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This is the minimum price that a bid/sale of stake would need to be This is what the company is now worth , worse case scenario. The re-rate will be quick as exercuton risk is virtually non-existent. It will surpass its year high this summer as the income from this venture takes out the continous need for fundraising as it can be applied to their other projects. A bid / sell of the stake could come as early as next week so we are there immediately , otherwise there needs to be a bit further news on the pipeline construction. i.e how long . I conservatively estaimated summer 26, so I have 1 years less of income in my NPV calculatons but still make it a £22m company as a minimum just on this 8.5% stake alone.

Medjed asked about how much EME owe to Conrad for its stake. It's actually nothing based on what I've put together. I've gone through all RNS and Research Tree news from 2017 and this is how the stake came into being : I'm happy to be corrected

Empyrean originally secured its participation in the Duyung Production Sharing Contract (PSC) and thus the Mako gas field via a multi-stage transaction with Conrad Petroleum/Conrad Asia Energy Ltd, their joint venture partner and the operator.

How Empyrean acquired the interest:

1. April 2017: Empyrean purchased a 10% shareholding in West Natuna Exploration Ltd (WNEL)—the vehicle holding 100% of the Duyung PSC—from Conrad Petroleum, the PSC. Empyrean used a blend of cash reserves and equity capital raised through an Open Offer to complete the US $4 million acquisition, and funded its participation in the initial gas appraisal campaign in proportion to its 10% interest at the time.

2. Early 2019: Both Conrad (via WNEL) and Empyrean sold part of their interests to Coro Energy plc, leading to Coro acquiring a 15% interest in the Duyung PSC

3. May 2020: Empyrean’s direct interest decreased from 10% to 8.5%. As part of the deal, Empyrean received cash and shares from Coro. WNEL’s interest was transferred directly to Empyrean and the other remaining partners

In essence: Empyrean originally purchased a 10% interest from Conrad in April 2017. Then, following Coro’s take down of 15% of the PSC in 2019, Empyrean’s share diluted to 8.5% in May 2020, in return for cash and shares from Coro

Achilles,

That was my post, from about 1.30pm, summarising my tongue in cheek use of the word "iconic" post from my 12.04pm

There's an interesting story here. I saw this rise about 11.30 this morning , it was 260% or so and I had never heard of the share. Like most, you would have thought one's missed the boat but I was curious to see what had driven it.

None of the posts were grounded in any form of facts , just figures lifted from the RNS and over large time frames with lots of rockets! I pulled the RNS to pieces , got some up to date gas costs based on the Singoprean markets, looked at proper discount rates , and used up to date FX rate, and then did a fairly proper valuation - though on very conservative grounds. As I had a £22m valuation or 0.5p per share as worse case scenario I got involved and benefitted as we finished 460% up with another up tomorrow without doubt.

I called my post iconic as I said because I was "half on the wind-up" using that term but I'm convinced it gave it that second leg higher as it was stalling and had retraced when I bought - but my post supercharged it because it actually addressed valuation in orthodox manner.

I will be buying more, and won't be awaiting pullbacks as I've had time to refine my figures and they are at least 20% too light.

Empyrean Energy (EME): High-Reward Opportunity for New Investors:

I’ve summarised my iconic post from 12.04 today:

My analysis highlights Empyrean Energy as a highly undervalued opportunity based on its 8.5% stake in the Mako Gas Field (Indonesia), after securing under a favourable long-term Gas Sales Agreement (GSA).

________________________________________

🔑 Deal Highlights:

• Interest: 8.5% in the Mako Gas Field

• Contract Size: 392 trillion BTUs

• Term: Now to Jan 2037 (~11.5 years)

• Pricing: Fully linked to Indonesian Crude Price (ICP) – not capped by domestic rates

• Buyer: PLN EPI (Indonesian state-owned, BBB-rated)

• Infrastructure: PLN funds the pipeline – no capital cost to Empyrean

________________________________________

📊 Valuation Summary:

• Total Field Revenue: ~$2.74 billion

• Empyrean’s Share: ~$233 million

• Net Cash Flow (post-costs): ~$116 million

• Discounted NPV (8.5% rate): ~$85.5 million USD / £63.8 million GBP

• Current Market Cap: updated for 0.11p = £4.9m

________________________________________

🚀 Upside Potential:

• Based on risk-adjusted NPV, the share trades at a deep discount.

• If we obtained a conservative 35% of the NPV on a sale or re-rate that is £22.3m or 0.499p v 0.11p (at 1.30pm even with a 500% rise so far today)

________________________________________

💡 Conclusion:

Empyrean’s recent GSA secures revenue, removes infrastructure costs, and locks in premium pricing. For a sub-£5M market cap, this presents a compelling, risk-reward skewed opportunity for early investors.

I've never come across this share in the past. I saw it on the leader board and have done my calculations: An absolute no brainer!

Key Facts from the RNS

1. Empyrean Interest: 8.5% in the Mako Gas Field.

2. Total Contract Quantity: 392 TBtu (Trillion British Thermal Units).

3. Term: Now to Jan 2037 (roughly 11.5 years).

4. Daily Sales Cap: Up to 111 Bbtud (Billion BTU per day).

5. Pricing: Linked to Indonesian Crude Price (ICP) – akin to Brent oil index.

6. 100% of gas sold at ICP-linked price, not discounted domestic price.

7. Offtake partner: PLN EPI (state-owned with BBB credit rating).

8. PLN to pay for pipeline, no cost to Conrad/Empyrean.

9. Previous deals with PGN and Sembcorp terminated, replaced with single GSA.

My Step-by-Step Valuation Approach

1. Estimate Total Revenue (Gross Field Level)

Assume:

• 392 TBtu over the life of the contract.

• Pricing is linked to ICP/Brent, so let’s assume a conservative price of $7 per MMBtu (in line with regional gas price averages for indexed contracts).

1 TBtu = 1,000,000 MMBtu

Total Revenue = 392 TBtu × 1,000,000 MMBtu × $7/MMBtu

= $2.744 billion USD (gross field revenue)

________________________________________

2. Empyrean’s Share (8.5%)

Empyrean’s gross revenue share:

• 8.5% × $2.744B = $233.24 million USD

________________________________________

3. Estimate Net Cash Flow

From this, subtract:

• CAPEX/OPEX: Conservatively estimate that netbacks after tax and costs are around 50% of revenue.

• Conrad and partners (incl. Empyrean) don’t bear pipeline capex — favorable.

So:

• Netback = 50% of $233.24M = $116.62 million USD (Empyrean’s estimated net cash flow)

________________________________________

4. Discount Cash Flow to Present Value (NPV)

Let’s assume:

• Project life: 9.5 years (mid-2026 to early 2037).

• Discount rate: 8% (typical for E&P risk in Southeast Asia).

We’ll treat it like an annuity:

Annual Net Cash Flow ≈ $116.62M ÷ 11.5 ≈ $12.28M/year

NPV @8.5% ≈ $10.14M × [(1 – (1 + r)^-n)/r]

= $12.28M × [(1 – (1.10)^-11.5)/0.10] = $85.5 million

________________________________________

5. Convert to GBP & Compare to Market Cap - I'm using live rate 1.3397

Assume FX: $1.00 = £0.77

→ Empyrean’s NPV ≈ £63.82 million GBP

Compare to:

• Empyrean’s current market cap price 0.09p x 4,469,672,441 shares allotted = £4.02m

Conclusion:

The MC never goes to the NPV due to execution risk. However you would expect an in-situ sale of 35% based on jurisdiction and confirmation of contract sales = £22m , so potentially 5 fold increase.

The solid factual shareholder data and market metrics ground the conversation.

With 4.4B shares in issue but over 50% held by big holders like Premier Miton, Jupiter, Colin Bird, etc., the real tradable float is probably just under 2B. If someone has been offloading 3M chunks for months without a TR1, it fits the pattern of a persistent sub-3% holder slowly exiting.

Combine that with broker buying restrictions, no quote periods, and iceberg-style MMs—this has all the hallmarks of a coiled spring. Once that supply dries up or buying pressure outweighs it, the move could be fast and sharp.

Agree with others—very odd behaviour, but not without precedent in these AIM plays.

There are 4,406,107, 719 shares allotted, at 0.21p (i.e about 5th of 1 pence) market capitilisation is £9.25 million

Premier Miton Group Plc

(TR-1 9 Jan 2025) 950,000,000 21.58%

Zeus Investment Management Limited

(TR-1 10 Jan 2025) 350,000,000 7.95%

Jupiter Fund Management PLC

(TR-1 10 Jan 2025) 300,000,000 6.82%

Colin Bird - (Directly or indirectly) 253,954,560 5.77%

Jonathan Bixby (Directly or indirectly) 325,000,000 7.38%

Raju Samtani 143,601,960 3.26%

Alex Borrelli 25,000,000 0.57%

https://www.tigerinvests.com/major-shareholders

I was a buyer at 0.35 so I'm down, not fussed as I was looking to buy 3 or 4 times my prior value and so average down a lot closer to existing price. The whole ii shenanigans stopped me (perhaps luckily or perhaps not being able to buy has to a degree not helped the price). I will still be a buyer at x3 or x 4 of my existing position and will switch broker when the investment case becomes too overwhelming. I was on the verge of being "there" but recent events have meant I want more visibility.

I expected more of Bixby given his profound enthusiasm. I'm a member of telegrams and discords groups within the Bittensor subnet space and the thing that has come really clear recently it that the community as a whole will drive subnet and dTAO valuations.

Bixby needs to be engaged within the community. It is embarrassing that the main podcasters/key influencers within the space have no information on Tiger beyond the joke that is the website. There is a volume of commentary of the 128 subnets. There are of course many in TIR's position - i.e lacking an understanding of the need to engage in the community but it is inexcusable for an AIM listed companies with the resources and stakeholders it has to be oblivious or incompetent to that need.

Luckily anyone with a subnet will ultimately be successful in this space (eventually) ; a rising tide lifts all boats, however the degree of success could be so much greater if they understood the fundamentals of the game. The community is able to see through the charlatans and TIR is sailing too close to the wind for my comfort. It's not rocket science and I assume the lack of support that Bixby has (within his team) is beginning to show.

TIR need an official TAO treasury; not a Bitcoin treasury (so I'm pleased they stayed away from Bitcoin) to help integrate into the Bittensor community. TAO will likley outperform Bitcoin by many multiples over the next 2 years.

The 2 x £250k investments that TIR has made in my view become irrelevant in the scheme of things. Even if they become worthless the money is completely immaterial to what the subnet(s) can do.

For me, Helix Exploration has already exceeded early expectations with the performance of the Rudyard Field, a project that wasn’t even on the radar at the time of the company's IPO in April 2024. Despite this unplanned yet highly successful development, it’s important to refocus attention on the company’s original crown jewel—Ingomar in the Flathead region—where drilling will soon be back on the agenda and could deliver a multistep-change in valuation.

Ingomar was the central pillar of the Helix IPO story. While the first Clink-1 drill encountered mechanical challenges, it was not a failure in geological terms. In fact, it delivered tangible proof of subsurface potential with:

• Helium shows up to 2.5%, and

• A staggering 55% hydrogen concentration in the drilling mud.

These results alone justify a renewed focus. The upcoming drill which will likely be announced and completed this year will now be technically refined & informed by lessons from Clink-1, and targeted with greater precision.

Let’s not forget what happened the last time Ingomar was in the spotlight:

• As Clink-1 approached spud in 2024, Helix’s share price surged, driven by investor anticipation.

• Part of this occurred despite Rudyard not being (fully0 in the picture, and without the proven success now backing the company’s credibility.

That prior move gives us a baseline for what Ingomar’s second act might do for Helix's share price. It peaked at 29p intra-day 12th July 24.

Now add the fact that:

• The market now knows the Flathead contains both helium and hydrogen.

• Helix has since delivered operational success at Rudyard, boosting market confidence.

• There’s significantly more data guiding this next drill.

I believe the current setup that will take place on the announcement (whether it be a JV or a go it alone) will exceed the 2024 pre-drill rally, especially given the improved probabilities of success.

Let’s be clear—confirmation of 55% hydrogen flowing to surface would be a landmark event. The implications include:

• Validation of a world-class natural hydrogen resource.

• Entry into a premium-priced, clean fuel market with major geopolitical and industrial interest.

• Potential partnerships or takeovers, given the global race to secure hydrogen assets.

• A material rerating of Helix’s share price, possibly many multiples above current levels, based on peer comparisons in the hydrogen exploration space.

In the meantime this alone will see the share-price overshoot to meet the potential re-rate that would happen if the Flatbed was in anyway successful.

This is a rare case where investors have:

• A proven asset already generating likely near-term revenue (Rudyard).

• A transformational near-term catalyst (Ingomar) just ahead.

• Historical price performance to reference—showing how sentiment and valuation can lead to large changes in share price.

Ingomar was the reason many investors b

Really sorry wrong board

For me, Helix Exploration has already exceeded early expectations with the performance of the Rudyard Field, a project that wasn’t even on the radar at the time of the company's IPO in April 2024. Despite this unplanned yet highly successful development, it’s important to refocus attention on the company’s original crown jewel—Ingomar in the Flathead region—where drilling will soon be back on the agenda and could deliver a multistep-change in valuation.

Ingomar was the central pillar of the Helix IPO story. While the first Clink-1 drill encountered mechanical challenges, it was not a failure in geological terms. In fact, it delivered tangible proof of subsurface potential with:

• Helium shows up to 2.5%, and

• A staggering 55% hydrogen concentration in the drilling mud.

These results alone justify a renewed focus. The upcoming drill which will likely be announced and completed this year will now be technically refined & informed by lessons from Clink-1, and targeted with greater precision.

Let’s not forget what happened the last time Ingomar was in the spotlight:

• As Clink-1 approached spud in 2024, Helix’s share price surged, driven by investor anticipation.

• Part of this occurred despite Rudyard not being (fully0 in the picture, and without the proven success now backing the company’s credibility.

That prior move gives us a baseline for what Ingomar’s second act might do for Helix's share price. It peaked at 29p intra-day 12th July 24.

Now add the fact that:

• The market now knows the Flathead contains both helium and hydrogen.

• Helix has since delivered operational success at Rudyard, boosting market confidence.

• There’s significantly more data guiding this next drill.

I believe the current setup that will take place on the announcement (whether it be a JV or a go it alone) will exceed the 2024 pre-drill rally, especially given the improved probabilities of success.

Let’s be clear—confirmation of 55% hydrogen flowing to surface would be a landmark event. The implications include:

• Validation of a world-class natural hydrogen resource.

• Entry into a premium-priced, clean fuel market with major geopolitical and industrial interest.

• Potential partnerships or takeovers, given the global race to secure hydrogen assets.

• A material rerating of Helix’s share price, possibly many multiples above current levels, based on peer comparisons in the hydrogen exploration space.

In the meantime this alone will see the share-price overshoot to meet the potential re-rate that would happen if the Flatbed was in anyway successful.

This is a rare case where investors have:

• A proven asset already generating likely near-term revenue (Rudyard).

• A transformational near-term catalyst (Ingomar) just ahead.

• Historical price performance to reference—showing how sentiment and valuation can lead to large changes in share price.

Ingomar was the reason many investor

As I posted on 2nd July:

RE: My thoughts2 Jul 2025 10:25

Stamfordfridge

"Unless Hamilton gets outside funding as we speak, this will most certainly get diluted shortly after coming back on trading."

If there is no outside funding the raise should come simultaneously with the lifting of the suspension, otherwise the raise would need to be lower as the share price would halve if it came back without a plan:

For a bit of fun, IMO this is how I would see the day close when the suspension is lifted:

External funding convertibe loan £4m = share price up 75%

Directors inject own capital £4m = up 120%

No immediate action and suspension lifted = down 50%

A placing at 5p (33% discount) = 20% fall

---------------------------------------------------------------------------------------

The share price has now done as I thought. I just don't understand why the management didn't get their ducks in a row when they were suspended for the month. This never needed to happened. I still think it is a very good buying opportunity once the raise has happened.

A very useful webinar. It pinpointed some assay holes (that we are awaiting) that would be particularly releavnt in driving the MRE higher.

I'm happy for the price to sit around these levels for another week or so as I get myself into a position to take advantage of what is coming.

Stamfordfridge

"Unless Hamilton gets outside funding as we speak, this will most certainly get diluted shortly after coming back on trading."

If there is no outside funding the raise should come simultaneously with the lifting of the suspension, otherwise the raise would need to be lower as the share price would halve if it came back without a plan:

For a bit of fun, IMO this is how I would see the day close when the suspension is lifted:

External funding convertibe loan £4m = share price up 75%

Directors inject own capital £4m = up 120%

No immediate action and suspension lifted = down 50%

A placing at 5p (33% discount) = 20% fall

Submitting the annual report and financial statements to the NSM, which is managed by the Financial Conduct Authority (FCA) and stores regulated information for publicly listed companies cannot be done by the auditors/accountants who prepared the Financial statements as only persons authorised by the company (e.g. the Company Secretary, CFO, or a designated compliance officer) can access the FCA’s submission portal and submit documents.

Usually a 3rd party does the conversion external filing agents (e.g. Prism, EQS, Workiva, or Broadridge). Usually this is a 2 or 3 day exercise however looking at these accounts it's about as complicated as it gets: you have a RTO and a change in accounting period length (i.e. 9 months as opposed to a full year, with the need to re-instate prior year). This would take 5 to 10 days, and we are a couple of days in.

It doesn't matter what is being said on these boards; ramping or deramping as I don't see how this is coming back simultaneously without a placing when the suspension ends; hence no-one will have a chance to do anything apart from being presented with those facts.

I bought quite a few last week at 0.35p. I was looking to buy 3 or 4 times that amount today. I can't actually buy anything given the broker issues but actually the price action since has made me wary given revenues & valuation look fantastic. I'm beginning to think a convertible loan note could be on its way similar to what happened at Tao Alpha. I'm far from sure what is going on & 100% this will multi-bag this year but given the sizes I want to buy I'm just going to observe a while longer.

I've tried to buy with ii just now , still getting

Unable to create order

Something has gone wrong. We couldn't create your order. Please try again.

If you still can't place an order, please call us on 0345 607 6001.

It makes sense that the maiden resource should include the newer and better finds that are coming. I have no idea why they thought it would be a good idea to release a maiden resource estimate with half of the information. so I'm pleased they changed their minds.

This will now turn into one of the best plays of Q3. It's just a case of continously drip feeding in positions so as ti get a better average, then you will have something substantial for when the MRE blows all the doors off.

This only has a market cap of £18.5m (based on 0.42 mid price). Looks very, very cheap compared to some of the others in this space and the potential is immense both short & long-term

I'm slightly disappointed that I was not able to add to my position today. I only got involved yesterday and my posts on this board summarised why. I'm fully extended in my portfolio at this point and even toyed with the idea of selling some Hex - but that is on the cusp of good news so couldn't bring myself to. With hindsight I should have! and loaded up here at 0.3p - I won't be too hard on myself as this has plenty to run.