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Empyrean Share Chat (EME)



Share Price: 9.65Bid: 9.30Ask: 10.00Change: 0.00 (0.00%)No Movement on Empyrean
Spread: 0.70Spread as %: 7.53%Open: 9.25High: 0.00Low: 0.00Yesterday’s Close: 9.65


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jamesroo
Posts: 4,608
Opinion:No Opinion
Price:9.25
RE: BREXIT WILL NEVER HAPPEN.
Thu 06:57
Andrex.
 
Gazza4563
Posts: 1,603
Opinion:No Opinion
Price:9.35
RE: BREXIT WILL NEVER HAPPEN.
Tue 10:25
Who gives a shit
jamesroo
Posts: 4,608
Opinion:No Opinion
Price:9.35
RE: BREXIT WILL NEVER HAPPEN.
Sun 12:24
Can anyone be king enough to advise the latest possible date Mrs May can hold a General Election?
I ask this as I believe she will take her reign down to the wire, and a little flutter will be beneficial.
Good afternoon all.
jamesroo
Posts: 4,608
Opinion:No Opinion
Price:9.35
BREXIT WILL NEVER HAPPEN.
12 Apr '19
Hey Ho and up she rises.
Happy days are here again.
Gazza4563
Posts: 1,603
Opinion:No Opinion
Price:8.50
RE: Duyung
5 Apr '19
It’s a September drill. Unlike fiasco which should have been March. So I’m guessing California is imminent
coopgare
Posts: 235
Opinion:No Opinion
Price:8.40
RE: Duyung
4 Apr '19
Yep, late Q3 when you read the upper table on slide 9 - didn't see that initially.
Coop
RatHole
Posts: 355
Opinion:No Opinion
Price:8.40
RE: Duyung
4 Apr '19
Late Q3 if you can read? I think you are confusing Duyung drill with Dempsey Frac coopgare. 8p to sell, Ouch.
Take Care
coopgare
Posts: 235
Opinion:Hold
Price:8.40
RE: Duyung
4 Apr '19
Yep, from the presentation looks like we'll be spudding this month on the Duyang appraisal well.
Coop
currypasty
Posts: 10
Opinion:Buy
Price:8.40
Duyung
4 Apr '19
opti
Posts: 17
Premium Chat Member
Opinion:No Opinion
Price:8.25
RE: CORO - Duyung
3 Apr '19
in a few words...where are we going with this company? ive been holding for over a year and there been no significant movement ???
Gazza4563
Posts: 1,603
Opinion:No Opinion
Price:9.00
CORO - Duyung
31 Mar '19
Orchy
Posts: 4,656
Opinion:No Opinion
Price:8.25
update
26 Mar '19
time for an update TK
Gazza4563
Posts: 1,603
Opinion:No Opinion
Price:8.75
2 of 2
19 Mar '19
billion) Lingshui 17-2 development is in full swing, with first gas scheduled in 2020 and output increasing to 3.5 Bcm per annum at peak.

CNOOC Ltd already produces 6 million cubic metres per day of gas from shallow waters in the South China Sea and aims to boost output by another 9 MMcmd from the western area covering the Yinggehai and Qiongdongnan basins.

Start-up
The company is currently developing two projects in the Pearl River Mouth basin — the Liuhua 29-1 gas field and the Liuhua 16-2 oil complex.

The two fields are scheduled to start production from July 2020 to March 2021.

At the Liuhua 29-1 deep-water field, CNOOC Ltd and operator Husky Energy of Canada will drill seven subsea wells at water depths between 520 and 1150 metres. First gas at the field is expected at the end of 2020.

At Bohai Bay, CNOOC Ltd is putting the giant Bozhong 19-6 gas play, a 2017 discovery, under trial development.

Located 145 kilometres north-west of Tianjin in water depths of 22 metres, the field will be developed with a wellhead platform and an export pipeline to the existing Bozhong 19-4B platform.

Another line will link the platform with the existing Bozhong 13-1 field.

Gas will be sent to an onshore terminal for processing and condensate will be moved to the Hai Yang Shi You 13-1 floating production, storage and offloading vessel.

Bozhong 19-6 is believed to hold 100 Bcm of probable and possible gas reserves.

Based on the latest development schedule, CNOOC Ltd has revised upwards its oil and gas production target by 2020, expressing confidence in healthy production from domestic and overseas fields.

Projects in development will help the company boost net production to between 515 million and 535 million barrels of oil equivalent in 2020, rising to between 535 million and 545 million boe by 2021, higher than the 500 million boe for 2020 the company envisaged two years ago.

Production in 2019 is targeted to reach 480 million to 490 million boe, up from an earlier anticipated 475 million boe.

Of the total, 63% will come from domestic fields, up from the 58% CNOOC Ltd expected two years ago.

The company plans to bring six oil and gas fields on line this year, of which the Shell-operated Appomattox project in the US Gulf of Mexico, where subsidiary CNOOC International holds a 21% stake, is perhaps most prominent.

CNOOC Ltd will invest between 14 billion and 16 billion yuan (between $2 billion and $2.3 billion) this year in exploration, slightly higher than last year’s $2 billion.

More than 75% of the sum is scheduled for domestic activities, including 173 conventional exploration wells, 73 unconventional wells and the acquisition of 28,000 square kilometres of 3D seismic data.

Last year, CNOOC Ltd’s domestic output increased almost 3% year-on-year to 845,000 barrels of oil equivalent per day following the ramp-up of the Dongfang and Panyu gas fields and the start-up of several oilfields.
Gazza4563
Posts: 1,603
Opinion:No Opinion
Price:8.75
1 of 2
19 Mar '19
CNOOC Ltd, the exploration and production division of China National Offshore Oil Corporation, is poised to double its proven oil and gas reserves within seven years — a target that will require the company to make massive discoveries similar to its Lingshui gas find in the South China Sea, with proven reserves of more than 100 billion cubic metres.

To achieve this, the company will have to take on riskier and more expensive exploration work, going into deeper waters farther from shore to tap complex reservoirs with extremely high temperatures and pressures.

Based on the latest surveys carried out by China’s upstream watchdog, the Ministry of Natural Resources, the deep-water areas of the Qiongdongnan and Pearl River Mouth basins hold 3.05 billion tonnes (22.4 billion barrels) of oil in place and 6.1 trillion cubic metres of gas in place.

This is out of a total of 35 billion tonnes of oil and gas in place, of which gas accounts for 83%, in the South China Sea.

CNOOC Ltd recently made two major deep-water gas discoveries — Yongle and Baodao in the Qiongdongnan basin, east of the Lingshui gas field. The two fields, each believed to hold 100 Bcm of gas, are hoped to be the basis for a new gas production hub.

CNOOC Ltd has aligned with nine major foreign operators, including Chevron and ConocoPhillips of the US, to explore offshore basins in the South China Sea.

Agreements were signed late last year covering blocks in the Pearl River Mouth, Yinggerhai and Qiongdongnan basins.

However, without production sharing contracts to back them up, the agreements are mostly symbolic of China’s growing openness to outside investment in its upstream industry.

While China may not be desperate for foreign investment to help it boost offshore exploration and development, it does need technology to help it tap heavy oil at Bohai Bay and to tackle high-temperature, high-pressure reservoirs in the South China Sea.

The country lacks the sophisticated engineering and fabrication expertise needed to build and install subsea equipment for deep-water operations.

CNOOC Ltd will launch a fresh bid at the end of March for a subsea production system for its Lufeng 22-1 oilfield redevelopment, part of a new overall development plan targeting a cluster of South China Sea fields.

Expected contenders include UK-based TechnipFMC, Aker Solutions of Norway, GE-controlled Baker Hughes, Schlumberger-owned OneSubsea and possibly privately owned Chinese subsea equipment manufacturer MSP-Drilex.

The fields lie north-west of the existing Lufeng oil complex that comprise Lufeng 7-2 and Lufeng 13-1.

Most of the fields set to start production, including the Huizhou 32-5 oilfield in the South China Sea’s Pearl River Mouth basin, Caofeidian 11-1/11-6 in Bohai Bay and Wenchang 13-2 in the Beibu Gulf, are what CNOOC Ltd calls “comprehensive adjustment projects”, meaning redevelopments of existing fields.

In Qiongdongnan basin, the 22 billion yuan ($3.1 bil
Gazza4563
Posts: 1,603
Opinion:No Opinion
Price:8.75
....
19 Mar '19
In a recent open letter to employees at China National Offshore Oil Corporation (CNOOC), chairman Yang Hua expresses a degree of frustration with a major challenge facing the oil and gas industry.

He highlights the challenges facing industry to adapt to the changing operating environment brought about by advances in digital technology.

Yang tells employees that the digital world is no longer a fiction as some have imagined. “It is so real that it is confronting me with great pressure,” he writes.

The fact that hydrocarbons will remain the world’s main source of energy for at least the next decade does not mean that CNOOC can go about its business for another 10 years content it will survive as an oil company, he says.

Oil companies all face the same challenge to cut costs to remain competitive, but conventional thinking will result in only limited success, Yang says.

Digital technology has a large role to play in the next stage of structural cost reduction.

“The application of digital technology will define the future energy landscape,” he says.

CNOOC will promote the transformation and restructure its operations — and mindset — around digital technology, he says.

Digitalisation has the potential to unlock reservoir information, boost oil recovery and improve worksite safety and cost efficiency through unmanned platforms, Yang writes.

The technology, he adds, could provide CNOOC with solutions to unlocking previously off-limits resources, including development of heavy oil deposits trapped in Bohai Bay, tight gas in eastern China and hydrocarbons in the South China Sea.

Yang says CNOOC will likely transform into a service-geared company, or a broad energy solutions provider, though it is capable of providing more energy products.

He cites a report showing that the oil and gas industry is less knowledgeable about digitalisation compared with other industries, with only 40% of operations involving digital technology, much lower than the average 49% seen in other industries.

The letter urges employees to think about what changes should be made in terms of organisation, research and goals, as they relate to digitalisation.

CNOOC will help by providing digital training for current employees and employing more people who are skilled in digital technologies.

Yang calls on employees to help develop a “digital roadmap” to guide the company’s transformation as it uses technology to maintain high-value creation, to improve operating efficiency and to increase production.

There is no guarantee that Yang’s initiative will help CNOOC recover resources that currently are not profitable to develop. But it should help the company work smarter, safer and more efficiently.

As its South China Sea exploration goes deeper and farther from shore, CNOOC is keen to produce oil and gas from unmanned and remotely controlled installations.
Gazza4563
Posts: 1,603
Opinion:No Opinion
Price:9.25
RE: Dempsey frack?
14 Mar '19
fiasco have a rep for being shite
AnneOwl
Posts: 115
Opinion:No Opinion
Price:9.25
Dempsey frack?
14 Mar '19
Is that going to happen, or should I just forget about Dempsey?
Orchy
Posts: 4,656
Opinion:No Opinion
Price:9.25
Indo
14 Mar '19
nice update on Indo, developing nicely.

300k buy. just need some big news on China.
Gazza4563
Posts: 1,603
Opinion:No Opinion
Price:9.25
RE: rns
11 Mar '19
11 Mar 2019 03:32 GMT
The Indonesian government has approved the development plan for the Conrad Petroleum-operated Mako gas field in the offshore Duyung production sharing contract.

Conrad confirmed over the weekend Indonesia’s Ministry of Energy & Mineral Resources had approved the development plan for the field which is estimated to hold 276 billion cubic feet in contingent resources.

The development plan for Mako involves a small wellhead platform with compression facilities that will initially host four wells, with another four wells to be subsequently drilled during the life of the field, with plateau production expected to average 90 million cubic feet of gas per day.

Conrad chief executive Miltos Xynogalas said the approval of the plan of development marked an important milestone in the maturation of the field.

“This step advances the project and provides the certainty necessary for Conrad to conclude gas sales contracts and finalise access to evacuation routes,” he said.

“In addition, it allows Conrad to continue exploring within the Duyung PSC, and acreage with several identified leads and prospects and a confirmed petroleum system.”

Conrad also stated the PSC had been converted from the cost recovery scheme to the gross split scheme, with it noting the benefit of the latter.

“The gross split scheme significantly streamlines the budgeting and approval process for operations within the PSC area, enabling contractors such as Conrad to increase their operational activities,” Xynogalas said.

“Furthermore, the lower tax burden prior to commercial production provides us even more incentive to launch additional operations in the near future.”

The Duyung PSC covers roughly 890 square kilometres in the South China Sea in the Riau Islands Province and lies near the West Natuna Transportation System, a gas pipeline to markets in Singapore
Gazza4563
Posts: 1,603
Opinion:No Opinion
Price:9.50
RE: rns
11 Mar '19
Some excellent work going off behind the scene by TK and the team
MALTBY2002
Posts: 117
Opinion:No Opinion
Price:9.125
RE: rns
11 Mar '19
POD approval for Duyong. Another box ticked
splatted.
Posts: 5,945
Opinion:No Opinion
Price:9.125
rns
11 Mar '19
slowly but surely
Gazza4563
Posts: 1,603
Opinion:No Opinion
Price:9.125
RE: 28 Nov 2018 09:32 GMT
9 Mar '19
Bisht said, once the plan is approved, drilling would be scheduled for the third quarter of next year.
Gazza4563
Posts: 1,603
Opinion:No Opinion
Price:9.125
28 Nov 2018 09:32 GMT
9 Mar '19
Empyrean eyeing China farmout
UK company looking for partners at the offshore project, where drilling could kick off next year

Anamaria Deduleasa
28 Nov 2018 09:32 GMT
UK-listed company Empyrean Energy is eyeing a farmout at its block in the Pearl River Mouth basin, offshore China, where it aims to start drilling by the end of next year or early 2020.

Empyrean holds a 100% interest in Block 29/11, where the Jade, Topaz and Pearl prospects have been identified.

The block covers around 1808 square kilometres and lies in water depths ranging from 300 to 600 metres.

Believed to hold around 884 million barrels of oil in-place on an un-risked basis, it lies between producing fields with infrastructure in place, operated by Chinese state-owned giant CNOOC Ltd.

Nearby, Italy’s Eni, US supermajor Chevron and Canada’s Husky Energy also hold blocks, which are under development.

More resources for Empyrean off China
Read more
“Empyrean is actively thinking about funding the exploration well commitment. Strategy includes creating a joint venture for the project by farming out equity, sale of existing assets or capital raising. Given the fact that Empyrean has two and half years – starting on 13 December 2018- to drill the well, each of these three options will be actively worked on,” Gaz Bisht, executive director told Upstream.

“We aim to start talks with companies with projects near ours and beyond,” Bisht said.

Empyrean has already signed a production sharing contract with CNOOC Ltd covering the block. For now, Empyrean will act as operator during the exploration period of the PSC and will incur all exploration costs.

CNOOC Ltd will then have the right to participate in any commercial discoveries, up to an interest of 51%, once the PSC enters the development phase.

After having recently gathered 3D seismic over the block, Empyrean will spend next year working to obtain all the necessary well planning permitting, as it aims to spud a well in the fourth quarter of next year or in the first quarter of 2020, Bisht said.

“Commencing in the first quarter of 2019, Empyrean will focus on building operational capabilities in China in preparation for drilling the well. It will include setting up a small office, staffing it will appropriate skillsets and selecting appropriate rig,” he said.

Bisht did not reveal what percentage the company is looking to farm-out, but he said the goal is to bring in a partner to share “costs and future value”.

Meanwhile, Empyrean, also present offshore Indonesia, is also looking to drill at the Conrad Petroleum-operated Mako gas field scheme.

Empyrean farmed-into Mako with a 10% interest. The joint ventures partners are hopeful their submitted development plan will be approved by the end of the year, which would pave the way for a final investment decision.

The preliminary resource estimate at Mako is 373 billion cubic feet of best estimate contingent resources.

Bisht said, once the
Gazza4563
Posts: 1,603
Opinion:No Opinion
Price:9.125
RE: Lots and lots
7 Mar '19
every time i come to this share, tumbleweeds go across my screen




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