Malcolm Bendall (EEGC CEO) & Tim Baldwin (TXO CEO) have returned from several weeks of meetings in Korea with business partners, which my sources say went well.
Myself and other investors will be looking forward to several Press releases which will be out soon with the outcome of the Korea meetings and information on the mobilisation of oil rigs and other progress made.
April and May should be exciting months.
A note to other Investment readers: Be patient. Investors and General public are really the last to know about proposals for Licences, start dates etc… due to the fact that that there are many people involved; Business partners, Creditors, Local Government and other regulatory authorities. Press releases can not often reveal this information until transactions have been made or contracts signed as it could potentially jeopardise deals until they have been completed.
These companies are legitimate businesses who act with their own ongoing success and Investors success in mind. They are not scammers as 'Drunken Sailor' may lead you to believe. Here today, gone tomorrow, running away with investors funds. There is too much at stake for them, they are also regulated by by local governments and other agencies, and in order to operate their research has been independently verified.
Please refer to http://www.gslm.com.au/ 'Competent Persons Report - Assets of Great South Land Minerals Limited, Tasmania.' Prepared for Empire Energy Corporation International and its wholly owned subsidary Great South Land Minerals Ltd of Hobart.
This is a very in-depth report which was independently done and was a requirement for Empire to get it's initial Licence granted by the Australian Government.
There have been several articles referred to on Interactive Investor referring to Low yield Coal which was not economically viable. These are outdated.
Coal is graded and High yield Coal is rare to find. High yield Coal typically has a TOC value below 100. But even Low yield coal is useful. It's economic viability is then determined by the size of the deposit and how easy it is to be extracted. Note that both mining equipment & techniques have improved and Transportation services have improved since early reported findings by others years ago. Core samples from various sites have found Coal with varying values from Low to High and Coal seams varying thickness. Some coal seams were found up to 300 metres thick. One core sample revealed Coal of Type III with a TOC of up to 188 which is a very high value and has great commercial value.
Please do not pester Paul Heath and others quoted by 'Drunken Sailor' on the Interactive Investor site. Paul Heath is primarily a Geologist, and although he is involved in other aspects of the company, he is not in a position to answer Investors questions. There is however an Investment Liaison person, the correct way to contact if required is through the http://www.gslm.com.au/ website, [Contact Us] link and fill out the online form, or alternatively E-mail: admin@gslm.com.au
I have had an apology that the company's web site is very out of date. Unfortunately they have been very busy with the preparation for drilling and the web site has been neglected. However, once the drilling commences soon, then the web site will be given a lift and should maintain regular updates on the drilling progress.
I have done my research and know exactly who you are "Drunken Sailor". A bloke who several years ago was up to no good and ended up head to head with Malcolm Bendall. You lost! But rather than tucking that tail between your legs and disappearing, you have become bitter and vengeful and have made it a life mission, to get in your own mind, revenge. For several years you have blogged on several of Malcolm Bendall's companies and his business partners sites, using multiple aliases and changing your server address to avoid being located.
Oh. I find your comments to my last post on this site funny. You remind me of Gollum from 'Lord of the Rings' sitting in your dark cave having conversation with your self about your 'Precious' and how you can get your hands on it. With your split personalities talking to each other; 'Oil Baron1' & 'Drunken Sailor'.
For other readers you will note the same language being used and he is just trying to support his own comments, as if it makes him more credible. There are also multiple Aliases on the Interactive Investor site http://www.iii.co.ukand several of the companies web sites which he uses. Unfortunately Drunken Sailor and his alleged 1 share he owns (Humpff. As if. Lie!!!), is not going to go away. He is so caught up in his perverted and malicious ways. I just hope other readers will be a little more astute and can overlook his comments with the knowledge of where they originate from.
I know who Drunken Sailor is but I am not here to name names. I do not want to get personally involved. I'll leave this to Malcolm Bendall, Tim Baldwin and the Authorities to sort out. I believe in Karma, Drunken Sailor will get what's coming for him. Perhaps he could have been successful if he were not wasting so much of his time in being a bully, trying to take what's not his and trying to use deception and intimidation.
Drunken sailor acknowledges he is not liked by Tim & Malcolm. Not surprising!
Wed 11:19 Re: Empire Share Price Yesterday drunken sailor
Why not drop Tim a line to ask him
tim@hsiplc.com
Funnily enough I am not flavour of the month with him.
Oh! Faser technology patents.
Has anyone stopped to think what a ridiculous request it is to ask for proof of Faser Patents.
Since our topic revolves around Tasmania I will use an Australian car for my analogy. Would you ask the mechanic, about to service your Holden Commodore to produce patents for the Engine tuning technology. First, they would probably look at you blankly. Secondly, it would be quite some feet to produce such a request. As it is not just one tool like a spanner with a patent, that make up the tuning equipment, but a whole range of equipment, many which are complex and have many patents, some of which may be owned by Holden themselves, but parts may be patented by IBM, Motorola etc….
Like asking the late Steve Jobs for a patient for the Apple iPhone. The first iPhone came out with a couple of hundred patents. This has expanded many times as the iPhone has evolved.
"Yet the iPhone, even with its 200 patents, is still a simple product with few components. A telecommunications network, like the 4G wireless network new and ongoing development, has so many moving parts that it depends on tens of thousands of individual patents to keep the entire machine running. As of 2008, there were 18,300 patents and 16,254 pending applications particular to the development of a 4G network. While 4G offers innovation, it hasn't reinvented the wheel and still relies on the over 80,000 patents that form the backbone of telecommunications connectivity." http://www.iptoday.com/issues/2009/11/articles/how-many-patents-take-build-iPhone.asp
Drunken Sailor is just attempting to throw another Spanner in the works. Faser technology has a vast number of patents involved. Some owned by Empire Energy for parts they have designed themselves. Some owned by other companies. Some Faser equipment is designed by Empire, some has been acquired in the past from a take over of another company (announced in a previous Press release), some is leased from other companies such as Shell.
Just trust that the relevant patents are there. If they were not and Empire and TXO had done something wrong they would be finding themselves dragged through Hot Coals and into the courts.
Filed Under: Energy,
Disclaimer:
As per our Terms of Use, Stockopedia is a financial news & data site, discussion forum and content aggregator. Our site should be used for educational & informational purposes only. We do not provide investment advice, recommendations or views as to whether an investment or strategy is suited to the investment needs of a specific individual. You should make your own decisions and seek independent professional advice before doing so. The author may own shares in any companies discussed, all opinions are his/her own & are general/impersonal. Remember: Shares can go down as well as up. Past performance is not a guide to future performance & investors may not get back the amount invested.
TXO Plc is a United Kingdom-based investment holding company. The Company along with its subsidiaries is engaged in the oil and gas exploitation. The Company is focused on its two principal investments Grand Bahama Group Ltd (GBG) and its investment in Tasmania Oil and Gas Ltd (TOG). The Company’s subsidiaries include Tasmania Oil and Gas Limited, is engaged in the Oil and gas exploitation and East African Oil Company Limited, which is engaged in the Oil and gas exploitation. And its associate company Grand Bahama Group Limited is engaged in the Oil and gas exploitation. more »
55 Posts on this Thread show/hide all
GoldenAuras, You are seriously deluded, you may even need medical help!
"Some coal seams were found up to 300 metres thick" Really!!!!! just over 3 Feet is more like it.
http://www.mrt.tas.gov.au/mrtdoc/dominfo/download/TR3_92_103/TR3_92_103.pdf
If I am some arch Nemisis of Malcolm's, Why have I been posting on TXO since 2007?
http://www.iii.co.uk/investment/detail?code=cotn%3ATXO.L&display=discussion&threshold=0&action=detail&id=3431598
You have no real information, you are as reliable as one of Malcolm's PRs.
Licence expires in 5 weeks and still no sign of a drill heading to Tasmania. Those are the facts, no doubt there will be more false and misleading PRs from Empiire, maybe even one in time to help TXO get the remaining 119 million warrants execised before they expire on 16 April. Unfortunately they will be as full of BS as all the rest.
DS, I think we might have upset him and he knows who you are - scary!!! Glad we speak the same language, I think its called English and is spoken by several 100 Million people all round the world LOL
However must agree with him on this:
"Please refer to http://www.gslm.com.au/ 'Competent Persons Report"
http://www.empireenergy.com/pdf/Competent%20Persons%20Report-Part%201,%2023%20October%202008.pdf
Table 2 on Page 2 says exactly what you have been saying. Ie Chance of Success of Bellevue upper unit is 2%, Chance of Success of Bellevue lower unit is 2% and Chance of Success of Thunderbolt is a measly 0.72% - no wonder no one has stumped up the cash 4 drilling.
Just 5 weeks to get a rig transported to Tasmania, set up and inspected and then to drill nearly 2800m - their already 200m+ down to the target of 3000m - into hard Dolerite rock. I am looking forward to seeing the RNS that says that thats going to happen
great right up thanks
DS, just out of interest what is all the stuff regarding Faser Patents?
In reply to Oil Baron1, post #4
It is a joke I have with a character on iii called thesack. He himself admits that he blundered into TXO without doing any of his own research, but on a tip from someone on another board. He said he thought the "Fraser technology" was interesting and could be a money spinner. Unfortunately Empire lay claim to all sorts of weird and wonderful things, including Flare Gas technology, FASER Technology and even plans to produce their own credit card! It takes a lot of effort to research these things properly (I have focussed on the oil and more recently the coal). There is often some element of truth in these fantastic schemes and finding which bits are in fact genuine (eg 668 Million barrels is genuine, but is the unrisked figure and applies to the old licence area, not the much reduced, soon to expire, new one - the risked figure on the new area is just over 6 Million barrels) in one of Empire's PRs is a bit like picking the bits of sweetcorn out of a turd. All I noted was that Empire was "intending to develop its FASER (Force Amplification by Stimulated Electron Resonance) technology" and that would require a lot of cash, which Empire does not have. However the comment was picked up on the ihub board, in so far as the Empire announcement had copied virtually word for word a patent held be someone else.
http://www.patsnap.com/patents/view/US6592611.html
I therefore set thesack the task of finding Empire's own patent to the FASER technology it said it owned. thesack said he would find it asap. Now whenever he pops up on iii - normally to tell me GoldenAuras is watching, as if I care, I ask him if he has found the FASER patent..
The bottom line is Empire may or may not have some FASER technology that, given funding, they could develop. But as they have no funding even to drill for oil and their licence for that will expire soon, leaving them with no revenue and debts of over $10m (this is an estimate as they have not produced any audited accounts for 2010 or 2011 - another reason why it is hard work trying to work out what it sweetcorn!) the only relevance it has is whether it could be sold in a fire sale to repay creditors. IE will TXO get nothing for the $1.5m convertible loan or might they get as much as 10c on $
Nice try Drunken Sailor.
Quoting: http://www.mrt.tas.gov.au/mrtdoc/dominfo/download/TR3_92_103/TR3_92_103.pdf which if I can point out to readers is a reported dated 3rd of Feb 1958. I don't see the correlation between the current reports and your unrelated and outdated reports. Anyone with Mining knowledge or a bit of common sence will know that while prospecting, that if you drill a core sample and drill in the wrong spot you are likely not to find the minerals or the amount that you may wish to find. Well back in 1958 they drilled out their samples in the wrong areas and hence only found small deposits of low yield coal.
Empire Energy also discovered a lot of this sort of sample too. However, with better knowledge and equipment, in recent years have discovered additional areas with larger volumes and high yield coal.
To check out a correct, relevant and modern report dated 23rd Oct 2008 by RPS Energy who is an independant company, go to: http://www.gslm.com.au/images/stories/Investor/cpr_gslm_part%202.pdf
And just because Drunken Sailor has not read about an oil rig being mobilised or set up. Doesn't mean it is not already underway. As I pointed out earlier, Press Realeases rearly give a looking glass view on things. By the time it gets into a Press release it has often been talked around the table for some time, papers already signed, and the wheels set in motion.
A bit like Apple. For over a year there has been speculation about and iPhone 5. Nobody knew for sure if it were true or not. People didn't know till last minute that iPhone 4S was coming out first. Everyone is still guessing when iPhone 5 will be released. Just because investors don't know when, doesn't mean it will not eventuate. Apple will release the news in their own time when they are ready.
Much like EEGC, copied by TXO, will release information about when drilling in Tasmania will start, when they are good and ready. This will be when it is right for all parties involved, companies, business partners, etc... This is not however at the request of the investor. The Investor must sit and wait patiently for the news.
Drunken Sailor then quotes:
http://www.empireenergy.com/pdf/Competent%20Persons%20Report-Part%201,%2023%20October%202008.pdf
"Table 2 on Page 2 says exactly what you have been saying. Ie Chance of Success of Bellevue upper unit is 2%, Chance of Success of Bellevue lower unit is 2% and Chance of Success of Thunderbolt is a measly 0.72% - no wonder no one has stumped up the cash 4 drilling."
Mr Doom & Gloom only sees what he would like to see. If he was not dyslexic and read it correctly the figures are a RISK FACTOR for chance of success. A 2% Risk of being successful is a good risk to have. Thus there is a overall 98% chance of success.
Better odds than a Roulet Table that at best has a 51% Risk of a Chance of success or greater. Any number or option on a Roulet table has a Chance of Success. But it is in favor of the Casino. Even betting Red/Black or Odds/Even is not 50:50, it will have a 51% Risk as the ball could land on a Zero which would void the other bets.
In reply to GoldenAuras, post #6
"I don't see the correlation between the current reports and your unrelated and outdated reports."
Empire Energy 8k Filed with SEC on 6 Mar 2012
http://www.sec.gov/Archives/edgar/data/788206/000107878212000626/f8k030612_8k.htm
"These are located in the southern Tasmanian coal fields, previously drilled by predecessor companies, and on a 500 square kilometer area of the Mt Lloyd region, approximately 40km west/north-west of Hobart, where drilling in 1958 proved a thickness of over 3m of coal with a density of 1.5."
http://www.mrt.tas.gov.au/mrtdoc/dominfo/download/TR3_92_103/TR3_92_103.pdf
Except the report quite clearly shows that the thicknesses were only 3 feet. Do you see the relevance now? LOL
You have actually read Empires 8ks havent you?
In reply to GoldenAuras, post #7
I think you will find that it was Oil Baron who posted that, however he is 100% right and, as usual you are 100% wrong.
It is quite clearly defined under table 2:
"Chance of Success (COS):Chance or probability of discovering hydrocarbons in sufficient quantity for them to be tested to the surface"
A very standard industry definition also known as the chance of geological successs as there only needs to be enough liquid oil to get to the surface for it to be considered a success and it does not need to be commercially viable - thus a number of "successes end up being plugged and abandoned.
Do you actually know anything at all about this business?
In reply to Drunken Sailor, post #8
I do not dispute the findings in the http://www.mrt.tas.gov.au/mrtdoc/dominfo/download/TR3_92_103/TR3_92_103.pdf report. However, that was back in 1958.
I also do not dispute the fact that in the Empire Energy 8k Filed with SEC on 6 Mar 2012
http://www.sec.gov/Archives/edgar/data/788206/000107878212000626/f8k030612_8k.htm that EEGC intend to focus on the same 500 sq km area, however 500 sq km is a large area and back in 1958 K. L. Burns only knew a limited amount of what was under that area. Today more is known and more Coal has been found. Although there is still more that is unknown that lies below the surface.
Referring back to your 1958 report the Introduction refers to information known from just "two bore holes and a detailed survey of only a small portion of the coalfields".
In their Abstract it is suggested "that further surface prospecting and surveying is recommended".
Pg 93. states that there may be variation to the thickness of the seams in the region to those known in 1958. They also admit that with the limited area explored it is difficult to predict what seems occur in the North and South.
Pg 95. Conclusion. They acknowledge that their known seams (1958) may improve elsewhere in the region. Thickness changes needed to be examined in the known seams. They had reason to believe there were more coal measures.
All this was from limited knowledge at the time and suggesting more research was required.
I am aware that EEGC has done extensive geological work over the last several years and many more core samples had been taken. Some of which only produced similar findings, however there were others that produced a lot better results.
In reply to GoldenAuras, post #10
Good so you agree that the 1958 report is totally relevant, as it is the report of the drilling referred to in Empires 8k - there has not actually been any other drilling in that area since - all reports are logged with MRT (that is where the link to the report I posted came from). If you are aware of more recent ones done by Empire or their antecedent companies (remember they only have a licence to explore for oil / nat gas – the Coal / Coal bed methane licences they say they applied for about 2 months ago and which they claim NBD provided a proof of funds for over 1 month ago still have not appeared on the MRT website at all, not even as “under consideration” so you might like to think where the hold up in that chain could be) please post the links. However, if your statement: "I am aware that EEGC has done extensive geological work over the last several years and many more core samples had been taken. Some of which only produced similar findings, however there were others that produced a lot better results" is just another bit of wishful thinking to try to bolster your bruised ego, then please do not repeat it, as it is false. I take it that you also agree that by putting in an 8k that the thickness was “over 3m” when in fact it was over 3 Feet, Empire's 8k was false and misleading.
I agree the CPR report comments on all aspects of the geology of the whole of Tasmania, however you must not confuse a 300m thick “coal measure” as stated in the CPR with a 300m thick coal seam as you put in your “update”.
Pg 31 of CPR
“The upper most Triassic coal measures are up to 300 metres thick and are dominated by volcanic lithic sandstones and minor clay stones. These also contain commercial coal reserves in north- eastern Tasmania”
There are indeed over 500 Million Tonnes of coal in Tasmania (not all of it recoverable), it is predominantly in the north-east, ie nowhere near Mt Lloyd, which has an inferred coal resource of less than 2 Million Tonnes. Tasmania mines about 500 Thousand Tonnes of coal per year, which is sufficient to satisfy domestic demand – Tasmanian coal is not exportable, and has never been exported, because it has a very high ash content – typically around 25% (though there are some very small quantities that are better than this – indeed there was one very small seam in Mt Lloyd that had a 10% ash content). Coking quality coal is a relatively rare and therefore far more expensive commodity - $235 per tonne Vs $60 for Kentucky thermal coal. There are lots of factors that go into determining if a coal is suitable for coking and generally it requires a blend of 2 or more bituminous coals, however an overriding consideration for all coking quality coals is they must have a low ash content – think about it - coke is basically pure carbon, by virtue of the coal being heated to a high temp in an oxygen free environment to get rid of the volatiles. If you started with coal that was 25% ash – ie non-volatile incombustible material, you would end up with coke that was about 50% non-carbon. So I fully agree that there is coal in Tasmania, there is also some coal in the Mt Lloyd area, a very small proportion of which has 10% ash content. And I agree, that while it does not look particularly promising (there are more reports that back this up and I have posted them on iii), it is not impossible for there to be deposits that are marginally commercially viable in the area. Empire getting granted the licences, then having the funding and expertise to prove up a commercially viable project is a whole different question.
Can you now agree that far from me being this mythical anti Bendall blogger, who is supposedly hiding in Indonesia, I am in fact just a TXO shareholder who first bought in in 2005, then foolishly added to my holdings because I took all the Empire nonsense at face value without doing proper research, and, when I realised my mistake I sold all but one of my shares and have since done nothing more than alert others to the unseen risks and deceptions (eg 3 feet being reported as 3m) that are going on?
We do not need to agree on every point - there are plenty of grey areas. But we must agree to be civil and not to try to claim black is white - a chance of success is a chance of success not a risk of failure. You must also drop the inside knowledge claims. If you or I have a verifiable fact then post the link to support it, if we have an opinion then let us be clear that it is just our own opinion.
There are a lot of very worried Empire and TXO shareholders out there, who need to make their own investing decisions based on sound information and you pretending you have inside info and then taking a patronising primary school teacher "you will have to wait until we are told it is lunchtime before you can have a wee, just cross your legs and keep quiet" approach is really not helping anyone.
Let me know if you want to engage in reasoned debate.
EEGC UP 45% rumoured rig on site
Sorry Drunken Sailor, I see you do not like a joke. But it's fun getting a rise out of you.
Much like you do by teasing TheSack about the Faser patients.
Anyway, you are quite right about one thing.
Chance of Success (COS) is a standard industry definition which has been in use for approximately 10 years.
However, I should run you through a small basic Chemistry lession for you and readers.
Hydrocarbons are organic compound consisting entirely of hydrogen and carbon. Gas and Oil along with many other petrochemiclals are hydrocarbons. If you took a core sample and you were hoping to discover Gas/Oil you would wish to find a high percentage of hydrocarbons and end up with a High % COS.
Coal however, is not a Hydrocarbon. Coal is almost pure Carbon. If there are hydrocarbons present then these would be considered as impurities within the coal. Thus, you would expect a core sample of Coal to have a very low percentage of Hydrocarbons. Therefore the results in the table with 2% or less COS are excellent values to have. It means there is Coal with few impurities. The lower the percentage of hydrocarbons, the higher the grade of Coal.
On Wed 21:30 on www.iii.co.uk you quote me as saying "that they have smuggled a rig in and are drilling in secret." I have never claimed such as thing and it is ridiculous. I had only pointed out that just because you have not read about it yet doesn't mean that it has not been arranged and the wheels in motion to get a rig on site.
I also never claimed you were a blogger hiding in Indonesia. Although that is what my sources had told me!
However, without me saying so you have just slipped up and revealed that yourself with your post above
In reply to Drunken Sailor post #11 10:25am
"Can you now agree that far from me being this mythical anti Bendall blogger, who is supposedly hiding in Indonesia, I am in fact just a TXO shareholder who first bought in in 2005"
To me it just confirms what my sources have said to be true. And by the way, I am not in PR for EECG. I am not an employee of theirs or an affiliate. But I have followed EECG for many years and keep my ear to the ground. I am just an Investor and bought some TXO shares last year. I put my money where my mouth is and look forward to good progress and news over the next few months.
In reply to GoldenAuras, post #13
Pull the other one, it is clear you know absolutely nothing. I hope you conscience will let you sleep at night when those who have bought into Empire based on you fake “inside info” sink clutching the concrete lifebelt you have thrown them.
In reply to theshipscook, post #12
About $10k worth of EEGC share changed hands yesterday (not all buys). The the rumour of a rig on site comes from GoldenAuras.
I have more faith in the source of this, than I would ever put in anything said by GoldenAuras:
Terrex is yet to commence seismic acquisition for Empire. We are still awaiting instruction from Empire that they are ready for Terrex to commence the seismic survey.
Kind regards
Joe
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=74347670
Have you read TXO's latest announcement?
http://www.iii.co.uk/investment/detail/?display=news&code=cotn:TXO.L&action=article&articleid=8555339
The key question will be whether they can afford to take up the full option. GBG will need significant investment, if it gets it, it does look sound.
Interesting that they completely avoid talking about the elephant in the room ie what is happening about Empire drilling in Tasmania.
The last TXO said was:
"In addition Empire has confirmed it is making preparations to drill its Bellevue prospect early April. TXO has recently visited the Tasmanian operations and can verify that plans are advanced in this regard subject to government approvals and available funding being satisfactory to the drilling contractors. We cannot verify at this stage that these conditions have been completely satisfied and we expect Empire to clarify these conditions precedent shortly."
And that was on 7 Mar. Empire have not confirmed they have a rig or government approval, so contrary to what Golden Auras is trying to convince people, the official line from TXO remains Empire are expected to confirm these conditions. Nothing can happen until they do - there is no clandestine drilling going on - when has anyone ever known any small oil company that did not make a slash about having a rig lined up and then spudding a well?