Ann: Quarterly Activities Report , page-3

Didn't Macquarie underwrite the share offer? I guess they might take up the shortfall in a deal or pay the 0.0052.

Nevertheless the money raised is good, and there is not now an excess of fully taken-up scrip.

The price dropped to .005's today as i had predicted. Could be some more panic selling, before things settle.

The key will in getting that: "Estimated net production for January 2010 is around 6,500 Mcfepd."

That works out, if i am not mistaken, at:
6,500Mcf per day x $6.32 per Mcf = $41,000 per day (rounded)

That's $1,230,000 per month or $14,760,000 per year.

I notice that cash on hand has dropped to about $750,000+ but that's pretty good considering the investment in the 1800+ gas well acquisition, etc,.

I guess these 1,805 new producing wells will be on top of the wells they already have producing?

There's lots of interesting information in this Quarterly.

I notice that they claim: "Directors believe the implementation of the Empire Energy aggregation strategy of E&P assets will accrue attractive returns to shareholders over the short to medium term."

Think i might throw my baited hook in for some more at .004