Empire Energy Corporation Intl. (fka EEGC)

[sydneyboy]

I asked these questions of The Penny Guru a couple of days ago Howard, and got no answer. Maybe you can help me out?

My questions, and please do not take it as bashing (it just seems like some people on this board do not question things enough), would be:

1. Have you seen the details of the licence agreement?
2. If so, how many wells were meant to be drilled during the 10 years? MRT surely would have ensured the licence stipulated Empire/GSLM must drill?
3. Where was the AU$50,000,000 spent? It is a given that the seismic would have cost several mil. But what happened to the other 40-odd, given no wells were drilled?
4. Also, how was the other $40 mil of spending directly related to the licence requirements?
5. Where did the $50 million come from? Do published external funding figures add up to this amount?

If wells were meant to be drilled, how can Empire say they have met the licence requirements. Are you saying their licence did not require them to drill at least one well?