Replies to post #22307 on Empire Energy Corporation Intl. (fka EEGC)

[Drunken Sailor]

I think we are all in danger of violently agreeing with each other.

through its new UK subsidiary East African Oil Company Limited

and

Empire has acquired a 75% interest in East African Oil Company with the original seed capitalists retaining 5% with an option to gain another 10% by further funding another 50,000 pounds a new third party investor has already paid 50,000 pounds which may be available to the company to fund the initial application process.

Suggests that money has transferred and the deal is done and the shares are owned

Whereas

the Empire board has approved, with certain conditions outlined in the 8K, the acquisition of East African Oil Company Limited,

Suggests it has not been done and is subject to conditions, so the same announcement contradicts itself.

The real situation is made clear by the TXO announcement:

Empire Energy Corporation International ("Empire") (Pink Sheets: EEGC.pk) has the option to acquire 13,650,499 new shares in exchange for cash of £400,000

I hope this clears the facts up. I would assert from these facts that the Empire announcement was cleverly and carefully crafted to deliberately mislead the market into believing EECG had acquired a new subsidiary, when the plain truth is they have not yet (and may never - depending on what these conditions are - apparently they are mafde clear in the 8k does anyone have that?) acquire such a stake. Because of this significant uncertainty and because EAO has debts that must be paid back soon or go into liquidation, with whatever intellectual assets they do have getting sold off in a fire sale. TXO have had to loan them enough to pay back their debts.

The really worrying problem is EECG have used exactly the same trick with regard to the JV

Empire and its new JV partner NBD Partners

Suggests it is a done deal against

reaching agreement with a NBD Partners to enter into terms for a $50 million JV agreement on Empire's Tasmania Basin project through Great South Land Minerals Limited.

Which when you decipher it shows it is not a done deal. With the specter of Due Diligence needing to be done on the project, which has several issues, and the Owner EEGC / Malcolm B (who is as slippery as an eel and routinely misleads everyone) my assessment it that the deal is very unlikely to be done in the timescales required before the licences run out. Assuming of course the mysterious NBD partners even exist.

from 3 June announcement:

Empire Energy Corporation International (Empire) (Pink Sheets: EEGC) and its wholly owned subsidiary, Great South Land Minerals Limited (GSLM), announced today Empire has secured several strategic commercial partners in the United Kingdom to complement Empire’s development and expansion of its international oil and gas and technology businesses while retaining a 51% majority interest. Libertas Capital Corporate Finance Ltd, a UK private investment bank, Nomad broker and partnership, has been retained to assist Empire with financing the Bellevue #1 oil and gas well, the gas to liquids and FASER technology and other related projects of Empire.

Empire has sought to implement a key industry partnership to fund and assist in the drilling of GSLM’s lead oil and gas prospect, Bellevue #1 well, through an Alternative Investment Market (AIM) listed London entity which holds established producing international oil and gas assets and interests in a waste oil processing business that may benefit from our technology. Empire has sold a 49% stake in return for USD $5 million funding by way of a convertible loan agreement that is part of the larger joint venture partnership. As part consideration and in exchange for the partnership interest, Empire is to be advanced approximately USD $1 million to supplement operational costs and GSLM’s current drilling program, and USD $100,000 was paid upon the signing of the agreement. It is proposed that in exchange for the 49% stake, Empire will be able to exploit the technical and exploration know how of its joint venture partner in addition to approximately USD $4 million in order to recommence on-site drilling operations at the Bellevue #1 site.

You see Malcolm has played this trick before. I think it was Disney who said the way to keep people believing is to not use the same trick twice. Malcom however is like a broken record he just changes which continent his investors are from.