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Whats going on there is no bis or asked
I agree. The actual amount of money spent in the past that has laid the ground work in identifying where to drill will seem like a drop in the bucket 10 years from now. There is a lot more to be spent on exploration. Once we start to drill it will continue non-stop and then the cost of collecting and transporting the hydrocarbons. Gas will be the least costly as a pipeline already exists and all that is needed is to tap into it. Oil is a different matter. Collection tanks at the water line will be needed and trucks to transport oil to the tanks. Once contained the oil will be pumped into tanker ships for transportation to refineries. As it is determined that there is a significant amount of oil a refinery may have to be constructed in Tasmania. The manpower required to operate these facilities and drive trucks will continue to increase, providing jobs and taxes to Tasmania. The outlook is bright and all will benefit. National security will be enhanced as Australia can now offer a fueling station to its Military and its allies. It all starts with the first oil strike.
Sorry but a poor comparison. EEGC well will drill less then 1/2 the 22,000 foot depth you compared against and your well that was already explored in the 1980s and no mention of that cost. The Bellevue/Thunderbolt sites have been in research mode for years and as time progressed new methods were developed and oil locations that should give us a much higher return were discovered. Even with all the research we can not tell of the quantity that exists below the surface. We do know the potential of Natural gas exists and either oil or gas will be a welcome discovery.
We are moving ahead and the light at the end of the tunnel is drawing closer and equally collecting of hydrocarbons.
People should also address the value of an oil/gas discovery is beyond just financial reward for the people of Australia as well as the investors.
The security of the entire part of the globe will be enhanced as it will become a strategic refueling station and add to the security and defense of the area.
Larrys proverbs
1.A day without sunshine is like night.
2. On the other hand, you have different fingers.
3. 42.7 percent of all statistics are made up on the spot.
4. 99 percent of Politicians give the rest a bad name.
5. Remember, half the people you know are below average.
6. He who laughs last, thinks slowest.
7. Depression is merely anger without enthusiasm.
8. The early bird may get the worm, but the second mouse gets the cheese in the trap.
9. Support bacteria. They're the only culture most people have.
10. A clear conscience is usually the sign of a bad memory.
11. Change is inevitable, except from vending machines.
12. If you think nobody cares, try missing a couple of payments.
13. How many of you believe in psycho-kinesis? Raise my hand.
14. OK, so what's the speed of dark?
15. When everything is coming your way, you're in the wrong lane.
16. Hard work pays off in the future. Laziness pays off now.
17. How much deeper would the ocean be without sponges?
18. Eagles may soar, but weasels don't get sucked into jet engines.
19. What happens if you get scared half to death, twice?
20. Why do psychics have to ask you your name?
21. Inside every older person is a younger person wondering, 'What the hell happened?'
22. Just remember -- if the world didn't suck, we would all fall off.
23. Light travels faster than sound. That's why some people appear bright until you hear them speak.
24. Life isn't like a box of chocolates. It's more like a jar of jalapenos. What you do today, might burn your butt tomorrow.
I think Malcolm is very credible.
He filed for SEC approval and got it as promised.
He said he filed for a lease and got it.
Money is in the process of coming in. All you have to do is wait for it all to arrive and the drilling will begin.
Sorry if his time table doesn't match yours, but thats life.
He also doesn't have time to hold anyones hand and rub their brow to give them comfort.
You all have choices you can make and always did.
You can flood the boards with questions and you won't get answers. When Malcolm is ready to release information he will, till then wait or sell. Its in your hands.
Reprint!
Mineral Resources Tasmania Formally Advertises 785,795 Acre Exploration License 14/2009 for Great South Land Minerals/Empire Energy, A Required Step Closer to Minister's Issuance, Expected 13 April 2010.
State-of-the-Art Drill Rig Coming Off Production Line.
Rights Offer 30 Day Extension Submitted to SEC.
Special Exploration License 13/2009 Re-Submitted.
Press Release Source: Empire Energy Corporation International On Wednesday March 17, 2010, 11:31 am EDT
LEAWOOD, Kan., March 17 /PRNewswire-FirstCall/ -- Empire Energy Corporation International (Empire) (OTC Bulletin Board:EEGC.ob - News) announced on Wednesday, March 17th 2010 that the Director of Mines for Tasmania has publically advertised in Australia's Mercury and Examiner newspapers, his recommendation for the issuance of Exploration License 14/2009 to Empire's wholly owned subsidiary, Great South Land Minerals, Ltd. (GSLM). This represents one of the final steps in the statutory process required for the Minister of Energy and Resources to formally issue GSLM the exploration license for 3,180 sq kilometers (785,795 acres) on or about April 13th 2010, at the close of a mandated 28-day public notice objection period. Empire expects no objections will be raised, as per statutory requirements, only persons "claiming an estate or an interest in any land within the area advertised" may lodge an objection and therefore believes the license will be promptly issued on or about April 13th 2010.
The advertised license area encompasses 3,180 square kilometers (approx. 785,795 acres) and covers the company's two most valuable structures, Bellevue and Thunderbolt. These two seismically defined structures are estimated by internationally recognized oil and gas Competent Persons firm, RPS Energy Pty Limited, to contain a combined mean estimate of 447 million barrels of oil (refer: Table 2 of Competent Persons Report – Assets of GSLM, October 2008). RPS Energy calculated this figure based on their own independent analysis of geological data obtained from GSLM's US$50.71 million (AUD$56 million) research investment over the past 33.3 years.
Additionally, one of Australia's leading accountancy firms, has valued the undiscovered potential resources believed to exist within these two structures at US$2.23 billion (AUD$2.48 billion). This value was derived by discounting the then current US$70 per barrel (AUD$80 per barrel) market price of oil down to US$5 per barrel. The discount was based on the comparative value between the land within which GSLM's seismically defined structures lie and the sale value of land on the Australian mainland market containing similar potential for and quantities of undiscovered prospective resources. Ultimately however, at today's market value of US$80 per barrel (AUD$89 per barrel), this asset represents a gross potential value today of US$35.76 billion (AUD$39.78 billion).
The advertised license area represents nearly a 50% reduction from GSLM's original 7,513 square kilometer (1,856,502 acres) application. As a result, Empire and GSLM are vigorously pursuing all available options and have asked the Minister for Energy and Resources to restore the full area as originally applied for, pursuant to the contractual terms of Special Exploration License 13/1998 between Mineral Resources Tasmania (MRT) and GSLM. These terms, detailed in a letter from former Deputy Premier Paul Lennon of 23 December 1998 states "at the end of the licence period, the more prospective areas must be converted to exploration licences with appropriate conditions, if continued tenure is required." This excluded area contains 10 additional seismically defined structures believed to contain a further potential of 222 million barrels of oil (refer: Table 2 of Competent Persons Report – Assets of GSLM, October 2008). This undiscovered potential resource could be worth an additional US$17.74 billion (AUD$19.73 billion).
Today's advertisement of the reduced area for Exploration License 14/2009 highlights Mineral Resources Tasmania's (MRT) failure to honor its prior agreement of 21 December 2009. Under the agreement, if Empire/GSLM agreed to withdraw its Special Exploration License 13/2009, MRT would agree to recommend the entire area of Exploration License 14/2009 for issuance to the Minister. As a result of the government reneging, Empire has asked for the reinstatement of its application for Special Exploration License 13/2009 covering 12,040 square kilometers (2,975,149 acres) of eastern Tasmania.
While Empire's Rights Offer Transfer Agent has alerted the Company it is in receipt of re-subscription notices from a number of shareholders, due to unforeseen international shipping delays, a substantially large number of shareholders are still without their Rights Offer re-subscription documents. To ensure all of Empire's eligible shareholders have an equal opportunity and adequate time to re-subscribe, Empire has submitted to the US Securities and Exchange Commission (SEC) notice of a 30 days extension to the closing date of the Rights Offer. Eligible shareholders are advised that with the extension, existing certificates will be accepted through a new closing date of April 12th.
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.
Empire CEO Malcolm Bendall stated, "It has been a long and arduous journey to this point and I thank our shareholders and employees for their steadfast support. Today's news launches Empire to the verge of an extraordinary confluence of events. Over the coming weeks, we are poised to make unprecedented progress in advancing the development and commercialization of oil and gas in the Tasmanian Basin. Our company's current market capitalization and share price are 200 times less than the current asset value of US$2.23 billion (AUD$2.48 billion) comparative market value. I don't expect for this disparity in value to continue much longer. The license is proceeding, the new drill rig is poised to be transported and oil and gas is on the way!"
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
Empire Energy Corporation International
+1-913-663-2310
Nobody has information other then was released in PRs. Search through them for your answers. Its what I do. if its not there then its not released.
From the 11/23/2009 PR:
Empire CEO Malcolm Bendall announced, “The 10-Q filing will allow us to finalize our Rights Offering registration statement which Empire expects to be fully subscribed, and if successful, will allow Empire to restart drilling as part of our overall business plan for our Tasmanian onshore project. Drilling is planned to begin at Bellevue No.1 site and Thunderbolt No.1 as soon as funds are available.
Contact your broker he may be able to work some temp financing for you
Sorry! That information can only be disclosed by the company. I am not privy to that info.
As we move forward there will be a lot more positive changes that will give us the capabilities to drill much more then 2 wells and there is on going efforts to reclaim the denied domes that the company paid research to explore. We will also pursue the off shore exploration license. These are changing times and flexibility is key.
There has been material changes since those Press Releases were made.
For example the rights offering was extended to April 12th and it was felt only fair to give the opportunity to the existing share holders to participate in the purchase of additional shares. Although the price is below the offering price as of now that could change and a more attractive price would give the shareholder an advantage and incentive to buy. It add an additional 30 days to the April 12th date. A lot could happen by that date.
Also a brand new drill rig that is capable of drilling to 15,000 feet well beyond the Hunt rig #3s capability. There are also other advantages of owning a rig of the type.
In the future additional PRs will make the public aware of the great strides the company is making as we approach the drilling of the first well at Bellevue.
In addition the personal line of credit of $50 million is personal and not company money. How he intends to use the money is his business only
Rights offering:
Shareholders of record December 18, 2008 will receive a Rights Certificate for the number of shares they are entitled to acquire based on one (1) share for each two (2) shares owned on the record date. Â In other words, if 200 shares of EEGC common stock were owned on December 18, 2008, the certificate will reflect a right to acquire 100 new shares at a purchase price of US$.07 per share. Â Shareholders who would like to exercise their rights to purchase shares provided for in the certificate must fill out the Subscription Certificate included in the mailing and deliver the completed form along with the subscription price to our transfer agent by the end of the subscription period on April 12, 2010* (extended).
Additionally, assuming all of the rights holders do not fully exercise their privilege to acquire shares, rights holders that did exercise all of their rights will be permitted to participate in the follow-on oversubscription privilege to acquire additional shares at the US$.07 price. Â Rights holders that qualify for the oversubscription privilege will be notified of the number of shares available under that privilege at the close of the initial period April 12, 2010* (extended), and will need to provide an additional subscription form and payment during an additional oversubscription period.
Where to Drill an oil well. or shall I say how not to drill a well. The property that was once EEGCs and picked up by another party used the scientific method of "The Divining Rod" ( they cut a live branch from a tree and walk it over the ground and when it senses water it fulls down ), Its an old wives tale used by the back wood people to discover water. Its funny but its still used today and if it has any merit at all it was used to find water and not oil. Malcolm did not spend $50,000,000 for research when a free twig would have done the job. Seismic research has come a long way and continues to get better. In the beginning there was only 2 dimension Seismic plotting and today its 3 dimensional. By the way that twig science turned up a dry hole. I guess if your looking for dust it works. All I have to do to find dust is look at the dust rag after we dust.
wow! I just saved $50,000,000.
The rights offering was extended to April 12th. Reason given was not all the people entitled to execute the offering received notice.
Today is march 22nd leaving 20 days to take advantage of the offering. The price of a share at this time is about 3 and 1/2 cents + or - and the offering price is 7 cents about double the current price. Why would a person buy at 7 cents when he could buy at 3.5 cents?
Good question and there are good reasons, also keep in mind that there are 20 days to go before the option to buy expires. In that 20 days a lot could happen. Strictly from a financial personal view it doesn't make much sense to pay double for stock or does it? The 7 cents goes to the company for drilling the 3.5 cents goes to the seller of the stock and does nothing to protect your own investment. Also consider if you are a large shareholder say 2,000,000 shares and you can buy 1,000,000 shares at 7 cents. If you put in an order for a million shares at 3.5 cents do you think you could fill that order? I don't! At 7 cents you have a chance but still questionable, but under the plan its guaranteed. Now look at the other end, the reason for buying in the first place. To make money! not a few cents We are looking for oil and the value of the stock at theis time is about $11.00 a share + or -. So a million shares is worth 11 million dollars and a cost at $35,000 at 3.5 cents or $70.000 at 7 cents. its a difference of $35,000 with a return of $11,000,000. Its a drop in the bucket. Actually I low balled the number because the Flare gas is worth that much without oil or gas.
There is something else to consider. There is a follow on 30 day period to pick up the un exercised shares. This is open to the people who had rights on a proportioned basis. That now extends the period to 50 days.
EEGC news paper article in the Tasmanian newspaper:
http://www.latiempo.be/new_article.jpg
Restricted stocks usually have a legend. It may be able to remove the restriction depending on what the restriction is. Best to call the company or the transfer agent.
There may be some action in the works. A sister company RELM is expected to release some information soon and it could roll over into PCSO
EEGC is in a sweet spot:
The current practice for oil companies is to let the junior oil exploration companies do the grunt work spending time and money finding oil and gas. Once discovered they come in and either joint venture or just buy them out.
Its good for them because they don't spend time and effort chasing all over the globe with little results. this way they get the pick of the litter and have a guarantee of success.
I fully expect that once we strike oil and or gas we will be flooded with oil companies pounding on our door with flowers and candy, a bottle of rare wine tucked under their arm wooing us to join their fold.
There is no doubt about it, Malcolm is a living God!
This is the bottom part of the article:
Dutch to English translationShow romanization
Investments in Australia and canada,
Tasmania is a top target.
Shell in the next two years will benefit from investments in recent years were done. The main production increase will come from two gas projects in Qatar. Shell stuck in one of those two, the so-called gas-to-liquids (GTL) project, 18 billion U.S. dollars.
Voser spearhead, investing in growth, manifested itself Tuesday for the period 2015 to 2020. In the next five years Shell invests annually between 20 and 25 billion U.S. dollars, 80 percent in finding and extracting oil and gas. This should be between 2015 and 2020 a large number of projects into use, particularly large gas projects in Australia including the oil sands in Canada.
This is a translated article about Shell interested in Tasmania:
Dutch to English translationShow romanization
Time for positive news: Shell puts over 100 billion in growth plans
LONDON (AFN) - Oil company Shell expects production of oil and gas in the coming years to increase substantially. Partly refers to returns on past investments, the rest could come from an investment of over 100 billion U.S. dollars in the next five years. That was Tuesday in a note on the strategy of the group.
After seven years of production fell, Chairman Peter Voser held a good news off. He strives in 2012 to a daily production of 3.5 million barrels of oil equivalent. That means an increase of 11 percent over production levels last year.
Voser took a survey of the International Energy Agency, showing that demand for oil and gas in the coming years is growing sharply. In 2020 an additional 40 million barrels of production is required from new fields daily. This equates to approximately eight times the size of the current production in the North Sea. "A huge challenge for the industry and an opportunity for Shell," said the CEO.
I have not heard that rumor. I can tell you that when we strike oil all the oil companies will be interested in Tasmania, the method of the oil companies today is to let the junior mining companies do the work and find the oil and then go in and do deals or buy them up.
what rumors is that, do you mean Callaway involvement
No we drill all year. The hunt rig needed to be winterized but the new rig will have all the bells and whistles. The original problem was the elevation at Bellevue. Thunderbolt was below that elevation and didn't have as many winter problems. This new rig is able to cope with all the winter problems.
EEGC is moving ahead and from time to time I get some rumors and will pass them on. I do not respond to Private messages as I am not a paid subscriber. Check my profile for my e-mail address for questions.
Howardhaftel@yahoo.com
LEAWOOD, Kan., March 17 /PRNewswire-FirstCall/ --
Empire Energy Corporation International (Empire) (OTC Bulletin Board: EEGC) announced on Wednesday, March 17th 2010 that the Director of Mines for Tasmania has publically advertised in Australia's Mercury and Examiner newspapers, his recommendation for the issuance of Exploration License 14/2009 to Empire's wholly owned subsidiary, Great South Land Minerals, Ltd. (GSLM). This represents one of the final steps in the statutory process required for the Minister of Energy and Resources to formally issue GSLM the exploration license for 3,180 sq kilometers (785,795 acres) on or about April 13th 2010, at the close of a mandated 28-day public notice objection period. Empire expects no objections will be raised, as per statutory requirements, only persons "claiming an estate or an interest in any land within the area advertised" may lodge an objection and therefore believes the license will be promptly issued on or about April 13th 2010.
EEGC!
Empire is 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.
There will be more PRs in the weeks ahead releasing many of the details. We have an employee that is a Master Driller and has drilled throughout the world and now resides in Tasmania. When the time is right the information will be released. We have many enemies and controlling information at least for now is important for our success. There are people that blow things out of proportion and take statements out of context. It is most important we see results rather then the company hold your hand and rub your brow to give you comfort. You have made a large investment and you should be concerned about protecting it. Results are a few months away and you all need to be patient
Your information is wrong. If you research it you will find the complaint was withdrawn.
WRONG! You are posting a distortion. That law suit was withdrawn and Hunt was given a large block of stock as security. This is public knowledge and in addition there was a back to site agreement signed as well. look at the date of the law suit, March 31, 2009. Get real, you have to come up with better stuff then that.
I don't know the answers to your questions but I would assume that Hunt is not a problem and if anything they owe us money. They took contracts on the Australian main land. They have to keep that rig busy to pay for it. We will now have our own rig and no longer have to pay $10,000 a day for a rig that sits and does nothing. The reason they didn't bring the rig back to the Bellevue site is we would have had to pay the daily rate for storage, $10,000/day. Not knowing just when we could drill costs a lot of money. Its better to use the money to own your own rig.
All that information will come from Malcolm in the form of a Press Release
when the timing is appropriate.
EEGC has in its employ a master driller that has drilled wells all over the world. We are now self contained and can drill at our rate without having to wait on a drill rig.
State-of-the-Art Drill Rig Coming Off Production Line.
Rights Offer 30 Day Extension Submitted to SEC.
Special Exploration License 13/2009 Re-Submitted.
************************************************************************
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.
Empire CEO Malcolm Bendall stated, "It has been a long and arduous journey to this point and I thank our shareholders and employees for their steadfast support. Today's news launches Empire to the verge of an extraordinary confluence of events. Over the coming weeks, we are poised to make unprecedented progress in advancing the development and commercialization of oil and gas in the Tasmanian Basin. Our company's current market capitalization and share price are 200 times less than the current asset value of US$2.23 billion (AUD$2.48 billion) comparative market value. I don't expect for this disparity in value to continue much longer. The license is proceeding, the new drill rig is poised to be transported and oil and gas is on the way!"
SOURCE Empire Energy Corporation International
EEGC big news out!
Mineral Resources Tasmania Formally Advertises 785,795 Acre Exploration License 14/2009 for Great South Land Minerals/Empire Ene
Date : 03/17/2010 @ 11:31AM
Source : PR Newswire
Stock : Empire Energy Corp Intl (BB) (EEGC)
Quote : 0.036 0.0 (0.00%) @ 8:21AM
Mineral Resources Tasmania Formally Advertises 785,795 Acre Exploration License 14/2009 for Great South Land Minerals/Empire Ene
Mineral Resources Tasmania Formally Advertises 785,795 Acre Exploration License 14/2009 for Great South Land Minerals/Empire Energy, A Required Step Closer to Minister's Issuance, Expected 13 April 2010.
State-of-the-Art Drill Rig Coming Off Production Line.
Rights Offer 30 Day Extension Submitted to SEC.
Special Exploration License 13/2009 Re-Submitted.
PR Newswire
LEAWOOD, Kan., March 17
LEAWOOD, Kan., March 17 /PRNewswire-FirstCall/ --
Empire Energy Corporation International (Empire) (OTC Bulletin Board: EEGC) announced on Wednesday, March 17th 2010 that the Director of Mines for Tasmania has publically advertised in Australia's Mercury and Examiner newspapers, his recommendation for the issuance of Exploration License 14/2009 to Empire's wholly owned subsidiary, Great South Land Minerals, Ltd. (GSLM). This represents one of the final steps in the statutory process required for the Minister of Energy and Resources to formally issue GSLM the exploration license for 3,180 sq kilometers (785,795 acres) on or about April 13th 2010, at the close of a mandated 28-day public notice objection period. Empire expects no objections will be raised, as per statutory requirements, only persons "claiming an estate or an interest in any land within the area advertised" may lodge an objection and therefore believes the license will be promptly issued on or about April 13th 2010.
The advertised license area encompasses 3,180 square kilometers (approx. 785,795 acres) and covers the company's two most valuable structures, Bellevue and Thunderbolt. These two seismically defined structures are estimated by internationally recognized oil and gas Competent Persons firm, RPS Energy Pty Limited, to contain a combined mean estimate of 447 million barrels of oil (refer: Table 2 of Competent Persons Report – Assets of GSLM, October 2008). RPS Energy calculated this figure based on their own independent analysis of geological data obtained from GSLM's US$50.71 million (AUD$56 million) research investment over the past 33.3 years.
Additionally, one of Australia's leading accountancy firms, has valued the undiscovered potential resources believed to exist within these two structures at US$2.23 billion (AUD$2.48 billion). This value was derived by discounting the then current US$70 per barrel (AUD$80 per barrel) market price of oil down to US$5 per barrel. The discount was based on the comparative value between the land within which GSLM's seismically defined structures lie and the sale value of land on the Australian mainland market containing similar potential for and quantities of undiscovered prospective resources. Ultimately however, at today's market value of US$80 per barrel (AUD$89 per barrel), this asset represents a gross potential value today of US$35.76 billion (AUD$39.78 billion).
The advertised license area represents nearly a 50% reduction from GSLM's original 7,513 square kilometer (1,856,502 acres) application. As a result, Empire and GSLM are vigorously pursuing all available options and have asked the Minister for Energy and Resources to restore the full area as originally applied for, pursuant to the contractual terms of Special Exploration License 13/1998 between Mineral Resources Tasmania (MRT) and GSLM. These terms, detailed in a letter from former Deputy Premier Paul Lennon of 23 December 1998 states "at the end of the licence period, the more prospective areas must be converted to exploration licences with appropriate conditions, if continued tenure is required." This excluded area contains 10 additional seismically defined structures believed to contain a further potential of 222 million barrels of oil (refer: Table 2 of Competent Persons Report – Assets of GSLM, October 2008). This undiscovered potential resource could be worth an additional US$17.74 billion (AUD$19.73 billion).
Today's advertisement of the reduced area for Exploration License 14/2009 highlights Mineral Resources Tasmania's (MRT) failure to honor its prior agreement of 21 December 2009. Under the agreement, if Empire/GSLM agreed to withdraw its Special Exploration License 13/2009, MRT would agree to recommend the entire area of Exploration License 14/2009 for issuance to the Minister. As a result of the government reneging, Empire has asked for the reinstatement of its application for Special Exploration License 13/2009 covering 12,040 square kilometers (2,975,149 acres) of eastern Tasmania.
While Empire's Rights Offer Transfer Agent has alerted the Company it is in receipt of re-subscription notices from a number of shareholders, due to unforeseen international shipping delays, a substantially large number of shareholders are still without their Rights Offer re-subscription documents. To ensure all of Empire's eligible shareholders have an equal opportunity and adequate time to re-subscribe, Empire has submitted to the US Securities and Exchange Commission (SEC) notice of a 30 days extension to the closing date of the Rights Offer. Eligible shareholders are advised that with the extension, existing certificates will be accepted through a new closing date of April 12th.
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.
Empire CEO Malcolm Bendall stated, "It has been a long and arduous journey to this point and I thank our shareholders and employees for their steadfast support. Today's news launches Empire to the verge of an extraordinary confluence of events. Over the coming weeks, we are poised to make unprecedented progress in advancing the development and commercialization of oil and gas in the Tasmanian Basin. Our company's current market capitalization and share price are 200 times less than the current asset value of US$2.23 billion (AUD$2.48 billion) comparative market value. I don't expect for this disparity in value to continue much longer. The license is proceeding, the new drill rig is poised to be transported and oil and gas is on the way!"
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
Empire Energy Corporation International
+1-913-663-2310
SOURCE Empire Energy Corporation International
EEGC offers a fantastic opportunity for the average joe to become a millionire. For a few thousand dollar investment and the discovery of oil your life style will be upgraded beyond belief
Now what are chances of striking oil. EXCELLENT!
Mark Callaway commented that the oil discovery they made when he worked for Sun Oil of 30 billion barrels of oil is less then EEGC seismic research reflects.
With the smaller lease area granted it represents about 70% of the oil reserves in Bellevue and Thunderbolt which is in our granted area. That's just a starter because we will continue to fight for the remainder of the area we filed for, We paid for the research and put in the time to develop the sites and sooner or later it will be returned to us. Thats not the end of it. Remember we withdrew an application for another lease for off shore exploration that we will continue to go after.
Least we forget, FLARE GAS NANOTECNOLOGY That on its own is worth many billions of dollars with very little expense involved.
In my opinion this is the place to put your idle cash that in time will prove the best investment you ever thought of. For you U.S. Citizens consider the Roth IRA. Its a great way to accumulate great wealth with zero tax liability. The value of Social Security will be diminishing as we get older and the U.S. has to re pay all the money they gave away, the Roth IRA is a perfect way to provide you with a healthy retirement.
Yes but you won't see it on line for several hours. The local paper first
I expect high volume and higher price per share tomorrow.
I received an E-mail from Tasmania below!
Hi Howard just confirming add is in the mercury for the new area !! thats good news aye look foward to more as the week progresses