Market Data
News
Tools
Markets
Discover
Subscribe Login/Register
FTSE 100
7,628.10
(
0.37%
)
Dow Jones
33,573.28
(
0.03%
)
Gold vs US Dollar
1,964.03
(
0.03%
)
Brent Oil
75.705
(
-0.3%
)
Bitcoin
26,968.27
(
-0.98%
)
  1. Home
  2. Investing
  3. Stocks
  4. UK
  5. LSE
  6. Empyrean Energy Plc (EME)

  7. Empyrean Energy Plc (EME) Share Price

EME

Empyrean Energy Plc

0.804
-0.001 (-0.12%)
Upgrade to Real-Time
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
Upgrade Icon
  -0.001 -0.12% 0.804 2,443,052 16:35:10
Bid Price Offer Price High Price Low Price Open Price
0.77 0.838
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil And Gas Field Expl Svcs 0.00 -8.11 -1.30 - 6.34
Last Trade Time Trade Type Trade Size Trade Price Currency
16:40:52 O 500,000 0.81 GBX
Related Shares
Bp (BP.), Harbour Energy (HBR), Curzon Energy (CZN), Echo Energy (ECHO)

Empyrean Energy (EME) Latest News

Empyrean Energy News

Date Time Source Headline
30/5/202310:47ALNCNewsEmpyrean shares fall on GBP1.5 million share subscription at discount
30/5/202307:36UKREGEmpyrean Energy PLC Capital raising, Debt Restructure & Company Update
02/5/202312:16ALNCNewsEmpyrean expects Mako gas sales deal to complete in second quarter
02/5/202307:00UKREGEmpyrean Energy PLC Mako gas field - Update
04/1/202316:40UKREGEmpyrean Energy PLC Second Price Monitoring Extn
04/1/202316:35UKREGEmpyrean Energy PLC Price Monitoring Extension
03/1/202316:40UKREGEmpyrean Energy PLC Second Price Monitoring Extn
03/1/202316:35UKREGEmpyrean Energy PLC Price Monitoring Extension
20/12/202212:11ALNCNewsIN BRIEF: Empyrean Energy shares down on widened interim loss
20/12/202207:00UKREGEmpyrean Energy PLC Interim Results

Empyrean Energy (EME) Discussions and Chat

Empyrean Energy Forums and Chat

Date Time Title Posts
07/6/202304:14EME - Post Sale of Sugarloaf Asset52,649
16/2/202319:26Empyrean Energy - EME - Charts and Info50
23/11/202216:00Empyrean Energy22,262
22/11/202214:05Empyrean energy -
12/9/202211:25Sacramento Basin-

Add a New Thread

Empyrean Energy (EME) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-06-06 15:40:520.81500,0004,050.00O
2023-06-06 15:27:440.81360,0002,925.00O
2023-06-06 14:41:110.8116,941137.90O
2023-06-06 14:14:350.7775,013579.10O
2023-06-06 13:12:540.774203.24O

Empyrean Energy (EME) Top Chat Posts

Top Posts
Posted at 05/6/2023 11:36 by astorcourt
In days gone by, spudding of a new well would cause a flurry of excitement with an accompanying rise in share price, but alas, those days are long over.

This one will limp on, and become one of those 0.005p type stocke, death spiral finance.

Move on people, nothing to see here.
Read Full Thread
Follow
Reply
Posted at 01/6/2023 08:56 by judijudi
52579
Jemjem,
With all due respect at least part of that is rubbish imho

Jade was always the number one choice for EME to drill and was decided on by EME themselves
From the very early days before any discussions about a JV partner EME themselves decided Jade was the one to go for first
It was always EME’s choice to drill it before Topaz
Scroll through the early RNS’s if you don’t believe me


I don’t think the rest of it stands up to much scrutiny either to be honest
Read Full Thread
Follow
Reply
Posted at 30/5/2023 09:26 by hang ten
Had we all been clever enough to do a fundraise before Jade and on several other occasions when the share price was healthier 'we' myself included wouldn't feel let down this morning. We are where we are.. Here's hoping TK can bring some value back to the share price with in the next few months and create more opportunity. I'm hopeful ! GLA
Read Full Thread
Follow
Reply
Posted at 30/5/2023 07:40 by blakieboy7
Empyrean Energy PLC Capital raising, Debt Restructure & Company UpdateSource: UK Regulatory (RNS & others)TIDMEMERNS Number : 9915AEmpyrean Energy PLC30 May 2023This announcement contains inside informationEmpyrean Energy Plc / Index: AIM / Epic: EME / Sector: Oil & GasEmpyrean Energy plcCapital raising, Debt Restructure and Company Update30 May 2023Empyrean Energy plc ("Empyrean" or the "Company"), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce a successful capital raise and debt restructuring as well as an update on future activities at the Mako Gas Field at the Duyung PSC (Empyrean 8.5%) ("Mako") and the Topaz prospect at its Block 29/11 permit (Empyrean 100%), offshore China ("Topaz").HIGHLIGHTS -- GBP1.52 million raised at a price of 0.8p -- Placement oversubscribed -- Mako Gas Sales Agreement binding terms expected late Q2 and sell down news expected early Q3 -- Joint regional oil migration study with CNOOC team to be completed -- 3D seismic inversion project to discriminate light oil from water to commence at Topaz with a specialist seismic consultancy with expertise in seismic inversion-- Convertible Note debt restructure to reduce face value of the Convertible Note and secure extended moratorium on interest-- Management participation in the capital raising and agreement to sacrifice one-third of salary for new equity to minimise cash burn ahead of key developmentsEmpyrean 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.Capital RaisingEmpyrean is pleased to advise that it has entered into binding subscription agreements to issue 189,753,783 new Ordinary Shares of 0.2p each in the Company (the "New Ordinary Shares") at a price of 0.8p per New Ordinary Share (the "Issue Price"), raising GBP1,518,030 (before costs) (the "Subscription").The Issue Price represents a 22.3% discount to the price of the Company's ordinary shares of 0.2p each (the "Shares") as at close of business on 26 May 2023 (1.03p) and a 33.5% discount to the volume weighted average price of the Shares for the ten days prior to close of business 26 May 2023 (1.12p) ("10 Day VWAP").Empyrean advises that the Board has resolved to issue 2,887,500 Shares to advisors of the Company in lieu of part of the fees incurred for the capital raising (the "Advisor shares").The Subscription is being completed under the Company's existing authorities and is not subject to the approval of shareholders. Following the Subscription and issue of the Advisor shares, the Company's enlarged issued share capital will comprise 981,073,175 Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.Of the total raised under the Subscription, CEO and Managing Director of Empyrean, Tom Kelly, has subscribed for 6,250,000 New Ordinary Shares for a total consideration of GBP50,000. Following his participation in the Subscription, Mr Kelly has an interest in 95,138,888 Shares, representing 9.69% of the enlarged issued share capital of the Company. In addition, Technical Director of Empyrean, Gaz Bisht, has subscribed for 1,850,000 New Ordinary Shares for a total consideration of GBP14,800. Following his participation in the Subscription, Mr Bisht has an interest in 33,671,429 Shares, representing 3.43% of the enlarged issued share capital of the Company. Further, Company Secretary of Empyrean, Jonathan Whyte, has subscribed for 500,000 New Ordinary Shares for a total consideration of GBP4,000. Following his participation in the Subscription, Mr Whyte has an interest in 673,572 Shares, representing 0.07% of the enlarged issued share capital of the Company.The funds raised from the Subscription will be used as follows: -- for the completion of joint regional oil migration studies with CNOOC at Topaz ; -- for the completion of a 3D seismic inversion study aimed to discriminate between oil and water in the reservoir at Topaz; -- for ongoing prospect, licensing fees and permit costs; -- for post Jade well consultancy, analysis and residual exploration costs; -- for front-end engineering design ("FEED"), studies and surveys at Mako - including gas processing and export gas tie in at the Kakap KF Platform; and -- for general working capital requirements Application will be made for the New Ordinary Shares and the Adviser Shares to be admitted to trading on AIM. Admission is expected to take place on 12 June 2023. The New Ordinary Shares and the Adviser Shares will rank pari passu with existing Shares in issue.Future ActivitiesMako Gas FieldAs previously announced, Conrad Asia Energy ("Conrad"), the operator and 76.5% partner in Mako has commenced a sell down process with a global investment bank in order to fund the development of Mako. Mako is the largest undeveloped gas accumulation in the immediate region and Conrad have said that industry interest in the project and sell down process is encouraging. Mako has received government approval for a Plan of Development. A Gas Sales Agreement is currently in advanced stages of negotiation and a binding terms sheet is expected between the partners, a Singaporean buyer and SKKMIGAS (the Indonesian regulator) in the near term.Topaz ProspectEmpyrean intends to conduct two further key projects that capitalise on the excellent quality 3D seismic acquired by the Company over the permit, shared regional 3D seismic that CNOOC has and additional physical well data of both Empyrean and CNOOC. These projects are designed to help address and mitigate the remaining primary geological risk at Topaz - oil migration into the Topaz trap.Firstly, jointly with CNOOC, Empyrean intends to complete a regional oil migration study. CNOOC bring excellence in local basin modelling expertise along with crucial regional data that augments the data Empyrean has on Block 29/11. The regional data includes temperature, pressure, timing of oil maturation, and successful oil migration pathway mapping. The project will map oil migration from the proven source rock south west of Block 29/11 that charges the four CNOOC oil discoveries (immediately west of Block 29/11 and Topaz) and extend this into Block 29/11 and map these migration pathways to Topaz. In addition, similar work will be conducted from a new kitchen located entirely within Block 29/11 and oil migration pathways will be mapped to Topaz. This project is expected to take approximately 4 months to complete.Secondly, Empyrean will conduct a 3D seismic inversion project focussing on Topaz. The 3D seismic inversion project will utilise the oil properties, reservoir temperature, reservoir pressure and water salinity data from CNOOC oil discovery wells combined with reservoir porosity and physical data from Empyrean well logs and core to maximise the effectiveness of the inversion project outcomes. The aim of the 3D seismic inversion project is to assess whether Topaz has different elastic properties to that of three water bearing wells in Block 29/11 and whether these properties can discriminate between water and light oil in the high porosity carbonate reservoir rocks on the high quality Topaz 3D seismic. The 3D seismic inversion project is expected to take approximately 3 months to complete.Debt RestructuringIn 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").As announced in May 2022, the Company and the Lender then amended the key repayment terms of the Convertible Note, which at that time included the right by the Lender to redeem the Convertible Note within 5 business days of the announcement of the results of the Jade well at Block 29/11. The face value of the loan notes was reset to GBP3.3m with interest to commence and accrue at GBP330,000 per calendar month from 1 December 2022.The Company and the Lender have, in conjunction with and conditional upon the completion of the Subscription, now reached agreement on amended key terms to the Convertible Note to allow the sales process for Mako to complete. The key terms of the amendment are as follows:1. The face value of the Convertible Note has been reduced from GBP5.28m (accrued to the end of May 2023) to GBP4.6 million;2. No interest shall accrue on the Convertible Note until 31 December 2023, with interest accruing thereafter at a rate of 20% p.a.; 3. The conversion price on the Convertible Note has been reduced from 8p to 2.5p per Share; 4. Unless otherwise required by the joint operating agreement entered into with Empyrean's licence partners (the "JOA") or with the prior written consent of the Lender (such consent not to be unreasonably withheld or delayed), Empyrean may only execute agreements for the sale of its interest in Mako (in whole or in part) if the terms of the sale provide for a payment to Empyrean at completion of immediately available funds and for a sale price of an amount that is at least the amounts owed to the Lender (as described in 5 and 6 below):5. On a successful sale of the Company's interest in Mako, Empyrean must redeem the face value of the Convertible Note and pay the Lender the greater of (a) US$1.5 million or (b) 15% of the proceeds such sale;6. In the event that the Company repays the Convertible Note from sources other than a sale of its interest in Mako, Empyrean must also pay the Lender US$1.5 million on redemption of the Convertible Note together with a further payment based on either (a) the actual valuation achieved on any sale within 2 years or (b) an updated valuation of the Company's interest in Mako if not sold within that 2 year period, in each case so that the total proceeds paid to the Lender are 15% of the valuation of the Company's interest in Mako;7. In the event that the sale process being run on behalf of the operator, Conrad, does not result in an offer being made to acquire all or part of the Company's interest in Mako, then Empyrean must work with the Lender in good faith to sell the Mako Interest as soon as reasonably possible and, subject to applicable laws and the terms of the JOA, may grant rights to the Lender to market this interest on its behalf.Salary SacrificeWhile the Company awaits the anticipated signing of the GSA and the completion of the sell down process noted above, two of its Directors, Tom Kelly and Gaz Bisht, together with its Company Secretary, Jonathan Whyte, have agreed to take one third of their salaries in new Shares ("Salary Sacrifice Shares") in lieu of cash remuneration in order to preserve capital and ensure more funds are directed towards project activities. The Salary Sacrifice Shares will be issued at the same price as the Subscription Price ( 0.8p per New Ordinary Share ) and will be issued to the relevant participants at the end of each month starting June 2023. This arrangement will conclude on the earlier of 31 December 2023 or the signing of a binding agreement for the sale (in part or whole) of Empyrean's interest in Mako.Issue of WarrantsEmpyrean advises that the Board has resolved to issue warrants in respect of 2,833,333 Shares to advisors of the Company, for consultancy and advisory services provided over the last 12 months (the "Advisor Warrants").The exercise price of the Advisor Warrants is 1.5p each and they will expire on 30 May 2024.Empyrean also advises that the Board has resolved to issue incentive warrants in respect of 10,000,000 ordinary shares of 0.2 pence in the Company to the Company Secretary, Jonathan Whyte, or his nominee (the "Incentive Warrants").The Incentive Warrants have been granted as part of the Company's strategy to retain and incentivise directors and management of the Company. The Incentive Warrants will expire on 30 May 2026.The Incentive Warrants are to be issued in two equal tranches of 5,000,000. The exercise price of the first tranche of Incentive Warrants is 1.5p each, which represents an approximate 25% premium to the volume weighted average price of the Shares for the ten days prior to the date of grant. The exercise price of the second tranche of Incentive Warrants is 2.0p each, which represents an approximate 66% premium to the volume weighted average price of the Ordinary Shares for the ten days prior to the date of grant.The technical 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:"Empyrean is very pleased with the outcome of this capital raising and is grateful for the continued support from its shareholders. We now look forward with great interest to the conclusion of Gas Sales Agreement negotiations and to developments on the sell down process of the Mako Gas Field. The macro environment for gas in South East Asia, and Singapore in particular, is expected to continue trending favourably with the region transitioning from coal to gas as the preferred energy source. Energy demand and gas demand are both forecast to continue to grow.In China, we will use the very latest technology to further de-risk the very large 890 million barrel (P10) target at Topaz. Following success on the regional oil migration study and 3 seismic inversion project, we will continue our preparations for drilling within the November - May 2024 drilling weather window."For further information please contact the following: Empyrean Energy plc Tom Kelly Tel: +61 6146 5325 Cenkos Securities plc (Nominated Advisor and Broker) Neil McDonald Tel: +44 (0) 20 7297 8900 Pearl Kellie First Equity (Join Broker) Jason Robertson Tel: +44 (0) 20 7330 1883 NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM 1 Details of the person discharging managerial responsibilities/person closely associated a) Name: Thomas Kelly ----------------------------- ---------------------------------------- 2 Reason for the Notification ----------------------------------------------------------------------- a) Position/Status: Managing Director/CEO ----------------------------- ---------------------------------------- b) Initial notification/ Initial Notification Amendment: ----------------------------- ---------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ----------------------------------------------------------------------- a) Name: Empyrean Energy Plc ----------------------------- ---------------------------------------- b) LEI: 213800ZRH1WBHEWDFA57 ----------------------------- ---------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ----------------------------------------------------------------------- a) Description of the financial Ordinary shares of 0.2p each ("Shares") instrument, type of GB00B09G2351 instrument: Identification code: ----------------------------- ---------------------------------------- b) Nature of the transaction: Subscription for Shares ----------------------------- ---------------------------------------- c) Price(s) and Volume(s): Price Volume 0.8p 6,250,000 ----------------------------- ---------------------------------------- d) Aggregated Information: N/A (Single transaction) - Aggregated Volume - Price ----------------------------- ---------------------------------------- e) Date of the Transaction: 30 May 2023 ----------------------------- ---------------------------------------- f) Place of the Transaction: London Stock Exchange, AIM (LON:EME) ----------------------------- ---------------------------------------- 1 Details of the person discharging managerial responsibilities/person closely associated a) Name: Gaz Bisht ----------------------------- ---------------------------------------- 2 Reason for the Notification ----------------------------------------------------------------------- a) Position/Status: Technical Director ----------------------------- ---------------------------------------- b) Initial notification/ Initial Notification Amendment: ----------------------------- ---------------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ----------------------------------------------------------------------- a) Name: Empyrean Energy Plc ----------------------------- ---------------------------------------- b) LEI: 213800ZRH1WBHEWDFA57 ----------------------------- ---------------------------------------- 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ----------------------------------------------------------------------- a) Description of the financial Ordinary shares of 0.2p each ("Shares") instrument, type of GB00B09G2351 instrument: Identification code: ----------------------------- ---------------------------------------- b) Nature of the transaction: Subscription for Shares ----------------------------- ---------------------------------------- c) Price(s) and Volume(s): Price Volume 0.8p 1,850,000 ----------------------------- ---------------------------------------- d) Aggregated Information: N/A (Single transaction) - Aggregated Volume - Price ----------------------------- ---------------------------------------- e) Date of the Transaction: 30 May 2023 ----------------------------- ---------------------------------------- f) Place of the Transaction: London Stock Exchange, AIM (LON:EME) ----------------------------- ---------------------------------------- 1 Details of the person discharging managerial responsibilities/person closely associated a) Name: Jonathan Whyte ----------------------------- ------------------------------------------------------ 2 Reason for the Notification ------------------------------------------------------------------------------------- a) Position/Status: Company Secretary ----------------------------- ------------------------------------------------------ b) Initial notification/ Initial Notification Amendment: ----------------------------- ------------------------------------------------------ 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ------------------------------------------------------------------------------------- a) Name: Empyrean Energy Plc ----------------------------- ------------------------------------------------------ b) LEI: 213800ZRH1WBHEWDFA57 ----------------------------- ------------------------------------------------------ 4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted ------------------------------------------------------------------------------------- a) Description of the financial Warrants over ordinary shares of 0.2p instrument, type of each ("Shares") instrument: GB00B09G2351 Identification code: ----------------------------- ------------------------------------------------------ b) Nature of the transaction: (i) Subscription for Shares (ii) Grant of 10,00,000 Incentive Warrants over Shares with an expiry date of 30 May 2026. ----------------------------- ------------------------------------------------------ c) Price(s) and Volume(s): (i) Price Volume 0.8p 500,000 (ii) Exercise Price(s) Volume(s) GBP0.015 5,000,000 ---------- GBP0.02 5,000,000 ---------- ----------------------------- ------------------------------------------------------ d) Aggregated Information: N/A (Single transaction) - Aggregated Volume - Price ----------------------------- ------------------------------------------------------ e) Date of the Transaction: 30 May 2023 ----------------------------- ------------------------------------------------------ f) Place of the Transaction: London Stock Exchange, AIM (LON:EME) ----------------------------- ------------------------------------------------------ This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.ENDUPDEAKSEDDLDEEA(END) Dow Jones NewswiresMay 30, 2023 02:36 ET (06:36 GMT)
Read Full Thread
Follow
Reply
Posted at 24/5/2023 13:25 by safiande
Article today in " Upstream " on Coro.

"Time for decisions: Coro executive chairman James Parsons. Photo: CORO

UK player considering Indonesia upstream exit
Coro Energy could pull out "if the terms are right"

24 May 2023 0:20 GMT UPDATED 24 May 2023 0:20 GMT
By Amanda Battersby in Singapore

Southeast Asia-focused UK energy company Coro Energy is considering the divestment of its Indonesian upstream asset if the price is right, just months after agreeing the sale of its Italian portfolio.

Coro is a 15% partner in Conrad Asia Energy’s Duyung production sharing contract, where the operator itself is looking to farm down its current 76.5% interest ahead of taking the final investment decision on the Mako offshore gas field development.

“The operator of the Duyung PSC announced it had engaged a global investment bank with a proven track record in similar transactions to lead a farm-down process for the divestment of a portion of its interest in the Duyung PSC. The operator [Conrad] advised bids are expected to be received during the second quarter of 2023,” noted Coro.

“Coro may participate pro rata in the farm-down process as various drag and tag along clauses exist in the Joint Operating Agreement. Coro may also entertain a full exit, depending on the terms offered,” the company said.

The Duyung partners are continuing to work on commercialising Mako with the current focus on securing a binding Gas Sales Agreement.

The Indonesian authorities have approved the revised Plan of Development for Mako based on a production rate of 120 million cubic feet per day of gas, up from the previous 44 MMcfd, with the ability to increase output up to 150 MMcfd after the first year, depending on well performance.

Meanwhile, front-end engineering and design work for Mako, including for the mobile offshore production unit and subsea umbilicals, risers and flowlines is progressing on schedule.

An exit from Duyung following Coro’s departure from Italy would see the independent focusing on Southeast Asia renewables projects.

The company in 2022 completed its first rooftop solar project of 3 megawatts in Vietnam, following the signing a 25-year Power Purchase Agreement, which started delivering electricity last October.

Also, Coro is working on planning and permitting activities for both renewable solar and wind projects in the Philippines. An application for a WESC (Wind Energy Service Contract) was submitted in 2022 and a Lidar installed to collect data.

On the financial front, Coro achieved a $2.6 million profit in 2022 after resuming and increasing gas production from its Italian onshore operations to benefit from the rise in gas prices in Italy.

However, Coro in March agreed to sell for 7.5 million euro ($8.08 million) its Italian producing portfolio to the UK’s Zodiac Energy "

Https://www.upstreamonline.com/finance/uk-player-considering-indonesia-upstream-exit/2-1-1455234?utm_source=email_campaign&utm_medium=email&utm_campaign=2023-05-24&utm_term=upstream&utm_content=daily
Read Full Thread
Follow
Reply
Posted at 22/5/2023 08:08 by lazarus2010
cashandcard20 May '23 - 16:33 - 52474 of 52482
0 1 4
Judi,


Nonsense. The mere fact Conrad are doing a deal does not mean EME can ride on their coat tails. Ultimately the buyer will dictate price and use EME's weakness against it. They *may* achieve a sale but it won't be at the lofty prices some here seem to think. Completely absurd this is even in question.
--------------------------------------------------------------------
Buzzzz answered the first part, and I agree with his comments.

re part 2...the buyer will not dictate the price in as much as if there are several potential buyers, they will be competing in an open market and will have to push their price as far as they can go if they want their slice of the pie. If the asset is worth net revenue of c. £3.25bln as per Saf above, they are not going to penny pinch and risk losing that sort of future revenue. Also don't forget there are potential upside rewards from further exploration of the deeper formations and potentially bigger Mako field than currently being forecast. Throw into the mix growth in Asian demand for gas, pressure to decarbonise and gas is recognised as a transition fuel, there are a lot of reasons for bidders to bid at the very top end of their valuations, and possibly exceed them.

Whatever that amount is nobody really knows, time will tell. Guidance from CRD is end of June for the bids to be in and I would expect that the GSA will be signed and details will be provided to the bidders before closing the offer period. They will likely have all the spreadsheets in place and will only have to input the final GSA figures, run the various risk analyses and come up with their best offer. Maximum 1 week to do that and have their bid signed off internally, so latest for the GSA announcement to facilitate the close of the bids by end of June would be c. June 23rd GSA announcement, so c. 5 weeks to wait. T20 time in 1 week ;-)))))

AIMHO NIAI DYOR GLA
Read Full Thread
Follow
Reply
Posted at 20/5/2023 18:05 by buzzzzzzzz
Cash

EME can ride on CRD's coat tails. Conrad are doing the deal and are contracted to give EME the same deal they get otherwise EME can veto the whole deal as can CORO.

To suggest otherwise is wrong and EME have stated they have tag along rights ie exactly what I have stated.

So go and do some research and stop peddling scare stories.
Read Full Thread
Follow
Reply
Posted at 15/5/2023 16:25 by bushman1
Having read through again the most recent CRD and EME updates we know all parties are looking for the GSA to be signed by end 2Q . A lot of moving parts after the GSA is signed so in everyone ' s interest to see completion happen ASAP. Hence in the ' June quarter ' means any day in the 33 trading days left .. The nearer we reach 30 th June .... the more interest I hope being reflected in a stronger share price. Please DYOR. IMHO.
Read Full Thread
Follow
Reply
Posted at 10/3/2023 12:48 by safiande
Interesting article. Mako gets a mention as does the newly discovered Anambas oil field next to Duyung. Also Medco Energi in Thailand etc. Medco probably already has 12% of Mako on their patch and might be interested imo in topping up as CRD has confirmed that they plan to sell 40 - 50% by Sep 2023.

"$5bn worth of oil and gas assets up for sale in Southeast Asia

Around three billion barrels oil equivalent (boe) of resources worth a total $5 billion are on the market, in Southeast Asia.
By Damon Evans
08/03/2023, 6:00 am

©
Merger and acquisition (M&A) activity in Southeast Asia could rebound strongly in 2023 after a relatively muted 2022.

Significantly, around 3 billion barrels oil equivalent (boe) of resources worth a total $5 billion are on the market, estimates from consultancy Rystad Energy showed.

“A raft of assets across different life cycles are on offer and talks are ongoing over transactions potentially worth around $2 billion combined,” Prateek Pandey, vice president analysis at Rystad Energy, told Energy Voice.

“Although there are a number of farm-in opportunities available, involving different sizes of resource, the progress on most large-size opportunities was extremely slow in 2022, potentially due to price volatility, inflation impacts and other risks associated with these portfolios,” he added.

Andrew Harwood, Asia Pacific research director at Wood Mackenzie, noted that activity in Asia Pacific (APAC) started to pick up in the second half of 2022, driven by two major themes – Australasian LNG deals and small independent players acquiring mature assets in Southeast Asia.

The trend, which looks set to continue, after lacklustre M&A activity in 2022, will be driven by the majors continued repositioning of their portfolios for the energy transition, Harwood told Energy Voice.

APAC oil and gas deal activity was down in 2022, both in terms of the number of deals – 12 in 2022 versus 22 in 2021 – and announced deal spend – $4.9 billion versus $15.9 billion in 2021 – data from Wood Mackenzie showed.

This year “larger players divesting mature and non-core assets will generate additional opportunities for smaller players. We expect Shell to finalise the divestment of its interest in the Inpex-led Abadi project in Indonesia over the next couple of months,” said Harwood.

Indeed, Pertamina looks set to acquire Shell’s 35% share in Abadi, also known as Masela, for at least $1 billion. If the deal completes, it will likely be the leading transaction in terms of value in 2023.

There is also potential for the likes of Chevron, ExxonMobil, TotalEnergies and Shell to trim their portfolios across Thailand, Malaysia, and Brunei.

“Likely buyers include smaller Southeast Asia focused independents, such as Medco Energi, Jadestone Energy, Valeura Energy, PETROS, as well as Hibiscus. We could also see North Sea and European players look to Southeast Asia as a means of diversifying exposure to windfall taxes and anti-industry sentiment at home,” added Harwood.

Rystad’s Pandey agreed that independents will be crucial buyers, as well as some companies from China and Japan seeking to expand their portfolios, particularly in the gas and low-carbon sectors.

In Indonesia, rumours continue swirling that at least two international oil companies (IOCs) are potentially looking to divest their portfolios. “Whilst their final choice to exit or not may be a statement on how they view Indonesia, the greater statement will be the level of interest shown by potential acquirers,” said Marc Howson, head of Asia at research firm Welligence Energy.

Successful divestment of Chevron’s 62% operated interest in the Rapak and Ganal PSCs that contain the long-awaited Indonesia Deepwater Development (IDD) project may also be on the cards. “Eni had been reported to be the likely buyer, but was requesting flexibility on PSC terms,” added Howson.

Rystad’s Pandey noted a number of other packages are up for grabs in Indonesia, including a stake in the Conrad Petroleum-operated Mako development and at the Kuwait Petroleum-operated Anambas development. An opportunity may also arise at Repsol’s Kali Berau Dalam (KBD) gas development.

In Malaysia, M&A opportunities primarily contain mature producing assets from IOC’s portfolios, where the sellers are motivated by declining production trends and emissions intensity. “Several international companies – such as ExxonMobil, Petrofac, Hess and a few others – have been rumoured to be considering bringing their Malaysian assets to the market. TotalEnergies portfolio in Brunei is another similar opportunity, primarily with late-life producing assets,” added Pandey.

Welligence’s Howson noted that while Malaysia is core to Shell, the major is also expected to continue divesting its non-operated assets in the country.

“In Thailand, ExxonMobil and Chevron, may continue with divestments in the country, which is non-core, as they focus on high-grading their portfolios internationally,R21; added Howson.

Meanwhile, in Australia, Wood Mackenzie’s Harwood reckons potential investors will be deterred by recent policy changes, that have seen the government intervene in the country’s energy markets.

Elsewhere, renewables M&A activity is likely to be a rising theme in 2023, particularly as the regional NOCs look to build out their low carbon portfolios. “Further announcements on CCS/CCUS regulations and incentives could also bring new business development activity, but progress to date has been limited,” said Harwood. "
Read Full Thread
Follow
Reply
Posted at 07/3/2023 01:53 by bushman1
Open Question. When CRD hits * $ 2.00 which it will upon GSA news and future news etc. how will the strong recent increase in CRD share price influence EME Plus Goodwill factor from association with CRD alone will add to EME share price I suggest Plus growing awareness of EME through exposure via CRD to ASX investors now. How much will these factors contribute to EME share price ?Please DYOR. IMHO
Read Full Thread
Follow
Reply
Empyrean Energy share price data is direct from the London Stock Exchange
Your Recent History
LSE
EME
Empyrean E..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 | support@advfn.com

V: D: 20230607 05:10:45