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CORO appears to be on the move upwards already - EME to follow???
CORO
Fully funded -apart from the massive loan which is accumulating as i write and needs to be paid for before anything else .Any prospective buyer will have done due diligence and know the state of the finances of this company . They will know our predicament and the offer(s) will be geared to that i think. Well done the bod not.
Fully funded now till news of the GSA which is due in June 2023 so not long to wait. Then bids for divestment expected early Q3 funds from which will be used to drill Tooaz. The topaz drilling window is also starts in November 2023 what's not to like significantly derisked here an a perfect opportunity for some cheap shares to average down. Directors have also brought shares in the recent fund raise.
3 x 2 million share buys today - and no sells. I'm surprised this isn't moving higher already. This should be back to 1.6p during June in preparation for the Gas Sales Agreement and sell-down news.
Well good luck trying to get a hold of Kelly. I hear he is on a surfing trip in the Maldives. Great capital raise just enough to pay BOD salaries and expenses
Discgraceful but typical
From Malky’s Blog:
Until I get a chance to speak to Tom Kelly I can’t really add anything to what is in the statement, readers will know that historically I have given Empyrean every chance but this really sounds like the company are heading towards the last of their 9 lives but more after Ive spoken to TK.
https://www.malcysblog.com/2023/05/oil-price-petrotal-kistos-arrow-southern-hunting-angus-longboat-empyrean-prospex-rockhopper-igas-reabold-and-finally/
@Art123, good explanation and yes, could come good in the next 6 - 12 months.
I need to get to 2.5p to get my money back and anything above that is a bonus.
I topped up today (small change is all I had) so hopefully we will both benefit going forward. Thank you for your input and have a good evening.
Over subscribed- I wonder why? Could it have been the massive discount by any chance. What can you say - abysmal seems appropriate.
Okay, thanks for the lack of responses. Not to worry as I have answered my own questions with the key being the following information from the RNS dated 2cnd May:
"The company intends to participate pro rata in the farm-down process through certain drag along/tag along clauses in the Duyung joint operating agreement. In addition, the firm has notified Conrad and the global investment bank that it will entertain bids for its entire 8.5 per cent interest."
So in about a month the share price here could rise considerably and in expectation I have today averaged down with my new average now just over 1.5p and if the market starts to rise in expectation of what could be very good news then I might average down further.
If EME can get enough cash to largely pay for the Topaz drill then that will be very good news and may well see a big rise towards spudding at the time.
ATB
Sorry, I see that EME have 8.5% and not 6.5%.
Okay, I see by reading back on the old posts that Jasper13 has provided many of the figures. Still another question though:
If Conrad secures a buyer for the 26.5% of their holding that they wish to offload how does this stand for EME. Can they offload their 8.5% holding or even part of it on the same or a similar deal?
It looks like the placing has dragged this down from around the 1.2p mark over the last week or so. I remember that a couple of months ago it was up to about 1.6p on the talk of the gas sales agreement and the sell-down so it is quite likely to return to at least that as we approach the end of Q2 and the early part of Q3.
Then there is the 890 million barrel Topaz prospect, pencilled in for a November 2023 - May 2024 drilling window. Last time they drilled they just couldn't find the cash so maybe this time they can get lucky and get some of the required funding in advance.
Still waiting for some answers to my questions if anyone in the know is around.
ATB
2) sorry not the gas sales agreement but the 'sell-down process'.
Hi, Jasper 13 or any other LTH's here who know more about what is going on than I do, can someone help me here with answers to these questions please:
1) is the Gas sales agreement going to boost the SP
2) Is the Gas sales agreement going to give EME an automatic chance to sell their holding or do they have to negotiate the sale separately and if so, with who? Also what sort of price are they looking at?
Cheers
Hi,
I own some of these shares from quite a while ago - at 2.5p average - but I don't really understand fully what is going on with the Mako Gas Field. Can someone please help explain what news is due and what effect this news might have on the share price.
Today's RNS says:
'Mako Gas Sales Agreement binding terms expected late Q2 and sell down news expected early Q3' and then adds:
'As 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 has said that industry interest in the project and the 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.'
I assume that a signed gas sales agreement would be beneficial to the EME share price. Any ideas about how much the SP might increase on this successful announcement?
I know that EME would quite happily sell their 6.5% share in Mako to help fund the Topaz drill but is this 'sell-down process' going to give EME an automatic chance to sell their share as part of this process or do they have to negotiate to sell their holding to a third party themselves?
Cheers in advance.
It almost covers the Empyrean one-off cyber fraud loss of $2.0 million
Good time to bye a few cheep shares
1.2 Million AUD buy on close for Conrad...thats £600K
GSA news must be close signed, sealed to be delivered soon....
10p lol, just seen a flying pig. I would love to see that share price unfortunately Corbyn has more chance of being elected as leader of the tory party.
Must be close to conclusion otherwise how do you put AUD $6bn on the number
Good find Jasper, nearly 10p a share if your figures are right. To mention actual figures makes you think that we are getting close to conclusion. GLA.
Other stand out content from the interview :
1. Resource increased by 75% and still further upside
2. Singapore want less reliance on coal and want to double gas production by 2030
3. Mako has discovered gas and lots of it - over 500bn cubic feet
4. Mako will be tying into an existing infrastructure (simple project economics)
5. 15 year resource
6. Start off by producing 120 MMscfd ramping upto 150 mmscfd
7. $300m project costs, cheap in comparison to other offshore projects
8. Stable government for negotiations for the GSA
Very low downside risk. Huge potential upside.
Https://twitter.com/Conrad_Asia_/status/1659429671816011781
A must listen! Mario talks about the GSA contract value being worth in excess of AUD $6bn. Project development costs $300m, to be funded by a sell down of licence from 76.5% to 50%. Do the maths 26.5% for $300m. Thats $11.3m per 1%.
For EME holding 8.5% of Mako that puts a value of $96m or £77m as of todays exchange rate.
If they manage to get a full sale of the licence away thats approx 10p per share. We are told offers for Conrads sale of 26.5% will be by end June. This could get very interesting soon.