One innocuous paragraph from the Annual, page-11

The trouble is the company is sending mixed messages to the market.
I agree EGO is an explorer, but it is sending out this message "our unwavering focus on the business strategy to become an oil and gas production operator of choice."

To be an 0&g production operator of choice, EGO has to be somewhat better at what it is doing. How will anyone know if it is not selling that message. They are just big fluffy words meaning nothing as EGO is not an Origin or a SANTOS or for that matter AWE or even smaller oilers like CTP, COE nor is it likely to be any time soon.

The message EGO sends to the market has to be real not a wannabe.

IMHO the company should concentrate on exploration because that is what historically it has always been. Let the profits from its oil and gas production fund a realistic drilling program that does not require a farm-in so we lose 40% of whatever we find. We can do it all by ourselves so long as we can sell that message.