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It is misleading to continue to show in iBox the picture of Empire Energy's Headquarters even though it is dated June 2009. The picture itself has always been suspect in that it was not qualified by a statement that the EEGC office occupied only a small part of the complex.
It will sure come as a big surprise the day EEGC announces it has funding to drill. Real money in the bank and not make believe letters of credit or imaginary bonds.
Translating the chartist-speak into standard English you presumably are saying good news should put the pps up. Thanks for that valuable insight.
I am putting this post in bold to show how important I consider it to be.
Good points rigman.
I suggest if we were to speak of "wannabe" oil explorer etc. we could avoid many disagreements.
I am putting this post in bold to show how important I consider it is.
Now that Empire Energy has decided to become a large profitable conglomerate I see endless opportunities for further diversifications and the sky must be the limit. For example I would hope we could set up (or buy with the funds that are going to arrive very soon) a travel consulting business drawing on our CEO's very extensive experience and I am told that there is big money to be made in nightclubs and stripclubs. If we don't get the offshore licence the Empire Seismic Challenger could be chartered for luxury cruises (especially to the well heeled directors and billionaires in our organisation), and with out experience in holding barbecues at Bellevue there must be ways of getting into the profitable barbecue hardware side of things.
I am putting this post in bold to show how important I consider it to be.
Despite what some others might claim to know the PR excerpts you post are all that stockholders know and it pretty well amounts to zip, nil, nada. Talk of $300 million (including VALIDATION and COMMERCIALIZATION) is meaningless in the light of such airy fairy thistledown.
******** REGULATORY ACTION (1 of 3) ********
(1) NET CAPITAL: DURING 2002, FIRST GLOBAL SECURITIES (FGS EFFECTED TRANSACTIONS IN SECURITIES, WHEN FGS FAILED TO HAVE AND MAINTAIN SUFFICIENT NET CAPITAL IN CONTRAVENTION OF SEC RULE 15C3-1. FGS WAS OPERATING AS A "$5,000 BROKER DEALER," BUT SUBSEQUENTLY COMMENCED OPERATING AS A "DEALER" BY VIRTUE OF THE FREQUENCY OF TRADING IN ITS ACCOUNT THEREBY TRIGGERING A $100,000 MINIMUM NET CAPITAL REQUIREMENT. BY REASON OF THE NET CAPITAL DEFICIENCIES THAT OCCURRED FROM MAY 2002 THROUGH JULY 2002, TRENHAM VIOLATED NASD CONDUCT RULE 2110.
(2) CONTINUING EDUCATION: FROM MAY 2001 THROUGH JANUARY 2003, TRENHAM PERMITTED THREE REGISTERED PERSONS TO ACT IN CAPACITIES REQUIRING REGISTRATION WHILE THEIR NASD REGISTRATIONS WERE INACTIVE DUE TO A FAILURE TO COMPLETE CONTINUING EDUCATION. THEREFORE, TRENHAM VIOLATED NASD MEMBERSHIP AND REGISTRATION RULE 1120(A) AND NASD CONDUCT RULE 2110. TRENHAM FAILED TO DEVELOP AND MAINTAIN A CONTINUING EDUCATION PROGRAM FROM 1999 THROUGH 2002. THEREFORE, TRENHAM VIOLATED MEMBERSHIP AND REGISTRATION RULE 1120(B)AND CONDUCT RULE 2110.
(3) REGULATION S-P: SEC REGULATION S-P REQUIRES AMONG OTHER THINGS THAT ALL NASD MEMBER FIRMS DEVELOP AND PROVIDE ANNUAL PRIVACY NOTICES AND OPT-OUT NOTICES TO ITS CUSTOMERS. FGS ACTING THROUGH TRENHAM, FAILED TO DEVELOP OR PROVIDE SUCH NOTICES TO ITS CUSTOMERS DURING THE PERIOD FROM JULY 2001 THROUGH AUGUST 2003.
******** REGULATORY ACTION (2 of 3) ********
RESPONDENT MEMBER AT VARIOUS TIMES, ACTING THROUGH N. TRENHAM AND G. HALL IN CONTRAVENTION OF EXCHANGE ACT RULE 15C3-1, MISCLASSIFIED A SIGNIFIGANT PORTION OF A $94,955.00 CONCESSIONS RECEIVABLE AS AN ALLOWABLE ASSET AND MADE INACCURATE HAIRCUT DEDUCTIONS ON CERTAIN OF THE FIRM'S PROPIETARY POSITIONS THEREBY FAILING TO HAVE AND MAINTAIN SUFFICIENT MINIMUM NET CAPITAL. IN ADDITION, THE RESPONDENT MEMBER, ACTING THROUGH TRENHAM, FAILED TO HAVE AND DESIGNATE A QUALIFIED FINANCIAL OPERATIONS PRINCIPAL TO CARRY OUT THE FIRM'S FINANCIAL AND OPERATIONS RESPONSIBILITIES AND PERMITTED G. HALL TO FUNCTION AS THE FIRM'S FINANCIAL AND OPERATIONS PRINCIPAL WITHOUT THE BENEFIT OF PROPER REGISTRATION. (SEC RULE 15C3-1; NASD RULE 1022(C), 2110)
******** REGULATORY ACTION (3 of 3) ********
**********8/23/88, RECEIVED NOTIFICATION FROM THE OFFICE OF GENERAL COUNSEL THAT THE APPLICATION FOR CONTINUED ASSOCIATION OF NOBLE BRADFORD TRENHAM AS A REGISTERED PRINCIPAL WITH FIRST GLOBAL SECURITIES, INC. HAS BEEN DENIED PURSUANT TO RULE 19D-1 OF THE SECURITIES AND EXCHANGE ACT OF 1934. AFTER CAREFUL REVIEW OF THE ENTIRE RECORD IN THIS MATTER, THE BOARD OF GOVENORS CONCLUDED THAT THE APPLICATION OF NOBLE TRENHAM TO REMAIN ASSOCIATED WITH FIRST GLOBAL SECURITIES, INC. AS A GENERAL SECURITIES PRINCIPAL SHOULD BE DENIED. THE BOARD EXPRESSED CONCERN REGARDING THE FIRM'S ABILITY TO SUPERVISE TRENHAM'S ACTIVITIES GIVEN THE FACT THAT TRENHAM'S PROPOSED SUPERVISOR, WHO IS ONLY 23 YEARS OLD, HAS ONLY BEEN REGISTERED AS A GENERAL SECURITIES PRINCIPAL FOR 16 MONTHS AND ONLY OWNS 5 PERCENT OF THE FIRM'S STOCK. THE BOARD ALSO NOTED THAT TRENHAM HAS SUBSTANTIALLY MORE SECURITIES INDUSTRY EXPERIENCE, ESPECIALLY IN THE AREA OF CORPORATE FINANCE, THAN HIS PROPOSED SUPERVISOR. FURTHER, CONSISTENT WITH THE ELIGIBILITY PROVISIONS OF ARTICLE II, SECTION 3 OF THE NASD BY-LAWS CONCERNING OWNERSHIP INTERESTS IN NASD MEMBERS HELD BY STATUTORILY DISQUALIFIED PERSONS, TRENHAM WILL BE GIVEN 90 TO DIVEST HIS OWNERSHIP INTEREST IN FIRST GLOBAL SECURITIES, INC. FOR THESE REASONS, THE BOARD OF GOVENORS DOES NOT BELIEVE IT IS APPROPRIATE, GIVEN PROPER REGARD FOR THE PUBLIC INTEREST AND PROTECTION OF INVESTORS, TO ALLOW MR. TRENHAM TO REMAIN ASSOCIATED OR IN A CONTROL POSITION WITH THE FIRM AT THIS TIME.
BobSinCA
An offshore exploration licence was applied for and rejected on several occasions.
I am putting this post in bold to show how important I consider it to be.
I am pleased you added the offshore exploration licence and credit card and waste disposal businesses to your list because they will obviously be hugely important further down the track.
I am putting this post in bold to show how important I consider it to be.
There has been almost no discernible progress made since Hunt erected the rig at Bellevue in December 2008. The grant of a new EL in May was actually a step backwards as regards its term and size, and although some might argue the rights offering was "successfully completed" but it raised very little cash for drilling (which was its stated purpose) and the cancelling of debt from the company will mean nothing if no funding is finalized.
I am putting this post in bold to show how important I consider it to be.
The offshore exploration licence is (or was) an aspiration but unfortunately MRT refused to come to the party. Remember the Agreement to charter the "Empire Seismic Challenger"?
All successful businessmen made a lot of enemies.
Malcolm has made a lot of enemies.
Therefore Malcolm is a successful businessman.
Great syllogism!
You forgot the offshore exploration licence, the credit card and the medical waste. Don't sell EEGC short. I have put this post in bold to show how extremely important I think those omissions are.
I agree that investors at iHub are not children who need protecting and that they are able to cope with posts they find not to their liking (aside from the crudely abusive ones).
It doesn't mean anything at all to talk in detail of developing oil fields that haven't been discovered and it was a waste of money to employ RPS Energy to do the recommisioned study. The purpose may have been to imply a level of confidence of commercial fields being present where there is no real basis for doing so.
The "staggering information" of a very large number of production wells only would point to a less than optimal configuration of the fields if they indeed existed. A small number of wells required to produce from a large field would be something to wax lyrical about.
Do your own DD.
I agree that (assuming GSLM is not wound up) the only way to save the show now would be by a JV on disadvantageous terms along the lines of giving up 75%. I have little faith that Sure Capital will place any principal protected notes as there are too many aspects that do not add up.
Your very lucid posts that invite discussion are appreciated.
Mr Callaway's background was in accounting and finance, not expert geological/geophysical analysis. Anticlinal structures do not inevitably mean oil/gas is present whatever his private opinion might have been. The experts hired by the Company say 2% COS for Bellevue and 0.72% for Thunderbolt. That is very low.
Could you please be more specific about what in the link would relieve Empire Energy of an onus to report a very material event that affects its wholly-owned subsidiary and impacts on itself directly and undiluted. Surely there is no company shield to hide behind here as may be the case with a partly owned subsidiary.
Your lucid posts are appreciated by those who recognise and value good discussion.
Charisma?? More like boundless misplaced selfconfidence.
Funny thing I haven't seen any PR stating that GSLM is facing a winding up action for unpaid debt.
Well if it is in a PR then it MUST be true. LOL.
To be strictly accurate the RPS Energy report concerns prospective resource and not a formal reserve classification. There is a very big and important difference which Empire itself sometimes seems to be unaware of. A reserve involves identified hydrocarbons potentially of interest for commercial extraction which the GSLM exploration targets presently are not.
What evidence do you have that shows Bendall is a smart guy? No retraction yet and the clock is running down.
It may be that any serious financial irregularities could occur in Empire Energy rather than GSLM so that a Liquidator would not be in a position to discover and investigate them.
The now notorious $50 million line of credit was claimed in an Empire PR without any reference being made to GSLM.
All the same a forensic examination of GSLM's affairs could be quite revealing. There would be some sort of money trail to follow through.
A 1 for 2000 would be safer because the post-split pps would be likely to erode quickly. I have put this post in bold to show how important I think it is.
The word by some in the know is the flare gas business alone will be worth a pps of more than $800.
It's a pity there isn't a "Strong Buy" box that could be ticked so we could show our faith in the great future of this blue chip stock in the making. If GSLM is wound up and the exploration licence is lost I wonder if the $180 million might be diverted into other tremendous opportunities that Empire could find through its numerous business contacts. Or perhaps there would be new oil and gas opportunities could be found in Kazakhstan or some other good address.
It is strange that the amount of cash raised by the rights issue was never stated in a PR. That was the purpose of the issue when it was announced, but then, times can suddenly change.
It is not so long ago that folks were praising Malcolm for NOT doing a dilutionary joint venture and so maintaining the interests of the minorities. Times certainly do change.
With an application for winding up GSLM scheduled to be heard next Tuesday some might think his back is well and truly against the wall. Perhaps the $50 million line of credit will save the day where it wasn't able to do so for the rights issue.
$1.5 million or so is a lot of money for a small debt-ridden company that doesn't have it and needs it urgently.
Of course we will see what happens down the track but in the meantime there is no reason why the matter should be off limits for discussion. My reponse was directed to sydneyboy who enquired courteously and was replied to courteously by me.
The outcome of very many applications for a company to be wound is that the company disappears without trace.
Exploration licences can be transferred between different parties with Ministerial approval but I agree that whether a Liquidator (who assumes control of all the property and affairs of the company being wound up) could sell the EL by tender is not a clear area to me at least. If anyone was prepared to pay money for it then it might be considered to have an asset value for the amount of exploration funds (or a proportion thereof) that had been expended on it.
Malcolm spoke in the last PR of a "certified asset value" of impressive worth on the basis of unproven oil/gas resources but that may be stretching things somewhat.
Either way the real point is whether Hunt hopes to force payment of its debt from GSLM and if not successful to sink them once and for all.
I have wondered the same thing. Could Empire be building up Grand Monarch Holdings in order to have something to rattle on about should they find themselves no longer in the oil exploration business and their flare gas technology story has run its course?
The choice for Hunt Energy is not "nothing or the lease". If Great South Land is wound up the licence would become vested in the Liquidator who would presumably endeavour to sell it to the highest bidder (with MRT's approval). Hunt could bid for the licence but as you say they would be unlikely to do so. Any surplus remaining from the sale of GSLM's assets (such as they are) would be distributed pro rata to all creditors who prove up and not just to Hunt Energy even though they brought the action.
I'm guessing that Hunt hopes GSLM/Malcolm/a powerful friend will find the $1.5M hidden away in a hollow log somewhere (maybe on the shores of Lake Geneva) so they can be paid out, withdraw their court action and walk away from the whole sorry mess.
Hunt has heard all the promises and hard luck stories before and they are not likely to be swayed by more of them into calling off the action IMO. It's time to concentrate the mind Empire management.
Six people to run the moribund Hobart office is excessive. What do they all do?
This link does not connect to the correction notice although from its address it apparently ought to.
I agree it is poor form to keep bringing the deceased Mr Callaway into it. In any case he was an accountant as I understand it and not qualified to interpret geophysical data. We paid RPS Energy good money to do that and I don't see any mention of Kazakhstan in their report.
If GSLM is wound up the exploration licence would likely be held by the Liquidator as an asset for disposal for the benefit of the creditors. He would presumably offer it for sale and MRT would probably have no objection to it being transferred to a new licencee under its existing terms. It is unlikely proof of exploration funds would be required by MRT in view of GSLM not having been able to show evidence of funding when the EL was granted earlier this year, also with the short term the licence has to run.
Whether a buyer could be found for the EL must be considered problematic.
There is no reason for the Mercury to retract its report as being a hoax (as has been suggested it will be). The story was genuine.