Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 June 2021drilling result▲ GoodMajor
Analysis of the new seismic shows strong gas-indicator (AVO) responses across Judith over at least 500m of vertical relief, tied to Judith 1 and Kipper 1 wells. EMP says this supports prior prospective resource estimates and de-risks Judith 2. No new resource figure.
8 Apr 2021material agreement▲ GoodMajor
EMP bought a licence to CGG's new 3D seismic over Judith, with early results showing better imaging and gas-indicator amplitudes extending up-dip. EMP says this could de-risk drilling and help win a farm-in partner. Interpretation runs to mid-May.
6 Apr 2021other● Neutral
ASX paused trading in EMP shares on 6 April 2021 pending a further announcement. The notice gave no reason for the pause.
16 Mar 2021half year report● Neutral
Half-year to 31 December 2020: loss of $303,494, against $1,339,013 a year earlier. Net assets rose to $3,320,812 and working capital moved from a $319,076 deficit to a $223,810 surplus, helped by the share issues.
17 Feb 2021joint venture update▲ GoodMajor
APA completed the Judith pre-FEED study. Base capital cost is about A$500M excluding contingency and wells, for 80 MMscfd over 25 years. FID could come 14 months after FEED starts, with FEED budgeted at about A$9M. Resolves the open APA thread.
2 Feb 2021price query● Neutral
ASX queried a rise from $0.029 to an intraday high of $0.048. EMP says it knows of no undisclosed information and points to rising global LNG prices and the 30-month Vic/P47 permit extension, which it says removed permit risk.
18 Jan 2021capital raising announcement● Neutral
EMP settles its final delayed payment to geological consultant 3D-Geo by issuing 3,500,000 shares at 3.3 cents, worth $115,500. This finalises payment for three years of Judith studies, paid in shares rather than cash.
What it means for a shareholder
3.5m new shares at A$0.033 to raise about A$115,500. That's 2.5% dilution: every existing holder's slice gets 2.5% smaller. If you held A$1,000 of shares (30,303 at the issue price), your slice goes from 0.0221% to 0.0216% of the company. To keep it you'd need 775 more shares - about A$26 at the issue price.
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30 Dec 2020regulatory community update▲ GoodMajor
NOPTA extends the Vic/P47 permit term by 30 months, moving the deadline to drill Judith 2 from February 2021 to August 2023. This removes the near-term permit deadline and gives time to assess new seismic and find a partner.
16 Oct 2020capital raising announcement▲ GoodMajor
The share purchase plan raised $656,000, above the $300,000 target, through 23,428,571 new shares at 2.8 cents. EMP accepted all commitments. This adds to the $500,000 May placement and funds continued exploration.
What it means for a shareholder
23.4m new shares at A$0.028 to raise about A$656,000. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (35,714 at the issue price), your slice goes from 0.0358% to 0.029% of the company. To keep it you'd need 8,388 more shares - about A$235 at the issue price.
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30 Sept 2020other● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2020, lodged with the annual report. Compliance paperwork with no new information.
30 Sept 2020annual report● Neutral
Annual report for the year to 30 June 2020. The review of operations covers the APA pre-FEED deal, the Judith resource statement, dynamic modelling, AGR's appointment and the Cyrano sale. Financial figures are not visible in the text provided.
29 Sept 2020capital raising announcement● NeutralMajor
EMP offers eligible shareholders a share purchase plan of $1,000 to $30,000 each, at the lower of 3.5 cents or a 10% discount to the 5-day VWAP. It targets $300,000, not underwritten, for exploration work and working capital. Follows the May placement.
24 Sept 2020investor presentation● Neutral
September 2020 presentation repeats known Judith facts: 150 Bcf 2C contingent, 1.226 Tcf P50 prospective, APA pre-FEED, AGR well planning and ongoing partner talks. It shows 99.8M shares on issue, with cash as at 30 June 2020 shown as A$357K.
22 Sept 2020investor presentation● Neutral
EMP announces an investor webinar on 24 September 2020, with director Phil McNamara presenting on the Judith Gas Field and near-term objectives. Notice only, with no new information.
16 Sept 2020other● Neutral
ASX pauses trading in EMP shares pending a further announcement. It follows a price query the same day, and the pause is procedural.
16 Sept 2020price query● Neutral
ASX queried a jump from $0.032 to an intraday high of $0.062. EMP says it knows of no undisclosed information and points to the government's 14 September backing for a Kurri Kurri gas power station as the likely explanation.
1 Sept 2020joint venture update▲ GoodMajor
APA has started the 4-month Judith pre-FEED study. AGR's initial Judith 2 design is to 3,235m, with estimated well cost of A$25M excluding flow tests and about 26 days drilling. Rig tenders wait for a farm-in partner. New CGG 3D seismic results are due late 2020.
31 Aug 2020other● Neutral
Registered office and principal place of business moves to Level 21, 201 Sussex Street, Sydney from 31 August 2020. Other contact details are unchanged. Administrative only.
18 June 2020drilling scheduled▲ Good
EMP engages well consultant AGR to plan and design the Judith 2 exploration well, starting in July and taking one month. Work covers an execution plan, regulatory timeline, rig sharing options and well cost analysis. No drilling date or farm-in partner is announced.
28 May 2020admin correction● Neutral
Clarification of the 19 May APA announcement: no new information affects the July 2019 Judith resource estimates (150 Bcf 2C, 1.226 Tcf P50), and all material terms were already disclosed. Also adds detail on related-party payments in the March Appendix 5B.
27 May 2020capital raising announcement● NeutralMajor
EMP raises $500,000 through a non-brokered placement of 18 million shares at 2.75 cents, a 32% discount to the 15-day VWAP of 4.1 cents. Follows the April warning that a small raise was needed. Funds exploration activities.
What it means for a shareholder
18.0m new shares at A$0.0275 to raise about A$500,000. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (36,364 at the issue price), your slice goes from 0.0446% to 0.0365% of the company. To keep it you'd need 8,023 more shares - about A$221 at the issue price.
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19 May 2020material agreement▲ GoodMajor
EMP signs a binding agreement with APA Group for the Judith pre-FEED study, the first binding deal after the October 2019 MOU. Covers a processing plant beside Orbost, a roughly 40km subsea pipeline and an export pipeline. Starts July 2020, taking 4 months.
1 Apr 2020other● Neutral
COVID-19 update: non-essential activities cancelled or postponed and costs cut. EMP is preparing a small capital raise to fund the next three months. Malcolm King leaves the board after a 12-month term but stays as consultant, and the EMPOC options have expired.
1 Apr 2020director officer appointment● Neutral
Final director's interest notice for Malcolm King, who ceased as a director on 31 March 2020. He held 1,067,515 ordinary shares and no other interests.
13 Mar 2020half year report▼ Bad
Half-year to 31 December 2019 shows a loss of $1,339,013 (prior year $274,886), including a $980,931 income tax expense. Net assets fell $1.08m to $2,535,600, and working capital moved to a $222,431 deficit. Cyrano sale completed after period end.
21 Jan 2020asset acquisition disposition▲ GoodMajor
Sale of Cyrano R3 completed for $325,000 to BR Cyrano Pty Ltd, resolving the September agreement. EMP keeps a $0.50 per barrel royalty, which the buyer can buy out for $1.5m within 48 months. Removes the non-core asset.
31 Dec 2019asset acquisition disposition● Neutral
Cyrano R3 sale completion is extended to 25 January 2020 because WA approval is unlikely by 31 December. Price stays $325,000 with the royalty terms unchanged. The purchaser is now named Emco Capital Pty Ltd, not BR Cyrano as announced in September.
23 Dec 2019joint venture update▲ Good
EMP and APA Group agree the scope of a pre-FEED study for Judith: subsea pipeline, a new processing train beside APA's Orbost plant, and an export pipeline. A binding contract is intended in Q1 2020, with the study starting Q2 2020. Builds on the October MOU.
23 Oct 2019security holder rights change● Neutral
Unmarketable parcel facility completed: 314,343 shares will be sold, cutting holder numbers by 136. Issued capital remains 75,630,927 shares and 42,310,165 options (exercise $0.075, expiring 31 March 2020).
16 Oct 2019material agreement▲ GoodMajor
EMP signs a non-binding MOU with APA Group on pipelines and a gas processing plant for Judith, after more than 12 months of talks. It is not a binding deal. The farm-in partner search continues with no partner yet.
