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I don't know much about oil rigs other then what has been PRed. Oil is not my business. What comes with the rigs is better answered by someone that knows. I don't even know what fuel it uses, shows you how much I know about drilling. I often have an adventure with drilling every time I visit the dentist. Or sometimes I use an electric drill to bore a hole in wood. You can quote me on that.
Maybe you save pictures of oil rigs but I don't. Kids and family yes, oil rigs, ya see one you've seen them all. The pictures were circulated by E-mail and I do expect them to be added to the website when they get around to it. There will be a lot of information released after we get the lease.
Its all good.
Taken from the March 17th 2010 PR:
"Empire is furthermore in the process of acquiring a state-of-the-art 15,000 foot hydraulic drilling rig straight off the production line. The new rig will finish production and will be ready to ship to Tasmania soon"
Since that time I have seen pictures of Malcolm at the rig taking delivery. I didn't save the pictures. I am not sure of the model # I think it may be 1100 but don't count on that.
Its not even a joke, its pathetic. That $450,000 won't even pay for the legal expenses of the SEC for the action. The fine to be worth its salt should have been in excess of $1 billion to have and effect and teach Goldman a lesson. They paid more than $1 billion in bonus to the employees. Its an insult to the American public. I guess we know who is running the country....GOLDMAN SOCK IT TO US!
Good Morning:
Hopefully in the next few days we will receive the lease and our push forward to accomplish our goal of finding oil.
There is much to do about the Government raising a tax on Mining Companies, although it has not as yet been enacted, the proposed 40% tax won't have any affect on Empire and in fact it just may have some very positive results. They, The government, is talking about tax incentives for junior exploration companies to find avenues of new sources of revenues for the country. This will give a greater return when oil is discovered and producing revenue. In addition the large companies will pay their fair share to the government and the people will benefit. The nonsense of the large companies going elsewhere is just that, nonsense. There isn't any company that will abandon a producing mine because of a new tax. It does mean, however, that it will lower their profits and put a shinning light on Empire Energy as a great potential long term investment.
This is how a small junior company gets to be a huge company with time.
GO EEGC!
No! They are two different rigs. The company took delivery of a drill rig, brand new that is capable of drilling to a depth of 15,000 feet. The rig that was sold was a rig that can drill to 9,000 depth.
One thing that I neglected to mention is that there are many investors in mining stocks in Australia and with the new proposed tax on the big companies this will cut their earnings. Thats being the case EEGC looks even more attractive from an investment point of view.
The Australian Government has all to gain by EEGC striking oil. The biggest portion of the Aussie budget is the Military and nobody ever questions it. Now if we strike oil, and I don't see why we shouldn't, the very fact that oil is available on their own shores adds to the security of the country.
That very fact is why the Aussies want us to be there and bring home oil.
A little know fact is that many years ago the Tasmanian government gave GSLM a grant to explore for oil. So they are in a way our partners. They do also get 12% of the revenue that will help their economy but the oil has a greater importance
The rig that was sold by Michael Roberts is said to drill to 9,000 feet. The new rig can drill to 15,000 feet.
Follow up on the article in the Mercury Tasmania newspaper;
By staff writers and wires
May 3, 2010 4:26pm
MINING shares close sharply lower on Government's announcement of new 40 per cent super tax.
The government announced yesterday it planned to impose the tax on "super profits", as mining giants such as BHP Billiton and Rio Tinto reap the benefits of an Asia-driven commodities boom.
BHP Billiton closed 3 per cent lower on the news to $39.53 and Rio Tinto closed 4.3 per cent to $69.
Macarthur Coal closed 10 per cent lower at $14.00, while the share market overall closed down just 0.6 per cent.
Prime Minister Kevin Rudd defended the proposed tax as a fair redistribution of income from the country's natural assets.
"Resource profits were over $80 billion higher over the last decade, but the Australian people only received an additional $9 billion," he said.
Noting that both BHP and Rio have hefty foreign ownership, Mr Rudd said "it's time for the Australian people... to get a fairer share of the natural wealth of this country, which ultimately is owned by all Australians".
The miners argue they already pay significant taxes.
The new tax will "result in significant and disproportionate additional taxation on the industry and could well curb the large-scale, long-term investments required to develop Australia's natural resources," Anglo-Swiss mining company Xstrata said.
Under the proposal, which has to be approved by parliament, companies exploiting non-renewable resources would have to pay a 40 per cent tax on extraordinary profits above capital returns from July 2012.
The Queensland Resources Council, an industry group, said the tax placed planned mining projects worth more than $100 billion in the state at risk.
"The worry is that if the Federal Government gets the design and implementation arrangements badly wrong, the risk is that many of those $100 billion worth of projects waiting a final go-ahead will not happen," the council's chief executive Michael Roche told ABC Radio.
"Instead they'll happen elsewhere -- in Africa, Asia or South America."
-With AFP
The tax is on mining only junior explorers like gslm will have good tax breaks from what I can read still early days on that score buy it looks like the government are targeting minerals.
All of the talk is not worth much unless we strike oil or gas then its a whole different ballgame. This business of drilling a hole here or there will be a thing of the past because hundreds of wells will be drilled. The pool of oil around each well is limited thus the need for many wells. Also each site that gives us oil will require many wells drilled. this is a multi year program that I believe will make many of you wealthy. I won't be alive to see it to completion by my children will and they will benefit as I hope all of your families do. Good luck to all who have the faith and have stuck with EEGC.
Word on the street is we should have the MRT license this week.
Get ready to rumble!
Here is what we can look forward to!
OIL! More Oil! and More Oil! Lots and lots of Oil! We will be a slippery lot! You can take a quart of oil with you to bed at night and the next morning you will get up oily!
I am only guessing but I doubt they will tax oil because once oil flows and revenue is generated Tasmania gets 12%. Till now there has been no oil revenue from GSLM/EEGC. The government wants that revenue and needs that revenue and I doubt they will do anything to stifle oil exploration. However you never know till after the fact and a 40% tax on zero is still zero and a 40% tax on oil revenue we never had before is still 60% cash we never had before. So lets see what happens before we jump the gun.
I 100% agree.
The Hunt rig #3 and the rig sold are two different rigs but similar in their capabilities. The rig that M. Roberts sold was an illegal transaction. The Hunt situation is different and has nothing to do with the rig we will be getting back. Hunt has a business to run and could not afford to let his rig lay up idle waiting you approvals of the SEC and MRT to approve. Many steps were taken to keep the Hunt available but failed due to the timing of the SEC and Hunt. At the same time all this was going on there was a financial crisis and money was impossible to acquire just making the situation tougher. Don't believe for one minute the rig owned buy EEGC was not able to do the job. That's a story with out fact. All one has to do is look at the history of Mr. Roberts to draw their own conclusions. Do not assume anything because you will be mostly wrong. Look for information released from Empire to be factual at the time it is released. Thing change beyond the control of the company and under the leadership of Malcolm Bendall we are well back on track. He and his dedicated staff ave been working hard to get us to a drilling status. Its very close to happening but before it can happen we need a lease. I expect we shall have said lease this week. (I hope)! All of the talk about what has happened in the past is now water under the bridge and weather or not you believe what has happened is true or not doesn't amount to a hill of beans. What does matter is the direction we are in toward drilling and the hopeful success of finding hydrocarbons. Your understanding of the events of the past are meaningless. Once we get the lease we will continue to move forward. Here is that word again. PATIENCE!
Thats my opinion, accept it or not its up to you.
In the past we really haven't been focusing on U.S. dollar value but on barrels of oil available.That's is a problem determining just how much oil and or gas is available in our lease coverage. Like I said before I know zip about the mining business so as an ex corporate exec I defer to the experts. the experts are all over the place depending on how they translated the results. You can't average them either. They are either right or wrong. That said they are all way above the reported numbers.
I think the world looks very rosey to me about oil in Tasmania. I believe Tasmania will go from a tourist attraction to a very rich country. its funny because the security an oil find that I am talking about will bring other substantial benefits to Tasmania and Australia. Security as a refueling depot to fight agressor countries. People its all good.
At this stage of the game I don't think Malcolm is concerned about a take over. By the time the dust settles insiders + loyal longs will have more then 51% of the company. The actual percentage won't be know till after stage 2 is completed and until that time its all a guess
He didn't say he was going to buy up the entire offering. He said he would buy up any shares not exercised by those entitled.
What he was intimating is come hell or high water the rights offering would all be bought.
More rights would have been bought by the eligible had the company plans worked. There was no way he could have forecast that the SEC would drag it out before approval and there was no way he could have know that MRT would take so long. The company has complied with every request of both the SEC and MRT and as of now we still don't have the lease documents in hand.
Governments generally suck. We have no choice but play their game at their speed. Some day someone will realize that the longer they take to approve the longer it will take for their share of the revenue and they are not doing their people a service by delaying decisions.
EEGC for me again Lucy, thanks
Its a long story but Smart Win does NOT have those shares. They were returned to Malcolm and they are in Malcolms possession and are eligible for the Rights offering. I don't know where you got your information from.
The sale of the drill rig by Michael Roberts was an illegal transaction and the stock was returned prior to the December 18th 2008 deadline. It was either that or some people were going to jail.
Oh! and may I add that Malcolm did exercise his first round option in the entire amount.
The problem I have is if your going to use numbers who is involved in those numbers and what portion of the numbers pertains to each. To avoid confusion it would have been better to omit the numbers completely since in the end they will all be bought up. Its good that all the Directors bought in and it portrays confidence and if I were to write that PR I would have left it at that, but hey that's me. Its all well meaning and the intention is good and in the end means nothing. I am sure we will get all the money they need.
They are only misleading because of the way they were applied. It was stated that all the Directors optioned to exercise and thats all true but if you assume They are low because Malcolm is part of those numbers then they are wrong. It would have been a better indication to leave numbers out of the PR till the offering was completed. There are very few people that are directors.
Your scenario is wrong! Based on your assumption that 25 million shares held in escrow by Smart Win are in-eligible, (if in fact that were the case) is wrong because its the time line of the shares that make them eligible and not who holds them. You can't possibly make any guess how many were exercised because up till recently nobody including the TA knew and you won't find out till they come out with a PR telling. The PR of the 28th tells of a mailing on the 27th but what you fail to see that PR of the 28th was composed prior to that date.
The results of the Rights Offering will be announced after the results are tabulated and that should be sometime after May 17th +.
In my opinion the Rights Offering will be a total success and the drill program will be full steam ahead upon receipt of the lease.
Instead of guessing numbers based on thin air, why not just wait and see what develops.JMHO
Malcolm will buy up any shares not optioned by the people entitled. The reason why others are now entitled to a second wave is because it gave the impression it would be unfair for Malcolm to buy up all the unexercised shares. This way if there are still shares left after the opportunity is given to others then the remainder will be taken by Malcolm. Its just an exercise in fairness.
No you don't know that. There is no count as to how many shares were bought and the PR info is misleading. Malcolm exercised his total allotment in the first wave and that is over what was reported. The numbers given are a mistake. After the tabulation is complete they will announce it and that should happen before April 27th.
DRILLING IS OUR GOAL!
From to days PR!
Upon formal issuance to GSLM of exploration license EL 14/2009 and the receipt of adequate financing, the Company plans to immediately resume its drilling program and complete its goal of commercializing oil and gas within the Tasmania Basin.
From todays PR:
Issuance of exploration license 14/2009 will represent the first time that the Company will have both an exploration license covering seismically defined prospective structures and an economic valuation of those structures. (The economic valuation can be viewed at the company website at www.empireenergy.com) The Company's current market capitalization and share price is 200 times less than the current asset value of US$2.23 billion (AUD$2.48 billion) comparative market value. For those who can't participate in the Rights Offering, this is an excellent opportunity to purchase shares at below the current Rights Offering price in the market.
Its going to take some time to get the drill rigs into position which includes inspection, freighting them to site, both by land and sea, quarantining, set up, bring in the workers, materials delivered to site, etc. Not being a mining expert I can't even venture a guess. In any case it will be a while but we continue to move forward.
The statement is misleading. Malcolm all by himself bought more then all the directors combined in the first round. It could have been worded better but what we have is what you got. More will come out later when the tab is complete. All the shares one way or another will be bought up at 7 cents and the full amount will be raised.
EEGC News!
28-Day Objection Period Closes, License EL 14/2009 Issuance to Follow Without Objection. 1st Round of Rights Issue Closes - Dir
Date : 04/28/2010 @ 10:31AM
Source : PR Newswire
Stock : GSLM (EEGC)
Quote : 0.04 0.0 (0.00%) @ 2:05AM
28-Day Objection Period Closes, License EL 14/2009 Issuance to Follow Without Objection. 1st Round of Rights Issue Closes - Dir
28-Day Objection Period Closes, License EL 14/2009 Issuance to Follow Without Objection. 1st Round of Rights Issue Closes - Directors Take Up full Entitlements
PR Newswire
LEAWOOD, Kan., April 28
LEAWOOD, Kan., April 28 /PRNewswire-FirstCall/ --
Empire Energy Corporation International (Empire) (OTC Bulletin Board: EEGC) with its wholly owned Australian subsidiary, Great South Land Minerals Ltd. (GSLM) announced on Wednesday, April 28th 2010 that the 28 day objection period for the issuance of GSLM's petroleum exploration license EL 14/2009 covering 785,800 acres of the onshore Tasmania Basin concluded on Wednesday April 14th 2010. The Company was advised by Mineral Resources Tasmania that three objections were lodged to the issuance of the license, however, all of these objections have now been resolved and withdrawn. This marks Empire's clearance of the last statutory hurdle in issuance of exploration license EL 14/2009. The Company therefore expects the license to be formally issued forthwith. While the Company will accept this license for the area issued, Empire and GSLM CEO Mr. Malcolm Bendall said, "We have formally submitted notice of our appeal to Mineral Resources Tasmania's (MRT) decision and asked for the department to expand the licensed area to include the full area (1.84 million acres, 7,450 square kilometers) for which exploration license EL 14/2009 was originally applied for and which contained most (over 80 percent) of our seismically defined prospective structures." Mr. Bendall also noted that the company has additionally submitted to MRT a new application replacing Empire/GSLM's previously withdrawn special exploration license SEL 13/2009, which covers much of eastern and offshore Tasmania.
The first round of Empire's Rights Offering to raise US$9.3 million concluded with a significant number of shareholders around the world exercising their right to take up additional shares in the company. All eligible Empire Directors took up their full share entitlements which included the conversion of US$1.2 million of debt to equity shares. Furthermore, all Directors have indicated they will be taking up additional shares in the second round. During the second round of the Rights Issue, "the oversubscription period," in excess of 27 eligible record shareholders, which does not include an untold number of street name holders through the Depository Trust Company (DTC), who fully subscribed during the 1st round are entitled to take up 116,199,727 additional unsubscribed shares until the termination date which has been set as 19 May 2010. The mailing of the Over Allotment Subscription documents will commence on April 27. Mr. Bendall further commented, "In addition to having exercised my entire share entitlement in the first round I am looking forward to a successful second round of the Rights Offering which will enable Empire and GSLM to fast track resuming our drilling program at both the Bellevue and Thunderbolt sites."
Issuance of exploration license 14/2009 will represent the first time that the Company will have both an exploration license covering seismically defined prospective structures and an economic valuation of those structures. (The economic valuation can be viewed at the company website at www.empireenergy.com) The Company's current market capitalization and share price is 200 times less than the current asset value of US$2.23 billion (AUD$2.48 billion) comparative market value. For those who can't participate in the Rights Offering, this is an excellent opportunity to purchase shares at below the current Rights Offering price in the market.
Upon formal issuance to GSLM of exploration license EL 14/2009 and the receipt of adequate financing, the Company plans to immediately resume its drilling program and complete its goal of commercializing oil and gas within the Tasmania Basin.
Empire Energy Corporation is an international oil and gas exploration company, focusing on developing assets in one of the world's last virgin basins and to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Tasmania's central and northern basins.
This press release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward- looking statements when you see us using the words such as "expect," "anticipate," "estimate," "believes," "plans" and other similar expressions. These forward- looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Empire's ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements. For a more detailed discussion of risks and other factors related to Empire Energy Corporation International, please refer to 10-K and 10-Q reports filed with the U.S. Securities and Exchange Commission.
Contact: Malcolm Bendall
913-663-2310
SOURCE Empire Energy Corporation International
In the days ahead the company will have the total tabulation of the shares purchased. At this time they don't have a total, the numbers are coming in from all over the world. Malcolm on his own bought far more then the 12 million the directors bought. There will be another PR in the days ahead with the totals and what is available.
The directors shares do not include Malcolm and many heavy hitters. The numbers are confusing and do not reflect the amount of shares exercised. There are many insiders that control approx 100 million shares and that alone equates to 50 million shares. It was worded to reflect that the directors bought their entitlement.
28-Day Objection Period Closes, License EL 14/2009 Issuance to Follow Without Objection. 1st Round of Rights Issue Closes - Dir
Date : 04/28/2010 @ 10:31AM
Source : PR Newswire
Stock : GSLM (EEGC)
Quote : 0.04 0.0 (0.00%) @ 2:05AM
28-Day Objection Period Closes, License EL 14/2009 Issuance to Follow Without Objection. 1st Round of Rights Issue Closes - Dir
28-Day Objection Period Closes, License EL 14/2009 Issuance to Follow Without Objection. 1st Round of Rights Issue Closes - Directors Take Up full Entitlements
PR Newswire
LEAWOOD, Kan., April 28
LEAWOOD, Kan., April 28 /PRNewswire-FirstCall/ --
Empire Energy Corporation International (Empire) (OTC Bulletin Board: EEGC) with its wholly owned Australian subsidiary, Great South Land Minerals Ltd. (GSLM) announced on Wednesday, April 28th 2010 that the 28 day objection period for the issuance of GSLM's petroleum exploration license EL 14/2009 covering 785,800 acres of the onshore Tasmania Basin concluded on Wednesday April 14th 2010. The Company was advised by Mineral Resources Tasmania that three objections were lodged to the issuance of the license, however, all of these objections have now been resolved and withdrawn. This marks Empire's clearance of the last statutory hurdle in issuance of exploration license EL 14/2009. The Company therefore expects the license to be formally issued forthwith. While the Company will accept this license for the area issued, Empire and GSLM CEO Mr. Malcolm Bendall said, "We have formally submitted notice of our appeal to Mineral Resources Tasmania's (MRT) decision and asked for the department to expand the licensed area to include the full area (1.84 million acres, 7,450 square kilometers) for which exploration license EL 14/2009 was originally applied for and which contained most (over 80 percent) of our seismically defined prospective structures." Mr. Bendall also noted that the company has additionally submitted to MRT a new application replacing Empire/GSLM's previously withdrawn special exploration license SEL 13/2009, which covers much of eastern and offshore Tasmania.
The first round of Empire's Rights Offering to raise US$9.3 million concluded with a significant number of shareholders around the world exercising their right to take up additional shares in the company. All eligible Empire Directors took up their full share entitlements which included the conversion of US$1.2 million of debt to equity shares. Furthermore, all Directors have indicated they will be taking up additional shares in the second round. During the second round of the Rights Issue, "the oversubscription period," in excess of 27 eligible record shareholders, which does not include an untold number of street name holders through the Depository Trust Company (DTC), who fully subscribed during the 1st round are entitled to take up 116,199,727 additional unsubscribed shares until the termination date which has been set as 19 May 2010. The mailing of the Over Allotment Subscription documents will commence on April 27. Mr. Bendall further commented, "In addition to having exercised my entire share entitlement in the first round I am looking forward to a successful second round of the Rights Offering which will enable Empire and GSLM to fast track resuming our drilling program at both the Bellevue and Thunderbolt sites."
Issuance of exploration license 14/2009 will represent the first time that the Company will have both an exploration license covering seismically defined prospective structures and an economic valuation of those structures. (The economic valuation can be viewed at the company website at www.empireenergy.com) The Company's current market capitalization and share price is 200 times less than the current asset value of US$2.23 billion (AUD$2.48 billion) comparative market value. For those who can't participate in the Rights Offering, this is an excellent opportunity to purchase shares at below the current Rights Offering price in the market.
Upon formal issuance to GSLM of exploration license EL 14/2009 and the receipt of adequate financing, the Company plans to immediately resume its drilling program and complete its goal of commercializing oil and gas within the Tasmania Basin.
Empire Energy Corporation is an international oil and gas exploration company, focusing on developing assets in one of the world's last virgin basins and to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Tasmania's central and northern basins.
This press release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward- looking statements when you see us using the words such as "expect," "anticipate," "estimate," "believes," "plans" and other similar expressions. These forward- looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Empire's ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements. For a more detailed discussion of risks and other factors related to Empire Energy Corporation International, please refer to 10-K and 10-Q reports filed with the U.S. Securities and Exchange Commission.
Contact: Malcolm Bendall
913-663-2310
SOURCE Empire Energy Corporation International
Boo!?, Boo who? Don't cry! The week is not over yet and I expect news shortly!
Information about the company day to day operations is not available. When and if the company deems it in the best interests of the shareholders and the company they will disclose said information.
I don't read the Australian newspapers so the local activity is of no interest to me. The company is well connected to what is going on and I have all the faith in them to do the job.
If you have questions direct them to the company, I am only a shareholder and nothing more. When I invest in a company I let the management run it and I don't even offer any advise. I know very little about drilling for hydrocarbons and they are the experts.
I am sure they do know how many were exercised in the first part and when the second part is completed I believe they will publish the results. As far as the amount left over from the first part goes that is information the company will use for the people that exercised in the first set. So what. Its no concern to share holders if they are not involved. Next people will want to know how many shares each holder has. That's all private information.
As to why it should take 30 days for the second set, its what was stated in the SEC filing and they will adhere to it.
Those are your assumptions based on air. No news has been released and the rights offering ends 30 days AFTER April 12th, 2010 and not before. Our world will begin when we get the lease and that I expect sometime this week.
If you are short this stock I would seriously consider covering before the next Press Release.
We have the equipment to do the job, Not one but two oil drilling rigs, one that can drill down to 15,000 feet. That's almost 3 miles.
There is oil down there and Natural Gas and we will also go after coal/methane.
Don't forget Flare Gas technology to reclaim wasted gas and put it to use making the company money and when the company makes money so do we.
May 25m 2010 ate 10:00 am
EEGC for me again thanks Lucy