Without being an insider at EGO and Bounty Oil & Gas it is impossible to ascertain if the EGO board dropped the ball on the Carnarvon sale. Allied oil have not picked up any of EGO's Carnarvon permits for nought (not even their sister company Utopia Oil I think is the name).
As for the Rights Issue, there could be a variety of factors at play. Could be delayed due to the previous CFO situation. Could be that the board is concerned at a possible lack of acceptances whilst the shareprice, or the price of oil, remains low. Could be that they are waiting until closer to the time they need the money.
The board has not borrowed an additional 1.25m on top of the earlier 3.75m as the earlier 3.75m was paid back via a placement of shares to ERM in the December quarter and of the current debt facility (currently 1.5m), at last advice they had only drawn down 118k on which interest would be payable.
Where is the RI, page-2
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