Empire Estimates $2.2B of Oil in Tasmania Basin
Empire Energy with its wholly owned subsidiary, Great South Land Minerals announced on Tuesday, May 11th, 2010 that GSLM has received and signed the documents for its Tasmania Basin license EL14/2009. This license area includes the two main structures identified in GSLM's previous seismic and gravity surveys; the Bellevue and Thunderbolt domes which leading independent consultants, RPS Energy, estimate could contain undiscovered potential petroleum resources totaling 447 million barrels of oil, which would potentially have a value of $2.2 billion assuming $5 per barrel.
Empire and GSLM CEO Malcolm Bendall said, "I am delighted that the Company has jumped the final hurdle and we now await the signed copy from the Minister. We will now be working hard to complete all the conditions precedent in order to resume drilling. I am very happy that the new Minister, the Honorable Bryan Green has expedited preparation of the license documents allowing the state to move ahead and potentially develop a valuable oil and gas industry in Tasmania."
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