From the article in Tuesday's The Examiner (Launceston):
"In May 2010, the state government restricted Great South Land Minerals' activities to an area less than half of the 7513 square kilometres that it had applied for rights to explore.
Director of Empire Energy, which owns Great South Land Minerals, Bill Keating said that decision had wiped $3.3 billion from its balance sheet and up to $20 billion in expected future profits.
It's a multibillion-dollar asset that's been taken from us.""
Apparently Director Keating has no understanding at all of what a balance sheet is about, and what an asset really is as well. What extraordinary, appalling ignorance from a Director of the company! Good grief, this genius votes on the board of directors to accept financial statements and reports!
In any case the wishful $3.3 billion "asset" valuation referred to 12 seismic targets (mostly poorly defined) while the retained Bellevue and Thunderbolt structures represent $2.2 billion of that wishful "asset" valuation (PR of 17 May 2010 which described the granting of EL 14/2009 as "excellent news for Empire").
On another aspect that is presently of message board interest: in the TV news story on Monday evening it was said that funds were NOT presently available to drill with so that the article in The Australian may be in error. There is obviously some screwy inconsistecy in what Keating is reported by it to have said in any case.
