PASADENA, Calif.--(BUSINESS WIRE)--Empire Energy Corporation International (Empire) (Pink Sheets: EEGC) announced on Monday, January 24th 2011 that the Company and its wholly-owned Australian subsidiary, Great South Land Minerals Limited (GSLM) lodged two new license applications with Mineral Resources Tasmania (MRT) on Friday, January 21st 2011.
The Companies applied for an additional 15,000 sq Km (3.7 million acres), both on and offshore the Tasmania Basin covering disputed areas which were part of GSLM’s prior license applications 13/2009 and 14/2009. These areas are currently in dispute as a result of their exclusion by Mineral Resources Tasmania in GSLM/Empire’s currently active exploration license EL 14/2009. While Empire was granted exploration license EL 14/2009 in May 2010 and it covers both the Bellevue and Thunderbolt dome structures - which the Company intends to drill via the currently engaged $200 million capital raise with Hunter Wise Companies this Australian summer - 10 additional smaller structures, discovered and proven by Empire/GSLM under previously issued licenses lie within these disputed areas. These structures represent nearly one third of the Company’s Undiscovered Potential Resources, estimated to be worth over $1 billion.
Pursuant to these disputed claims and in light of Australia’s current trade deficit in petroleum products of some $16 billion per annum, which according to the Australian Government itself - referenced in the December 2010 issue of the Australian Petroleum Production & Exploration Associated Limited - without major new discoveries, will grow to around $30 billion per annum by 2015. GSLM also filed with the State of Tasmania five formal legal requests. Firstly, a demand for the recovery and re-issuance of Exploration License EL 14/2009 to include the above referenced disputed areas. Secondly, that the Mining Tribunal makes an order to the State of Tasmania to therein compensate Empire/GSLM for the previously revoked mining tenements. Thirdly, that the State of Tasmania, Minister’s Office, Director of Mines and the Registrar further be restrained from advertising any part of the area covered by the Application for Exploration License without further notice or order from the Tribunal authorizing same. Fourthly, that through the Tribunal an order be issued to the State of Tasmania, Minister of Mines, Director of Mines and the Registrar to withdraw and prevent from further publication, in any manner whatsoever, all copies, links to copies and materials which are confidential and proprietary. This includes maps, reports and exploration information belonging to GSLM/Empire and previously published by the State of Tasmania on May 2010 and January 2011. Lastly, that the State of Tasmania further compensate Empire for damages and losses caused by their unlawful public disclosures of confidential information belonging to GSLM/Empire including proprietary maps, reports and exploration information. These and additional matters in violation of confidentiality in disclosures and related proprietary data by the State of Tasmania belonging to GSLM and Empire are incorporated into the particulars of these subject claims; because this is new material information the Company intends to lodge the document as a 8-K with the SEC.
Empire continues to work with its investment bankers, Hunter Wise Companies and is proud to announce that in meeting the due diligence requirements of the Company’s potential funders, Empire has produced new and updated versions of due diligence documentation. These documents include an investor PowerPoint, an updated due diligence report and a due diligence addendum; all of which can be accessed via http://www.empireenergy.com/duediligence.html.
Empire Energy Corporation is an international oil and gas exploration company, focusing on developing assets in one of the world's last virgin basins and to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Tasmania's central and northern basins.
This press release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward- looking statements when you see us using the words such as "expect," "anticipate," "estimate," "believes," "plans" and other similar expressions. These forward- looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Empire's ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements. For a more detailed discussion of risks and other factors related to Empire Energy Corporation International, please refer to 10-K and 10-Q reports filed with the U.S. Securities and Exchange Commission.