Empire Energy Corporation Intl. (fka EEGC)

[Heraclitus]

Bob,

After some thought this afternoon, I believe that the reason EEGC is looking at purchasing/ordering/ordered ?? a rig is because they would have a Tough Time trying to find a drilling company in Australia that would come to Tassie and drill for them after the Hunt fiasco without stumping up all the cash first. To tell you the truth, I have never heard of such a situation before. A PR released over a year ago while the Rig was erected and waiting to drill stated that EEGC needed approx US$700k (from SmartWin)to begin drilling, but there have been some posts by people stating that a couple $mill was needed. Everything seems to have gone the opposite way as the Rights was suppose to be activated while drilling began but the SEC seemed to have probably slowed everything by not approving the Rights on time.

I also believe that Hunt will not drill(back to site agreement) until they are paid what they are owed first as they have a business to run. I doubt they are investing in the probability of exploration. The shares that Hunt received were probably not payment but rather a guarantee for the monies owed.(I believe this was stated in a PR also)

Cheers.