Member Info for WordSpaghetti

Think it'll go past 0.1p now. even debt restructuring is nailed on as per my previous posts.

Checking in - well - SP is up from 0.42-odd last weekt o 0.5875 mid today. To me that is the SP looking up on not a lot of volume - so no appetite to sell, and MMs don't have a lot of stock hence the sensitive movement. Just needs a snippet of news and it'll shoot up (again) which is probably what we are all here for. GLA

Really does have blueballs. what an imbercile. it's about the free float, not the (inflated by blueballs888) total number of shares. If there were only 3bln shares the SP would 2x so 0.13p-odd. if 1bln shares then 6x so 0.39p. etc etc

BlueBalls888 just distracting from his utter failure here.

won't see 0.05 rest assured. But like everyone if we do then it'll rocket up from there (but i doubt there will be stock available for anything more than a few £'s worth.

Checking in - why the £1 spread?? What uncertainty are we missing here or what the MMs/market thinks there is? Thought we were pretty solid on this for upwards trajectory.

--> It is unlikely to require new cash injection.

--> Timescale 1-6 weeks for formal debt restructuring after this, depending on how far advanced the discussion were as of Jan 30th and since.

Was restructuring dependent on FID?

Technically?

Not contractually — the first RNS does not state restructuring is conditional on FID.

Practically?

Almost certainly yes, economically.

Here’s why:

Before FID:

Project still sanction risk

No guaranteed development

Dividend stream uncertain

Lender security weaker

After FID:

Development formally approved

Fully funded at JV level

Capex defined (~US$320m)

Gas Sales Agreement in place to 2037

Revenue visibility established

First gas targeted 4Q 2027

That changes lender risk materially.

A lender would be far more comfortable restructuring debt:

After farm-out funding secured

After US$5m received

After FID approved

After project fully funded

So while not legally dependent, FID was likely a practical de-risking milestone required for final credit approval.

What might the restructuring look like?

Most likely:

Extension of maturity beyond 2027

Dividend waterfall:

WNEL dividends → lender first

Balance to Empyrean

Possibly partial conversion price reset

Possibly coupon capitalisation until production

It is unlikely to require new cash injection.

I think the general opinion is that you can't really formally restructure the debt unless you have the FID - otherwise what are you restructuring it for? There's nothing to restructure. The news we received a month or so ago was that they were supportive, but also for the % ownership of the Maki field if it goes ahead. Now it will go ahead (barring any other circumstances) so the debt can be formally agreed.

Happy with it being 0.65p+ good entry spot. Anyone who got spiked just hold for gold.

Blakieboy - correct! I didn't see that.

Not as if the LSE news flow or hacks who write that stuff check anything - (and doesn't even use AI LLMs). I thought Q1 2027 was a bit quick to build the whole thing even if FID is done and dusted (==financing of the whole project and formal go ahead)

Next step sort out the debt and we're home free.

Empyrean Energy PLC, up 23% at 0.08 pence, 12-month range 0.019p-0.1525p. The Australia, Indonesia and US-focused oil and gas company notes that Conrad Asia Energy Ltd and its majority-owned subsidiary, West Natuna Exploration Ltd, have approved the final investment decision for the Mako gas project offshore Indonesia. Conrad is the operator of the Duyung production-sharing contract, in which Empyrean continues to hold a participating interest. Empyrean says the FID approval transitions the Mako gas project into full development and materially advances the company's pathway toward future cash flow generation. First gas is currently planned for the first quarter of 2027, with total capital expenditure to first gas estimated at approximately USD320 million. Empyrean notes that Mako is fully funded at the joint venture level, including contingency allowances, which it says significantly reduces the funding risk as development activities accelerate.

Anything new? More delays on returning to trading? FCA "friendly" questions. Interims to be reviewed by auditor even though that's not needed at all? Interims fully under Lunn's watch (March 2025-September 2025). Why the audit? Some dodgy impairments going on? CMD Group thinking "wtf why dont we have the Texas assets anymore based on hearsay and probably based on the likely win for the claimant in the ongoing court case against Petroquest."

2025 accounts half of that under Lunns watch. first half Mar 2024 just after Tarynaki passed away leaving everything to Lunn. probably lots of miscellaneous payments out of PPP accounts around that time need to be audited as well.

Didn't think we were coming back before being diluted to oblivion but good to see this board is still getting many 10's more comments than other trading company boards.

Let someone who cares know in case I missed anything material - oh and the 2nd court case almost forgot - wonder what that's about... ciao for now

I'm just seeing a bullish flag here - waiting for imminent confirmation of breakout

The worm is turning - intraday RNS? Didn't seem much point in that drop today.

Looks a lot better judging by the graph - not a spike but a gradual and solid build up.

Definite buying pressure that's for sure

Ah was NT to buy for a while - good stuff!

Real spread is tiny - 0.741 vs 0.75

Picked up another 10m - anything below .8 is hard buy zone. anyone who had the 100% bag from 0.35 last week would have gone already if they wanted to.

ready for the next leg up

Nice try by 212 btw, not to you Winks!

Not suspended, was in auction. nice try! barged through 15p