I can finally assume (without really knowing the real story) that extracting O&G from the Perth basin is beyond the capabilities of those whom have been involved hitherto. The lack of accomplishment in the enterprise (now there is a word) under the former B&M must ring loudly in the annals of failure after failure, during their tenure.
So what were we dealing with? Despite all the self adulation from the Chairman about the credentials and competence of the people in the B&M, someone must have analysed the seismic data, (remember the Data Room?) and notably no one was bashing the door down to lock in a joint venture deal with out numpty crew. But, despite the assurances to the contrary, history shows shareholders were never front of mind, as the company was ridden into slow and steady oblivion. A case study to behold for anyone contemplating getting involved in a Board position.
But what is left? The shell doesn't appear to have much in the goodie bag? The creditors have picked over the bones left after MIN ingested the nominal assets of the Empire carcass. So the AGM will be something of a curious revelation about what the company will be doing in the future.
All I can say is that Mr Marshal must still be laughing his head off about the inept and clumsy goings-on at EGO since he was shunted out at the hands of ERM.
The only thing I can see worth laughing about is the predatory actions involving MIN appear to have amounted to three fifths of five eighths of bugger-all. Everybody loses it would seem?
EGO Price at posting:
12.0¢ Sentiment: None Disclosure: Held
