Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Jan 2024other▲ Good
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.
2 Nov 2023agm notice● Neutral
EMP confirms its AGM for 11.00am on 30 November 2023 in Sydney, with the notice of meeting online rather than posted. Administrative notice only.
31 Oct 2023quarterly activities report● Neutral
September 2023 quarter recaps known items: Vic/P47 extension still with NOPTA (answer expected November), the new petrophysics and AvO studies, and the conditional gold lease purchase due to complete by end of March 2024. No new events.
31 Oct 2023capital raising announcement▼ BadMajor
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.
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30 Oct 2023drilling result▲ Good
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.
25 Oct 2023admin correction● Neutral
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.
17 Oct 2023asset acquisition disposition● Neutral
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.
16 Oct 2023regulatory community update▼ Bad
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.
27 Sept 2023annual report● Neutral
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.
27 Sept 2023annual report● Neutral
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.
7 Sept 2023investor presentation● Neutral
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.
7 Sept 2023drilling result▲ GoodMajor
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.
10 Aug 2023quarterly activities report● Neutral
Reply to an ASX enquiry on the June quarterly. Confirms two technical studies are due August/September 2023, exploration costs of $120,490 for the quarter, and no change in any tenement interest. Clarification only.
28 July 2023quarterly activities report● Neutral
June 2023 quarter: EMP now plans a 2-year permit extension on force majeure grounds, after meeting NOPTA on 21 June (earlier plan was 18 months). Environment plan is essentially complete, submission awaits consultation and NOPTA. Two new technical studies commissioned after questions from interested partners; no partner named.
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.
28 Apr 2023quarterly activities report● Neutral
March 2023 quarter largely repeats the 31 March update: NOPSEMA approval forecast Q4 2023, permit extension to be sought, Wood Mackenzie report confidential, Moyes and Co engaged and presenting at SEAPEX and BEOS. Partner talks continue with none named; first gas target stays 2028.
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.
31 Jan 2023quarterly activities report● Neutral
December 2022 quarter: restates the resource upgrade and the 125 mmscf/day modelling, and project revenue is now cited as over $400M a year. NOPSEMA application is prepared but awaits stakeholder consultation begun in December. Partner talks continue with none named; Wood Mackenzie results now due early February.
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).
2 Nov 2022agm notice● Neutral
Letter confirming the Annual General Meeting at 11am on 30 November 2022 in Sydney. Notice of meeting is online only, voting by poll, and proxies are due by 28 November. Administrative.
28 Oct 2022quarterly activities report● Neutral
September 2022 quarter: restates the 2.249 Tcf upgrade, Cooper MOU and the completed $1.122M raise. Partner talks continue with none named. NOPSEMA application is nearing completion, and the first-gas target is now stated as 2028, versus 2027 previously.
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.
