Report is a little misleading, page-5

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healyn

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03/09/14

15:53

Post #: 13918992
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Originally posted by docmin24 ↑

Hi Healyn so if ERM want to continue with this why haven't they moved on this? Why are they wanting to get out of it all, except these 2 little oil holes? One can only assume that they want to keep SP as low as possible, as oil is there, we all know it and SP would go up considerably, now by doing nothing and keeping them they can off load the other interests and get a cheap RI and if successful my bet bang, announcement to follow ASAP regarding the drilling program.
I still believe we could have had a drill in by now what's 3-5 million for ERM to get this moving, they got wharfs for nothing and once SP up, market cap up, news in papers but no we have a very favourable announcement for ERM.
All very convenient I say. EGO with 10 Million isn't a lot is it. What happen's with another 2.5 Billion shares to be added, only relatively small parcel going to go to 13000 holders 1-6, 1-10 etc. Why not drill one hole now, get the market moving and do one big Cap raise for everyone, raise 20-30 Mil, consolidate, announce the aggressive drilling program for Wannamal both can work and is needed in any case so everyone wins. Rather a farmin etc than one big raising though, but if we don't have another option then raise some decent cash stop messing around with a couple of million each time, so we can actually drill everywhere now instead of messing around with buying our own tenements back. Anyway enough from me over it all for the week.

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Why do they want these two little oil holes? They need them to be successful oil holes so that ERMGas when it does an IPO has something that is real and is producing cash rather than the problems in their ES jv with Metagasco.
Also ERMGas will be funding 60% of Black Arrow's drilling costs. I stand to be corrected on this though.

EGO Price at posting: 0.9¢ Sentiment: Buy Disclosure: Held
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