1p 2p 3p prms reserve numbers brief note

Good evening all,

I am relieved that EGO has released their 1P 2P 3P PRMS reserve numbers. I was starting to think they didn't have any.

This is by far THE BEST announcement I've seen ever of EGO. The reason being simple, as an E&P (Exploration and Production) company they have presented themselves for the first time as a true Oil & Gas explorer by disclosing their reserves numbers to the public. For the first time I have hard numbers to look at and make a calculated judgement based on cold facts, rather than words like "potentially", "filled to the spill point" (oh yeah! With what?) which are not so clear cut.

I won't try to kiss your ass and say I'm happy with the numbers, I was very disappointed.

I was also very disappointed that the deterministic methodology was used rather a probabilistic approach.

Credit is due to new management, they are not to blame for these numbers as they are just reporting what they have found. They have a backlog of 15 years to sift through, so I would like you guys to remember that.

I'll post a more technical post after I've read the documents in detail. In the meantime, if you have any questions please do post on this thread and each put say 5 questions each and I'll do my best to answer during the weekend.