April update. Drilling soon to start in Tasmania.

Monday, Apr 09 2012 by

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 These are outdated.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
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.

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TXO PLC is an oil and gas investment holding company. The Company has four investments: The Grand Bahama Group Limited (GBG), which operates through two companies: Morgan Oil Marine (Bahamas) Limited, specializing in the collection and reprocessing of used oils, and Morgan Oil USA LLC, a western Kentucky-based oil and gas company; Oil Recovery Services Limited (ORS), which has technology for the reprocessing of contaminated oil and the remediation of dirty water; Oil Tech Royalties Inc (OTR), a joint venture company that commercializes acoustic flow reactor valve; Athabasca Resources Limited, which has an agreement to acquire a 50% farm-in interest in certain Alberta Crown Leases in the Athabasca oil sands in Canada, and Tasmania Oil and Gas Limited (TOG), a joint venture company which exploits gas and oil opportunity in Tasmania, Australia. It holds around 35.67% interest in GBG, a 25.1% interest in ORS, a 30% interest in OTR and a 20% interest in Athabasca Resources. more »

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55 Posts on this Thread show/hide all

Murakami 13th Apr '12 16 of 55

Please keep the discussion civil or we will moderate it: http://www.stockopedia.com/page/posting-guidelines/

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Drunken Sailor 13th Apr '12 17 of 55

In reply to Murakami, post #16

Very happy to, and I made exactly that offer, but it was rejected.and I therefore have nothing further to say to the authour of this so called "update". There is an awful lot of misinformation in it, which I have been trying to correct, not least about me personally.

Fortunately most UK investors have more sense than to be unduly influenced by it, however the same is not true in the US

" i bought more shares yesterday EEGC after reading the GOLDEN AURAS POST.imo cant wait for the start date of drilling and other news"


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Drunken Sailor 13th Apr '12 18 of 55

In case anyone cares about the Indonesian blogger myth:



You may be curious what this bit in GoldenAuras' diatribe is about:
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.

This is a standard attack by Empire stooges on the Y.... board against anyone who questions and criticizes EEGC. There has been a long-running myth there that a certain individual has made it his life's work to "bring Empire down". There was such a guy who had a run-in with Bendall many years ago but it has nothing to do with Empire Energy today and the whole nonsense story has been leaked from the Bendall camp as a distraction from message board discussion of Empire's woes. He is said to be presently hiding in Indonesia where he is continuing his evil campaign using every alias that is critical of Empire/Bendall.

It seems that GoldenAuras has picked up on the pathetically ridiculous story and as you have been critical of Empire then you must be the boogy man."

I have previously posts proof on here that I am a long term TXO shareholder, who first started posting on them on iii in 2007, so how could I be the phantom blogger?


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Murakami 13th Apr '12 19 of 55

Please keep this thread on-topic. We're not interested in discussions that may have happened elsewhere. This thread is about the investment case for TXO. Anything else from now on will be moderated.

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Drunken Sailor 13th Apr '12 Moderated for Off Topic Posting
Drunken Sailor 13th Apr '12 21 of 55

Interesting market reaction to today's news on GBG investment. Early trading was fairly heavy buying, Then the sellers came in quite strongly, presumably relieved at having the opportunity to get out before the full horror of the Empire situation comes out, such that from about 0930 until about 1015 sells out weighed buys. Buyers have come back more strongly since, putting buys ahead of sells by lunch time.

It will be interesting to see how this plays out. by the end of the day. There are also still 119 Million warrants to be exercised at a price of 0.5p by 16 April - I am not sure if that means this is the last trading day before they expire or whether they expire at midnight on Mon and that therefore gives another trading day.

What is clear though is that there is still significant market interest in this share and the events of the next month are likely to be pivotal in determining whether or not they can issue the new shares they need to in order to take up the rest of the GBG option or not.

What is not clear is what impact TXO not being able to take up the rest of the option would have on GBG. The Morgan Oil side will need capital to fund its drilling programme as it seeks to develop its undeveloped reserves (developed reserves must be in their last 6 months by now)

On the Morgan Marine side:

"GBG proposes, subject to additional funding, to establish its own modern facilities to offer ships services whereby GBG offloads their waste oils and oily sludge. GBG then plans to provide limited physical processing of these materials and for their disposal. In due course GBG plans to provide further processing into fuel and other oils through establishing a waste oil and hydrocarbon recovery facility nearby."

Again needs funding.

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Drunken Sailor 13th Apr '12 22 of 55

In reply to Drunken Sailor, post #15

The Full Terrex contract is here:


But it was subject to a change order on 6 Feb.

6 February 2012

Paul Heath
Chief Operations Officer
Great South Land Minerals Limited
Level 3
65 Murray Street
Hobart TAS 7000

RE: Terrex Change Order Proposal

Dear Paul,

Further to discussions between Malcolm Bendall and Joe Dwyer of our office, this letter is to set out a Change Order Proposal pursuant to Clause 4 of the Seismic Services Agreement dated 20 January 2012.

Following on from your request regarding Terrex’s crew standing down, our proposal is as follows:

Terrex will safely store its plant and equipment in Tasmania whilst GSLM finalise permitting.
Terrex’s Seismic personnel will be demobilised back to Brisbane – once off fee of $5,000
Terrex Spatial surveyors will be demobilised – once off fee of $1,000
Status will be reviewed at least weekly – GSLM to provide regular updates of permitting progress.
Terrex’s crew will be on stand-down awaiting permitting at a reduced fee of the working rate @. $4,100 per day
If requested, Terrex can assist GSLM in their attempt to gain prompt permitting so that the seismic program can commence ASAP. Terrex would provide the services of an experienced Operations Manager to assist GSLM ($1,200 per day plus expenses).
When permits are received Terrex Spatial will remobilise (once off fee of $1,000) followed by Terrex Seismic (once off fee of $5,000)

Please note that all of the points above are in additional to those items listed in Schedule B of the Agreement, and are exclusive of GST.

If this Proposal is acceptable to you, can you please acknowledge by arranging signing below and returning a copy to me at your earliest convenience.


I will try to find out if the meter is still running as if it is that will be nearly $300k down the drain for nothing.

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GoldenAuras 13th Apr '12 23 of 55

As I've pointed out above.
Paul Heath is not the the person to contact rewarding investment enquiries.
I have recieved communication from him with an appologie that he can not assist in these matters.
Please see Paul Heath's LinkedIn profile for a description of his position.
He is Chief Geologist and Operations Manager. This overseas personell and equipment primarily out in the field at various mining sites. He is not a public leason person for investment.

For these enquiries please use their Contact Us Link on the web site http://www.gslm.com.au/

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Drunken Sailor 14th Apr '12 24 of 55

Given that Empire's filing of 7 Mar said:

"Terrex Seismic who conducted the 2001, 2006 and 2007 seismic programmes for GSLM has been contracted and mobilized to Tasmania and are ready to conduct the seismic survey, including the only structure within our current Exploration License (EL) 14/2009 not yet completely seismically defined, Mt Lloyd dome. The planned 2012 seismic program has the multiple role of defining the centre of the Mt Lloyd dome, for oil drilling operations, and in addition, will be used to explore for the presence and depth from surface of oil, gas, coal and coal bed methane, which have been traced on our previous Thunderbolt seismic surveys and which Empire now intends to receive the commercial benefit."


And it has been demonstrated that this statement is at best highly misleading, as Terrex have still not been told to commence, and at worst is a deliberate falsehood, if the contract had been cancelled entirely by then to avoid paying the stand by charges.

Then yes, Paul Heath is most probably far too busy working out what false and / or misleading statements to have in the next announcement to answer any questions about the false and / or misleading statements in previous announcements

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Drunken Sailor 17th Apr '12 25 of 55

I have e-mailed the court for confirmation, but it looks like GSLM, Empire's wholly owned subsidiary in Tasmania is facing a winding up order.


"I confirm the notice of winding up proceedings appeared in The Mercury of 7 March as was posted by Moshulu. To be held on 19 April. The proceedings were commenced by the plaintiff Dyson Corporate Security Pty Ltd (In Liquidation) on 22 February.

No wonder the GSLM lads have been rather quiet lately."

2 key points to this, firstly if it turns out to be a false alarm, something like this is inevitable sooner or later. They have had debts of over $10m for over 18 months now and many creditors will be losing patience, it is just a question of who will be first to strike. In this case it looks like it is the liquidators of one of their creditors who has gone bust.

Secondly TXO said on 7 Mar "TXO has recently visited the Tasmanian operations and can verify that plans are advanced in this regard" . Does not exactly inspire confidence that TXO are doing a particularly good job of monitoring what is really going on and makes a mockery of:
"Under the current investment policy the Company is deliberately putting together a portfolio of assets at varying stages of the development cycle. The style of investment is to consider relatively distressed situations which are underpinned by solid opportunities that can be enhanced by better management practices and/or more capital."

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Drunken Sailor 17th Apr '12 26 of 55

Of course they are old hands at dodging winding up orders:


"On March 31, 2009 our wholly-owned subsidiary, Great Southland Minerals Ltd., was served with a Form 509H, Creditor’s Statutory Demand relating to a claim by Hunt Energy & Mineral Company -- Australia Ltd. PTY for payment of approximately AU$441,000 (US$309,000) claimed due pursuant to our drilling contract with Hunt. The statutory demand notice has been filed with the Tasmanian District Court. The company was provided 21 days to respond to the Statutory Demand notice. Should fail to respond or should the court determined in favor of Hunt and the demand is not paid, the procedure for Statutory Demand could result in the court ordering the business of Great Southland Minerals to be wound up. Management believes that it has substantial defenses to the claim including the defense that the contract provides for all disputes to be submitted to the dispute resolution process contained in the contract and that substantial sums have been paid to the claimant, which sums exceed the amount being claimed. The Company negotiated an ongoing arrangement with Hunt that has deferred any action and withdrawn
the statutory claim and is allowing work to proceed on the exploratory drilling. In July 2009, GSLM was served by Hunt Energy with a Statutory Demand claiming balance due of AU$173,678 of the original debt and a separate additional Statutory Demand
in an amount of AU$1,509,200.00. The Company believes it has significant defenses and has subsequently negotiated an agreement with Hunt Energy that will allow appropriate payments to be made over an eighteen month period of time and that will allow Hunt to return to work when funding is available.

An additional Creditor’s Statutory Demand claim was presented in April 2009 from D&M Drilling in the amount of AU$55, 000 (US$38,000). Action on the claim has been deferred and payment terms are being negotiated. We are currently not aware of any other legal proceedings or claims that we believe will have, individually, or in the aggregate, a material adverse affect on our business, financial condition or operating results. "

Makes you wonder why they are having trouble securing a rig doesn't it?

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GoldenAuras 21st Apr '12 27 of 55

An apology to readers.

I do not wish to argue points, however this is also difficult when things that are said are then twisted so badly and slung back.

11-04-12 Re: GoldenAuras Drunken Sailor has twisted what others say in his usual fashion and claim that I have said that Empire "have smuggled a rig in and are drilling in secret". Similar was said by him above on the 13th April.

If you however read my post above you will see that I never made such claim.

I did state that just because a Press release had not been made yet to announce such information, that arrangements had not already been made and implemented.

However, in a recent TXO PLC - Update on investment The Hunt oil rig had recently been mobilized from Central Australia to Tasmania. However, adverse weather conditions in Port Augusta, South Australia had stranded the rig, effectively delaying its deployment to Tasmania.

So I apologise to any readers who listened to Drunken Sailor and believed when he quoted myself as saying that the Rig was onsite.

But the good news is that I was right, in that plans had been made and implemented and we should see the Oil Rig up and running soon.

I pointed out above in conversation that Hydrocarbons are not found in significant quantities in Coal, as Coal is almost pure carbon.

On 13-04-12 Re: GoldenAuras over on Interactive Investor the above writer in his comments were "'Coal is almost pure Carbon' LOL"
Well if one looks up what Coal is by clicking the link, it is Primarily Carbon, apart from a few gasses: Hydrogen, Oxygen, Nitrogen and Sulphur. Now who's Laughing Out Loud!

I'm still investing my mony in TXO as it's poised in a great position and ready for action.

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Drunken Sailor 28th Apr '12 28 of 55

They have no funding, this was confirmed to me by Zac Philips of Fox Davies. No rig will be mobilized without a big up front payment. So saying the rig we would have liked to contract for, if we had any money, got stranded is simply laughable.

The licence is due to expire in just over 2 weeks - they can keep it technically alive for a bit longer while they appeal for an extension. On 17 May GSLM go back to court for the next stage of the winding up case. Despite saying

"“GSLM is also pleased to announce that it believes it has also secured funding to discharge certain liabilities, which are due this week, and is instructing its legal council to prepare the appropriate discharge documentation of those liabilities and negotiate settlement with the appropriate parties.”

I have had confirmation from the Plaintiff's solicitors that "court proceedings are very much still in progress"

Bottom line is there will be no drilling in the near future, and it is just a matter of time before reality finally catches up with Empire.

In the meantime over 100M warrants held by existing shareholders and exerciseable at 0.5p were allowed to expire, including 5M held by Tim Baldwin himself (he did exercise the 10M held in the name of his company Hill Street Investments). This does not bode well for their chances of raising the £2m+ they need to take up the second part of the GBG option.

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Drunken Sailor 28th Apr '12 29 of 55

In reply to GoldenAuras, post #27

Who is twisting words now. There is a big difference between almost pure Carbon and primarily Carbon.

Good link though, perhaps you ought to read it yourself. Not only does it clearly show that different types of coals range from 60% Carbon all the way up to Anthracite which is almost pure carbon. it also explains about Coking coals:

"Coke is a solid carbonaceous residue derived from low-ash, low-sulfur bituminous coal" so the 25%+ ash content of Tasmanian coal precludes its use as a coking coal doesn't it!

All rather academic though, as Empire do not have a licence to explore for coal and very soon won't have a licence to explore for oil either. Worked out what the relevance of a COS is yet? I was hoping you would explain that bit of the announcement to your "readers"

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MOREFORUS 14th Jun '12 30 of 55

absolutely flying over the pond and volume is massive looks like news is correct and on the way

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Drunken Sailor 21st Jun '12 31 of 55

In reply to GoldenAuras, post #27

GSLM wound up, the pantomime is over at last.



1. GREAT SOUTH LAND MINERALS LTD (ACN 068 650 386) be wound up in insolvency under the provisions of the Corporations Act 2001 (Cth).
2. Barry Kenneth HAMILTON, an official liquidator, be appointed liquidator of the company.
3. The plaintiff's costs, including reserved costs, be taxed and reimbursed in accordance with s 466(2) of the Corporations Act 2001 (Cth).

Date that entry is stamped: 21 June 2012

I hope you feel suitably guilty about the people you mislead with your nonsense updates.

The question now is will TXO survive. After yesterday's interims where they are burning cash like it is going out of fashion, I give them a 50:50 chance of following down the same track as GSLM

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MOREFORUS 3rd Jul '12 32 of 55

TXO PLC new acquisition announcement on the way

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MOREFORUS 3rd Jul '12 33 of 55

The show is no where near over. People own stock in EEGC and not GSLM. EEGC is a U.S. Company and can not be wound up as in Australia. EEGC has other on going ventures. People get worried when there is no information available. You all must wait for the company to inform you of what is going on. A PR is being composed and will be posted soon. I do NOT have time or date but its coming.Patience

the news should be that license is awarded to EEGC and eegc has the money and eegc will start drilling...

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Drunken Sailor 6th Jul '12 34 of 55

In reply to MOREFORUS, post #32

Was today's pump and dump your idea? Some people do not care who gets hurt by their lies.

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MOREFORUS 9th Jul '12 35 of 55


Sunday, July 08, 2012 7:28:21 PM
Re: None
Post # of 26895
This should be a very interesting week for EEGC, Look for a PR beginning of the week. JMO

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