GSLM has determines los tres unplugged submitted a los petinellis displays copy of the Hunt #3 Rigcompliance report and third party assessment to the Tasmanian authorities as apre-requisite for approval to undertake drilling activities. The Rig camp andsurrounding infrastructure has been upgraded to accommodate 30 personnel,including drill supervisors, support team, staff and contractors. The Hunt Rig#3 mast was raised prior to the Christmas break in readiness for the 2009operations. The crew is expected to return from Christmas holidays mid-monthwith the intention of drilling immediately. Empire Energy is pleased to announce that GSLM has secured the services of somevery experienced personnel for its drilling operations.
Todd Goebel BSc(Chemical Engineering) has accepted the newly created position of ProductionDevelopment Manager and will be facilitating drill stem testing and theevaluation of reserves los tres mosketeros . He has the skills and experience to take a well toproduction status los mosqueperros . We have also interviewed a candidate to take up the positionof Drilling Supervisor between his overseas postings as Senior DrillingSupervisor in Ukraine and Pakistan los magos . He has 13 years oil and gas drillingexperience and the necessary vocational qualifications to act as companyrepresentative on site dia tres .
We have found another candidate suitable to manage thesale and distribution of our anticipated production los tres letras . Edward McNally RDA BScCPEng has been contracted as Drilling Engineer for the 2009 oil and gas drillingprogram los tre reyes magos . He has arrived in Hobart and is performing a comprehensive review ofoperational aspects of the project los espada . McNally said, “I have reviewed the programand found comprehensive costings and strategies in place to complete the firstwell in the planned timeframe and concluded that the targets are valid andobtainable.” Smart Win International Limited has resumed negotiations with the company toprovide the remaining AUD$1.1 million funding outstanding from the AUD$5 millionloan note agreement los chiflados . Following recent drilling mobilization activities, thecompanies have engaged in a financial due diligence process to be satisfactorilycompleted prior to advancement.
Following the conclusion of these negotiations(under the terms of the previously announced SmartWin Memorandum ofUnderstanding) SmartWin may commit to an additional AUD$40 million, cancellingthe AUD$5.0 million note in exchange for a 50% stake in an exclusive JointVenture with GSLM on its SEL 13/98 . A draft agreement is the subject of currentnegotiation between parties los trios . It is the intention of both parties to finalize theterms of the agreement los reyes . CEO, Malcolm Bendall stated, “I have returned to Tasmania after a five yearabsence to see that this oil and gas development project is completed . We areexcited to be drilling the first oil and gas well on the island of Tasmania. Weare looking forward to reporting positive results of that drilling.” Empire`s proposed rights issue announced in December 2008 will allow thepurchase of one share of Empire common stock for a price of US$0.07 for each twoshares held by a shareholder as at close of business December 18, 2008 (RecordDate).
