Reprint of article in the Mercury newspaper dated May 17, 2010:
Empire Energy: Moving forward on Tasmania exploration
Energy and Resources Minister signed off on exploration licensing for prospective oil wells said to contain 447 million barrels
Andrea Marino | Mon May 17, 2010
TAGS: Australia, Oil and Gas Exploration, oil drilling, oil exploration industry, Tasmania
Empire Energy: Moving forward on Tasmania exploration
Empire Energy Corporation
Empire Energy Corporation International, an oil and gas exploration company and subsidiary of Great South Land Minerals Ltd. (GSLM), received the go-ahead to continue on with its Tasmania Basin exploration license, EL14/2009. Honorable Bryan Green, the minister for Energy and Resources signed the documents, signifying the license has been officially issued and is in full effect.
The CEO of Empire and GSLM Malcolm Bendall stated, "This is excellent news for Empire. We want to thank the Minister for signing the exploration license to allow us to continue our exploration and development work. We look forward to working with the Minister to create the petroleum industry in Tasmania.”
The Company plans to expand its exploration work by utilizing the most advanced tools, on prospectively prosperous wells. Mr. Bendall explained, “To further this exploration work, Empire has signed a conditional contract with GEFCO Inc. of Enid, Oklahoma for a state-of-the-art, truck mounted, GEFCO SS-1100 drilling rig, with a capability to drill both vertically and horizontally to 15,000 feet (4572m). A GEFCO 185 rig, previously bought by Empire for $1.3 million, shipped to Tasmania and converted to Australian specifications, has since successfully drilled a well to 7874 feet (2400m) and a total of 28 miles (45km) of drill holes, on mainland Australia.”
Mr. Bendall’s outlook on the continuous exploration program is positive in regard to the amount of oil expected to be found and the future of oil prices to come. He said, “Empire is now poised to drill our two main domes at Bellevue and Thunderbolt, which independent consultants have estimated could contain 447 million barrels of oil. This undiscovered prospective resource has been valued at $2.2 billion dollars by independent experts who assumed a value discounted to $5 a barrel. At today’s oil price of $70 per barrel this would potentially be a gross in-ground value of $31 billion."
Empire Energy Corporation is currently operating in the central and northern basins of Tasmania and is focused on developing assets in one of the world's last virgin basins. The Company’s goal is to become a leader in finding low-cost hydrocarbons.
