EMP raised $1.25M via a placement of about 178.6M shares at $0.007, led by Argonaut, with Nero, Perennial and Regal to become substantial holders. Argonaut is also appointed strategic adviser to assemble a consortium to drill Judith-2. Second tranche needs AGM approval.
What it means for a shareholder
179m new shares at A$0.007 to raise about A$1.3m. That's 31% dilution: every existing holder's slice gets 31% smaller. If you held A$1,000 of shares (142,857 at the issue price), your slice goes from 0.0367% to 0.0251% of the company. To keep it you'd need 65,469 more shares - about A$458 at the issue price.
Annual report for year to 30 June 2024 restates known items: Vic/P47 extension, petrophysics, gold lease purchase and capital raising. It targets Judith-2 drilling in 2025 and commercial gas production in 2029. Financial figures are not visible in the provided text.
26 Aug 2024asset acquisition disposition▲ GoodMajor
EMP completed the purchase of the three Great Caesar gold leases (128 ha, Queensland); settlement was 23 August 2024 and the transfer is proceeding. The London 50/50 JV partner is now named as Herencia Resources PLC, which has begun contributing capital. JV is still not finalised.
EMP extended its non-binding MOU with Cooper Energy on possibly using the Orbost Gas Processing Plant for Judith gas. It remains only a basis for talks, with no commitment, funding or development decision.
EMP extended completion of the Great Caesar gold lease purchase to 28 June 2024 from 31 May, to finish Queensland transfer approval and exploration program approval. It says it is confident the acquisition and the London 50/50 joint venture will finish by then.
Adding South East Longtom-1 well data to the Judith-1 petrophysics narrowed the permeability range and slightly raised the worst case, done at the request of interested companies. Supports the September 2023 method. Partner talks continue; none named.
EMP welcomes the federal Future Gas Strategy and restates known Judith figures: 198 Bcf contingent, 1,627 Bcf prospective, 80 MMscf/d for 6 years modelled. Partner discussions continue. Policy commentary only, with no new project result.
The Share Purchase Plan raised $460,000 through 41.8 million shares at $0.011, plus a $10,000 placement, totalling $470,000. All applications were accepted, well above the $200,000 target, and the proceeds are for continuing exploration activities.
What it means for a shareholder
41.8m new shares at A$0.011 to raise about A$460,000. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (90,909 at the issue price), your slice goes from 0.0267% to 0.0238% of the company. To keep it you'd need 11,152 more shares - about A$123 at the issue price.
Modelling by 3D-GEO, based on the 2023 petrophysics, indicates Judith-1 could flow 100 MMscf/d for 4.25 years, or 60 MMscf/d for 8.25 years, using only the 198 Bcf contingent resource. This resolves the pending production modelling thread, though no well has been flow tested.
EMP intends a 50/50 joint venture with an unnamed London unlisted company to buy and explore the gold leases, conditional on that company raising A$500,000, of which $400,000 funds the purchase. Stage 1 is 600m of drilling costing $180,000. Not yet binding.
EMP offers eligible shareholders a Share Purchase Plan of up to $30,000 each at $0.011 per share, targeting about $200,000. It closes 24 April 2024. Follows the October 2023 raise at $0.008.
Presentation repeats known Judith material: 198 Bcf contingent, 2.2 Tcf prospective, the permeability reanalysis and AvO study, with Judith-2 planned for 2025. Discussions with other parties are ongoing. No new results.
Due diligence sampling at the Great Caesar leases found gold in soils along more than 400m of strike. Rock samples reached 37.2 g/t at The Tunnel and 21.1 g/t at the old workings. Not a resource; drilling is now planned. Follows the earlier historical-data-only release.
Cover letter for the Share Purchase Plan: $0.011 issue price is a 27% discount to the 8 April close of $0.015. Proceeds fund exploration and administration. Repeats the permit extension and gold lease points. No new information.
EMP extended the Great Caesar gold lease completion date to 31 May 2024 from 31 March, to finish Queensland transfer approval and exploration approval. Says soil and rock sampling results are 'very positive'. Aims to explore in second half of 2024 for a JORC resource.
Half-year to 31 Dec 2023: loss of $472,680 (prior year $586,882). Cash fell to $184,932 from $313,070 at June 2023. Net assets $5.52M. Gold lease purchase still expected to complete in March 2024.
The Joint Authority approved the 24-month Vic/P47 extension, so Judith-2 must now be drilled by August 2025. This resolves the permit-extension thread, though it took almost 3 months longer than EMP forecast. Farm-in partner and NOPSEMA approval are still outstanding.
A further check of the Judith-1 permeability results against core data from Longtom-2 found the interpretation method appropriate, and Kipper core data is consistent with it. EMP says discussions with interested companies are ongoing; no partner is named.
EMP raised $300,000 by placing 37.5 million shares at $0.008, well below the 3.2c paid in the October 2022 placement. Directors are to seek approval at the 30 November AGM to put in a further $50,000 at the same price.
What it means for a shareholder
37.5m new shares at A$0.008 to raise about A$300,000. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (125,000 at the issue price), your slice goes from 0.0465% to 0.0408% of the company. To keep it you'd need 17,435 more shares - about A$139 at the issue price.
A new AvO seismic study by QIntegral supports gas in the Judith sands at Judith-1 and in up-dip fault blocks including the proposed Judith-2 location, plus gas indications in Longtom sands below Judith-1's depth. It is a reinterpretation of existing seismic, not a new well. It resolves the pending second study.
EMP re-issued its 17 October gold lease release, removing the 1981 rock chip results because they cannot meet JORC Code requirements, and adding a competent person statement. It says gold could give early cash flow, and expects the Vic/P47 extension in late November.
Further detail on the Great Caesar gold leases, 60km southeast of Townsville, released with vendor RPD TSV Pty Ltd's approval. Relies on historical reports (1997 Pyper report) with old rock chip results and no exploration since the 1980s. Not a modern resource estimate.
16 Oct 2023asset acquisition disposition● NeutralMajor
EMP signed a conditional agreement to buy 3 gold mining leases (128 ha, north Queensland) for $450,000 cash plus $50,000 of shares. Completion needs a capital raising and approvals, expected by 31 March 2024. Directors say the Judith gas project remains the main focus.
NOPTA asked for more information on the 24-month Vic/P47 extension application and it was supplied. Outcome is now expected in late November 2023, later than the mid-October forecast. The application still rests on the Barossa force majeure ruling.
Annual report to 30 June 2023 recaps the year: $1.122M raise of 35,062,500 shares at 3.2c, October 2022 resource upgrade and Cooper MOU. Auditor listed as Byrons Audit, replacing Moore Australia, and lawyer as Thomson Geer. Text shown is truncated, so financials are not confirmed.
Appendix 4G filed with the FY2023 annual report, pointing to the corporate governance statement on the company website. Administrative box-ticking form with no new business information.
RIU Good Oil conference presentation repeating known resource figures (1.627 Tcf P50 prospective, 198 Bcf 2C) and the Cooper MOU. Notes the Judith appraisal well deadline has passed and a permit extension application is with NOPTA. No partner announced.
New petrophysical review of the 1989 Judith-1 well finds mobile gas in four sands over 189.5m net reservoir, confirming earlier gas saturations. Permeability rises by an order of magnitude (max 24.2 mD), which EMP expects to support higher modelled flow rates; this is a reinterpretation, not a new well.
23 Aug 2023regulatory community update● NeutralMajor
EMP applied to NOPTA on 8 August 2023 for a 24-month extension of the Vic/P47 work program and permit term, citing force majeure from the Barossa ruling. NOPTA found the application valid; decision expected by mid-October 2023, with the Judith-2 deadline originally 22 August 2023.
