Empire Energy Corporation Intl. (fka EEGC)

[oilsleuth]

BLACK GOLD

Section 25 of the Act concerns a continuation of an EL after it has run its term and does not consider an "early" extension being determined and notified before that time. It is variously referred to as an extension and a renewal in the Act and MRT publications. How long an application is lodged before the expiry date does not see any advance determination being made.

GSLM's best hope at this stage might be to try Section 27 'Exemption from conditions of an exploration licence' ahead of a later Section 25 application. However, with that there could be difficult questions about why the firm funding that was stated to be available to carry out the exploration (the rights issue underwritten by Bendall's line of credit) did not materialise. The global financial crisis sank it? Good luck with that explanation.