Guys, I was just browsing through some "old" Press Releases and I recommend you to take a look at this PR dated May 2008.
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Tasmanian Government Acknowledges 'Recent Progress' by Empire Energy; Company Expects to Obtain Funding for Tasmanian Basin Drilling by End of Second Quarter
Empire Energy Corporation International (OTCBB: EEGC) today said that the Tasmanian Government has stated it is "pleased to note the company's recent progress" in finalizing plans to commence drilling for oil and natural gas on its onshore Tasmanian Basin license area by August of this year.
These plans, described in a May 6 analyst report published by Beacon Equity Research, projects that Empire, through its wholly owned subsidiary Great South Land Minerals Limited (GSLM), plans to drill eight to fifteen wells on license property believed to hold prospective oil and gas resources valued at $7 to $15 billion.
Tasmania Minister for Energy and Resources, David Llewellyn, stated last week, "Rising oil costs and diminishing world reserves makes the Tasmanian exploration very important. A commercial oil or gas discovery would benefit our economy enormously and assist in meeting Tasmania's and Australia's future energy needs."
Mr. Llewellyn added that the analyst report's geologic research, compiled by independent consulting firm RPS Energy, "is another small but important step towards the possibility that a commercial oil and gas resource exists and could one day be developed by GSLM and its parent company Empire Energy."
Malcolm Bendall, founder and CEO of Empire, welcomed the comments and the support of the Minister and reported, "We are looking forward to realizing success on this project I started thirty years ago. Joint venture discussions with two parties are proceeding 'satisfactorily' and are expected to produce funding proposals by the end of the second quarter. In addition, discussions are in progress with a number of investor groups in Asia and Europe interested in obtaining a substantial equity stake in the company."
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First off all, it's great to see that the government supports "our" company.
Furthermore, notice that all "expectations" mentioned in this PR were "spot on".
Some examples:
*<<<Company Expects to Obtain Funding for Tasmanian Basin Drilling by End of Second Quarter>>>
In July, the MOU between the company and Genesis / New Times (Smart Win) was signed!
Remember, if they ("the Chinese") kept their promise and hadn't stopped paying after 3.9 million, the Bellevue well would already have been drilled...
*<<<to commence drilling for oil and natural gas on its onshore Tasmanian Basin license area by August of this year.>>>
Drilling actually started in August! Pictures of this (drilling the top hole) can be found on www.gslm.com.au .
Stay tuned! Good things are coming soon!
