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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 July 2022quarterly activities report● Neutral
June 2022 quarter: Judith-2 application work is on schedule, now for NOPSEMA submission by end September 2022 (earlier stated as end August). Partner talks continue with none named. APA is selling the Orbost plant to Cooper Energy; EMP's APA MOU covers processing there.
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.
29 Apr 2022quarterly activities report● Neutral
March 2022 quarter report restates the 1.848 Tcf upgrade, AGR's engagement, the $1.5M raise and the 2027 first-gas target. Talks continue with several interested potential partners to fund Judith-2; none named. No new information in the portion shown.
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.
31 Jan 2022quarterly activities report▼ Bad
Appendix 5B for December 2021 quarter: cash fell to $294K from $705K after $411K operating outflow, with no funding raised. Estimated funding is just 0.72 quarters, so new money was needed; a raising followed days later.
31 Jan 2022quarterly activities report● Neutral
December 2021 quarter report repeats the December market update and January seismic findings: first gas targeted 2027, partner talks continuing, Judith-2 approvals to start early 2022. No new information.
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.
29 Oct 2021quarterly activities report▼ Bad
Appendix 5B for September 2021 quarter: cash fell to $705K from $1,166K after $461K operating outflow, with no funding raised. Estimated funding is 1.53 quarters at that rate, so another raising looks needed (inference).
29 Oct 2021quarterly activities report▲ Good
September 2021 quarter: continued analysis of the CGG 3D seismic, with strong gas-indicator (AVO) responses over at least 500m of relief. EMP now treats Judith-2 as an appraisal well and is preparing drilling approval applications. No new resource figure; mostly repeats June findings.
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.
30 July 2021quarterly activities report● Neutral
June 2021 quarter report restates the positive AVO seismic results over Judith and the completed $1,000,000 June raise. Also repeats the A$732,180.90 seismic licence cost and the NOPTA drilling deadline of 22 August 2023. No new information.
30 July 2021quarterly activities report● Neutral
Appendix 5B for the June 2021 quarter: cash rose to $1,166K from $468K, helped by the $1,000K placement. Operating outflow was $302K, giving an estimated 3.86 quarters of funding at that rate.
21 July 2021agm notice● Neutral
Results of the 21 July 2021 extraordinary meeting: all resolutions carried, covering ratification of prior share issues, share issues to directors and consultants Malcolm King and Geoff Geary, and creditor share issues.
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.
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.