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Proof of what? Please elaborate.
MRT has not produced a geological mapsheet for the Mt Lloyd area so what the drill target there is supposed to be remains a mystery.
It could be the seismic work said to have been approved optimistically envisages a lightning dash in there to firm up a conceptual target of some kind.
Coming back to Earth the fact that RPS Energy knew (or at least said) nothing about it speaks volumes.
CTP said in a recent announcement they had released the Hunt No. 3 rig and it was stacked at the drill site in the Northern Territory. So if NBD Partners were to produce some funding quick smart maybe it would be available to drill Bellevue although after this time the chance of that happening is becoming vanishingly small.
There is no such thing as "securing" a drill rig without a substantial upfront deposit. It is first come first served for whoever produces the hard cash. It's just another one of Malcolm's dreamtime stories.
The Mt Lloyd drilling target that appeared from out of left field could be an indicated domal structure on regional geological mapping (just a guess) but it has obviously been hastily thrown in for NBD's benefit to pad out the number of targets within the licence area. I am trying to find a geological plan to see what actually goes on there.
While the confidential info obtained obviously could not be disclosed here, all the same it ought to be possible to allude to there being some very positive and exciting developments which will be announced shortly in a PR.
This one was on another board today:
"On the positive side, I'm not discounting the funding coming through in the form of a JV, I just think NBD might be more inclined to agree to Africa over Tasmania given the petroleum systems already found in Uganda/Tanzania etc. I would be happy if they had $50m to drill in Africa, even if Tasmania is a non-starter."
The notion here seems to be "Sorry EEGC we don't like the look of your Tasmanian prospects but here is the $50 million anyway for you to go looking for oil on some acreage you don't hold somewhere in East Africa."
Nope, I think we need a Plan C.
The writer is seemingly unaware of all the failed attempts to obtain funding for drilling over the past 6¾ years and that the licence will expire in mid-May:
Even if EEGC do not get funding from NBD partners I am sure they will raise it by other means.
Another thing in their back pocket is Empire Energy is counter suing SmartWin for significant damages of over $1 Billion. www.new.empireenergy.com Empire is also sitting on a fortune of Oil in Tasmania. I'm certain sourcing funding will not be an issue.
He might be less complacent if he knew more of the background and placed less faith in Empire's own suspect announcements.
No relevance at all to Empire Energy's wannabe Tasmanian oil/natural gas exploration. No large open cuttable coal deposits known in Tasmania. The Sasol CTL process is not licenced to Empire Energy.
It is pointless to post this Sasol information here.
Overseas Energy Holdings are still exploring the EL on which they drilled the Westwood well near Launceston in Nov/Dec 2009. They are doing seismic surveying near Devonport and will be moving into the Launceston district:
http://www.theadvocate.com.au/news/local/news/general/search-for-oil-on-coast-starts-to-get-serious/2436322.aspx
The second para of the introduction badly needs the SEL 13/98 reference removed and replaced by EL 14/2009 with accompanying text revision.
Agreed the Empire Seismic Challenger picture should go (it never had any real relevance). Don't know what might replace it - maybe a pic of Hobart with its iconic Mt Wellington background.
I for one can't make head nor tail of what Empire's claimed involvement with the FASER stuff is supposed to be.
In the 3 June PR it was blithely announced:
Empire is also intending to develop its FASER (Force Amplification by Stimulated Electron Resonance) technology that has many applications ...
as though shareholders already knew of its existence and Empire's "ownership" of it (a MOU in the leader), and then in the 6 December PR was stated:
Empire is continuing to develop strategic ties to principal owners of FASER, and will continue capitalization steps for acquisition of licenses for specific applications pertinent to long range plans
Not only is it unclear what Empire's participation actually is and what commercial considerations relate to its involvement but also what the FASER ("this revolutionary power supply" that is "now ready for mass production") is actually supposed to DO in practical terms.
Drunken Sailor
The Tasmanite oil shale is misleadingly shown as a "target" on the Bellevue drill hole section. While it may be present at depth and intersected in drilling it is not realistically a prospective petroleum reservoir unit for conventional oil/gas exploration.
The Boss Resources oil shale evaluation has no bearing on GSLM's would-be petroleum exploration even though some message board hopefuls would like to think otherwise.
The TXO chart shows a nicely symmetrical head and shoulders commencing from early November (when TXO indicated its intention to proceed with the exercise of the 19.9% option) back to the present. It looks like the excitement of TXO over its new friend Empire has finally run its course.
Will NBD Partners ever be heard of again? Will Crazydameputlipstickonpitbull ever become President of the USA?
It seems that the dastardly conspirators are winning:
Empire has determined to fearlessly and aggressively deal with and make accountable those who have conspired to delay and detour our single-minded objective to complete the drilling of the Bellevue well; those who continue to stand in the way of the drilling program can be assured that Empire will strike back and will not go silently into the night ....
The tension is killing me jersey. Are the contents of the return e-mail too topsecret to divulge?
Thanks a lot for the heads up jersey. I can hardly wait to learn what your e-mail turns up, I'm sure it will be of immense importance.
Certainly the right news (i.e. hard positive news that is credible) should put the pps higher, it doesn't take gazing into some crystal ball chart to tell you that. The only such news that would count at this time would be substantial funding has been obtained that would enable drilling to get underway. Until then people might just as well watch their TV screen as stare wistfully at a price chart.
RPS Energy who are the heavyweight petroleum consultants to Empire Energy (they are the consulting firm who estimate the 2% chance of success for Bellevue and 0.72% for Thunderbolt) are presently testing Cental Petroleum's Surprise-1 well in Australia which is flowing at approx. 400 bpd.
As soon as we obtain the funds for drilling from NBD Partners and discover the oil "assets" it is RPS Energy who are likely to evaluate the well test results and make further recommendations.
For anyone who might question that RPS Energy is a consulting firm of considerable substance here they are at work in an announcement to the Australian Stock Exchange today re. testing of CTP's Surprise-1 well in the Northern Territory:
INITIAL SURPRISE-1 REH RESERVOIR ENGINEERING REPORT POSITIVE
Central Petroleum Limited (ASX:CTP) (“Central” or the “Company”) is pleased to advise that independent consultants RPS Energy Pty Ltd (“RPS”) concluded that the pressure transient data gathered during the production test of Surprise-1REH indicates that the well may access STOIIP (“Stock Tank Oil Initially In Place”) in the range of 0.5 to 2 million barrels in an area proximal to the well. No apparent boundaries were identified during the analysis of the pressure transient data. However, Central acknowledges that no further conclusions regarding the possible range of STOIIP volumes in the entire Surprise structure of c.8 km2 can be made until all available seismic, geological and geophysical data has been integrated and analysed.
RPS based their calculations on a 105m section of the horizontal well bore placed in the lower half of an 8m thick sandstone reservoir section with an average permeability of 50 milliDarcies and a vertical to horizontal permeability ratio of 10%.
From the estimated reservoir pressure and the quasi-stable flowing BHP/rate, a Productivity Index (PI) of 0.65 bopd/psi can be calculated. Even though this is a transient PI and will decrease until reaching pseudo-steady state (“PSS”), the Inflow Performance Relationship (“IPR”) curve suggests significant production increase potential upon greater draw-downs via artificial lift and possibly pressure maintenance in the medium to long term.
Initial flow testing of the Surprise-1REH well produced a final stable flow rate of c.400 BOPD of sweet light crude with an API Gravity averaging 40 deg.
The Company is actively planning, (subject to various approval processes, weather and access), an Extended Production Test (“EPT”) of the Surprise-1REH well coupled with a sales contract for any oil produced. This is anticipated to commence in April 2012.
You are forgetting the late entry Mt Lloyd (wherever THAT one appeared from).
That way of calculating the odds is what might be expected to be taught in a degree mill MBA course.
The licence conditions require the expenditure of $7,550,000 but with the drilling of Bellevue to 2800m and Thunderbolt to 2600m it would follow that that amount should be met.
To achieve drilling those holes and keep Empire afloat the mysterious NBD Partners would probably need to hand over $10+ million (we can dismiss out of hand the absurd $50 million for 14 holes this summer). The chance of success of it happening looks to me to be about 2%
Please provide a link. All Google references I come up with for Mark Callaway indicate his whole background and career was financial.
Your anecdote about a deceased accountant versus the extensive and detailed report by a large and reputable petroleum consulting organisation: it's no contest.
Clive Burrett was appointed Director and Chief Geologist at the inaugural meeting of GSLM held in South Hobart in July 1995. He resigned his professorship at the university in 2002.
Clive Burrett did not need to depart the university to have a strong participation in GSLM's oil exploration - he already had it. Also if he though Zeehan Zinc could find and profitably mine zinc ore he must have been sadly disappointed.
Your faith in Empire's PRs is most touching.
Agreed the late batting order looks extremely weak.
Whether or not there is other interest in oil exploration has no relevance and "intent" is your own invention. If the licence work conditions and expenditure requirement are not complied with there will be no renewal. MRT has experienced decades of Bendall's antics, including that he was going to see the drilling of Bellevue and Thunderbolt carried out on the current licence by virtue of his $50 million personal line of credit.
Do you know that SEL 13/98 expired on 30 Sept 2009? I suggest you need to get up to speed.
See Post #22496
Ramsay A Barrett does not say the chance of success for the Bellevue prospect is not 2% and Thunderbolt not 0.72%
No technology and no mineable coal so that the post is doubly irrelevant.
In the Sasol process the coal is mined and processed in a plant at the surface. I don't think GSLM would be blasting through nearly 300 metres of very hard dolerite to deep open cut mine thin coal beds at Bellevue and there is no coal-bearing sequence at Thunderbolt.
Nope, strike out a Sasol plant.
Smart Win had what was in effect a free option to see the results of drilling of Bellevue #!. If they liked what they saw they could have elected to proceed with a joint venture, if not they could have called in the loan they had made for the drilling and walked away. Smart Win were not prepared to burn their money irretrievably on a 2% long shot. They did not enter into a joint venture with Empire.
2% looks much too high for Empire. Since it is necessary to drill to strike oil the chance of Empire finding it is 0%
So many assumptions made about an assumed oil deposit. It needs to be first found with an assumed drill rig using assumed funds obtained from an assumed funding source, and assuming GSLM still holds the exploration licence by then.
Good post!
So many assumptions referring to as yet to be discovered oil which is the biggest assumption of all.
If anyone at all makes an unusal claim on this discussion board (it is not merely an advertising hoarding) it is reasonable that he/she be asked to explain it further. For example, if a poster makes a statement that funding is in place when the Company itself has made no such announcement then it is reasonable to ask that poster for more details.
Actually over three years. The pre-collar hole was drilled in Sept/Oct 2008.