egm

EGM in 2 weeks time...Recent dart energy transactions on Appolo gas and Composite energy are good benchmarks for EGL and on similar valuation EGL is worth a lot more than the 50c per share recently paid by Transcor as part of the restructuring agreement.

I hope the management will provide full details on the planned exploration and development program.

I believe shareholders and the market needs to understand better the massive upside potential EGL has now that the balance sheet is completely cleaned and interests of the most powerful energy investor in Europe,Albert Frere, are fully aligned with those of EGL and its other shareholders.

The errors from previous management are now 3/4 years behind so it is time for the new team to re-establish the credibility of this company in the market and show some good operational results over the next 6-9 months.

The dynamic of the gas market in Europe clearly shows an ongoing shortage of gas supply. With more and more large international players looking at entering the European market (Dart energy acquisition of Composite Energy in the UK is the latest exemple), I believe EGL has the opportunity to build a pan european unconventional group that will be very attractive for any larger player who wants to have a significant presence in Europe.

I think we will know pretty quickly whether or not this management is able to deliver and finally reward the shareholders of EGL for their patience.

Bart