Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2023investor presentation● Neutral
PESA Deal Day presentation in Adelaide repeating known facts: 1.627 Tcf P50 prospective, 198 Bcf 2C contingent, 100% of Vic/P47, and the Cooper MOU. Says a permit suspension or extension will be requested from NOPTA. No partner announced.
31 Mar 2023regulatory community update▼ BadMajor
Judith-2 drilling approval from NOPSEMA is now forecast for Q4 2023, because the Barossa court ruling lengthened stakeholder consultation. EMP will seek an 18-month permit extension to Feb 2025. Wood Mackenzie report received but cannot be released; Moyes and Co hired for partner search.
20 Mar 2023other● Neutral
Listing Rule 5 follow-up to the 9 March half-year accounts. Shows Vic/P47 and Backreef both 100% held and operated at 31 Dec 2022, and restates the October 2022 resource tables (198 Bcf 2C; 1.627 Tcf P50 prospective; 622 Bcf Kipper/Golden Beach). No new information.
9 Mar 2023half year report● Neutral
Half-year to 31 December 2022: loss $586,882 (prior period $373,815), operating outflow $519,140. Cash was $756,607 against $572,044 at June. Net assets rose to $5.81M and working capital moved to a $698,119 surplus after the October raise.
21 Dec 2022other▲ GoodMajor
Revised modelling lifts the Judith base case to 125 mmscf/day from five wells, a 50% rise on the earlier 80 mmscf/day with four wells. Wood Mackenzie will assess the economics, with results due January. EMP says the federal gas price cap does not hurt viability (its opinion).
25 Oct 2022capital raising announcement● NeutralMajor
EMP raised $1,122,000 through 35M shares at 3.2 cents, a 17.9% discount to the 15-day VWAP, led by EverBlu Capital. Investors get one free option per share ($0.05 strike, 2 years), subject to shareholder approval at the November AGM. Lead manager fee is 6%.
What it means for a shareholder
35.0m new shares at A$0.032 to raise about A$1.1m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (31,250 at the issue price), your slice goes from 0.0134% to 0.0116% of the company. To keep it you'd need 4,678 more shares - about A$150 at the issue price.
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13 Oct 2022resource reserve update▲ GoodMajor
3D-Geo's revised statement lifts Judith/Longtom P50 prospective gas from 1.226 Tcf to 1.627 Tcf, and total Vic/P47 to 2.249 Tcf. Contingent resource rises from 150 Bcf to 198 Bcf. Kipper and Golden Beach figure stays at 622 Bcf.
7 Oct 2022material agreement▲ Good
EMP signed a non-binding MOU with Cooper Energy to discuss using Cooper's Orbost Gas Processing Plant for Judith gas. Cooper bought Orbost from APA, whose earlier MOU with EMP covered processing there. No binding terms or funding yet.
30 Sept 2022annual report● Neutral
Annual report to 30 June 2022 restates the year's events: the $1.5M raise at 4.25c, the April resource upgrade and AGR's engagement. The NOPSEMA application timing is now end November 2022, later than the end-September target in the July quarterly. Auditor is now listed as Moore Australia.
30 Sept 2022other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2022, confirming the governance statement is on EMP's website. Administrative filing with no new business information.
6 Sept 2022investor presentation● Neutral
EMP presented at the RIU Good Oil and Gas conference in Perth, again pitching the chance to earn equity in a roughly 1.8 Tcf project by funding the Judith-2 well. Repeats known facts; no partner announced.
26 Aug 2022price query● Neutral
ASX queried EMP after its price rose from 2.7 cents to 4.3 cents intraday on much higher volume on 26 August 2022. EMP replied it knows of no undisclosed information and is complying with the Listing Rules.
16 May 2022investor presentation● Neutral
Director Phil McNamara presented at the PESA Deal Day in Brisbane, pitching the chance to earn equity in a roughly 1.8 Tcf project by funding the Judith-2 well. Repeats known facts; no partner announced.
6 Apr 2022resource reserve update▲ GoodMajor
Independent 3D-Geo statement puts 622 Bcf (P50, unrisked, prospective) in the Kipper and Golden Beach sands, lifting the Vic/P47 total 50% to 1.848 Tcf. The earlier 1.226 Tcf and 150 Bcf contingent figures stand, with risk said to be reduced. Resolves the February upgrade thread.
16 Mar 2022half year report▼ Bad
Half-year to 31 December 2021: loss of $373,815 (prior period $303,494), operating cash outflow $498,762, and net assets $4.05M. Working capital was in deficit by $186,665, versus a surplus at June. The February $1.5M raise is noted as a subsequent event.
7 Mar 2022resource reserve update▲ Good
EMP commissioned 3D-Geo to write an independent prospective resource statement for the Kipper and Golden Beach sands, additional to the 1.226 Tcf. Judith-2 in 2023 would also test them. EMP is still seeking partners to join the well.
2 Mar 2022contract award▲ GoodMajor
EMP engaged AGR to prepare environment plans and the NOPSEMA application to drill Judith-2. Application is due by end August 2022, with approval expected by year end. This starts the approvals work flagged in the context; no rig or partner yet.
25 Feb 2022resource reserve update▲ GoodMajor
Seismic analysis shows strong gas signals in four shallower sands (Kipper and three Golden Beach) above the Judith sands, tied to ExxonMobil's producing Kipper-1. EMP says they could add to the 1.226 Tcf estimate; no new volume yet, upgrade being prepared.
10 Feb 2022capital raising announcement● Neutral
The February placement is completed: $1,500,000 raised from 35.3M new shares at 4.25 cents. Creditor settlement is now 2.84M shares worth $120,700, up from the 2.24M shares ($95,200) planned on 3 February. No related parties took part.
What it means for a shareholder
35.3m new shares at A$0.0425 to raise about A$1.5m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (23,529 at the issue price), your slice goes from 0.0105% to 0.00904% of the company. To keep it you'd need 3,693 more shares - about A$157 at the issue price.
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3 Feb 2022capital raising announcement● NeutralMajor
EMP raised $1,500,000 via a placement of 35.3M shares at 4.25 cents, a 15% discount to the 5-day VWAP, led by 180 Markets. It also plans to settle $95,200 of creditors with 2.24M shares. Follows cash falling to $294K at December.
What it means for a shareholder
35.3m new shares at A$0.0425 to raise about A$1.5m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (23,529 at the issue price), your slice goes from 0.0126% to 0.0106% of the company. To keep it you'd need 4,447 more shares - about A$189 at the issue price.
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1 Feb 2022other● Neutral
ASX pauses trading in EMP shares pending a further announcement. The text gives no reason; the next announcement, on 3 February, is a capital raising.
27 Jan 2022drilling result▲ Good
Analysis of the final seismic shows strong gas indicators across Judith over more than 500m of relief. EMP calls it the strongest evidence yet for the unchanged 1.226 Tcf prospective estimate (3D-GEO, 2019). No new volume figure and no partner yet.
23 Dec 2021drilling result▲ Good
EMP received the final fully processed CGG seismic, which it says sharpens imaging and strengthens gas indicators over Judith. It also sees possible extension of Kipper and Golden Beach gas sands into Vic/P47. This follows the preliminary data of mid-2021; no new resource figure.
1 Dec 2021investor presentation● Neutral
Market update restating the Judith plan: first gas targeted for 2027, with a Judith-2 appraisal well in early 2023. EMP says talks continue with potential farm-in partners, none named, and final reprocessed seismic is attracting interest. Drilling approvals to start early 2022.
21 Oct 2021other● Neutral
Jobkeeper notice: EMP received no Jobkeeper payments in FY2020 or FY2021 and made no repayments. Administrative notice only.
1 Oct 2021other● Neutral
List of the 20 largest shareholders at 30 September 2021. Top holders are Citicorp Nominees 7.76% and BNP Paribas Nominees 5.86%; director Carl Dumbrell holds 5.41%, Phil McNamara 3.31% and Nigel Harvey 2.89%. Administrative disclosure only.
30 Sept 2021admin correction● Neutral
Appendix 4G, the checklist confirming where the corporate governance statement can be found (company website), dated 30 September 2021. Administrative filing only, with no operational or financial information.
30 Sept 2021annual report● Neutral
Annual report for the year to 30 June 2021. It recaps the year: raisings of $656,000 (Oct 2020) and $1,000,000 (Jun 2021), the 30-month Vic/P47 extension to 22 Aug 2023, the A$732,180.90 CGG seismic purchase and APA pre-FEED. No new Judith resource figures in the text shown.
25 Aug 2021admin correction● Neutral
EMP changes its registered office and principal place of business to Level 4, 55 York Street, Sydney, effective 25 August 2021. Administrative notice only.
18 June 2021capital raising announcement● NeutralMajor
EMP raised $1,000,000 via a non-brokered placement of 33.33M shares at 3 cents, a 14% discount to the 5-day VWAP. It also plans to settle $25,000 of creditor debts with 833,333 shares at 3 cents.
