Share Name Share Symbol Market Type Share ISIN Share Description
Empyrean Energy Plc LSE:EME London Ordinary Share GB00B09G2351 ORD 0.2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.35 -5.26% 6.30 6.20 6.40 6.65 6.25 6.65 498,586 15:47:28
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 0.1 0.0 271.0 28

Empyrean Energy Share Discussion Threads

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DateSubjectAuthorDiscuss
14/1/2020
11:46
$600m development cost at Mako Premier cannot afford and there is no one else imv I'm calling BS - just like WSTs Q1 Capital Return MMs agree? Discuss
hodge podge
14/1/2020
11:36
My share price target is LOWER. So far so good, what's not to like HAPPY DAYS
coiin stein
14/1/2020
11:34
Thanks Tarz. The Cenkos note seems to concentrate a lot on funding options which perhaps may have given rise to some of today's selling. Did they give any share price targets?
digger2779
14/1/2020
10:58
Interesting Jemjem.As usual here we need news flow.Tom tells us we are going to get lots of it and the above Cenkos update suggests we will - but when?I still can't believe we are waiting for the internal resource update on Indo.any sort or real update on work progress on China and whether we are in Borba or not.Fingers out guys.
10owen
14/1/2020
10:47
I've been in touch with an old golfing mate of mine who is ex Premier Oil and was based in Indo for quite a while. A geologist by trade he still has friends and contacts out there. I'm told there are "several parties" who are very interested in buying up the GSA and taking on the development stage of Mako. Premier themselves have significant interests out there already and my guess would be that they are one of the contenders to take this on. Imo
jemjem
13/1/2020
23:26
below is Cenkos new note- I cant post the tables as they will not copy and paste in this format. Empyrean Energy Plc Interim Results and Equity Placement On the 24 December, Empyrean Energy released its interim results for the six months to the 30 September 2019. In China, analysis of the 3D seismic data acquired by Empyrean in 2017 has confirmed the presence of low reflectivity zones (gas clouds) over the Jade and Topaz prospects, further mitigating the exploration risk over these giant prospects. In California, the drilling application for the Borba prospect has been approved, with an ongoing technical evaluation determining the 2020 drilling programme. Post-period end, Empyrean successfully appraised the Mako gas field via the drilling of the Tambak-1 and Tambak-2 wells, confirming the presence of a large, areally extensive single gas accumulation. The partners have commissioned an updated CPR over the Mako gas field, due in Q1/20, which should see a sizeable increase to the existing 276Bcf of 2C resources from Mako. Empyrean has also announced the signing of a new two-year £10m equity placement facility with Long State Investments, providing Empyrean with long-term access to capital. Importantly, the facility’s timing and minimum pricing is at Empyrean’s discretion, providing Empyrean with further funding flexibility whilst minimising dilution. 2020 is scheduled be an exciting year for shareholders as Empyrean looks to mature all its assets across its portfolio. In Indonesia, the updated CPR over the recently appraised Mako gas field is expected in Q1/20. Following the updated volumetrics we would expect the Company to sign a gas sales agreement (GSA) and declare FID over the Mako gas field, in preparation of full field development. In China, 2020 will culminate in the drilling of the first exploration well, targeting the 225mmbbl Jade prospect. In preparation, we anticipate a near constant stream of news as the Company selects a well location, prepares a site survey, orders long lead items and puts rig/services contracts into place in time for a Q4/20 spudding Indonesia - During October and November, Empyrean, together with its partners successfully appraised the Mako gas field, confirming the presence of a large, single, areally extensive single gas accumulation. The two wells encountered better than expected reservoir thickness and sands and should deliver a significant uplift to the overall recoverable resources at the Mako gas field. Following the successful drilling campaign, the partners have commissioned an updated independent resource assessment, with the results expected in Q1/20. We expect this updated resource assessment will allow the Mako partners to negotiate a gas sales agreement and help define a plan of exploitation China - Analysis of the 3D seismic data acquired by Empyrean in 2017 confirmed the presence of well-defined low reflectivity zones (gas clouds) in the overburden above the Jade and Topaz prospects. Gas clouds have been used effectively as an exploration tool in other prolific basins to determine the presence of hydrocarbons. Analysis of four CNOOC discoveries, proximal to Block 29/11 have shown that they all confirm the presence of gas clouds in the overburden. At the same time, three dry wells drilled by CNOOC in proximity to these discoveries, and two historic dry wells on the Block 29/11 all confirm the lack of any gas clouds in the overburden. 2020 will see the Company finalise its preparations for the drilling on an initial exploration well on the Jade prospect in Q4/20, targeting 225mmbbls of oil in place. Key to this will be the approval of a firm well location on the Jade prospect from CNOOC, the planning, application and execution of a well site survey, the finalisation of a rig contract and the ordering of long lead items. Questions remain as to how this well will be funded, however, as you will see in the funding section below, Empyrean is not short of options. California - The JV continues to evaluate the potential of the Alvares-1 well, with the initial plan involving the re-entry and assessment of the integrity of the existing wellbore, with the results being used as a basis to either record modern logs or to identify more prospective zones for perforation. At Borba, the drilling application for the Borba prospect was approved both by the County and by the California Department of Geological and Geothermal Resources. We expect the majority of 2020 will focus on the planning of an initial well in H2/20. Funding Empyrean has announced the signing of a new two-year £10m equity placement facility with Long State Investments to provide Empyrean with long-term access to capital. For a relatively small upfront implementation fee of £20,000, Empyrean has access to a fully flexible financing facility, with the timing and pricing at the discretion of Empyrean. Under the terms of the facility Empyrean may place new ordinary shares in the Company with Long State up to a total of £10m over the next 24 months, with the placement shares priced at the average of the daily VWAP of Empyrean’s shares on two days nominated by Long State during the 20 trading days following submission of a placement notice by Empyrean to Long State, provided that this price cannot be lower than the minimum accepted price stipulated by Empyrean. An implementation fee of £20,000 was paid in cash on the signing of the facility and Empyrean has issued Long State 500,0000 options at a price of 12.3p. a further 500,000 options will be issued when the facility is first activated with further 500,000 tranches payable after the drawn down amount reaches £2.5m, £5m and £7.5m respectively. The maximum number of options to be issued to Long State under the facility is 2.5m, with all options priced at 150% of the daily VWAP. Empyrean has also received indications of interest from potential investors, with the Company exploring a potential placing to provide additional short-term working capital. The Long State facility provides Empyrean with another option for it to fund its ongoing portfolio, and in particular the initial exploration well in Block 29/11, offshore China, which we estimate to cost cUS$17m. Financing options include further equity, the sale of the Company’s 8.5% working interest in the Duyung PSC and the farm-down of the Company’s 100% working interest in Block 29/11 in exchange for a carry/partial carry on the Jade exploration well. Cash as at 30 September 2019 was US$472k. Without further funding we estimate that the Company will end the current financial year (31 March 2020) with -US$0.3m in cash. Financials We forecast the Company ending the current financial year (31 March 2020) with -US$0.3m in cash. Longer-term we would expect Empyrean to fund its ongoing work programme through a combination of the £10m equity placement facility with Long State, the divestment of its 8.5% working interest at Duyung and the potential farm-out of its 100% working interest in Block 29/11 in exchange for a carry/partial carry.
ih_343518
13/1/2020
16:37
CNOOC has confirmed today in their 2020 strategy preview that the Liuhua 16 - 2 oil discovery project will come on stream this year. Liuhua 16 - 2 is on trend & is in close proximity to the west of Block 29 / 11. Cf EME corporate presentation map Q2 / 2017.
safiande
13/1/2020
08:33
from research tree Cenkos Securities has published a new research note on Falcon Oil & Gas, Providence Resources, Empyrean Energy, Trinity Exploration & Production, 88 Energy.
currypasty
10/1/2020
17:07
topped up CORO this week
noobiedoobie
10/1/2020
15:36
Would certainly like to see Borba involvement confirmed. :0)
scaleyman
10/1/2020
15:13
Hopefully news on Borba next couple of weeks followed shortly after by Duyung reserves upgrade!
blueblood
10/1/2020
14:24
posted just to keep this thread at top, where it belongs, i am happy to await the good news, and holding strong
timorg
09/1/2020
18:17
M5, you'll make it back at CIR :)
100egs
09/1/2020
17:52
Has anyone read this and how does this effect eme.https://finance.yahoo.com/news/china-opens-oil-gas-exploration-035200708.html
stewart4990
09/1/2020
16:48
We have got to be due a run, this and coro are my worst performers by a country mile. I cant believe coro is back under 2p.
m5
09/1/2020
15:21
bit of a premium to mid for a sell price 8.52?
starzerus
09/1/2020
12:21
thanks jemjem, I thought I hadn't seen the mm BEGO before 1 v 1 bid/ask both at 30k nms, while im at it
currypasty
09/1/2020
12:16
8.525 to sell if you had a mind to.
digger2779
09/1/2020
12:15
Curry. For about the last three months.
jemjem
09/1/2020
11:29
has there always been 7 market makers?
currypasty
09/1/2020
11:23
May soon become a little more interesting......
blocker2
09/1/2020
11:08
Yes Blocker... strange both lift at the same time... Perhaps they have rolled up the Green Table
hang ten
09/1/2020
11:04
Someone topping up on EME and Coro perhaps ?
blocker2
09/1/2020
10:58
Anyone with L2? Will this move up substantially with a little volume?
blocker2
09/1/2020
10:57
An update on Borba can't be far away...
blakieboy7
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