From Share Talk18 Nov 2025 17:45
Empyrean argues that WNEL’s action pre-empts the agreed process, and has asked the operator to withdraw the notice. If enforced, the move would treat Empyrean as having voluntarily withdrawn from the project, transferring its entire interest to WNEL — a position Empyrean flatly rejects as “invalid”.
The company says it will take “all necessary action” to defend its stake, including arbitration if the operator walks away from negotiations.
The situation is further clouded by Conrad’s own challenges. The operator has been in a trading halt on the Australian market since mid-November as it works to sell down part of its 75% holding. Empyrean fears that a forced withdrawal could interfere with its tag-along rights, which allow minority partners to join a sale on equal terms.
For now, Empyrean says it is still pushing for a cooperative settlement — but is also reserving the right to claim damages for any losses arising from actions it believes breach the operating agreement.
The market’s reaction has been swift and brutal.