Will it ever be settled for shareholders?, page-35

No mention of Lockyer here from the chairman's address to shareholder at the 2015 AGM when addressing the consolidation plan.

After taking external advice, it is my, and the collective Board's recommendation that a 100:1 share consolidation be supported by all Empire shareholders. As outlined in material previously provided, the proposed share consolidation will benefit all shareholders by reducing the bid-ask spread, reducing share price volatility and thereby increasing Empire's appeal to a wider range of investors.

From the same address please tell me how these shining examples could be seen as anything other than failure to deliver.

The near future promises to be exciting on the exploration front. Plans are currently being made to drill two
material prospects, namely Lockyer Deep in EP 368 and Raven in EP 432. Lockyer Deep is located on trend
with AWE's Waitsia discovery which was flow tested from two zones at gas flow rates over 50mmscf/d in October 2015. This is an extremely large flow rate for an onshore well.

We also recognise the need to maintain a strong financial position and will be repaying the ERM debt in full
as well as attracting farm-in partner(s) to help fund our exploration programme.
It is an exciting time forEmpire and we are committed to creating value for all shareholders, despite the difficult market conditions.

We have made great progress this past financial year. Operational and engineering excellence, financial
discipline and cost management have placed us in a strong position for the coming 12 months.

Successfully executing our production and exploration strategy with prudent financial management has helped us attract broader interest from the broker and investment community. We are actively engaging with the capital markets and are regaining their confidence with four leading broking houses now providing research on Empire.

The only thing that has been "successfully" achieved was to pay off an interest free debt to ERM, which was done by securing another debt where the company is now beholden to MIN and where interest needs to be paid.

I truly wonder if EGO will survive the 5 year plan under this present management.