Empire Energy Corporation Intl. (fka EEGC)

[oilsleuth]

I can't conceive a scenario in mid-May in which Empire has the committed funding ("money in the bank") to cover the drilling of the Bellevue and Thunderbolt wells and is not well advanced in a drilling program at that time.

I think it to be a reasonable deduction that if no drilling at all has been carried out by mid-May then there are no funds to hand and there is no question of the licence being renewed.

Empire/GSLM is already on shaky ground through not having carried out the drilling of Bellevue in the first year of the licence (i.e. by 16 May 2010) as required under the conditions of the licence grant.

Incidentally if Bellevue were to be drilled and prove a duster I wonder what appetite the funder would have for drilling a second expensive deep well at Thunderbolt with its even lower COS.

If there is verifiable money in the bank, could get a renewal of some sort.