BG, Tim B said 2 weeks ago that he believed money was already flowing, however the $100k option payment has only just been announced so either TB was mistaken in his belief (Malc B was apparently sat in the room at the time) or Empire have sat on the news for nearly 2 weeks. Or is there another logical explanation I have missed?
The COS of GS is as stated in the RPS CPR read it, it is not a rumour.
Table 2 on page 2 gives the summary of all the prospective wells including thunderbolt which has a COS of GS 0f 0.72%. You can read the whole thing if you want to understand how it was derived. There has been no new work or reprocessing or anything else since that would update the COS; Empire have not had the money to do any of that. So if NBD have decided to go ahead, they are saying ok, it is a complete punt, have $10m as a first tranche, drill Bellevue (that is all there is time to do) if that works out than there should not be that much trouble getting the licence extended and we can put up more cash for more drilling. It is a bit like a billionaire dropping a few million in loose change on his favourite number on the roulette wheel. It is highly misleading to suggest that NBD have any sort of greater knowledge than anyone else. There was an update to the RPS energy report done for a previous due diligence report, but it did not change the COS.
The problem with all Empire announcements is knowing what is complete fabrication - eg the 3m seems are complete fabrication (oilsleuth and I disagree on whether they added 3 individual 1m seams together to create the fabrication or whether the 3 feet in the report referred to just got fabricated into 3m - it does not change the fact that it is a complete fabrication does it?). Then there are the half truths the CPR does give 668m barrels unrisked and if you take that unrisked figure an value it at $5 a barrel you do get $3.3Bn however to then use that as a realistic figure and refer to it as an asset would fall into this category and then there are some bits which may actually be true - it is a bit like picking the bits of sweetcorn out of a turd though! We should not have to do it, we should be presented with clear, unambiguous and accurate information. However as we do have to check absolutely everything then sending an e-mail is one way, available to an ordinary PI of doing that.
I would not like to comment either way on whether the JV and Loan documents are fake, genuine early drafts that have been filed to make people think things were more certain than they are or are indeed fully genuine and proof of what we are being told wrt drilling being able to start on or before 2 Apr. I will however say a similar JV with TOGL dated 14 Aug 2011 was filed in Sep and that I find it odd that TXO have still not made their own announcement.
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