Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Empyrean CEO Tom Kelly commented, "The upcoming drilling campaign at the Duyung PSC in Indonesia promises to be very exciting and somewhat unique in that we are combining a lower risk appraisal component with a high impact exploration prospect. In our view, the main aim of the drilling is to appraise the Mako gas discovery and convert the current 3C resources into 2C resources. This alone would increase the value significantly at Mako. Any new discovery at Tambak would be an absolute bonus. We look forward to providing updates as this exciting drilling campaign swings into action shortly."
Highlights:
· Planning for two well programme complete and approved by Duyung Production Sharing Contract ("PSC") partners and the Indonesian authorities
· The programme will:
Ø test the Tambak exploration prospect and appraise the central area of the Mako gas field - Tambak-1 (mid-case resource potential of circa 250 Bcf); and
Ø perform a large step out (over 13.5 km) to appraise the southern area of the Mako gas field - Tambak-2 (gross 2C resources of 276 Bcf (48.78 MMboe) of recoverable dry gas in the Mako field with gross 3C resources of 392 Bcf (69.3 MMboe)
· Asian Endeavour-1 jack up rig contracted for the drilling campaign
· Initial well spud anticipated in October 2019
· Continuous drilling & testing programme is planned to last through to December 2019
· Empyrean's partner, Coro Energy Plc, funding the first US$10.5MM of the drilling campaign costs
also out but you require access to see it, snippet below.
Valuation In lieu of the recent headwinds around the commodity prices we have reduced our long-term oil and gas price forecasts. The net result is a reduction in our RENAV from US$179.9m to US$177.7m, but we maintain our target price at 33p per share. Amongst the Company’s existing assets, we see the greatest near term value coming from the Duyung PSC, where we value the Mako prospect (pre-drilling programme) at US$13.6m or 2.5p per share. Following the result of the upcoming drilling programme, we would expect a significant shift in this valuation as the Company looks to further de-risk the potential resource base at Mako. As part of the drilling programme, the partners will target the Tambak prospect, containing 250Bcf of gross prospective resources (21.3Bcf net). We currently conservatively risk Tambak at US$3.3m or 0.6p per share, whilst unrisked this number increases to US$24.6m or 4.6p per share. Elsewhere, it’s hard not to miss Block 29/11’s potential, where we have very conservatively ascribed a risked valuation to the Jade and Topaz prospects of US$46.5m and US$90.7m (or 8.7p and 17.0p per share) respectively. Unrisked, this valuation increases to US$489m and US$954m (or 91p and 178p per share respectively and assuming CNOOC backs-in for a 51% interest),
all, for info Conrad website updated where they now have a news and media section. seems there gearing up for operations and news flow which is encouraging.
https://www.conradpetro.com/
company is well positioned and certainly an exciting time to be invested. Indo drilling imminent and the huge potential of China to come.
share price yet to react but guess for many they are waiting to see how China will be funded? just need Tom to land a nice farm in deal and we are in the money IMO
https://www.youtube.com/watch?v=rmvW039chII&feature=youtu.be
Empyrean Energy (EME) Oil & Gas explorer with world-class resources in both China and Indonesia, today announced confirmation of the presence of Gas Clouds on 3D seismic further mitigates exploration risk for Jade and Topaz Prospects, offshore China Block 29/11 - detractors will dismiss as piffle, what they won't concede; in layman terms, essentially means this is close to a slam-dunk as you can get at this stage of the process. It is also further evidence of the extremely close relationship between CNOOC & EME, thought to be unprecedented.
https://lemminginvestors.blogspot.com/2019/05/empyrean-energy-slam-dunk-or-piffle.html?m=1
https://www.empyreanenergy.com/wp-content/uploads/2019/05/121-Conference-Presentation-14.05.19-reduced-file-size-for-website.pdf
'BUILDING A MID-TIER COMPANY METHODICALLY'
https://www.sharesmagazine.co.uk/video/coro-energy-coro-james-menzies-ceo edit upside 400bcf
the importance of the Indo news is certainly not to be underestimated IMO, the whole bear case is built around the need for funding so with each deal that TK strikes and removes that uncertainty it should result in a a rerate.
last question to be answered is China which should develop over the coming months.