Member Info for Orchy

yes, either asset Indo or China could have major news.

7.2p paid,

5.75p rathole 3p target, this aged well

When you are ready Tom... we have been more than patient. Surely indo news must be imminent

‘A person may dwell so long upon a thought that it may take him a prisoner.’

Edward Wood

Move on from your obsession it’s not healthy fella,

not participating in Borba is the sensible thing to do, plus what exactly would we fund our share with,

TK needs to focus on pushing through a deal on Mako BUT the recent comments that Conrad were leading this as appose to EME may have put off some investors thinking a sale isn't coming. i don't believe TK would leave to Conrad if that wasn't already in motion or happening given Indo is the key to unlocking China potential.

time will tell i guess, in the meantime SP looks dreadful without any updates.

Q&A
https://www.empyreanenergy.com/wp-content/uploads/2020/09/20200922-AGM-Question-and-Answer-Doc-CNKS.pdf

presentation
https://www.empyreanenergy.com/wp-content/uploads/2020/09/20200922-AGM-Presentation-2020.pdf

'it wil be Dempsey II'

ideal, so share price will hit 30p :)

Yawn, you're still here... sad

I recently took the opportunity to have a long chat with Tom Kelly, CEO of Empyrean Energy, I have written a bit recently on their Indonesian assets where the recent CPR was exceptionally good across the board. Whilst the 1C and 2C were dead in line with the Conrad expectations the 3C number at 817 Bcf were some 30% higher than the operator had expected. This leads to what might happen in the case of a potential liquidity event at Duyung, a lot would depend on Conrad but I suspect a big payday might tempt EME to cash in some chips and concentrate on China.

Talking of China, I still believe that there is transformational potential here and recent results from the seismic inversion project were ‘as good as they could have been’. Excellent quality carbonates were better than hoped for with porosity and permeability rates at 20-30% and with CNOOC sharing their data comparisons to the log data of a crucial well, LH-23-1-1d, located approximately 12 km southwest of the Jade prospect in a permit operated by them were made significantly easier.

Timing of this drilling has been made easier by the granting of a 12 month extension to drill the first well so EME have until 12 June 2022 should they need it. Tom Kelly was at pains to point out that this is primarily a COVID-19 issue, they have made it very clear to CNOOC that if it is possible to execute the well earlier it would indeed do so.

This gives a possible window of Feb/March-May 2021, subject to cyclone activity, or a back-up of November 2021-May 2022 in which to drill, as of yet it has not been announced which prospect comes first. I have been looking at 29/11 with Tom and the enormously impressive Gaz Bisht for what seems many years and my excitement level has if anything gone up as we approach drilling.

As for valuations, Empyrean probably has one of the biggest potential upsides in the sector, there may be some corporate activity in Indonesia where Conrad, Empyrean and even Coro may have a decision to make should a decent price for cash or carry be offered but in China the numbers are without doubt mind-boggling. At 5p and a market cap of £23m any success in China would dwarf those numbers, with my risked valuation of c.55p and on an unrisked case I would multiply that by 10, I mean there could be a billion barrels out there…

last 3/4 months with the cheap placing hasn't been the best but in the current climate what has done well? we've come out the other side still with enormous potential.

if Indo can be sold for a decent return then that unlocks additional options for China funding and strengthens our negotiating position. Share price on a scenario where Indo has been sold and we are heading into back to back drills with billion barrel potential ? guessing a little more than 7p..........

Coro Energy/Empyrean Energy
Sometimes one thinks that the headlines have been written even before the news is actually out there but make no mistake today’s announcement from Coro and Empyrean is a very good statement indeed. The task of this well was to appraise the Mako gas field and to test the underlying exploration prospect. To get the second bit out of the way it took no time at all to find that low saturation and permeability meant that it is a tight reservoir with pretty tight residual gas.

Time to move on to the meat and drink of the appraisal where this was a highly successful well indeed. The well encountered a huge 24m of Intra-Muda sandstone section with good gas water contact that required a DST and in this case a cased hole technique as opposed to the open hole completion before. The success of the cased hole DST across a 2 metre zone provides an alternative option for completing future Mako production wells, and could well help bring down development costs.

So, this is a significant progress which should lead to early development of the Mako project. Coro CEO James Menzies said ‘we are delighted with the additional reserve that has been proved up in the Mako field and which enhances the commercial attractiveness of the project. Coro management estimate that the campaign has demonstrated a gross resource addition of at least 100 Bcf and look forward to further independent assessment of field resources’.

Tom Kelly, CEO of Empyrean said ‘ the appraisal drilling at Mako has been a tremendous success with a better quality reservoir, substantially thicker sands and a gas/water contact that is confirmed from logging to provide a five feet uplift in aerial tank size and ultimately potential recoverable resources has been demonstrated at Mako.’

This has been an excellent campaign from Coro and Empyrean, confirming Menzies’ belief in the Mako field. He said to me that this appraisal has been ‘brilliant and should be a belter’ and why not, a 100 BCF to eager and wealthy Singaporean gas buyers plenty enough to reward the Mako partners. From here the market can expect the independent assessment of resources expected to be available in Q1 2020 and after that a good line into profitable monetisation. The market has marked down both shares today which proves what I have been saying about their inability to know a good thing when they see one, take the advantage, buy at these knock down prices before the smart guys catch on…

posted by Saf on advfn

Statement from Conrad CEO. Private company so normally they do not comment too much. Seems chuffed at such a great result for his ultra high worth investors. Miltos Xynogalas, Conrad’s CEO said, “This has been a tremendous result for the drilling campaign as a whole, confirming a very large single tank gas accumulation, connecting Tambak-1, Mako South-1, and Tambak-2 over a long distance, demonstrating beyond any doubt the mobility and deliverability of natural gas throughout the field. Our first well in this drilling campaign, Tambak-2, encountered 30 feet of high-quality gas-bearing intra-Muda sandstones, representing a better-developed reservoir than seen in Mako South-1. It also confirmed a common gas-water contact and pressure system across the Mako structure. Tambak-1, designed to appraise the field limits, yielded better than expected results. The well encountered 56 feet of excellent quality intra-Muda sandstones, penetrated the gas-water contact within the reservoir section and encountered 20 feet of sandstones within the gas leg. The gas-water contact was clearly common in all wells on the Mako structure to-date, and a common pressure system across the field has been confirmed. Our efforts will now move to the optimization of the approved Mako Plan of Development working in close collaboration with our partners and the Indonesian authorities. The entire Conrad team has worked tirelessly over the past 70 days to complete another campaign, maintained a 100% health and safety record, on time and on budget. Overall, the drilling campaign has delivered results that should significantly increase the resources of the field.” Https://www.issuewire.com/conrad-petroleum-announces-successful-appraisal-and-flow-test-of-tambak-1-well-in-the-mako-gas-field-duyung-1650892367169442

mission accomplished, bit of patience now to see the revised volumes and then proceed to a sale,

‘The next step in the campaign is an extensive Drill Stem Test ("DST") programme, which will take place over the coming days and the market will be updated with results of this as appropriate.’

Next update this week, looking good.

proving to be a bit tricky to surpass, will clear soon imo

https://www.coroenergyplc.com/media/2173/coroenergy-ip-investor-lunch-v2d.pdf

https://mobile.twitter.com/CoroEnergy/status/1169276015039922176

Asian Endeavour 1 rig move complete. Now warm stacked in Singapore harbour. See the move video here:

Coro presentation Wednesday.
SGC emerging from the ashes to present at the Good Oil Conference with confirmation that a subsidiary of CRC are taking a WI in Borba prospect... be interesting to see what develops there but many had written off California.

'As well as Sacgasco, the other participants in the Borba Prospect leases include Xstate Resources (ASX:
XST), Empyrean Energy (LON: EME) and a subsidiary of California Resources Corporation (NYSE:
CRC). Individual company Working Interests in the Borba well will be finalised prior to drilling. Sacgasco
is encouraged that other participants recognised similar potential in the Borba Prospect.'

Doesn’t like link, google vox markets Q&A with Dr. Pierre Eliet from Coro Energy #CORO