Member Info for happysparrow

Block 29/11 is adjacent to the Liuhua 11-1 oil fields (Pearl, then Topaz). Possibly this will interest CNOOC who are investing heavily in developing the Liuhua11-1 area? (Depends on how they can tie-in the geology, no doubt. The reason they are running the LWD analysis?)
https://www.empyreanenergy.com/project/china-block-2911-project/
https://www.nsenergybusiness.com/projects/liuhua-11-1-4-1-oil-field-secondary-development-project/

Alan - yes, as I understand it, there would be a final distribution to shareholders by a one-off dividend on the closure of the company.

EME will not drill again. The only possible solution is to give CNOOC 90% WI on the block for a free carry of the Topaz drill. Unlikely imo.
More likely to cash up and close the company now.

dt - my guess is we are out of China now (though my guess is often wrong, for example, topping up yesterday at 9p). I do not know what we'll get for the Block - from CNOOC or anyone else. Not much, probably. All about cashing up now, and waiting on Duyung.

Zombi - my theory is they've got oil shows, raised at 9p, much of which is now being forward sold into the market above 9p so as to reduce the lenders risk (as lender knows no more than there are oil shows - yes, a little inside information for a lot of money at risk, perhaps?). BWTHFDIK?

Agreed RT003.
I just added.

I don't think this is a treeshake - 250000 sold at 9.9p at 11.48. And as I don't expect they are done, I expect this to slide further in the next few days.
One scenario is that there is fundraising behind the scenes (say $10m at 9p) which is pushing this lower today.
Another scenario is that there has been nothing worthwhile to report so far (but if there was, presumably they would have pushed it out so as to fundraise at a higher price?)
Who knows?
I intend to top up in the 9 - 9.5p region. I'll probably miss out, and Bandit will be laughing all the way to the bank (though ironic for his name) when this drill comes in.
All the best and GLA.

Good video from Mr Larratt. (Thank you for the clear explanation.)
https://www.youtube.com/watch?v=3C2XSxVtT8U

Thank you BritishPeculeum and Manro - good to have some support and know some of us share the view that we see the light.
Nonetheless, this is meant to be an EME thread, so for those who are interested in maintaining or advancing their wealth, I would politely and gently suggest they keep in view and research the 'fringe' viewpoints also, and alternative media, for what is really happening in this world. There are seismic shifts in global politics underway - stay alert.
Australia is not far from China, and very much in the danger zone , so I'm sure TK, with a lot of skin in the game, is more aware of what's really going on politically between US and China than many here in the UK.

https://www.cnoocltd.com/art/2022/4/21/art_52750_15326296.html
https://www.nsenergybusiness.com/projects/liuhua-11-1-4-1-oil-field-secondary-development-project/

For those, like me, who think Chinese politics is relevant to EMEs exiting the South China Sea asap.
a) Surely CNOOC now has adequate funds to buy EME out whenever?
b) US/China politics - keep an eye on this. The theory is that the US is pushing China towards war in the same way it pushed Russia to intervene in East Ukraine. The west is bankrupt, the Dollar will crash, and the US can only maintain its supremacy through global war.

(https://thecradle.co/Article/interviews/9135)

Note from OIlNow article: 'The Shanghai sale came after CNOOC was delisted in October by the New York Stock Exchange after the U.S. government added the firm to a trade blacklist citing suspected connections to China’s military.'

Research this: https://freebeacon.com/national-security/hawley-us-must-arm-taiwan-as-quickly-as-possible/
I found this comment: 'Hawley’s legislation would make it easier for the United States to send critical "defensive" weaponry into Taiwan, including equipment to bolster its Patriot surface-to-air missile system. It would also turn Taiwan into a member of Country Group A:5, a formal trade designation that would put the country on par with other NATO allies.
Basically US neocons are provoking China into war the same way they provoked Russia.
Was this the reason the Covid psyop was carried out: to create compliance to the coming NATO war on Russia and China? Is this why Russia and China went along with the US Covid gain of function funding in Wuhan charade, to also create compliance preparation to the coming war they are well aware of?
It certainly looks like the "pandemic" was just the starter to something much bigger, and this something is a major world war orchestrated and designed by the people behind both the WEF & NATO.'

Also picked up this rumour just now from an article on TheWallWillFall.org
'Already plans are in place to adopt a similar zero tolerance policies in the city of Guangzhou, another major manufacturing and finance center. The resulting economic slowdowns, disruptions in supply chains, increasing inflation and shortages will be just what the doctor ordered.'

Guangzhou is Canton on the Pearl River - perhaps this might affect operations more immediately - and thus EME's exit sooner.

Thanks for a reasoned reply, Phoebus (now childishly censored) - but don't think it is being stressed enough.
My thesis is that EME will calculate from the current political situation that it does not want to be long term based in China. Thus they will sell out soon after Topaz comes in. That CNOOC has decided to exit western markets and concentrate on developing its own waters (+ Southern Hemisphere), adds to my view that a buyout is on the cards soon after Topaz.
AIMO/DYOR as clearly some fool doesn't want the matter discussed.

If a flow test is required then EME will have to find $7.4m pronto.

About 160m shares traded since March 28th. (Thus 80m changed hands).
A lot of people selling down to get a 'free ride' on drill.
Quite likely that some of the remaining 22.5m CLN notes being sold off at 12p imo (a 50% profit on the 8p conversion price). But impossible to know.

From RNS 16/12/21:
EME has $14.2m cash in hand.
Jade costs $12.38m to drill (on a dry hole basis).
Testing costs $7.4m.
That's a shortfall of $5.58m.

I'd not be surprised to see further fundraising before TD. (Particularly if the CLN notes are not fully converted).
Unless Duyung comes in first.
Very tight.

Agree, Peter. Maybe EME is helping out with the CLNs.

Obviously gas cloud indications is good news. I expect a rise today in Sp, tempered by the selling of the CLNs into it. End of week (probably next week) may give oil shows. That should see a big jump.

One negative to keep an eye on:
https://oilprice.com/Energy/Crude-Oil/Chinese-Refiners-Cut-Output-At-An-Alarming-Rate.html

And some political analysis:
https://www.conservativewoman.co.uk/the-horror-of-the-new-chinese-lockdown/

And the wider political/economic context:
https://home.solari.com/wp-content/uploads/2022/04/The_Covid_Lies.pdf
'...THE pressing issue today. The evidence I set forth makes it perfectly plain that the entire world is being lied to in ways that led— predictably—to huge suffering and death. Given that none of the “measures” imposed could have mitigated illness and death from a respiratory virus, the only outcome was
to be the fracturing of civil society and damage, potentially fatal, to the economy and financial system.... The stakeholders who must have approved this action own or control the majority of the world’s capital and assets...
People... cannot accept the truth, that there is a group of powerful people who regard the ordinary members of the public as surplus to requirements. They want to deny evil... deny reality; that’s their coping mechanism, which is being exploited by the perpetrators of evil. It gives a cloak of invisibility to those who want to commit mass murder, quite literally, since so many people are so willing to imagine that it is not happening....
I believe that a calm review of the summary that I call “The Covid Lies” will result in any open-minded person agreeing that we all have been subjected to a monstrous fraud with lethal consequences, and that there is overwhelming evidence of long-term planning and deliberately injurious acts.... The
perpetrators have not gone away and will likely return in the fall. I expect this year or the next will see them assume totalitarian tyranny... be alert to the many potential presentations of the next fear-provoking episode.'

https://oilprice.com/Geopolitics/International/Colombias-Looming-Presidential-Election-Is-Set-To-Be-Historic.html