I know exactly why the money some $50,000,000 was
Post# of 403
Posted On: 06/02/2012 3:11:15 PM
I know exactly why the money some $50,000,000 was spent and they didn't drill wells.
When the Fish speaks people listen and here is the reason and its not open for debate.
The plan was to lay out a map of all the areas to be drilled so a mass production of drilling could occur rather then drill a well then do seismic research and locate the next site and go back and forth. Its the reason the ordered the model 1100 from Oklahoma but didn't take delivery because of lack of funds. Those funds were suppose to come from additional investment from the JV partner, Smart Winn. They reneged at the last minute because they wanted to use the final payment as leverage to gain control of GSLM/EEGC. Malcolm said no and the final $1.1 million was not delivered and so the court actions began and defaults were like dominos.
The plan still exists to drill many wells in several locations and when complete move on to the next designated site. It was and is a good plan and in the end it will work. The only thing holding it up is money and that will come and MRT will extend the lease and grand new leases because there is a crying need for this to happen. Employment will sky rocket. Taxes will be generated where none existed before. Tasmania will get 12% off the top of all sales and the list goes on. Malcolm will not fail no matter what others might say or do. The oil is in Tasmania and it will be harvested.
When the Fish speaks people listen and here is the reason and its not open for debate.
The plan was to lay out a map of all the areas to be drilled so a mass production of drilling could occur rather then drill a well then do seismic research and locate the next site and go back and forth. Its the reason the ordered the model 1100 from Oklahoma but didn't take delivery because of lack of funds. Those funds were suppose to come from additional investment from the JV partner, Smart Winn. They reneged at the last minute because they wanted to use the final payment as leverage to gain control of GSLM/EEGC. Malcolm said no and the final $1.1 million was not delivered and so the court actions began and defaults were like dominos.
The plan still exists to drill many wells in several locations and when complete move on to the next designated site. It was and is a good plan and in the end it will work. The only thing holding it up is money and that will come and MRT will extend the lease and grand new leases because there is a crying need for this to happen. Employment will sky rocket. Taxes will be generated where none existed before. Tasmania will get 12% off the top of all sales and the list goes on. Malcolm will not fail no matter what others might say or do. The oil is in Tasmania and it will be harvested.
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