From my recollection they raised $30m at 40 cents. And I think they have $15m cash. Maybe less after spending on 2D seismic. Coring makes sense - it will indicate presence of hydrocarbons. Unfortunately drilling deep horizontal wells and fracking for shale in Australia is not cheap as there is lack of competition and dedicated drill rigs, I suspect EEG will defer this one.
The EEG play in my opinion is on the back of Origin and Santos development of the Beetaloo basin. But since oil price crashed, both of these companies have deferred capital expenditure. In my opinion the price war will go on for a least few months.. the longer it goes the more damage it will inflict on the US shale industry and will see a decrease in output. But Saudi Arabia pumping 12.8m bbl/day is not sustainable. In a few months of sub US$20-30/bbl oil .. Russia and Saudi Arabia will achieve its goal and remove some of the competition regain some of that 'swing production' back, of course they will have paid a hefty price in doing so.
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