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DS
I don't understand what Dr Zac is talking about here.
GSLM has no 3P petroleum reserves but only prospective resource as per the RPS Energy report and the Empire 8-K which refers (again) to prospective resources as estimated by Global Exploration Services. What reserve figures? - there are none unless GES has invented some.
He does not confirm he has seen the GES report but where else would his STOIIP numbers come from? The sooner the report is made public the clearer the matter might become although Empire seems to be in no hurry to release it.
The first point of note is that my numbers are STOIIP, and the CPR focuses on reserves.
No funding, no oil, no coal, no technology, no nothing. The story will only change when Empire stops the BS and does something meaningful.
Their website says they have five vibroseis units:
http://www.terrexseismic.com/terrex-seismic/equipment/vibroseis-trucks.aspx
CTP might make good progress now that JH has gone. It's a pity we couldn't have been similarly rid of MB a long time ago.
TXO doesn't sound very interested in Empire Energy when they refer to them on their website as follows:
The board of TXO Plc notes Energy Corporation International (Pink Sheets: EEGC.pk) has filed the following 8K:
and furthermore they link to the 8-K at Yahoo Finance instead of the usual Brit RNS (some of the barflies at ADVFN.UK nearly threw up).
take a look at TXO website and it gives CLEAR indications that they still regard the EEGC quest as important to their shareholders
Yes, it has now come down to frantically trying to hustle MRT into granting a licence renewal. The line about the Hunt rig having been rained in and mobilisation/drilling unavoidably delayed is vintage Bendall.
- My 'gut' says EEGC is simply trying to create an impression of a lot of activity at (surprise) the same time as they are arguing for lease renewal/extension. (To quote the Bard: 'Full of sound and fury, signifying nothing.')
Thank you for your assistance but perhaps you missed that moshulu had already posted the information over two and a half hours earlier (just as your repost of the 8-K was superfluous).
the case was adjourned till may
While the sum owing to Dyson is significant enough for the Liquidator to go after I wouldn't have thought is very big in the wider scheme of things (GSLM office security? Surveillance of Malcolm's private residence at Sandy Bay? Personal security for Malcolm during Hobart visits following death threats he claimed were made against him several years ago?)
If Malcolm won't produce the amount owing from his hollow log stash then it looks like he knows the end is in sight and he isn't prepared to prop up the ailing GSLM with his own good cash.
The May 17th adjournment date is interesting. It makes you wonder if it has anything to do with the hoped for renewal of the EL.
I don't know what the outcome of the court case was today but will check The Mercury for it tomorrow etc. Moshulu said he will attend but he has also said in the past that he is rather deaf.
It's just another name thrown in to keep the fun going.
"Hey mister, you wanna buy good coal mine in United States? Goin' cheap only $35 million an' we also give you free lifetime membership of great London nightclub."
Why not a 2 months option instead of the one month option renewable for a month? Completely ridiculous.
Has anyone found Penta Energy (South Korea)?
To drill for oil in Tasmania would require an exploration licence.
To drill for coal in Tasmania would require an exploration licence.
To drill for coal in Kentucky would require ownership of the property (although with all the coal supposedly proved why drill for more?)
Yes we will drill for Oil in Tasmania and yeas we will drill for coal in Tasmania and Kentucky
Good luck with your request. It might help if you were to tell the bank that some day you expect to inherit an incredibly wealthy estate.
I have requested my bank to transfer a $1,000,000 to go into my personal checking account. It is based on my promise to pay at a future date and no collateral. I am still waiting on the request, but I did request it.
"Hello, it's you again?" if he is the same judge.
But will the judge believe them? the case is on in a few hours.
I would think at very least RPS Energy would take a close look at the Gobal Exploration Services report (if it gets posted) and possibly demand that Empire publish their reponse to it.
"ignored in the original report" amounts to an accusation of incompetence and a thoroughly professional consulting body of high reputation might well not suffer it gladly.
I am going to alert RPS Energy Australia to the GES report containing such widely differing conclusions and ask them to comment.
If they are still in business after tomorrow, maybe RPS will sue them for libel
Are you saying certain seismic data was deliberately witheld from RPS Energy? Aside from the little matter of deliberately witholding important data from RPS and the market what would EEGC have had to gain by doing that? Of course it wasn't.
Global Exploration Services has come up with a quite different evaluation from RPS Energy, although let's wait and see what its report actually says because I wouldn't trust Empire to relay the conclusions accurately. It is extraordinary that GES arrives at a 24% COS for the Bellevue Gondwana system where RPS didn't consider it to merit a calculation, and the potential Ordovician Larapintine reefs were certainly known to RPS. Something doesn't compute. The statement by Bendall that "The assessment yields more credible realistic prospect probabilities" is self-serving and of no value coming from a layman without training and qualifications in petroleum geology/geophysics.
For a Basin that has never seen a single barrel of oil discovered and has only the one modest surface petroleum occurrence (and that locally generated by the containing dolerite) I know which I think is likely to be closer to the mark.
The seismic research information has been kept secret but my sources say there is a better then 26% chance of striking oil on the first pass.
Reality check. Why has Hunt been "requested" to mobilize from Port Augusta to Tasmania (without any drilling permit or a viable exploration licence to drill on) instead of it being announced that a large upfront payment has been made and Hunt has committed to a contract to mobilize and drill?
Nothing is believable until the Hunt rig is on site and drilling ahead.
What I find most evident in the PR is what has not been said.
WOW look at RPS Energy's business spread. Too many clients to list.
HUGE!!!
We employ 5,000 people in the UK, Ireland, the Netherlands, the United States, Canada, Brazil, Africa, the Middle East, Australia and Asia. Our international presence allows us to undertake co-ordinated and integrated projects throughout the world. Since the beginning of 2010 we have undertaken projects in 123 countries across six continents.
WOW look at the client List for Global Exploration Services
BIG!!!
A 1 in 50 chance of bringing oil to the surface for further testing according to RPS Energy (and assuming a well is drilled). Lousy!
A 1 in for 4 chance for success! Excellent!
Yep, there is so much fluff in it to wade through.
I was hoping for an update on the "exciting" Mt Lloyd coal and how the EL applications are progressing but I guess that got overlooked in the excitement of requesting Hunt to mobilise ahead of obtaining a drilling permit and exploration licence renewal. Give us a break!
Your sources are rubbish.
Hunt won't be mobilising without a big upfront payment.
Drilling plans are STILL to be submitted.
An extension (renewal - an actual extension is not envisaged under the Mineral Resources Act) of the licence is very unlikely as there has been no performance during the two years it has run for.
Very large discrepancies between the RPS Energy and Global Exploration Services reports. Which does one believe? I flat out don't believe a 24% COS for the Bellevue Gondwana prospect for a start. Let's see what the report says in detail when it is released.
"GSLM is also pleased to announce that it believes it has also secured funding to discharge certain liabilities". Only BELIEVES???
Form 8-K for EMPIRE ENERGY CORP
--------------------------------------------------------------------------------
17-Apr-2012
Other Events
Item 8.01 Other Events
On 17 April 2012, Empire Energy Corporation International issued a press release, as follows:
Operational Update: Hunt Drill rig requested, Tasmanian Seismic Survey planned to resume early May 2012, Drilling Operations Geotechnical Review completed and Coleridge acquisition update.
LEAWOOD, Kan. Tuesday, 17th April, 2012 -- Empire Energy Corporation International (Empire) (Pink Sheets: EEGC.pk - News) announced that Great South Land Minerals (GSLM) has prepared drilling operations plans and are co-ordinating details for the final logistics associated with the proposed drilling operations to resume at Bellevue #1 site which are now planned to commence May 2012. The company has requested Hunt to mobilize the Hunt Energy MAC 650hp Rig to enable drilling to depth of up to 3,000m, Hunt was previously onsite but failure by Smartwin to honor their funding commitments led to the previous demobilization of the rig. The Hunt rig has recently been demobilized from Central Australia to Port Augusta, South Australia, recent flooding in Central Australia had stranded the rig, effectively delaying its deployment to Tasmania. Drilling and associated resources and procurement terms are presently being negotiated for finalization. During the last month, three additional drilling options have been assessed for the forthcoming program and careful consideration given to all available Australia wide (and GEFCO internationally) drilling resources. It is proposed that drilling engineering plans will be submitted to the Tasmanian Government authorities for permit assessment and issue later this month. Based on recent operational delays that GSLM has encountered it has made an application for the extension of its terms for Exploration License EL14/2009 to bridge activities associated with the present exploration program.
The contracted Terrex seismic trucks have been on standby in Tasmania until recently and have returned to Victoria to resume operations. Terrex has agreed to re-mobilise to Tasmania for the 2D seismic survey now planned to resume May 2012, subject to the completion of all the pre-requisite documentation relating to permits being lodged and approved by Tasmanian authorities.
As part of Empire and GSLM's ongoing technical and exploration evaluation review work, Global Exploration Services (United Kingdom) was commissioned to produce an independent professional opinion of the Geological Risk Assessment and Volumetrics summarizing the present potential oil bearing assets of EL14/2009 in Tasmania. The comprehensive review has reconsidered the riskings of the original 2008 RPS Energy report findings, including further detailed seismic analysis work and consideration of valid empirical and geological evidence ignored in the original report including identification of potential Ordovician Larapintine reefs. As a result, the prospective resource estimates for the Permian-Triassic exploration play(Gondwana petroleum system) at the Bellevue and Thunderbolt prospects has been included in the re-evaluation, which has derived a total potential Mean Prospective Resources (MMB) for oil from both the Gondwana and Larapintine petroleum systems at Bellevue of 349MMB, and Thunderbolt of 151MMB respectively. The assessment yields more credible realistic prospect probabilities, the chance of success was included for the Bellevue Gondwana Prospect at 24% and was reassessed for the Bellevue Larapintine prospect chance to 22% demonstrating to shareholders that the Bellevue well has a reasonable chance of success. The chance of success was also included for the Thunderbolt Gondwana prospect at 22% and reassessed for the Thunderbolt Larapintine prospect to 18% therefore also giving the Thunderbolt drill hole a reasonable chance of success. The final report will be lodged as an 8K filing with the SEC.
Further to Empire's announcement on 05 March 2102, Empire has negotiated to extend the option period payment terms as it has proceeded with negotiations through Penta Energy (South Korea), to find a potential partner to purchase and develop the assets of Coleridge Resources Inc, a Delaware Corporation which owns 119 coal Patents in Kentucky USA. Subject to the terms of the March Agreement, Empire intends to fully close the transaction on or before 03rd May 2012. Global Exploration Services is also contracted to completing an independent study of both the Tasmanian and Kentucky coal potential and we expect their final report will be lodged as an 8K.
GSLM is also pleased to announce that it believes it has also secured funding to discharge certain liabilities, which are due this week, and is instructing its legal council to prepare the appropriate discharge documentation of those liabilities and negotiate settlement with the appropriate parties.
No can do as it is in the hardcopy newspaper under Public Notices. No confirmation is necessary unless GSLM has paid up and the matter is now null.
It is apparently a knock-on effect with Dyson itself being in liquidation.
I confirm the notice of winding up proceedings appeared in The Mercury of 7 March as was posted by Moshulu. To be held on 19 April. The proceedings were commenced by the plaintiff Dyson Corporate Security Pty Ltd (In Liquidation) on 22 February.
No wonder the GSLM lads have been rather quiet lately.
The last "big news" you flagged was the Mt Lloyd coal PR ($3.3M funding "proof", 10M tpa of export coal, 400,000t Brazilian bulk carriers) which was a ridiculous beatup. There is no record of the applications at the MRT website. I await with baited breath Malcolm's next big announcement.
Yeah, passing the time looking at soil samples under a microscope is just what is needed at this time. Maybe they will find some gold. I hope the soil is not from Malcolm's back yard in Hobart because the rights to mine it will cost Empire a fortune. ROFL
There is nothing pathetic about a record amount having been spent on exploration in Tasmania last year. It's a good article.
There's nothing like a funding initiative falling through to change drilling plans. In this case "plans change" is a gross understatement.
earnestDD, MB only said that drilling was planned to start on or before 2nd April. Plans change.
I very much doubt that MRT would sanction the commencement of drilling of a hole that would obviously not be able to completed before mid-May. Exploration without the cover of an exploration licence is illegal.
If NBD had been serious about a JV (and handing over the second tranche of $9.9 million) they could have entered into one long ago, especially knowing the limited remaining life of the licence. It is 4 months now since talks started and it's time to let go of the hope that they will still come to the party. I recommend a viewing of the film "Truly, Madly, Deeply" for those who have difficulty in letting go.
There go the Tasmanian oil and coal, East African oil and Kentucky coal. It's back to Malcolm's wonderful flare gas technology (negotiations with an unnamed party for a $300 million investment to start soon?) and the equally mysterious FASER cum Bose-Einstein condensate machine. Oh yea, and the $500 million odd damages award from Smart Win which some say is a virtual certainty.
One would imagine that they could drill at any point until the licence expires or renewed and expired.
DS
I'd think that an April 2nd start of drilling was the last practical date for completing Bellevue by mid-May and the project has now degenerated into a complete shambles.
The only thing I don't understand is why Terrex is still waiting around. To remain they must be being paid the standby charge with real money and not have any other work on the mainland to go to.
Bendall is probably desperately beating on MRT's door to try to get a licence renewal granted but the past failures make that unlikely. The two year grant of EL 14/2009 was already a bonus to allow extra time for the holes to be drilled that were not completed during the ten years term of the SEL as was required.
That has been true for many weeks now, but is it still possible to just drill Bellevue?
A correction is in order here. The pre-collar hole has already drilled through the hard dolerite and the rock sequence to be drilled by an oil rig (one of the several we are assured are on the way!) is expected to be entirely sedimentary rock. It is possible more dolerite could be encountered at depth but it is unlikely. See the Bellevue hole section at the website.
There is no way now that GSLM could drill Bellevue and Thunderbolt without a renewal of the licence being granted and the chance of that happening must be no higher than 2% (to use a figure we are all familiar with). Those who keep hoping drilling will shortly commence have no understanding of what is involved. GSLM were allowed a further 2 years to drill and they have failed dismally.
It then needs to be able to drill to a depth of around 3000m through hard dolerite, with a 200m head start
DS
One of GoldenAuras' latest efforts is:
Coal however, is not a Hydrocarbon. Coal is almost pure Carbon. If there are hydrocarbons present then these would be considered as impurities within the coal. Thus, you would expect a core sample of Coal to have a very low percentage of Hydrocarbons. Therefore the results in the table with 2% or less COS are excellent values to have. It means there is Coal with few impurities. The lower the percentage of hydrocarbons, the higher the grade of Coal.
Now he is applying the 2% COS figure to coal. Apparently the fool doesn't understand the difference between coal and oil!!!
A statement such as this shows how much out of his depth GoldenAuras is:
This is a very in-depth report which was independently done and was a requirement for Empire to get it's initial Licence granted by the Australian Government.
The CPR by RPS Energy was not a requirement for GSLM to have the former SEL or the present EL granted, and the Licence was granted by the Tasmanian Government and not the Australian Government. Work programs and expenditures WERE a requirement but they were never completed.
His misunderstanding of the COS figure is a sidesplitter and the dunce apparently believes a 300 metre thick coal seam to be quite feasible.
Elsewhere GoldenAuras considers the MRT 1958 drilling reports to be out of date (actual drill hole results are a permanent record!) although they are referred to by Empire itself in the 8-K. He conjures up more drilling to have been carried out since then (it hasn't). Bendall (through his Condor and Conga private companies) never did any on-the-ground exploration at Mt Lloyd.
GoldenAuras' "April update" is largely ill-informed rubbish.
DS
You may be curious what this bit in GoldenAuras' diatribe is about:
I have done my research and know exactly who you are "Drunken Sailor". A bloke who several years ago was up to no good and ended up head to head with Malcolm Bendall. You lost! But rather than tucking that tail between your legs and disappearing, you have become bitter and vengeful and have made it a life mission, to get in your own mind, revenge. For several years you have blogged on several of Malcolm Bendall's companies and his business partners sites, using multiple aliases and changing your server address to avoid being located.
This is a standard attack by Empire stooges on the Y.... board against anyone who questions and criticizes EEGC. There has been a long-running myth there that a certain individual has made it his life's work to "bring Empire down". There was such a guy who had a run-in with Bendall many years ago but it has nothing to do with Empire Energy today and the whole nonsense story has been leaked from the Bendall camp as a distraction from message board discussion of Empire's woes. He is said to be presently hiding in Indonesia where he is continuing his evil campaign using every alias that is critical of Empire/Bendall.
It seems that GoldenAuras has picked up on the pathetically ridiculous story and as you have been critical of Empire then you must be the boogy man.
It's a pointless question unless are you planning a skiing holiday there. Time for funding/drilling has run out.
As for coal after 2 months MRT still does not recognise Empire's coal applications. So much for GoldenAuras' 300 metre thick coal seam.
How close are we getting to the Tasmanian winter or are we already there?
GoldenAuras' blog entry is riddled with factual errors but this one takes the cake:
Some coal seams were found up to 300 metres thick
LOL. ROFL. ROFLMAO.
What a desperate beatup.
Really? What does it have that could make it worth 10 cents (let alone several dollars) and what would it use for funding in the meantime? Better to buy that lottery ticket instead.
Or it could move up to several dollars and make me rich.
There is no mystery about the drill date: 2 April has passed without drilling starting.
There is no mystery about drill rigs: none is on site or on the way.
There is no mystery about Terrex: they aren't seismic surveying (and they probably have packed up and left Tas by now - don't expect a PR informing us of that).
There is no mystery about Pectil: their mudlogging truck never arrived.
The only mystery is why anyone is still prepared to buy this for 1.5 cents.
I think that not having any news adds to the mystery surrounding EEGC, the drill date, drill rigs
After four months of trying evidently not. The very low COS for the prospects and the EL expiring soon could have something to do with it.
is not it plausible that if MALCOLM got funding once he can get funding again?
Do you have an update on that third rig? Also the whereabouts of the first and second.
my rumors here a third rig is on the way from parts unknown!