Ann: Circular to Creditors, page-33

Quote"I read every presentation which say highly speculative which gives you a less that 50% chance of making a profit.
Anyone that does not believe that should not be investing in spec stocks."

So people should not be investing in Spec Stocks and every presentation say highly speculative but you never said it was - Maybe that is the disconnect. You didn't believe it was speculative and you presented the best case scenario as fact. You supported managements view for all the time I was on EGO forum and you rubbished views that disagreed with your view.

The next disconnect is that you now align yourself with Doc - maybe at the end you saw the light or maybe the lights being switched off but no mea culpa - not my fault its said to be speculative and highly so.

History is what defines all of us.

History does not support your view that "Big thing happen when the small people stick together look at history." Actually very few s249 d processes that succeed - very often its because many minority shareholders don't really follow or vote generally. Institutions need a lot of convincing to throw out the board considering they are the ones that they meet with and get to know.

Recently, there has been a lowering of the reticence to make changes but that has also been as a result of boards seeing the need to engage with shareholders. The board here did not readily engage with anybody in my opinion. They decided upon a course of action and backed that throughout.

In my opinion despite my views about the management at that time I don't think that ERM improved the management of EGO by replacing the "Marshall" era in fact in my opinion the company may well have been doomed already. The actions of all of us to support the 249D , the consequences of board change, the events that followed inclusive of ERM selling out have not supported the objectives we all had.

In hindsight we were all wrong and the excitement about change was in fact short-lived as a lot more money was poured into the well.

I was wrong and my written support of ERM's 249D and my views that they had the skills to get the right people to fix the management issues was in fact wrong. There were a very few here who really wanted an oil and gas board or some other process including international partners...

They did not have the support and therefore their voices were not forefront of the debate. One such person approached me privately and in fact I think what they said was the best direction - in hindsight. However even by then I think it was a lost cause.

Many people in Australia invest in the speculative end of the market without actually understanding what that actually means.

What that actually means is that each year probably more is lost that is found and mined. Its easy to find minerals but very few of them actually get mined. Look at a few copper mining companies that could not make money exploring for copper that suddenly found traces of lithium on the same tenements. What is the next bright and shiny thing oh we know is Graphene...

There are a never ending stream of new companies exploring - raising capital going up and giong down...

However the sad story here is that whatever resources are there EGO wont be mining or drilling for them...

I just hope that some investors here remember the minority voices the next time - I have been lucky now on 3 occasions - QIN , MHM and EGO - got out of each only lost a few dollars on EGO the other 2 were profits. I do have BYL in my failed column as well. So I need to listen to the minority voices a bit more...