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 Shares Traded Last Trade
  -0.15p -1.66% 8.90p 119,391 08:35:09
Bid Price Offer Price High Price Low Price Open Price
8.80p 9.00p 9.05p 8.90p 9.05p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.02 -2.50 -0.49 37.8

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Date Time Title Posts
24/5/201908:41EME - Post Sale of Sugarloaf Asset26,245
06/12/201812:36Empyrean Energy22,252
24/8/201818:31Chat site for investors only144
21/8/201809:56WHY HAVE THE AGM SO QUICKLY?28

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Empyrean Energy (EME) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-05-23 12:06:248.893,000266.55O
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Empyrean Energy Daily Update: Empyrean Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker EME. The last closing price for Empyrean Energy was 9.05p.
Empyrean Energy Plc has a 4 week average price of 8.15p and a 12 week average price of 8.15p.
The 1 year high share price is 11.75p while the 1 year low share price is currently 5.80p.
There are currently 424,275,110 shares in issue and the average daily traded volume is 327,110 shares. The market capitalisation of Empyrean Energy Plc is £37,760,484.79.
stewart4980: From Lemming investors by elrico (Just now) Empyrean Energy PLC (EME) is another company that chose to make a couple of announcements while I was on my jollies, hence why I am a little late catching up with events at EME. Given the share price performance in 2019, you would think the company has not made any progress bringing its considerable assets in China, Indonesia and the United States closer to commercial fruition. We need to remember the pace of oil & gas companies, they do tend to take their own sweet time. Just like Tom Kelly... I seem to have been waiting an eternity for his call. The problem investors have at the moment is the waiting to see what Empyrean's management do by way of establishing a cohesive strategy that allows the company to garner the most interest from their assets without dilution, something the naysayers have argued is unavoidable. Well, they would, wouldn't they, this is how the BBM bears operate, they try to instil fear into unsuspecting investors. Empyrean has a good core of LTHs that contribute to a well-informed forum. I digress! Empyreans management has options available to them to develop Mako Gas Field which has a massive reservoir and areas of migration from existing production wells, which could focus the mind of other potential partners. This is all conjecture, of course, kite flying if you like. But the facts are Empyrean need to work out if they go it alone, or via a JV partnership. The latter would minimize the potential for dilution - if the former, then at what cost via institutional or HNWI placing? The trick with either is controlling flipping. There is potential for a sale of Indonesian assets to help fund and retain existing ownership, but this would need to happen pretty quickly or risk delaying the drilling program. The area surrounding Mako Gas field is a large undeveloped resource in a prolific basin and close to existing infrastructure with capacity, providing access to a hungry market in Singapore. This has created a lot of excitement for exploration potential to more than double the size of the resource - this is very significant, high value, low-risk step-out exploration located above and beneath the field itself. My guess is the BOD have already started with the logistics because they seemed quite certain Q4 2019 is the time to start the drilling campaign. I would expect any bear action (if there is any) to exit and traders enter the market for the stock ahead of drilling. At the moment, traders and perhaps investors are using their funds elsewhere during the EME lull in activity. We shouldn't forget south China seas, where Husky could create a lot of excitement around China, Jade, Pearl and Topaz assets because of the migration flows. This would assist in partner control the amount of migrating deposits, essentially controlling their own assets from seeping into Empyreans control, which puts Empyrean in a strong position around the table.
kevjames: HP The overall valuation is clearly dependant on the asset getting developed and delivering the hydrocarbons as expected - so there is risk. The market is the market - so I am not particularly bothered about today's share price. My strategy is to understand where I think it will be in the future (1-2 years outlook)and if it would provide better returns than other investments that I may choose to invest in. More importantly, I do want to understand the downside - as we all know AIM shares can be dogs. After the EME AGM, the cash in the bank was the biggest issue for me, but EME seem to be in better shape now and the assets do appear to be good ones, albeit they need to prove them up and start generating cash at some point. Looking ahead, where do you think the share price would go after a successful drill campaign in Duyung(if that is case) in the late summer. My guess is higher - but even after the appraisal drilling lots of tie infrastructure would need to be paid for etc, but the valuation model/numbers account for that as part of the developments costs. As Whipsaw Tom stated this is an incremental thing - the plus points are that the asset looks good and it's fairly low risk. If it gets fully developed (very likely) it could be worth 10-20p - do you agree? I am happy to hold and still believe that China is where the real value lies for EME. As for day to day prices over the next few months - I have no idea, the last 6 months have seen quite a few ups and downs in the range 8-11p - and if people are happy to trade in that range then good luck. As I have stated previously, if EME release really good news of a JV in China, then IMO we will see a significant re-rate upwards. That is what I hope and believe will happen - so I don't want to be out. That said, this is a good discussion and trying to equate current and future valuations is very difficult as they are often based on assumptions that need to be funded and proven – the drill bit is the final arbiter, but that is the beast that is the O and G industry.
whipsawtom: Kev, your model is fine given your assumptions. It is similar to what oil and gas analysts will be doing to value the project. And yes there is potential upside in the model predominantly in the form of actual gas prices achieved and further resources being discovered or proved up. But your model is valuing the project as opposed to valuing the Coro deal. They are two different things and require two different methods as I mentioned previously. The way to value the deal (as per Menzies) is simply to add the cash and shares value paid to the Farmin cash and divide it by 0.15 and then subtract the Farmin cash as this is going into the deal. So, $4.8m + $10.5m =$15.3m then divide by 0.15 = $102m minus $10.5m gives you $91.5m. This is the way the DEAL has been valued by Coro. It is not a model of the project. Whilst you can assign a pro rata per share value of the DEAL to EME to give you an indication of what that deal was arbitrarily worth at the time the deal was struck it is of little meaningful use to the value of EME shares moving forward for a number of reasons. The main reasons are that rather than putting $15.3m into an outright purchase of 15% of the project there is $10.5m to be spent on the project that can add transformational upside to any valuation. Also, as you get closer to project milestones such as POD approval and gas sales agreement you remove risk to the project which increases value. Also, the POD approval will push tenure of the PSC out to the year 2037 which also removes risk and increases value. So, Kev's model is fine - it is just that it is useful to see where the valuation of the project is heading. Menzies' value of the Coro deal, whilst simple in the sense that it is just valuing the DEAL historically rather than valuing the PROJECT in depth, is also fine but it is only useful to assess what Coro are paying to get a piece of the PROJECT. By the time they actually earn their 15% the valuation of the project will have changed dramatically. This is the challenge with valuing farmins as opposed to outright sales. In relation to share price reactions post deal - the deal has not even settled yet so it's a bit early to be calling. But given Empyrean have already received the first tranche of cash that serves as a break fee if Coro cannot settle, that coupled with a 14% rise in Empyrean's share price since the deal was announced is hardly a yawn!
kevjames: Thanks guys for some great info – this is what a BB discussion should be about. So to address HP’s valuation, firstly I have to say I had a very different method of valuation in mind originally, but his post made me re-think the valuation of $91.5 million that James Menzies had on the slides ( as stated, he should know what it is worth). So this is how I believe James valued the asset: 1 Assumption 1 is that the 276BCf is extractable.(P2 GCA figure) 2 Assumption 2 is that the following costs are applicable to this field – 34c mmbtu for acquisition costs, 90 c mmbtu for development costs and $1.25 OPEX mmbtu (running costs)– so that totals $2-50 mmbtu in rounded terms. (all figures from CORO presentation). 3 Third assumption is that gas sales price will be between $8 and $11 mmbtu (Singapore prices)– but for the case in the presentation valuation, he used the lower figure of $8 mmbtu.(very conservative) 4. Fourth assumption is that 60% of the remainder will be the tax and royalty costs and only 40% goes to the operator. HP and I both agree this value and it was stated in the HALO presentation. So, this, I believe is the maths for the valuation.: $8 (sales cost) - $2.5 ( Aqu, development and Opex) = $5.5 mmbtu $5.5 x 0.4 = $ 2.2 mmbtu (this gives the operator cut) CORO share (15%) of 276 BCF is 276 x 0.15 = 41.4 Bcf 41.4 Bcf is equivalent to 41,400,000 mmbtu 41, 400,000 x $2.2 (operator cut) = $ 90.64 million Apply this same method to EME (8.5% share) and you get a value of $51 million or £40 million or approx. 10p a share. So, it appears the Coro valuation is based on full P2 extraction from the main field, however, Coro (and probably Conrad and EME) think there will lots more in the step out projects and all very low risk. Also, it is based on a gas sales price of $8 mmbtu and that is the lowest value of the $ 8-11 potential price range. Let’s continue this discussion on both the up and downsides but I think I now understand the valuation better and I have to thank HP for putting up his figures. We all know this this is a risky business (and the assumptions could be wrong) , but if you are an optimist and think that 400Bcf is extractable and you can get $10 for the gas (not totally unrealistic) then the value for EME becomes around £80 million or 20p a share. I remain comfortable with my holding and stand by my statement that the current share price is underwritten by the Duyung asset.
kevjames: A time for reflection – where next for EME? Many on here will not like what I am about to say and that is I support Colin’s JAM tomorrow statements, but don't despair - read on. So the first Jam tomorrow statement is likely to be the announcement of the POD for Mako ( by EOY or early Q1) – leading to an appraisal well in Q3 which will not only appraise the current Mako shallows ( which are already classed as a discovery) but will also drill down to explore the deeps. If they prove up will lead to another 3 drill prospects – truly exciting times and transformational if successful -real jam. These assets will then be sold when proved up-IMO. The second jam tomorrow statement will be the announcement of a JV partner for Block 29/11 – due Q1/2 19. It will happen, of that I am sure – GCA independent audit was the last piece of the jigsaw to allow a deal to be brokered. The third Jam tomorrow is the re-entry to Alvares to re-log the gas bearing zones – but that is not likely to Q2 19. None of the above events are immediately cash generative, however a sale of part or all of an asset may lead to cash in the bank, but there are no obvious assets to get rid of at this stage. So given that we have had an excellent independent audit from GCA, and now a small placing at above the current share price (to provide some working capital), where is the downside or upside for the next few months?? The downside is that it may be a few weeks before we get any further news – for the impatient that must surely mean time to sell and move on – this seems the normal modus operandi on AIM for many traders. However, HP was keen to keep referring to BPC (and I note he didn’t respond back to my post about this a few days ago). So to remind everyone, the BPC share price did not really react to the independent STOIIP audit, the news that got in BPC share price spiralling upwards was about signing an exclusive agreement. This agreement was purely to do a technical evaluation of the project area – at this stage, I would like to remind people that EME have 3 drill ready prospects in Block 29/11. Also, the Mako prospect is drill ready. For EME and its partners the next step is to drill, it is not to technically evaluate prospects– a big difference!! The upside? So could EME spiral up on a JV announcement – well, yes – any JV announcement is the equivalent of the "exclusive agreement" news in the BPC cycle, but many times better in my view. If you look at the chart for BPC (linked)- we are at the Dec 17 timepoint. The spike up comes at the time of the exclusive agreement announcement (May 18) – this was further pumped up be the herd as time progressed – so Jam tomorrow. Now, even with my ageing eyes, I see little opportunity in that BPC chart to make money on the downside post the Moyes (expert) STOIIP audit announcement of Dec17. That said, a trader may wish to exit for a few weeks and maybe time it right and get back in before a big rise – this could happen either by inside information or luck. However, most of us mere mortals will just have to guess, gamble or stay long. I will be doing the latter!! IMO, this will re-rate on news of a JV and also probably on POD news – but it is definitely jam tomorrow. So Colin and HP good luck with your strategies, a 6p (or was it 4p placing ) now seems incredulous! I am happy to sit long and wait for my jam because I am certain that I will be making good money in 2019. As the BPC example shows, the price went up around 6 fold without a drill bit getting anywhere near the ground/seabed – could we see a similar pattern for EME??? For an AIM stock –this is very likely, as the herd will arrive again at some point and the trigger points are easy to see. AIMHO and DYOR IMG][/IMG]
thetoonarmy2: The Donald - 20 Sep 2018 - 09:35:37 - 22127 of 22966 EME - Post Sale of Sugarloaf Asset - EME I just can't stop giving!!! Read the last sentence!!! We believe the following very achievable factors may help close the gap between the Empyrean share price and our target price. Expand and Enhance Resource Potential Following the recently-announced increase in the gross mean prospective resources on Block 29/11, the logical next step was to employ the services of a third-party organisation to certify the prospective resources. Empyrean have appointed Gaffney Cline to complete a third-party audit of the oil initially in place, with the results due in October. The result of this will look to validate Empyreanâ̈́4;™s internal numbers, providing greater confidence of the prospective resource potential to the market. Following the completion of the Gaffney Cline resource audit we would anticipate a re-evaluation of our target price. Entering a PSC in China Following the completion of the committed work programme for the first phase of the Geophysical Service Agreement on Block 29/11, Empyrean has the option to enter into a production sharing contract (PSC) with the China National Offshore Oil Corporation (CNOOC). Entering into a PSC demonstrates Empyreanâ̈́4;™s commitment and financial capability to drill an exploration well within Block 29/11 in the next 30 months. Final Investment Decision The next 12 months will see a steady stream of newsflow from Empyrean and its partner, Conrad Petroleum, as they work towards the FID on the Mako field. Key inflection points for the share price include the signing of a gas sales agreement (GSA) and the agreement to access the West Natuna Transport System, before the FID itself. Exploration and Appraisal The drilling and testing of the Alvares prospect and the Mako Deep structures respectively during 2018 and 2019 have the potential to deliver significant value to Empyrean. In either success case, we would need to re-value the company, and uplift our current price target. Chinese Relations: Through the Companyâ€;™s Executive Director, Gaz Bisht, Empyrean have a productive relationship with the Chinese National Offshore Oil Company (CNOOC), a relationship which sets Empyrean apart from its peer group. This close working relationship has seen CNOOC provide approval for Empyrean to shoot 3D seismic outside of their block covering an existing CNOOC discovery, which we believe is a first for any foreign operator. ï�® Reserves & geographical focus: Empyrean has a balanced portfolio of assets across the oil and gas lifecycle. Offering investors exposure to low cost conventional exploration and production onshore California, with high impact frontier exploration in China and Indonesia. Core to the investment proposition is the 100% operated, 774mmbbl of gross mean prospective resource within Block 29/11, offshore China, where the Chinese National Offshore Oil Company (CNOOC) have discovered an estimated 1.3 billion barrels stock tank original oil in place (STOIIP) on the neighbouring Liuhua 11-1 field, the largest oil field in the South China Sea. ï�® Onshore economics: Onshore economics amongst Empyreanâ̈́4;™s Californian assets are highly attractive relative to offshore. A well can cost US$5m vs US$50m offshore deepwater. The cycle from discovery to production is also significantly shorter through the substantial infrastructure in place. Furthermore, California has a favourable fiscal regime with no federal taxes. Mineral rights (negotiated for each lease) and corporate tax of 25% are the only charges to the Company. Consequently, the Company ‘netbackâ€;™ is much higher with faster payback on projects. ï�® Markets: All of Empyreanâ̈́4;™s assets are strategically situated in geographies with a high regional demand, where they can capitalise on higher commodity prices. California has a gas demand of 2.5tcf/year, of which 90% is imported from out-of-state (forecast to rise to 98% by 2025), with prices trading at a 10-15% premium to Henry Hub. Indonesia is scheduled to be a LNG importer by 2020, with a growing population resulting in an increased demand, current domestic gas prices are in the region of US$9/mcf. China is the world’s largest oil importer, importing 8.4mmbbl/d in 2017 to satisfy its continued economic expansion, with this figure forecast to increase by 17% over the next few years. ï�® Trading at a discount to target price: We calculate a target price of 20p for Empyrean. In calculating this target price, we have excluded the Riverbend, Eagle Oil Pool and Dempsey Trend AMI assets which are currently not core assets for the Company. Given the material upside to the current share price of c197% we initiate our coverage with a buy recommendation. Catalysts for outperformance include success at the Alvares prospect in Q4/18 and the drilling on a high impact exploration/appraisal well in Indonesia, targeting the Mako Deep lead.
blakieboy7: Malcy - Empyrean Energy Whilst on the subject of cratering,the EME share price was off as much as 30% first thing this morning as they announced a higher than expected production of gas of 1,200 mcf/d from the Dempsey well. After chatting to Tom Kelly last week this was very much as expected and I am at a bit of a loss as to why the market is taking the news so badly, I am sure someone will tell me before long. The JV are also intent on connecting four idle wells nearby which should be a cheap add to production and revenues. Also as expected the JV is seeking approval to re-enter the Alvares well, either to log through the casing or to drill a side track which given its potential could be very exciting. This bringing on of Dempsey gas is good news, it will add to cash flow ?very shortly? and maybe in due course much more into the bargain. Finally, the fall this morning as far as I am aware does not take into account imminent good news from Indonesia and further out potential significant value add from the position in China all of which should push the share price a lot higher, what do I know eh?
richiiiee: Whilst on the subject of cratering,the EME share price was off as much as 30% first thing this morning as they announced a higher than expected production of gas of 1,200 mcf/d from the Dempsey well. After chatting to Tom Kelly last week this was very much as expected and I am at a bit of a loss as to why the market is taking the news so badly, I am sure someone will tell me before long. The JV are also intent on connecting four idle wells nearby which should be a cheap add to production and revenues.Also as expected the JV is seeking approval to re-enter the Alvares well, either to log through the casing or to drill a side track which given its potential could be very exciting. This bringing on of Dempsey gas is good news, it will add to cash flow 'very shortly' and maybe in due course much more into the bargain. Finally, the fall this morning as far as I am aware does not take into account imminent good news from Indonesia and further out potential significant value add from the position in China all of which should push the share price a lot higher, what do I know eh?
kevjames: No real surprise that the SGC and EME share price has not reacted more positively. The Kione was "expected" to flow at commercial rates as it is in the current field level zone. These zones will deplete relatively quickly, as was stated in the "expected reserves" for these zones in the original presentations for Dempsey. That said, there should be sufficient gas to pay for the well, which is great news for an appraisal well. However, the real prize is can they get the deep gas charged sands to flow at commercial rates. Remember, Zone 4 results are due anytime and these will again provide data on finding the key to unlock the secret on how to flow the deep gas at commercial rates. A good result from zone 4 would be a game changer IMO. Also, the fact that Alvares seems now to be a certainty does suggest that SGC have much greater understanding of what they need to do. I wait with interest to see what the actual drilling plan for Alvares will be, but I would not be surprised to see some sort of stimulation on the drill plan. GLA
michaelhfrancis: It could turn that fracking Dempsey would put China into second place and attract a buyer for EME share price ++++++?
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