Replies to post #42150 on Empire Energy Corporation Intl. (fka EEGC)

[oilsleuth]

Drilling is exploration and if funding were available drilling of Bellevue would be the priority activity. Thunderball isn't a drilling target (it is a lead) and would require more seismic to firm it up to target status.

If Bellevue results gave little encouragement I doubt there would be any appetite for drilling at Thunderbolt.

It seems Bendall has pitched the line to MRT that he has funding lined up if given a licence but they aren't accepting it. He comes with too much failed funding baggage and he has zero credibility with MRT.

It's not clear what you mean by doing a capital raising after a licence had been issued but the shareholders wouldn't subscribe to a new issue (the last one was a fiasco) and the chance of a major outside investor coming on board is very slim. Shareholders who are looking for so-called "closure" would do better to just move on with their lives because the writing is on the wall here. False messiah Mal isn't going to save them by performing some last minute funding miracle.

[oilsleuth]

Smart Win withheld the balance of $1.2M of the $5M because of serious irregularities evident in the expenditure. The problem began for Smart Win somewhat earlier than 23 December 2008. If I remember it was in September that they first raised questions for which they didn't receive satisfactory answers. Some folk used to harp on that SW got cold feet when the GFC struck but that doesn't wash when the detailed timing is looked into.

It was Smart Win who sued EEGC/Mal in the end.

Smart Win could recently have applied for an EL in their own right for a 100% interest but they didn't.

On December 23, 2008, WTI crude oil spot price fell to US$30.28 a barrel because of the GFC which is around when the problems began with Smart Win. No wonder why they got scared and reneged on EEGC and tried to take a larger share of EEGC by bending management over a barrel.