Ann: Red Gully North-1 Test Confirms Moveable Gas and Condensate-EGO.AX, page-6

Yes the TH was another needless execise of trying to prevent the inevitable, but at least the team appears to be finally understanding the market needs pertinent information not fluff and bubbles as have been the themes of previous announcements.

Maybe all is not lost. The rate of condensate production is pretty good even if the gas flow seems underwhelming atm given that is primary reason for drilling the well, it is just a pity the POO is so low and will be for some time yet.
The big worry now is for the company and for we shareholders is the $15M debt to ERM. Did EGO's board bank on some sort of financing to repay that debt on the results of RGN-1.
The board need to come clean and provide us and the market in general where the debt repayment situation presently sits.
Is the RG plant on the chopping block or not? If not what is?

The advice to the market needs to be pretty positive because come November there may well be a few new members on this company's board..............if it still exists if the debt is not repaid.


DYOR