Empire will also forgive more than USD26m of its registered secured debt owned by GSLM
, a partnership of L&M Development Partners and Goldman Sachs' Urban Investment Group, established an $100 million urban investment fund in April to develop mixed-income housing in New York and other cities.
The purpose of GSLM
Capital Partners LLC is to identify and invest in urban development opportunities throughout the New York Metropolitan Area, the Northeast, Mid-Atlantic regions and California.
Further, today GSLM lodged with the Tasmanian Integrity Commission documentation representing a summary of matters GSLM believes worthy of investigation, concerning our belief that there has been collusion in the act of improperly allocating a portion of our Tasmanian oil and gas assets, in part now Exploration Licence Application (ELA) 30/2011.
As a separate legal matter, and in part, as related to the improper sale of the Empire GEFCO Drill Rig and other matters by previous management in 2008 and in an ongoing effort to protect the integrity of Empire's assets and for the protection of its officers, directors and its corporate oil and gas assets held by GSLM, Empire has directed its retained legal counsel to file civil actions against certain entities and individuals relating to acts of tortious business interference both within the United States of America and overseas.
Accommodation for the drilling crew and GSLM
staff and contractors is being provided at the Company leased Bronte Park Highland Village where the capacity is being increased by the renovation of 15 rooms.
In return for the above consideration, Empire and Great South Land Minerals have agreed to repay in full loans of AUD$1,710,000 made to GSLM by Mr.
Empire CEO and founder Malcolm Bendall said, "Phil Simpson has made a valuable contribution during 2008, both as Operations Manager supervising drill site construction and top-hole drilling at Bellevue #1 and as a Director of GSLM and Empire.
14 million expected funding due to GSLM under a financing agreement remains unpaid, resulting in the delay of the commencement of drilling Bellevue #1.
GSLM has submitted a copy of the Hunt #3 Rig compliance report and third party assessment to the Tasmanian authorities as a pre-requisite for approval to undertake drilling activities.
Empire Energy is pleased to announce that GSLM has secured the services of some very experienced personnel for its drilling operations.