LOL... don't get me wrong I'm a massive fan of EME and very heavily invested... I just have to laugh when I see "only one way now" ...and then it opens 3% down :-) thank for making my Friday start with a smile
Subject to Empyrean first entering a Production Sharing Contract (PSC) after successfully completing the GSA phase, and in the event of a commercial discovery, CNOOC Limited will have a back in right to 51% of the permit.
Offshore China Block 29/11 Initial Seismic Data Results Exceed Expectations
· Preliminary mapping of 'raw seismic 3D data' confirms structural validity of Jade and Topaz prospects and identifies a third significant target named Pearl
· Jade preliminary mean unrisked resource potential ~103 million barrels ('mmbbls') oil
· Topaz preliminary mean unrisked resource potential ~365 mmbbls oil
· Pearl preliminary mean unrisked resource potential ~ 123 mmbbls oil
· Full data processing and oil migration studies are on-going
Empyrean Energy plc (EME: AIM), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to announce that it has finalised the preliminary internal interpretation of the 'fast-tracked' processing of raw seismic data from the recently acquired 3D seismic on Block 29/11, offshore China. This preliminary interpretation has confirmed the structural validity and the potential size of the Jade and Topaz prospects and has revealed an exciting new prospect named Pearl which is located to the north of Topaz.
A summary of the interpretation of gross unrisked mean prospective resources for Jade, Topaz and Pearl is provided in the table below:
Empyrean CEO Tom Kelly commented, "Empyrean is excited to confirm that, based on our internal preliminary analysis, Block 29/11 contains prospects of truly significant scale and size. That the three priority targets have a cumulative mean potential to contain 591 million barrels of oil is a great early result from the 3D seismic data recently acquired. We will obtain better resolution and imaging from the full processing of data, a process which is underway and the results of which will be announced in due course, but these early results greatly exceed our expectations and the data quality is excellent."
I did had a look this afternoon, and I like what I saw on the charting front so I bought some @ 11.10p
Share price rising with buying volume after reaching new lows yesterday and much the same price of 6 month ago.
All Indicators pointing to move higher, and mainly MACD already trying to cross up "0" and divergence.
Gas shows are good, but no indication of any real pressure from any zone yet... hence doubts on commerciality; with just a 30% share for EME leading to share price weakness at present. Of course, other zones are still to be tested, so still some hope, but not enough for me personally compared to FRR, VOG and ZIOC in particular.
Pipeline seems to have way more capacity than this well looks likely to deliver, both pressure and flow rates... can see the share price of EME slipping back further now, especially since EME's share is only 30%.
Clearly there are other zones still to test, and two other major projects, but EME free cash must surely be dropping fast now. I can see the share price dropping as low as 6p over the next few weeks if there isn't a new success story indicating high potential revenue receipts.
Surely he can explain what's going on? Why the near 50% collapse in the share price from it's recent highs? Anyone any ideas? Looks like he helped lead another group of PI's up the garden path just like he did with Aminiex jumping on the bandwagon and now Pi's are nursing heavy losses again.
"Back in 1972, Yale Hirsch of the Stock Trader's Almanac discovered the existence of the Santa Rally - and it's been a indulgent source of Christmas-inspired stories ever since.Over several decades, the myth that markets generally rise through the ..."
Information from Sargasco's company website indicates that their own pipeline near to the well head of Dempsey can take up to 20 million cubic feet of gas per day. Their Managing Director has stated in a Presentation at the Good Oil Conference that this would bring in $60,000 per day for the partners, Sargasco having a 55% working interest in the well.
The total income from the Dempsey prospect over the years would be in the region of £3 billion on the basis of a reserve of gas of 1 Tcf.
The Dempsey well is only 200 metres from their own metering station and the pipeline, which will take the gas to a very hungry Californian market will to pay a premium over the market price for case.
Alvares is a large structure mapped with 2D seismic and interpreted by Sacgasco to hold prospective resources of over 2 Tcf estimated potential recoverable gas. A well drilled by American Hunter Exploration Limited in 1982 for deeper oil intersected 5,000ft of gas shows. No valid flow test was conducted due to equipment limitations and the deeper oil target failing. However minor gas flows to surface were recorded even with these limitations. The possibility of using the existing well bore to sidetrack and get a valid flow test, thus reducing costs will be examined.
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