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12.0¢ empire oil & gas nl

A positive process - hopefully, page-2

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healyn

5,453 Posts.

21

12/02/16

11:55

Post #: 17004191
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Originally posted by joewolf ↑

Well I am hoping that this post finds gsaussie well and that he will find the time to respond as he said he would to the things I think the directors need to do to change my view of them.

I want to encourage that debate - It was a first on this forum that instead of almost shouting at each other he said this:

"Nice job Joe,

If you don't mind, I will have to wait until this evening to give my thoughts on your 9 points.

G"

I do think this forum has become a slanging match yet we (almost all) own shares here.

We have finally got some consensus (even wabbitt - I think agrees) that we are short on cash to pay back ERM.

I want to ask has anyone ever approached ERM directly before?

Personally I am hoping that we can at least get to a set of facts that we all agree on:

1. We have limited cash resources. We are however operationally cash positive.
2. A farmin at these oil prices is not going to maximize our return.
3. Consideration should be given to Harry's suggestion of conserving the condensate rather than selling it this cheap.
4. We need resolution of the ERM debt.
5. We need better/ and or different style of communication from the board of directors.
6. The consolidation has not changed the reality of the share. There are 2 views one which suggests we would already be staring @0.3c or those that think this consolidation is the reason we are @35c - who cares - it has not delivered what the directors believed it would do so it failed. We can find excuses but in reality we now sit here with very little trade in the share and a gap between buyers and sellers.
7. We punters on this forum in the majority are critical of the board.
8. Many of us cannot work out the value of this company.
9. We have no resources to continue exploration at these prices - probably completely the same as all explorers right now.

Any thoughts?

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One addition I think. Refer to page 25 of the annual report. Establish a risk management committee.
What the board has in place is not working.
The objectives of the consolidation have failed. The risks were obvious to just about every shareholder yet the board was oblivious to them.
The company's mantra of being the "operator of choice in the Perth Basin" is not believable.
The company's drilling program going forward is in disarray.
IMHO the risks have not been properly assessed.

EGO Price at posting: 35.0¢ Sentiment: Hold Disclosure: Held
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