The Annual Report contains a good deal of historical material (the first 16 pages) that has been presented at length in previous reports. A much shorter report without padding could have covered actual exploration and relevant associated activities concerning EL 14/2009 for the reporting year. Further on in the report there is a lot of unseemly whining that has no strict bearing on exploration completed.
Of main interest to the shareholders is 2.1.4 Summary of work completed.
The first item "Report to RPS Energy in London - (Appendix 1)" is not enlarged upon elsewhere in the report. It presumably concerned some commentary by GSLM on the RPS Energy report but shareholders are left in the dark as to what it was about. Surely it would be of interest if not some concern to the shareholders.
Much of the administration activity noted is simply justification for no hard exploration results being reported. The two "complaints" have no place at all in a report on exploration activities.
The two items "Potential Ordovician Reefs Tasmania EL14/2009 Project Summary – (Appendix 20)" and "Risk Assessment & Volumetrics - (Appendix 21)" omit to state who actually authored them which is interesting in view of contractors and consultants being named elsewhere. Why isn't Global Exploration Services named clearly and unequivocally as the author?
The text on page 21 "During 2012, as part of Empire and GSLM’s ongoing technical and exploration evaluation review work (Appendix 20 and Appendix 21), Global Exploration Services (United Kingdom) was commissioned to produce an independent professional opinion of the Geological Risk Assessment and Volumetrics reassessment of the present potential oil bearing assets of EL14/2009 in Tasmania." could be read as being they were actually prepared by Empire/GSLM. This whole GES business smells fishy, not least for its purported report not having been released as was stated it was going to be.
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