Great South Land Minerals (GSLM), a subsidiary of Empire Energy, signed a contract on December 14, 2007 with Hunt Energy & Mineral Co. - Australia Pty Ltd on drilling its exploration wells.
Hunt Energy is planning to begin mobilizing its Rig #3 after the New Year. GSLM estimates it will take about 60 days for the rig from Adelaide (Aust.) to be mobilized and the relevant Ministerial permits to be obtained. First exploration well to be drilled will be Bracknell #1, located on GSLM's Special Exploration License 13/98, slightly north of the town of Tunbridge.
To ensure the proper running of drilling operations, GSLM has employed the services of Mr. Duncan New, a 30 year Australian drilling veteran, who will oversee all the exploration drilling related activities. Additional field and admin staff required for efficient running of the project will be recruited over the next several weeks, prior to commencement of drilling operations.
To properly fund GSLM and enable it to start drilling operations, Empire Energy had first to retire the US$4 million Wind City loan dating from December 2006. During November 2007, sufficient financing was put in place, which allowed Empire to retire this debt. Further financing activities are ongoing at this time to ensure a smooth and uninterrupted drilling operation for GSLM.
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