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I know the feeling. Its boring with out news, but its coming.
There is a strong possibility we may jump over the BB. We have to wait and see.
I am looking forward to a new Press Release this week. There is a lot to come in the way of news in the weeks ahead.
Wind up of the rights offering and banking of millions of dollars.
The purchase and shipping of the new drill rig capable of drilling 15,000 feet.
The delivery and acceptance of the first part of the $180 million financing
The signing of a Joint venture with a top notch world renowned drilling company to do the work and manage the operation.
The filing for the missing dome sites
The filing to explore offshore
AND last and most important the drilling and finding hydrocarbons.
Hooray, hurrah, we are well on our way.
I got carried away.
Just another 2 weeks to put the rights offering to bed and I would not expect an announcement before July 30, the expiration date in order to allow those still eligible to purchase shares. They must comply with the SEC rules. I don't doubt Malcolm will buy up all available shares at 7 cents. All the money goes into the company treasury to be used for corporate purposes. I would expect notification after the data is compiled usually with in 3 business days if not sooner.
The real spark to the price of the shares will come when they announce they struck hydrocarbons.
I think you will see spurts in the stock price as we progress with news like we purchased the new rig and its on the way to Tasmania and the drill site, like the announcement of a Joint venture with a world class Oil Drilling and Management company, Like the renewal of the missing sites omitted from the current lease, like the issuing of an exploration license for offshore exploration.
It all looks great in my opinion.
EEGC will prevail and there is no doubt in my mind oil will be found, brought to the surface and on to market and will reflect an increase in stock price.
There will be doubt cast by people that have an interest in seeing the company fail.
You can join me and visualize a bright horizon or join the people who look to the company failing and you lose your investment.
Think positive or negative, its up to you. There is more then enough information for you to make an educated decision.
People can go back and spin the facts to come out the way they want them to look. The past facts are the facts and no amount of twisting and spinning will change them but the focus is on the future and that looks very bright.
With a new lease, money, a new drill rig, and a joint venture, we are off to finding oil and great wealth should we be successful, and I have no doubt we will succeed.
You failed to disclose the entire story:
"Actually Hunt was just moved to location, rigged up and waited. Hunt then did not get paid"
At that time Smart Win reneged with the final payment to be paid to Hunt.
"so they moved the rig off the mountain. At no time did Hunt do ANY drilling for GSLM."
Yes that's true but EEGC needed time to find different financing and that was the time of the world financial crisis and nobody was getting money.
"Spauldings drilled the surface hole."
Yes Spalding drilled the first 900 feet and was paid.
Hmmmmmm. How do you know how much is there when nobody else does.
EEGC is not a penny play flipper stock. Thats a gamble I won't make. You could score a few cents, maybe but you will lose in the long rum. Most flippers on the average lose and if you happen to make some money short term you are looking at a big tax bite.
I play the market to win.
Pick a penny stock like EEGC with blazing potential and be prepared to hold for years, Learn from the best, Warren Buffet. If the company checks out and you can accumulate shares over time when it comes in you will never invest any other way.. I don't buy a 2 cent stock to sell at 4 cents. I buy it to sell it at multiple dollars and with a fat amount of shares.then that's a successful investment.
There is no way of forcasting how much money you will make in any investment. You only get to know when the results are in and thats after the fact. Fot those who like to live dangerously flipping is their game for those who want to make a lot of money then buy and be prepared to hold for years.
I have head such talk as when its going up sell to regain your investment. That's a load of Bull. Why leave money on the table. The time to sell is when there are no prospects of advancement for the company and not before.
Everybody must realize that nobody spends millions of dollars on a whim.
No! Not a chance! Its about having control of the company and preventing a hostile takeover.
Who would want to take over a non producing company? Nobody right now but that could change as early as this year. Why? Because if as management suspects, ( or I should say as research dictates) there is oil in Tasmania, and a bunch of it. Maybe even more then a bunch. maybe a heap and a bunch and that's a lot.
The value of an oil find I have been using a figure of $50 net profit per barrel, and that according to all reports see the price of a barrel of oil rising to about $100. With a net profit rising to about $75 a barrel and an increase of 50%. All this and we haven't even started to drill yet.
Looks like this investment is looking better and better.
All of the hostile posts are moot if you consider the following:
RIGHTS OFFERING
Malcolm and the friends and Directors of EEGC are buing up the stock at 7 cents when the market is at 3.5 cents. They are paying double the market established value! Why do you suppose that is.
These are very well established, smart people.
The reason? Its up to you to guess.
It certainly isn't the price. It looks to me its the stock.
It was said, I forget by who, oops, maybe it was me!
"WHERE THERE IS A WILL THERE IS A RELATIVE."
A will is only as good as the content. For you older investors EEGC has the potential of making your will fat! A will doesn't get fat with vitamins, it gets fat with money and assets. Leaving assets to your family can be done tax free in the United States, You should check your own country for their regulations.
If you only leave 1 share of stock in your will then you goofed. That's pure dumb. You need to own a bunch of shares to make it worth while. So, get with the program and start accumulating while the price is low and hold on to the shares. Then when you are dead you can come back and see all the smiles of you family. I know you would rather be alive without a will but that opinion may not be shared by everyone.
Someone said EEGC was doing a Joint venture with Exxon. I guess that person wanted to stir the pot. Sorry guys but the company never announced who the JV will be with and any rumors you hear are just that, rumors. I know you will hear from the company when there is a finalized Joint Venture. Everybody is missing the point. The point is money and the money comes from striking oil. It doesn't matter who we team up with as long as we strike oil
I think you are getting ahead of yourself.
The company has nor disclosed who the Joint venture is with.
You have to wait.
EEGC: The word on the street is the traffic lights are all green so its smooth sailing from now on.
Drilling on our own sound great but I am afraid that won't happen. Its not where the companys skills lie. Even prior to this Hunt did the drilling. You need professionals that know what to do. Its a very involved process and you have to know how to react to different situations that arise. And so the need for a professional team. EEGC/GSLM is the developer and a Joint Venture will provide the skills to bring home the oil.
Queen's Riddle
Barack Obama met with the Queen of England.
He asked her, "Your Majesty, how do you run such an efficient government? Are there any tips you can give to me?"
"Well," said the Queen, "the most important thing is to surround yourself with intelligent people."
Obama frowned, and then asked, "But how do I know the people around me are really intelligent?"
The Queen took a sip of tea. "Oh, that's easy; you just ask them to answer an intelligent riddle." The Queen pushed a button on her intercom. "Please send Tony Blair in here, would you?"
Tony Blair walked into the room and said, "Yes, my Queen?"
The Queen smiled and said, "Answer me this please,
Tony, your mother and father have a child. It is not your brother and it
is not your sister. Who is it?"
Without pausing for a moment, Tony Blair answered,
"That would be me."
"Yes! Very good," said the Queen.
Obama went back home to ask Joe Biden, his vice presidential choice the same question. "Joe, answer this for me. Your mother and your father have a child. It's not your brother and it's not your sister. Who is it?"
"I'm not sure," said Biden. "Let me get back to you on that one..." He went to his advisors and asked every one, but none could give him an answer. Finally, he ended up in the men's room and recognized Colin Powell's shoes in the next stall.
Biden asked Powell, "Colin, can you answer this for me? Your mother and father have a child and it's not your brother or your sister. Who is it?"
Colin Powell yelled back, "That's easy, it's me!"
Biden smiled, and said, "Thanks!" Then, he went back to speak with Obama. "Say, I did some research and I have the answer to that riddle. It's Colin Powell!"
Obama got up, stomped over to Biden, and angrily yelled into his face, "No! you idiot! It's Tony Blair!"
AND THAT MY FRIENDS IS PRECISELY WHAT'S GOING ON WITH OUR FEDERAL GOVERNMENT IN WASHINGTON D.C.
As the future unfolds keep your eyes on the company website:
Web Site: http://www.empireenergy.com
I don't see a sale in the future, or at least not for a few years.
The Last PR talked about a Joint venture and the logic behind that is we team up with an expert drilling and management company.
How much oil is in Tasmania?
We just don't know at this time and its not a simple question to answer. Why because each dome has to be measured to determine the volume of the oil pool.
I have heard estimates all over from 1 billion to 100 billion barrels but what good are these estimates. NO GOOD! There is oil there I am sure of it, but to calculate the value of each share based on the quantity of oil and the net market price at the time of sale can not be done at this time. But the time will come when we can.
I disagree. I think big things will happen sooner then 6 to 12 months.
Look what is happening:
Rights offering closes in 2 weeks that adds millions to the company treasury
Purchase of new oil rig able to drill 15,000 feet, packing and shipping to Australia and then on to Tasmania
Financing will close shortly on first couple of 20 million dollar notes for drilling.
Joint Venture with a Gulf Coast oil drilling and management company
Financing talks going forward for Flare Gas
Filing for restoring missing sites
Filing for offshore exploration license.
Sounds like a bunch of good stuff to me!
Good things coming very soon for the holders of EEGC!
All the longs are waiting for some news that should be along as early as next week.
The rights offering closes in 2 weeks, on July 30th. Money coming in from many sources to cover all our current and future needs.
As you can see from the last three posts EEGC has come a long way and as every company faces bumps and obstacles along the way to success and accomplishing their goals. Much more developments are going to unfold and we are getting closer to accomplishing the goals of finding oil, delivering it to the world market and deriving revenue.
EMPIRE SEISMIC CHALLENGER
Empire has also negotiated the use of a 70-foot ship for planned future off shore seismic exploration once final approval has been received for SEL 13/2009 from Mineral Resources Tasmania (MRT). Empire CEO Malcolm Bendall said, "Empire is pleased to add these new offshore seismic capabilities to the company operations." This has been coordinated through wholly owned subsidiary Great South Land Minerals (GSLM) in Tasmania. The ship, named "RV Challenger" will display corporate logos and the words "Empire Seismic Challenger." The ship is powered by a 500HP engine and will be equipped with state-of-the-art navigation equipment. It also has a 300HP hoist engine with a 150HP reserve backup motor suitable for hydraulic cable drum operations in seismic line placement and recovery. Empire plans to have pictures of the ship available for viewing on the Empire website shortly.
This news follows our recent announcement of signing the "Back to Site Agreement" with Hunt Energy drilling in preparation for the commencement of our onshore drilling program beginning at Bellevue No. 1. These new developments, along with the substantial body of work performed by Empire and Great South Land Minerals over the past ten years, demonstrate Empire's continuing commitment to oil and gas operations in Tasmania and Empire's readiness to move forward in its efforts to discover and develop onshore and offshore Tasmanian oil and gas potential once final approval of the new leases has been received from Mineral Resources Tasmania.
The Final Report on Special Exploration License 13/98 documenting all expenditures and work done over the history of the License has been printed and is set for mailing to Empire Shareholders.
Drilling has been scheduled by others in northern Tasmania, based on interpretation of Empire 2001 seismic information. Any indications of the presence of hydrocarbons at the northern sites will be considered validation and positive for Empire. Previously the sites had been dropped from Empire license area in favor of the several better defined larger structures identified by Empire such as Bellevue and Thunderbolt.
Empire has identified fifteen onshore structures believed to be capable of containing substantial commercial quantities of oil and gas. Special Exploration License SEL 13/2009 contains an additional 12,000-square-kilometer area, most of which is over the shallow water shelf just off the east coast of Tasmania. Seismic operations over water represent only 1/10^th of onshore costs which typically cost US $10,000.00 per line kilometer and are therefore considered quite economical. The planned offshore seismic operations are expected to provide valuable additional information for the exploration efforts of Empire, further confirming our belief that the line of structures continue offshore as previously indicated by seismic work performed in Storm Bay.
Empire believes that previous seismic work in Storm Bay suggest likely structures that would represent significant additions to the many onshore structures already identified by Empire. These shallow water locations contained within SEL 13/2009 are potentially capable of containing substantial commercial quantities of oil and gas.
Empire Energy to be featured on
Money TV International Investment Show
Empire Energy is to be featured on the Money TV International Investment Show. It will air on a variety of different channels and formats across the US and Europe between April 3rd and April 9th, 2009. Please check your local listings for time and dates using http://www.moneytv.net/tvguide.htm.
Empire Energy's CEO Malcolm Bendall, and CFO Mark Callaway, have been interviewed at television studios located in London for the upcoming segment. The Show will broadcast in thirty four countries including North America, Europe, and Asia as well as on demand over the internet. Money TV is broadcast globally to over 170,000,000 homes and outlets.
View the progam at moneytv.net and click on the following link to view the broadcast information: http://www.moneytv.net/tvguide.htm. This is where you can locate the national networks, channels and check broadcast times for your viewing areas.
There will be a press release announcing the show via Market wire Friday morning 5am EST April 3rd 2009.
The Money TV broadcast featuring Empire Energy will be available for download on demand at the Money TV website beginning 5am Friday April 3rd 2009.
To view or download this program please visit www.moneytv.net, Click on Empire Energy and follow the instructions after selecting your service broadband, dial up, flash, or Quick Time player.
The broadcast is intended to be aired in close proximity to the commencement of the initial Tasmanian Oil and Gas drilling program and in conjunction with the Company's planned rights offering.
Victor Sula Beacon Equity Report
Investor Briefs Investor Briefs
How to Purchase Shares
Great South Land Minerals Limited (ABN 54 068 650 386) is a wholly owned subsidiary of Empire Energy Corporation International. Those interested in gaining ownership in Great South Land Minerals can do so through purchasing shares through its parent company, Empire Energy, which is quoted on the Over The Counter market as EEGC.OB. in the US.
Interested parties in Australia can contact Shadforths on (03) 6211 1111 or seek advice from their local stock broker.
Former GSLM shareholders who have questions regarding transfer to Empire Energy shares should contact Tara Ledbetter of Empire Energy's Kansas Office. You can reach her at tledbetter@empireenergy.com
Annual / Financial Reports
GSLM Report 2006
GSLM Report 2005
Empire Energy Consolidated Reports
Empire Energy 10K 2006 Directors' Report
Empire Energy 10K 2006 Accounts and Notes
Bellevue #1 Summary Drilling Illustration
Illustration
Disclaimer: While the Company aims to keep the information on this website updated, complete and accurate, the Company does not warrant or guarantee that the information on this website is updated, complete and accurate. The Company reserves the right to change any information in or from the website without notice. The Company does not warrant that the functions contained in the website will be uninterrupted or without error, that defects will be corrected, or that electronic information in the website and associated linked websites are free of viruses or other harmful components. The Company does not attempt or purport to exclude any liability arising under statute if, and to the extent, that liability cannot be lawfully excluded. To the extent lawfully permitted, the Company excludes all liability, including implied conditions and warranties, for any loss or damage of whatever kind and however arising that you may suffer, directly or indirectly, in connection with your use of our website or its links. When using this website, you acknowledge that you have exercised your independent judgment and have not relied on any representation made by the Company which has not been stated expressly or upon any descriptions or illustrations or specifications contained in any document including electronic information and publicity produced by the Company.
Resources:
A Special Exploration License (SEL 13/1998) has been issued to Empire's wholly owned subsidiary Great South Land Minerals, an unlisted public Australian company. The lease covers 15,000 square kilometers (6000 square miles; 3,800,000 acres) of the most prospective section of the Tasmanian Basin, one of the last virgin oil plays in the developed world.
Hunt Energy & Mineral Co Australia Pty Ltd
Founded in 1996 to drill a program of wells for Nelson Bunker Hunt from Texas in the USA, the company imported a Drilling Rig (Rig #2) into Australia specifically for this purpose.
Hunt Energy has drilled wells in South Australia 400 klms west of Moomba and in Queensland in the Winton area. The Company tendered for and won contracts to drill in the Fairview area in Queensland. A second Drilling Rig, (Rig #3) was purchased and went to work to complete an extensive drilling project in tandem with Rig #2 at Fairview in Queensland.
Hunt has also drilled Wells in the Eromanga Basin in Queensland, the Cooper Basin and Stansbury Basin in South Australia, the Gippsland Basin in Victoria and NSW. Hunt Energy's commitment to the Oil & Gas Industry has seen the company grow over the past 10 years into a competitive and efficient drilling Contractor. Hunt Energy
Terrex Seismic
Adventure, Passion, Team Spirit
Terrex Seismic, a company that is literally shaking things up, uses state of the art technology and world class personnelle in the search for oil, gas and other resources, all over the world. Terrex is a privately held company based in Perth, Australia. Terrex
EEGC History:
In the late 1970's many professionals in the oil and gas industry began entertaining the idea that onshore Tasmania had the potential to be home to a large petroleum bearing basin. There were many reasons for this "awakening" but chief among them were that gas had been discovered in Bass Strait off the Tasmanian coast, oil seeps were eventually discovered on shore, and the local geology was found to be quite similar to producing oil fields in other parts of the world. When they put all the pieces of the puzzle together, it became readily apparent that this premise of onshore hydrocarbons in Tasmania was well worth pursuing.
A Special Exploration License (SEL 13/98) has been issued to Empire's wholly owned subsidiary Great Southland Minerals, an unlisted public Australian company. The lease covers 15,000 square kilometers (6000 square miles; 3,800,000 acres) of the most prospective section of the Tasmanian Basin, one of the last virgin oil plays in the developed world.
Great South Land Minerals (GSLM) was founded in 1995 to investigate these concepts. The principals understood that what was needed was empirical evidence to substantiate this thesis and they were fully cognizant of the efforts that would have to be expended in order to achieve success. Commitments were made, the company structure was consummated, and operations began.
Ten years later in 2005, GSLM became part of a newly formed US company called Empire Energy which in turn became the trading vehicle for the entire operation. The symbol was assigned as EEGC.OTCBB, and a listing on the US over the Counter Bulletin Board was established.
Soon thereafter, the company was encouraged in its search for hydrocarbons when an oil seep in Southern Tasmania was authenticated by Australian scientists working with the state and federal governments. The oil was determined to be a low sulfur, heavy crude, that had "migrated" (traveled upwards and/or laterally) after being sourced at depth from Tasmanite Oil Shale. In the early 20th century, the same type of Tasmanite Oil Shale had produced 444,000 gallons of oil in northern Tasmania by surface quarrying and distillation methods
The Tasmanite and several other viable source rocks were studied and analyzed. Ultimately their presence at depth in the basin was established. Extensive magnetic and gravity surveys were conducted and six stratigraphic wells, including one on Bruny Island that was a mile deep were drilled. That particular effort revealed sub-economic amounts of thermogenic hydrocarbon gases including butane, pentane, octane and nonane. However, significant amounts of the very valuable gas helium were also discovered.
Further evidence of oil generation from these drill holes was discovered as oil inclusions in sandstones and in outcropping rocks were found across the state.
In 2001, The Australian federal government through its Research Grants Scheme, awarded the University of Tasmania $250,000 (with matching amounts from GSLM) in order to study the petroleum systems of onshore Tasmania. This study confirmed the prospectively of the Tasmania Basin.
Two petroleum systems were identified: a more recent Permian-Triassic, Gondwanan Petroleum System and an older (Ordovician to Devonian) Larapintine Petroleum System. It was demonstrated that there are close similarities between the Tasmania Basin Gondwana Petroleum System and the producing Cooper Basin in central Australia. Additional similarities were found between the Larapintine Petroleum System on the island and the Tarim Basin in northwest China.
Studies addressing the potential of the source rock along with monte-carlo simulations of the potential reservoir capacity concluded that an undiscovered resource with the potential of between 1 billion and 3 billion barrels of oil equivalent could be recoverable from onshore Tasmania.
Subsequently, $10 million was expended on seismic surveys which revealed an abundance of potential structural traps; of which several are of significant size. Two of these structures are now the focus of the drilling at Bellevue #1 and Thunderbolt #1.
In early 2008 environmental studies of considerable size and scope were undertaken and were concentrated on promising drill sites. Subsequently, permission was obtained from the regulatory authorities of the Tasmanian government to drill at Bellevue #1 and Thunderbolt #1.
In 2008, the Hunt Energy #3 rig (see video on Empires web site) was contracted to move from the mainland of Australia to northern Tasmania. After extensive site preparation, the Bellevue#1 top hole was drilled to 272metres by a local percussion mineral rig and the Hunt Rig was moved on site in December 2008. The remainder of the equipment needed for drilling was purchased in January 2009.
Bellevue#1 and Thunderbolt#1 are the first two wells planned in a multi-well drilling program that will test the commerciality of the Tasmania Basin. Bellevue#1 is planned to drill to 2600m (8530 feet) and to intersect and test 6 potential target zones in the two petroleum systems. This includes 3 levels of coal which will be tested for gas.
GSLM retains the rights to all conventional petroleum discovered within its Special Exploration License area which at 15,035 square kilometres (5,805 square miles or 3.7 million acres) is one of the largest exploration tenements in the Australian region. The Tasmanian state government will charge a 12% royalty on the well head value of any oil and gas produced for commercial purposes.
Any natural gas discovered may be used domestically in Tasmania and will potentially provide energy self-sufficiency for Tasmania.
In March of 2009, Empire Energy finds itself on the cusp of drilling its first well. It has been a long and arduous journey, not unlike most of them that are experienced when companies find themselves drilling in virgin basins. We look forward with our own positive energy and a united front with the ultimate goal of total success. Stay tuned to this story which has had all the elements of a detective mystery combined with the iron will of people dedicated to creating a positive outcome.
Dr. Clive Burrett
Chief Geologist
Great South Land Minerals Limited
If anyone is interested in what is currently going on just read the Press releases as the company puts them out. Its also a good idea to visit the company website which is in the process of being updated.
I pick and choose who I want to respond to. People shoud do their own research before the make a decision to buy or sell stock. EEGC is no different from any other stock when it comes to research. Its up to the investor to do the DD and not listen to hearsay on a message board.
What ever gave you the idea that I wanted to share information with rigman. If he want to express his opinion he can i am not part of that. Sorry!
How many shares should you own?
Only the person that invests in EEGC can answer that. Its different for each person/family.
What is your financial goals and needs.
What can you afford to risk.
There are so many questions you need to ask yourself before you commit to buying this or any other stock.
Risk is the biggest factor.
Reward is the dream part of the formula.
If you can risk X amount of dollars and can hold the shares for a few years the rewards can be great.
Its my personal belief that the reward potential far and away is greater then the risk. An investment at 4 cents per share can only drop to 0 incurring a 4 cent loss but what about if the share price goes to $1 or more? It all depends on oil and now to be included, Flare gas technology.
I am not about to tell you what my research has turned up, but you are wrong.
Share Information:
A/S 600,000,000
O/S 278,544,700 as of March 31, 2009 Class A common stock
133,000,000 shares were registered in anticipation for sale at $.07/sh for the rights offering
Total O/S after Rights Offering = 412,152,412
Correct! There is no dilution except for the new shares issued in the rights offering. The value of the company has no place to go but up. We can play with numbers all day long and never be right because of two things:
1- we don't know how much oil we have.
2- The value of the company stock is determined by the market perception of it assets and future prospects.
In my opinion that is either a WOW! or a FANTASTIC WOW!
What dreams are made of:
If as stated there are 1,256,000,000 barrels of oil at Bellevue that at $50 a barrel net is equal to $152.43 per share using 412,000,000 shares o/s. Thats just Bellevue now Thunderbolt:
468,000,000 barrels at Thunderbolt at $50 net = $56.80 per share.
$152.43 + $56.80 = a bunch of money ($209.22 per share)
For every 1,000 shares that = $209,223.
Only two sites, not a bad return and it will most likely be a lot more depending on how much oil they actually find. Not a bad return for a 3 or 4 cent investment.
EEGC high side estimated by independent oil co.
Place Estimate barrels of oil
Bellevue 1,256,000,000
Thunderbolt 468,000,000
Interlaken 92,000,000
Quamby 10,000,000
Scotts Tier 15,000,000
Stockwell 25,000,000
Cressy 1 29,000,000
Macquarie River 2 24,000,000
Cressy 2 30,000,000
Bracknell 194,000,000
Hummocky Hills 30,000,000
Steppes 16,000,000
Derwent Bridge 199,000,000
Butlers Rise 79,000,000
Macquarie River 1 24,000,000
Lonavale 2 16,000,000
Nile River 92,000,000
As we get closer to the end of the tunnel and the light becomes brighter its a great time to accumulate EEGC shares to dollar average down and you never have enough of a good thing.
Its no secret. Let me ask you a question. Have you ever entered into a business agreement with the Chinese. You have to be in business with the Chinese to understand how they do business. You should do some more research before you post about it. They entered into an agreement that looked great on the surface, went along till they thought the company was vulnerable and when they felt they had the leverage the contacted the company and wanted to redo the contract. They thought the company would give in but they were mistaken. Now they get nothing. Very often Chinese busines men fail to honor contracts when they feel its in their best interests. Most of the time I am sorry to say they win because the people they do business are so desperate the give in. The Chinese do not honor copy rites and are well know for walking away from honoring contracts. They are one of the biggest countries for pirating and counterfeiting as well.
Well we have hired people with more experience and they contradict everything you said. The company should be drilling by Oct 1 weather permitting. Even possibly earlier. sorry to disappoint you.
Well I think its appropriate that your post is an opinion and not fact. We should see this unfold in the days and weeks ahead along with the rights offering concluding and the infusion of many more millions to be used for general corporate purposes.
Ponder not! Smart Win reneged and owes EEGC over $1 million final payment. We would love for Smart Win to sue. They are directly responsible for the additional debt EEGC incurred. They are also the reason the drill rig was taken down. Hunt was about to drill and expected payment as did EEGC from Smart Win. Smart win thought they had EEGC over a barrel and was looking to get a much larger piece of the action. It blew up in their face and not only did they get dumped but lost their share. It would be a winfall to the company if they sued.
Don't worry about the timing to wrap up the financing. Its no problem at all.
Ponder this: If EEGC didn't have assurance of the money do you think they would go after the additional sites omitted by MRT. Not a chance.
All the bases are covered and then some.