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Al99

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16/10/14

20:57

Post #: 14136798
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Originally posted by redfrog ↑

Hi there A199.
With respects here are my comments. on the shotgun treatment you gave my “Grasp the Opportunity” post.
Sounds like you have bought a few Empire shares while thinking there is a good chance that all the new wells in the Perth Basin will be dusters. Strange decision or do you know something we don’t.

If the target drilling is approved and ready to go the first interest payment on the Notes will be 1.5 Mil 6 months out with another 1.5 Mil a further six months out.

The present situation we are in as shareholders is not good. Voting NO is just not even a option. Without a better solution our only chance is to vote YES or in my opinion we are stuffed.

Any workable deal EGO does has to put us in a position to drill near immediately I do not think FIPs are going to be found quick enough.

Certainly it would be great to buy ERM’s Empire assets out. EGO could see if they would allow it to buy them over a period of a couple of years. It is a very bad idea to take on that debt now.

Creating and selling more shares to ERM is a very bad way to finance some drilling. The way it’s going now the share price destruction scares me to death.

I believe the holders could raise $30 mil for the Notes and ERM as a holder could participate. I will probably get ignored again but that’s my last word on the matter.

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Redfrog

The "shotgun" treatment was deserved because it is a bad idea. Name one other highly geared explorer producer which is cashflow negative and issuing 10% con Notes.

BTW, you didn't answer any of the questions I offered, just presumed to think that I was negative on the exploration prospects. The market is not currently valuing exploration acreage, so why should we?

Cheers, Al

EGO Price at posting: 0.6¢ Sentiment: Hold Disclosure: Held
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EGM documents due this week, page-10

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