being that the smart win group has stated re my" higher authority" source in their settlement with eegc that they wish eegc to succeed and the china insatiable thirst for energy the sino oil and gas 2014 annual report shows an aggressive investment in safe haven canada.below.i therefore do not doubt for one minute the smart win willingness to continue to invest in tasmania under the right conditions of course?whats the plan malcolm for eegc?imo
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"The balance includes deposit of HK$267,588,000 (2013: nil) paid for possible acquisitions of Canada oil
fields as disclosed in the Company’s announcement dated 30 June 2014 and 1 September 2014
respectively. On 30 June 2014, a wholly-owned subsidiary of the Company has entered into first
non-legally binding memorandum of understanding (“MOU 1”) with Jade Million Co Ltd, (the “Vendor”)
in relation to a possible acquisition of the interests of certain oil and gas blocks in Canada (“Target 1”).
According to the MOU 1, the Group paid a refundable deposit of Canadian Dollars (“CAD”) 30 million
which is interest-free to the Vendor in July 2014. On 1 September 2014, the Group has entered into
another memorandum of understanding (“MOU 2”) with Vendor and paying a refundable deposit of
CAD 10 million which is interest bearing at 4.5% per annum in relation to a possible acquisition of the
interests of certain oil and gas blocks (other than Target 1) in Canada (“Target 2”). In both MOU 1 and
MOU 2, the Vendor has pledged the interests of Target 1 and Target 2 to the Group as return. Up to the
date of this result announcement, the Group is still performing the due diligence review, and the valid
dates of MOU 1 and MOU 2 are up to 30 June 2015 and 30 April 2015 respectively."