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
  0.00 0.0% 1.075 0.00 08:00:06
Bid Price Offer Price High Price Low Price Open Price
1.05 1.25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -0.69 -0.15 7
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1.075 GBX

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06/7/202210:10EME - Post Sale of Sugarloaf Asset49,315
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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 1.08p.
Empyrean Energy Plc has a 4 week average price of 1.08p and a 12 week average price of 1.08p.
The 1 year high share price is 13p while the 1 year low share price is currently 1.08p.
There are currently 666,681,891 shares in issue and the average daily traded volume is 1,487,531 shares. The market capitalisation of Empyrean Energy Plc is £7,166,830.33.
georgesorrow: Like most here I have started to fret about the loan note holder (LNH) redeeming the loan note immediately after 31 July if a binding GSA has not been signed. At that point the value of the convertible note would be £2.67m. But it is not a foregone conclusion that the LNH will want to do this. The LNH had the right to redeem the note within five days of the Jade well announcement, when its value was £2.2m, but chose not to and restructured instead. The face value of the note is £3.3m at the moment. If the GSA is not signed by 31 July and the LNH chooses to redeem shortly afterwards, the face value falls to £2.67m as stated in the RNS dated 10/5/22, so the LNH appears to be taking an instant £630k hit by opting to redeem. If the LNH has confidence the GSA will be signed in the near future, it could choose to sit tight, and so EME's short-term financinng problems recede. The wording of the RNS is actually pretty inadequate in that it only describes two scenarios, when there are clearly many others. It says: "If a binding GSA is not entered into with regard to the Mako Gas Discovery in Indonesia on or before 31 July 2022, the Lender may redeem the Convertible Note at any time thereafter, in which circumstances the face value of the Convertible Note will be reduced to GBP2.67 million;" This can be read as EME being rewarded for lateness in the GSA being signed to the tune of £630k, irrespective of when the LNH chooses to redeem thereafter ("at any time thereafter"), i.e. before or after the GSA is eventually signed. I can't imagine this is the case. The RNS also says: "If a binding GSA is entered into with regard to the Mako Gas Discovery in Indonesia on or before 31 July 2022, the Lender will not redeem the Convertible Note prior to 1 December 2022, with interest accruing thereafter at a rate of GBP330,000 per calendar month;" Taken literally this means that we only have to worry about £330k/month interest from December if the GSA is signed in July, and that if the deadline is missed and Duyung has not been sold then none of this applies. Again, I can't imagine this is the case. The wording is clearly inadequate. If the GSA is signed in say September and the LNH chooses not to redeem in advance of a sale of Duyung, is the value of the loan note £3.3m or £2.67m? And does the interest kick in from December or not? Anyway, my take from revisiting the RNS is that it is not a foregone conclusion that the LNH will choose to redeem shortly after the 31 July deadline. The option is there, but the LNH may prefer to sit tight meaning that a cash call/placement is not necessary. But I would be resassured by a more comprehensive statement on the debt restructuring that covers all scenarios. The more you look at the wording of the RNS, the more confusing it becomes.
helpfull: There is a blueprint for Topaz. It is written in Jade and plain as day. The only difference is that 31 July 2022 looms large. And the seven amendments. For the Jade drill £5.02 million was raised on 9 July 2021: "primarily be used to secure a suitable drilling rig and order long lead items and for the Company's general working capital requirements as it prepares to drill" The company will need to raise cash for the same purposes for Topaz. Eme awarded the drilling contract for Jade on 2 September 2021 . $12.3 million (about £9.8 million). The drilling contract was executed on 11 November 2021 and the 10% deposit paid ($1.98 million including mobilisation costs). Eme raised £7.623 million on 16 December 2021 to pay for the Jade drill. The company will need to raise similarly for Topaz. Here's the problem. Jade was a duster. The share price has fallen drastically. To raise £5.02 million at 1.4p would mean 358,000,000 new shares. There is a problem with the note debt and when/if any GSA appears before 31 July 2022. Either way it might be difficult to raise cash. And expensive. Eme does not have enough cash to pay the $250,000 initiation fee to CNOOC for Topaz and the $1.98 million deposit. It must raise cash. If the GSA doesn't arrive on time the CLN notes are secured against Duyung. Eme needs to pay off the £2.7 million loan notes. And it needs to raise cash for the drill. All in that could be 1,100,000,000 new shares at 1.4p. At 1p, it could be 1,500,000,000 new shares. There is great risk . Of course some will cry Mako and GSA but that may not arrive in time. And there is a chance of a "farming" partner. But a partner never arrived for Jade. There is so much uncertainty at present. Yet shareholders continue to bury their heads in the sand. Potential shareholders might need to think twice. Things could get messy. Be careful.
crosseyed: I am very disappointed by the frequent negative comments about EME's prospects regarding Block 29/11 in the South China Sea, in particular from posters who have shared this EME thread over many years, parhaps back to 2006 or thereabouts. I'm not talking about the many short-term, and some well-known longer term, influencers/manipulators. They are easy to ignore and almost eliminate using the filter button, though that action is, and should be, an individual choice. Although nominally the moderator of this thread, I don't post very often largely because there is not much to contribute over longish intervals of time, though I always keep up with posts. I believe that we are now entering a potentially existential period that could nevertheless provide very substantial rewards. I have kept up the Volumes and Valuations table in the header in the CHINA section, but allow me to explaina its logic. The figures are drawn from the commissioned Gaffney, Cline & Associates assessment originating in Nov 2018 with minor subsequent amendments giving the P90/P50/P10/Mean reservoir volume estimates in mmbbls along with their geological Chance of success (GCoS) for each of the three prospects Jade, Topaz and Pearl, although of course Jade turned out to be dry. The post-mortem study of the Jade results made with CNOOC suggest that the estimated reservoir volumes for Topaz (and Pearl) remain essentially intact, with strong hints of possibly even better figures. I have also included successive projections of valuations to EME shareholders building incrementally on checkpoints in the assessment process. These are scaled on Cenkos valuations for Jade made in April 2022. They are made respectively for the P10 and Mean estimates drawn from Gaffney,Cline figures. The thinking seems to be that if the resevoir is filled, then it is likely to attain the higher P10 estimate given the porosity of the rock formations and the hydrocarbon characteristics seen in nearby producing wells. Pre-Drill: Risked estimates as of now with the assumed GCos. Post-test: Risked estimates that supersede the former following proven oil-in-place. Pre-production: Estimates when the well(s) are ready to produce. These are not market prices, but perhaps represent a fair valuation of the assets at each stage. Nevertheless, the P10 case just for Topaz atarting at 45p/share with a 32% GCos, rising to 413p/share as the potential reward, from a starting point now of about 1.4p/share, seems like a very juicy incentive to me. There will be many here with average investment in the single pence range. Perhaps I am being too starry-eyed! Of course, DYOR. c
tomboyb: Empyrean Energy PLC Second phase of exploration for Topaz Prospect 10/06/2022 7:01am UK Regulatory (RNS & others) Empyrean Energy (LSE:EME) Intraday Stock Chart Friday 10 June 2022 Click Here for more Empyrean Energy Charts. TIDMEME RNS Number : 4483O Empyrean Energy PLC 10 June 2022 This announcement contains inside information Empyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & Gas Empyrean Energy plc Block 29/11, China - Decision to enter second phase of exploration for drilling Topaz Prospect 10 June 2022 Empyrean Energy plc ("Empyrean" or the "Company"), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to provide the following update on the completion of post well analysis and entering the second phase of exploration and drilling the Topaz prospect at its 100% owned Block 29/11 permit, offshore China. Empyrean is the operator of Block 29/11 in China and has 100% working interest during the exploration phase. In the event of a commercial discovery, its partner, China National Offshore Oil Company ("CNOOC"), may assume a 51% participating interest in the development and production phase. The second phase of exploration requires the payment to CNOOC of US$250,000 and the work obligation is the drilling of an exploration well within 2 years. HIGHLIGHTS -- Post-well analysis confirmed reservoir quality better than pre-drill estimate with regional seal confirmed and depth conversion approach validated -- As a part of post-well evaluation, CNOOC geochemical and basin modelling experts provided excellent assistance in interpreting the critical elements of effective regional oil migration pathways-leading to positive implications for the Topaz prospect -- Based on post drill technical evaluation, and CNOOC-assisted migration pathways assessment, Empyrean has decided to enter the second phase of exploration and drill the Topaz prospect Jade well results analysis: Comprehensive post well analysis confirmed the Jade well carbonate reservoir parameters are better than pre-drill estimates with total thickness of 292m and porosity in the range of 25 to 27%. In addition, the Jade well penetrated thick and effective regional seal facies and the reservoir top was encountered within the depth conversion range. These parameters can now be more confidently mapped across Empyrean's 3D data set. As a result, reservoir, seal and trap validity of the Topaz prospect has been enhanced by the Jade well data. Key Elements of effective Migration pathways: As a part of post-well evaluation, CNOOC geochemical and basin modelling experts provided excellent assistance in assessing the critical elements of effective regional oil migration pathways, leading to positive implications for the Topaz prospect. Based on several oil discoveries in the area, CNOOC has identified the following three key elements for effective regional oil migration. 1. A deep sag for oil generation 2. A deep fault for efficient vertical migration that has reactivated at the peak time of oil expulsion (10Ma) 3. A carrier bed for lateral migration to the prospect Implications for the Topaz Prospect: Post-well evaluation indicates the Topaz prospect has the potential for oil charge from two kitchen/source rocks - the more recently identified Baiyun North Sag and the Baiyun East Sag that has been bio-marked as the proven source rock for CNOOC light oil discoveries to the immediate West of Block 29/11 . Baiyun North Sag is located within Block 29/11 immediately south and down dip of the Topaz prospect and it has all three key elements required for successful oil migration. It is a deep sag that is in the timing and depth window for oil generation, and Empyrean has identified a suitable deep fault for efficient vertical migration that reactivated at the peak time of oil expulsion approximately 10 million years ago (10Ma). Finally, a thick carrier bed exists for lateral migration to the Topaz prospect. This carrier bed has been confirmed during the drilling of the Jade well and is mapped on Empyrean's 3D data set. At the same time, the gas shows within the "gas cloud" zone in the overburden at the Jade well are now interpreted to 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 potentially valid additional source rock and, in turn, the likelihood of the Topaz prospect having access to two mature source rocks/kitchens. Additionally, a CNOOC regional migration map indicates that Topaz has potential for being charged from the proven Baiyun East Sag via spill from the CNOOC discovery well LH 23-1d. The information contained in this announcement has been reviewed by Empyrean's Executive Technical director, Gaz Bisht, who has over 32 years' experience as a hydrocarbon geologist and geoscientist. Empyrean CEO, Tom Kelly, stated: "Being able to combine our excellent quality 3D seismic data with the confirmed well data and post well analysis has improved the validity of the Topaz prospect as a robust and large drilling target of approximately 891 million barrels in place (P10). Empyrean looks forward to maximising the value from its interest in the Mako Gas Field and positioning to drill the exciting Topaz prospect. Empyrean has also started to assess a number of additional oil and gas projects that it believes may enhance a balanced portfolio of opportunity and will update shareholders as required". For further information please contact the following: Empyrean Energy plc Tom Kelly Tel: +61 6146 5325
petercrosby: Debt Restructuring In December 2021, the Company announced that it had entered into a Convertible Loan Note Agreement with a Melbourne-based investment fund (the "Lender"), pursuant to which the Company issued a convertible loan note to the Lender and received gross proceeds of GBP4.0 million (the "Convertible Note"). The Convertible Note bears interest at a rate of 10% per annum and is secured by a senior first ranking charge over the Company, including it's 8.5% interest in the Duyung PSC and Mako Gas Field. As subsequently announced, in March 2022 the Company received conversion notices from the Lender to issue a total of 27,500,000 Shares at a conversion price of 8p, reducing the principal owing on the Convertible Note to GBP2.2 million, including upfront capitalised interest. Following the announcement regarding the Jade well on 27 April 2022, the Company and the Lender proactively entered discussions to amend the key repayment terms of the Convertible Note, which included the right by the Lender to redeem the Convertible Note within five business days of the announcement of the results of the Jade well. The parties have now agreed the following key amendments to the terms of the Convertible Note: 1. The face value of the Convertible Note is increased to GBP3.3 million; 2. The Company may, at its sole and absolute discretion, redeem the Convertible Note at any time; 3. The Lender will not redeem the Notes prior to 31 July 2022; 4. If a binding GSA is entered into with regard to the Mako Gas Discovery in Indonesia on or before 31 July 2022, the Lender will not redeem the Convertible Note prior to 1 December 2022, with interest accruing thereafter at a rate of GBP330,000 per calendar month; 5. If a binding GSA is not entered into with regard to the Mako Gas Discovery in Indonesia on or before 31 July 2022, the Lender may redeem the Convertible Note at any time thereafter, in which circumstances the face value of the Convertible Note will be reduced to GBP2.67 million; 6. If the Company completes a sale of its interest in the Mako Gas Discovery, it will redeem the Convertible Note contemporaneously with that agreement; and 7. The Company will not execute any agreement in respect of a sale of its interest in the Mako Gas Discovery if the proceeds are less than the expected value of the Convertible Note on the date of completion of that agreement.
buzzzzzzzz: mhfrancis23 May '22 - 20:22 - 48763 of 48772 0 8 1 The chinesse are supposed to have said that they would drill Topaz if EME DID NOT THEY BELEAVE IN IT big time EME should offer them a 50 50 joint venture and they carry EME for free after all they end up with with 76 % if they well is a success THE DRILL WOULD COST THEM A FRACTION OF WHAT IT WOULD COST EME THEM HAVING ALL THE NESSARY EQUIPMENT 25% TO EME WULD BE A BIGGER FINANCE REWARD THAN JADE HAD IT BEING A SUCCESS AIMO GLA ------------------------------------------------------------------------------------- What we all need to remember is that if EME don't drill within 12 months the licence reverts back to CNOC so they may not be that helpful!
silverspoon2009: I have to say given the scale of the project the $40m valuation seems somewhat low, has EME ever placed a prospective valuation on the Duyung PSC in it's entirety, or come to that the major stakeholder Conrad ? I can understand the recent decline in EME share price from 10p due to the failed drill but the current valuation seems wrong, it looks like a very good entry point with upside based on Duyung alone worth a very conservative 2.4p to 2.75p a share.
georgesorrow: First a disclaimer: every prediction I ever make about EME turns out to be completely wrong 24 hours later. Just thinking that the CORO/EME relative value from Duyung monetisation is suddenly radically different. If EME were to get £40m from Duyung, that would be £70.5m for Coro. Take off its £22m debt and then the 20% of the remainder that goes to noteholders, and CORO is left with £38.9m, less than EME. It used to be that EME market cap was multiples of CORO; but now they are very similar. The idea that CORO is vastly more attractive than EME on basis of Duyung monetisation no longer applies. Obviously there is more to it for both shares than Duyung. CORO now has cash coming in from its born again Italy assets. But £40m for EME is the pivot point. Higher and CORO does relatively better, lower and EME does better. Just banging the drum for EME vs CORO as I don't like Jim Parsons.
transact2018: I see this as a very positive next step forward : 1. Working in conjunction with CNOOC. CNOOC wouldn't waste time, effort and resources if they didn't think Topaz was worth it. ?2. More detail for shareholders end of May from the studies being conducted. ?3. Strong narrative and incentive wording around the Mako GSA. ?4. Conrad IPO will crystallise value. ?5. CLN lender - £1.787m loss on their shares converted at 8p in March ?6. CLN Face value increase to £3.3m from £2.2m outstanding, means to clawback losses. ?7. If GSA entered into by 31 July, no CLN redeemed until 1 December ? Price could then be back to 12p and 27.5m shares would be issued. ?8. If no GSA entered into by 31 July, CLN can be redeemed whenever at reduced value of £2.67m. If share price at 1.5p still, gives them 178m shares if redeemed. ?9. Cant sell Mako for less than £3.3m ?10. TK final statement points to a sale Mako with then all focus on Topaz. ?Clearly laid out strategy, comprehensive and can see the direction of travel going forward. I like it ...
helpfull: Tickety Tock! Funding shock! The placing which wasn't going to occur has happened. Who would have thunk it? The share price has been falling since the morning of the duster announcement. Why? "the right by the Lender to redeem the Convertible Note within five business days of the announcement of the results of the Jade well" Did you know that? Was it announced in the December RNS? The seven amendments make interesting reading. Written in stone and brought down from the mountain by Tommy. How much is Duyung worth? I don't think the management know: "planned IPO may present, at the least, a useful benchmark for valuation of the Mako Gas Field" And ammendment seven: "The Company will not execute any agreement in respect of a sale of its interest in the Mako Gas Discovery if the proceeds are less than the expected value of the Convertible Note on the date of completion of that agreement" All just protocol indeed. But with 121,750,000 new shares on the market at 1.5p and an uncertain deadline to be achieved by the company there are an interesting few months ahead. Value of an asset and what someone might pay in a fire sale are far removed. Be careful.
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