Empyrean Energy Share Discussion Threads

[dodgydd] 24/5/2024 15:00

Do not forget we are still paying CLN holders 20 percent interest on 3.3 million I anticipate this monies will come from any potential sale Even less for the shareholders.

[cmackay] 24/5/2024 14:58

To think we could have doubled up Mako but went with Sacramento. Admittedly, at the time I called it astute diversification. I was wrong, in hindsight.

[georgesorrow] 24/5/2024 14:15

Yes Bungee, corrected. In my dreams.

[bungeetrader] 24/5/2024 14:01

I wish it was 15%.......

[georgesorrow] 24/5/2024 13:58

I don't think people should be bigging-up an anticipated announcement of an extension. It would be very welcome, it would certainly cheer me up, but realistically it would be a bit of a miracle if TK pulled it off. No-one has ever hinted that extension talks are even taking place.

EME announced the last two-year extension on 10 June 2022 with a work obligation to drill an exploration well - not fullfilled. They also had to make a payment to CNOOC upfront of $250,000, which I doubt we have anyway.

I think people should be assuming that the only value in EME at the moment is 8.5% of Duyung, which is still a very substantial amount of money.

[currypasty] 24/5/2024 13:43

What's the plan if no extension ?

[judijudi] 24/5/2024 08:36

I wonder how the extension talks for Topaz are going?
In fact I wonder how anything is going?
Forget us private shareholders, as long as Laurel and Hardy are drawing their salaries that’s all that really matters, isn’t it!
imho

[blueblood] 23/5/2024 09:36

Conrad volumes increasing as well as price. Back over $1 in next couple of days!

[odillon] 23/5/2024 08:53

'Disgraceland' - very good and quite so!

[blakieboy7] 23/5/2024 08:43

Fwiw, CRD has climbed a bit over the last few days

[cmackay] 23/5/2024 05:57

Ah I see what you did there, Odillon; from Disgraceland to Graceland.

[odillon] 22/5/2024 22:07

Apart from the RNS from EME I cannot find anything online about the court case that they said they took in the Singapore Courts or the freezing order that they said they obtained by way of an injunction. I am not saying they did not take these steps, I just cannot find any independent verification of this at the moment.

It would be interesting to know whether there was any money in the bank account that they say that had frozen?

Meanwhile back at Graceland, Elvis's granddaughter is fighting against the enforced sale of the property, asserting that a loan in the name of Lisa Marie Presley secured on the property is fraudulent.

[showme01] 21/5/2024 18:06

Shocking naivety. Any other CEO of a small company would have been dismissed. Fact.

[stewart4990] 21/5/2024 13:12

Yes I remember, not even a provision written off, in effect little chance of any recovery, it will have been moved the same day it was transferred to another account or accounts.

It is basic stuff, and should have never happened, not even any cyber insurance in place, I don't know who authorised it but they should have been dismissed, nothing was advised in any detail, probably too embarrassed.

[judijudi] 21/5/2024 13:09

Far to suspicious
imho

[jemjem] 21/5/2024 12:55

Jj. It wasn't mentioned in the 2023 results because it was written off a year earlier. The company will pursue as, and when, they have the spare funds to do so - was the position about a year ago. I would respectfully suggest that until that time comes - forget it. Imo


For the Year Ended 31 March 2022


2022 2021
Notes US$'000 US$'000

Revenue - -
-------- --------

Expenses
Administrative expenses (377) (351)
Compliance fees (302) (225)
Directors' remuneration 4 (402) (387)
Foreign exchange differences 3 (518) 20
Impairment - exploration and evaluation
assets 8 (4,127) (3)
Cyber fraud loss 3 (1,981) -
Total expenses (7,707) (946)

Operating loss 3 (7,707) (946)

Edit: That didn't copy across very well! It was written off in the Final accounts to 31st March 2022

[judijudi] 21/5/2024 11:19

Can’t see any mention of it in the 2023 Final Results


I think this was the last time it was mentioned
16.9.22
Taken From The Final results



Cyber Fraud Incident
As announced to the market, in December 2021 the Company made a payment totalling US$1.98 million to COSL, representing a 10% deposit on the dry hole cost component of the Integrated Drilling Contract (" IDC ") signed with COSL; however, the Company was subsequently informed that this payment was not received by COSL and had been paid to a fraudulent third party as a result of an impersonation fraud perpetrated against the Company.
The Company then worked with its bank, the recipient bank and the police authorities in three jurisdictions to initiate actions including the freezing of the recipient bank account and the commencement of recovery actions.
Empyrean commenced legal proceedings in the Singapore courts against the company believed to have committed the fraud and obtained an injunction order on 21 January 2022 to freeze its assets and obtain further banking information. Empyrean will continue to take the necessary steps and is taking legal advice for the purpose of pursuing recovery of the funds involved in the fraud. Empyrean continues to cooperate with the Singapore Police investigation into the fraud. Empyrean has taken the steps above, upon legal advice, in order to escalate the recovery process.
Empyrean has also reviewed its internal control policies including overseas and domestic payment processes and has added further authority approvals and procedures for all material payments.

[judijudi] 21/5/2024 11:11

It was indeed
We have had one or 2 updates since that we are taking legal proceedings etc etc but nothing for a while

[blakieboy7] 21/5/2024 10:24

I remember when the news was announced. It was hidden within an unrelated RNS - that was huge news that should have been announced in isolation imo

[judijudi] 21/5/2024 10:09

cma,
I have for a long time

[cmackay] 21/5/2024 10:08

That's the $2m question. I have my suspicions.

[judijudi] 21/5/2024 09:50

Was it incompetence or something worse 🤷‍a94;️

[blueblood] 21/5/2024 09:27

Need to suffer like shareholders especially as fraud was sheer incompetence imo

[blueblood] 21/5/2024 09:01

Should have been on vastly reduced salaries following fraud and until our assets generate reasonable revenue or sold. Money for nothing.....