Wabbit
If my understanding is correct the top up will still be in play until we are in a position to repay
ERM, If we find oil/gas that will be excellent but as I see it we still won't have the money to pay top up until we can get the gas to market or when we start receiving revenue from the Alcoa 2nd tranche. If this is indeed the case and the SP trebles or better how on earth are we to repay it. Don't forget 3.75 million is to be repaid to ERM immediately we receive the 16.4 million so the actual dollars banked will be only 12.65. Plus the CR of around 17 million making a total of around 30 million at bank.
Of that 30 million we need to know how much needs to be put aside for work needed to keep current exploration permits alive, how much for admin, what is the deficit on our current production and when are we to start drilling and which targets. With this info we can start to see if a deep drill is possible or if we have funds only sufficient for shallow drills such as charger. Another possibility as management have indicated they are to give up or monetise 8 of the 12 carnarvon basin tenements so do we have some action on this front to look forward to. We must await the next chapter in this saga as I am sure there is more to come.
ally
EGO Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
