Update coming from EGO this week as presentation is made at the Good Oil Conference on 13th September (ref http://www.riuconferences.com.au/conferences/goodoil2016). Chances are that no "new" news will be presented, but watch for the language used with reference to RGN1. Last we heard was that "early Q4" was the remediation start, subject to rig and approvals - so if that date is confirmed (either by repeating that timeframe, or by not denying it). Assuming all on track, this may be the catalyst for a countdown to rig date, and may provide some support for the SP which has hit support at 30 (with decent two-way volume being found) and is also support by other support lines at 25 and 27. I strongly doubt a sub-30 million market cap is sustainable - as a low - and favour a bounce into the mid 30's, and a gradual climb from there into RGN1 remediation.
Broader market likely to be soft today, initially at least. Wall Street is Fed-driven and I think will bounce. One Fed Governor doesn't constitute a Board. Commodities merely following the Dow, and I think will move in a U-shape this week. Impact on EGO should be minimal.
