Hey Noonster, the debate on this matter has probably concluded, with the overall consensus being that yes, of course a CR is needed for the drill programme.
Just stepping back a bit, I will try to expain again the initial view of longer term shareholders. Empire is a long established company that has had numerous Cap Raises in the past, and long term holders are weary of having to contribute more and more funds to ensure our share holdings are not diluted. Just my view, but I think it is a fair point to acknowledge that any long established Company should by now start to pay its own way from outputs gleaned from all the previous CR's. I acknowledge that this view is probably only held by long term, or very long term shareholders.
However, my view has changed, in that there has been some good discussion here on this subject, and the point has been very well made that past performance (or lack thereof) should be attributed to past Management. That is a fact that cannot be argued. We have a new team now, and yes the CR is clearly necessary for the next phase of business. I would also add that I don't want to get too excited just yet, but the new management team are showing promising signs of quality.
The reason this large unit initially became a shareholder (over a decade ago) was due to the potential prospects in the Marcellus basin (which we have been precluded from accessing, we all know the story there), and of course the massively deep & prospective shales in the Mcarthur basin.
We are finally starting to unlock our play in the NT, due to the focus of new Management, and I am getting renewed interest in our company. If we hit a motherload, it would have been an extremely long foreplay, but worth the wait.
GLTH
EEG Price at posting:
49.5¢ Sentiment: Hold Disclosure: Held
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