ERM Debt, page-30

This is so frustrating to constantly read the support of a company clearly in damage control.

Garret and his investor friends who joined are losing millions under this leadership since they started to invest in EGO. They must not be happy along with the majority of holders by now.

I will state the obvious for the last time for those who still think I have nothing better to do than waffle on here about conspiracies, mis-information and just wanting to down ramp the SP. DYOR!!!!

1. After announcing and waiting over 12 months to consolidate was a mistake. The consolidation 100:1 was a mistake which everyone now knows it was. We will never attract big investors and insto's the analysis they use shows that we are not even in the ball park. We are ill-liquid. Can not compare us to AWE, Santo's, Oringin and Senex etc.
Not paying and sorting the debt out earlier was a mistake which will hurt us big time. Only option now is ERM have to extend as they will. Debt will not be paid unless we pay a huge interest %, we can't sell plant/assets etc. Or even get a farmin/farmout without dilution. If we dilute further then Garret will fall below 5% threshold and unlikely he will want to inject more cash to stay above this figure after the mess we are in. I wouldn't under this management that's for sure.

2. Drilling under Ken's leadership have blown this hole. Not the drillers. (rumour has it water now from B-sands as well). Mistake. But what would I know. Look at Linkin and see the many consultants used and ask why did these people leave from last companies check those wells performance many have failed. Truly successful ie AWE keep those experienced drill well managers. So many are know as ex oil gas where Ken was. Strange I think. Maybe their day costs are cheaper than industry best people, mmm. Drill on the cheap I suspect.

3. Surely ERM is not happy with Tony, Ken and Rachael performance. We have lost a very experienced oil/gas Financial Officer Mr Rikkit who resigned. Way more experienced in this industry than Rachael. Why is that. My guess trying to control the money burn which they are spending on consultants who in return make mistakes etc has taken it's toll I guess. They will struggle to find someone as bright and respected in the industry as him. Mistake.

4. CEO has <12 months before contract runs out, very strange that it hasn't been extended by now. I will say we will be looking for another in 2-3 months.

5. Garrett is against further cap raisings, I was told this from people at AGM. But we have to cap raise again, farmin/out, or raise debt convertible notes (can't do will go over 25%) so we are in a right mess with this. Sell assets for big loses not smart either.

6. Anyway we have blown the simple 101 management with his company.

Plus much more but why should I bother I will just get attacked again.

To fix this we need to seriously make changes and employ a well know fix it man who can fix this company. ERM have to stand up and make this happen if we are to survive and prevent any further mistakes.

Just remember AWE will be selling gas end of year what will we be doing. Time for management to step up, realise they are all responsible for this mess and make changes or resign. We had so much potential and we should be the Perth Basin serious player, now holders, brokers and big investors are laughing at our team. The only one happy will be the banks who are in control of a desperate company urgently needing to pay debt and of course the new holders buying in at 30c.

Anyway over to a couple of posters to attack me again. Before you do please read and research what I am saying before you do. Go outside EGO and the truth will be there just have to look hard enough. GLTA.