Empire Energy Corporation Intl. (fka EEGC)

[zequalsz]

A firm JV with a partner who was spending hard cash drilling on a newly granted EL would look very attractive to Empire shareholders right now.

Bendall's self-righteous talk about wanting to retain 100% of the project is not only inconsistent with the previous abortive Smart Win JV but is contrary to the best interests of the Company. I think it likely to have more to do with a failure attract a JV partner to a project that is not nearly as attractive as it has been unrelentingly represented to be to the shareholders. Even Smart Win could have withdrawn and had refunded its initial $5 million which in reality was only a free option over a successful outcome for Bellevue #1

Prattle about not wanting to give up billions of dollars worth of oil resource in exchange for a few measly drillholes quite misses the point that there might not be any oil to be found and it would be smart work to have someone else pay to find that out.

JVs are prudent exercises in financial risk management that even the majors engage in.