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topender

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24/10/14

13:00

Post #: 14176588
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Originally posted by joewolf ↑

Boeing 777 -Thanks for the reply.

I understand your frustration in parts.

I agree that this is an explorer and as such it should be moving forward and drilling and if that requires a CR than so be it. Those that stick their money in get more of a voice.

We disagree about previous board - The quality of the production facility proves to me that they really got too many things wrong. In the arguments of last year I spoke to one of the directors and was less than happy with his response. I would rather have sold out than invest in the old board - however to be even handed they did keep the share price active.

I notice that Key today has a $9million market cap - its an interesting theme as to who is going to have a better outcome into the future. I was always uncomfortable with what happened surrounding Key and the sellout.

I disagree about the board today - I think the 249D allows the incumbents to legally scorch the earth before you move in. Look at the renewal of contract. I was not happy how and when that occurred. In the end we had no money - If I was ERM I would have loaned money only on condition I had a few of my people in there. That seems to be how it turns out. Logical because recovery of your loan is highly unlikely unless the company recaps and finds more gas/ oil.

I think the deal looks like the only deal they could come to. However I want them to do it differently. Underwrite the cap raising - We will have to vote to allow them to go beyond 20% without offer. I think we should try and raise $16million to $20 million. I would follow my rights and top up as the present well helps pay for overheads and we do have cash flow its not a total burn each quarter. The board then earns their keep as do the operational staff. My incentive 0.4c I will go big as I think its a deal. ERM gets what the rest of us dont take up but have the right to follow their rights to maintain their stake.

That way its a fair deal - you put your money on the table you can even increase your stake - We can consolidate shares when we are cashflow positive. There will be many that dont - they take their own decisions.

A wildcat driller must drill or go home.

I think the share price will reflect better days when there is the possibility of better news not just survival as we are doing right now - we have the acreage and even neighbors who are seeking to do an IPO to float. Why not get out there raise the capital and drill now.

I do think that this deal is a cautious one not a bold ideas one.

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G'day Joewolf.

I am with you - and I am in for increasing my holding when the time comes.

Drill another production well near the Gas Plant, and get it bulging at the seams, producing to capacity, and then the buy-back might be worth pursuing.

EGO Price at posting: 0.6¢ Sentiment: Hold Disclosure: Held
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