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Empyrean Energy ( (GB:EME) ) has issued an announcement.
Empyrean Energy PLC has received a Notice of Election of Remedy and Forced Withdrawal from West Natuna Exploration Limited, a subsidiary of Conrad Asia Energy Ltd, concerning the Duyung PSC. Despite ongoing dispute-resolution discussions and a verbal agreement on disputed cash calls, the notice suggests Empyrean’s withdrawal from the joint venture, which the company contests. Empyrean is committed to resolving the dispute cooperatively and legally, while Conrad’s trading halt on the ASX adds complexity to the situation.
Spark’s Take on GB:EME Stock
According to Spark, TipRanks’ AI Analyst, GB:EME is a Underperform.
Empyrean Energy’s stock is significantly impacted by severe financial difficulties, with ongoing losses and negative equity. The technical analysis indicates a bearish trend, and valuation metrics highlight high risk with negative earnings. Despite recent corporate efforts to boost capital and strategic initiatives, these do not compensate for the substantial financial and operational challenges, resulting in a low overall stock score.
To see Spark’s full report on GB:EME stock, click here.
More about Empyrean Energy
Empyrean Energy PLC operates in the oil and gas sector, focusing on exploration and production activities. The company is involved in the Duyung PSC, a joint venture project, and engages in discussions and agreements related to its participating interests.
Average Trading Volume: 195,755,042
Technical Sentiment Signal: Sell
Current Market Cap: £7.89M
Learn more about EME stock on TipRanks’ Stock Analysis page.