Healyn. With all due respect to everyone and anyone, I am a bit sick and tired of all Doc's "plans" and all his secret, magical things that "will soon be revealed". He has done himself a great disservice by eluding to such things, and would have been far better off either saying nothing or simply telling us of his magical plans (although I have a feeling that this comment may prompt another 10-paragraph diatribe from him on this subject). That said, some of you seem to be wanting to follow Doc (and good luck to you I say), but Doc's messages are more mixed than Wabbs imo, as Doc was recently telling us of his great plans (which he would not reveal) yet also telling us that he planned to sell-down his shares if he could find a buyer (PS: maybe it is Doc who has been selling down recently - who knows). Wabbs, on the other hand, simply shoots from the hip (please don't take that the wrong way Wabbs) and sometimes hits random targets with unintended consequences.
So the net credibility quotient on this forum for all players is zero. I have read (and re-read) many comments here, and all stories can have holes shot right through the centre of them (stories about discussions with directors, which cannot be proven; stories about averaging down, which do not make mathematical sense; stories about trips to all five corners of the continent, which simply reek of fantasy; and the list goes on, and on, and on....).
What matters - all mythology aside - is "what happens next". By end of Q2 the Management of Empire will have real egg on their face (with a Board who is becoming increasing nervous at a guess) if they don't provide an update to the "extended production testing" of RGN1, an update on water and production at RG, and some sort of timeline regarding farmins. With a Market Cap of only $15 million, players like MIN might soon simply get the s**ts and step-in, take it over (for under $30mm) and sell-off all the bits they don't need (keeping core tenements for future "hedging" purposes). I think this is a highly likely outcome if Management fail to hit the send button on the fax machine by month end.
Core EV is now around $30mm, and even with the RG problems, this is below the projected cashflows from the existing cash-producing business. For a buyer you get potential from RGN and other tenements for free. If you and I are wondering "what next" chances are that some of the bigger shareholders (MIN etc.) are also wondering the same thing.
As I said - "with all due respect". Enough of the fantasies, more of the reality.
Kit.
EGO Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
