:10

Am guessing the unfilled obligations for china relates to not providing the survey output to the Chinese?! Sooner we liquidate info the better and sort out a go forward plan.

[judijudi] 30/9/2024 15:04

aber,
❤️

[abergele] 30/9/2024 13:54

Hello again to you JJ, Stewart,Laz, and all my pals I have typed to as a message.
I am still here and at 77 yrs hopento get out of here at evens if pos. before i ge too old.
Nice to read all comments ,I do read them although I hardly ever reply,take care of yourselves,and fingers X'd.
Regards David.

[showme01] 30/9/2024 11:37

I've not submitted any questions but it will be interesting to see what was asked and answered.

[judijudi] 30/9/2024 11:12

When are these comedians going to issue the annual report?