Share price will move up with confirmation of MRT approval which will start with the upcoming advertising believe that is to occur on the 20th.
LEAWOOD, Kan., March 5 /PRNewswire-FirstCall/ -- Empire Energy Corporation International (Empire)(OTC Bulletin Board:EEGC.ob - News) announced on Friday, March 5th 2010 the Company has been advised that the Director of Mines has provided written notification to wholly owned subsidiary, Great South Land Minerals Ltd (GSLM), of his intention to recommend to the Minister for Energy & Resources that Exploration License 14/2009 be granted subject to a number of terms and conditions. GSLM has also confirmed the remittance to Mineral Resources today, the required rental for the new tenement payable in advance, as a pre-requisite to the recommendation being forwarded to the Minister, in addition to confirming instructions for the transfer of the pre-existing security deposit held over former Special Exploration License SEL 13/98 to the new tenement. It is expected that Minerals Resources Tasmania will advertise Exploration License 14/2009 on 20 March 2010. The proposed license encompasses 3,180 square kilometers (approx. 788,266 acres) and covers the Bellevue and Thunderbolt structures. The rental fee in relation to this area was paid on 5 March 2010. These seismically defined structures are estimated by internationally recognized oil and gas Competent Persons firm, RPS Energy Pty Limited, to contain a combined mean estimate of 447 million barrels of oil (refer: Table 2 of Competent Persons Report – Assets of GSLM, October 2008). Additionally, WHK Denison, one of Australia's top 10 accountancy firms, has valued this undiscovered potential resource at US$2.23 billion (AUD$2.48 billion) by discounting the current US$80 per barrel (AUD$89 per barrel) market price of oil down to US$5/barrel. This discount is based on the comparative sale value on the Australian mainland market of the undiscovered prospective resources. However, at a current market value of US$80 per barrel (AUD$89 per barrel), this asset represents a gross potential value today of US$35.76 billion (AUD$39.78 billion).
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