Replies to post #41585 on Empire Energy Corporation Intl. (fka EEGC)

[pitts77h]

Stripped of Madmal's usual BS, an excellent summary of EEGC's current and past position:

Empire, a company that has no permits and no assets...

Empire no longer holds any title to acreage in Tasmania, and much of the area of its former SEL 13/1998 or its replacement area EL 14/2009, are now under licence by Petratherm.

the Tasmanian government held concerns for a decade that Bendall wasn’t meeting his commitments

Empire was stripped of its licence in 2012 and in June 2012 the Federal Court of Tasmania ordered that Great South Land Minerals be wound-up and a liquidator was appointed.

the partners haven’t said how they plan to secure tenure in Tasmania, or fund any work programs given both companies are cash-poor and there is a lack of appetite for rank wildcat exploration in the world.

UK broker Fox Davies issued a scathing review of the years of technical work done by Bendall and his companies, ascribing no value to TXO's investment in TOG, saying any drilling had a very low chance of success.

Smart Win terminated its funding agreement over concerns of irregularies in the cash calls

Empire lost its licence for non-performance, and despite threats of legal action the company failed to front court to defend its position and its leases were withdrawn.

the state government’s own review of the seeps in the late 1990s found that of almost 140 reported sightings of oil and gas most were misreported or fake

[EarnestDD]

No leases and Broke. RIP the EEGC Scam.
jmo

[oilsleuth]

Haydn Black’s article is pretty sound all told although there is one part that stands correction.

In the section headed Risk the RPS Energy report was done in 2008 (not 2012) and it estimated the chance of success (petroleum to the surface for testing of its commerciality) of 2% for Bellevue and 0.7% for Thunderbolt.

The 18-24% COS figure was said to have been derived by Global Exploration Services (United Kingdom) and was strongly touted at the time by Bendall, Baldwin and a TXO stooge. Its Report was referenced as an Appendix to the 2012 GSLM Annual Report but not actually made available to shareholders as far as I can recall (only one thumbnail of a Table from it).

Subsequently a report by Senergy estimated a COS of 6% for Bellevue.