Empire Energy Corporation Intl. (fka EEGC)

[oilsleuth]

From another message board (with some amendments):-


If the Exploration Licence finally expires on 17 May - i.e. there is no renewal of it due to failure to have met the imposed work and expenditure conditions - the area then undergoes a 2 months moratorium period during which all the GSLM data is available for public inspection and evaluation at the MRT Library in Hobart. At the end of the moratorium new applications can be made over the counter at MRT for all or part of the ground formerly included within the EL.

The data is not available for said inspection before the EL expires so that a potentially interested new party would not necessarily be in a position to indicate to MRT before the expiry that it was interested in taking up the ground. In any case in the absence of such an indication being received by MRT it would still not be able to conclude there was no other possibly interested party so that GSLM might just as well be allowed to continue on with a renewal.

MRT would not make a decision on whether or not to renew the licence on the basis of there being or not being other potentially interested explorers.

Perhaps GSLM could make a completely new application and take its chances along with any other parties applying at the end of the moratorium period but it could face an uphill battle in view of its past underperforming record.

The other aspect to be considered is that even if no other party were to apply at the end of the moratorium period it could not be assumed that a new cashed-up party might not appear over the ridge in (say) 12 months time only to find GSLM in possession and effectively tying up the ground with its customary non-performance.