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12.0¢ empire oil & gas nl

Why 100:1?, page-265

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healyn

5,453 Posts.

21

09/02/16

10:21

Post #: 16973475
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Originally posted by joewolf ↑

Actually I left out the why: But thanks for your considered response and mutual respect.

The why is simple:

This new era was founded by a united retail and Soph shareholder base that ousted a board that had lost its audience. When you get people to crusade for you you have to keep them onboard after you have won the day - its not the same as a normal company where you just ask them to invest. How many 249d have been successful vs those that have failed - look it up.

The board has had a bad run of events - I am not going to support the view that it was all outside of their control - I do think its taken too long and that ERM did not plan for after the 249d.

However where we find ourselves now is at a time when Oil and gas assets are mostly marginal at best and really no-one will be running out there to invest unless its hugely discounted. We have (if we can sort out the debt and ensure we have free cash flow from our producing asset) positive cash flow. We have time on our hands - however they had said they would find a farmin , get finance ... I now think that time has passed - I think they should realise that their most powerful supporters are still the shareholders , including retail ones. The big why is really that , in my opinion , now is not the time to get a farmin - they are not going to base the price on Oil at $80 per barrel. We should be given alternatives that are more business savvy - which is what these guys are.

Dont try and sell fruit when there is a glut - make jam and survive without giving away the farm.

So why do all that I stated because if you include the support of all shareholders I am sure we could make some better decisions than those that appear to have been imposed to date. I would be more than happy to find more cash to put into this if it made logical business sense , but you have to communicate to me and dont give the opportunity for maybe cheap shares to Sophs who are not current shareholders - communicate bring the retail shareholders along with you lay out the plan and if you need money and we could understand the value equation we will find the money. We are not stupid explorers always need money and as long as the asset we create is worth more each time we will keep finding the money ...

Really the biggest negative to this company is that the retail shareholders don't trust management - that's the market negative that's what you have complained about.

Lets frankly admit that the consolidation has not helped and that many dont - lets move on. I cannot invest more as I have no understanding of the alternatives - I am concerned that they will do a farmin that gives away the farm - forever giving away future value that we can never recover. That we cannot repay ERM - dont wait until the last minute - I need certainty thats what markets depend on the known facts create a valuation and uncertainty creates fear or opportunity.

Unless management take on board the retail shareholders they will never harness the true value of this company - Sophs dont create a valuation - retail investors trade all the time sophs rarely do in other than to accumulate. Thus bring the retail investors like me along with you.

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JW. This board has had more than 2 years to do what you have asked they do.
From the outset once they got themselves ensconced and in control of the company's levers they ignored everyone and that includes the market at large.
Their announcements are wordy and lack detail. Just have a look at many times 100% is mentioned across the company's announcements. Shareholders, the market, the media and anyone who is interested in the O&G sector know the name "Empire" and what it has. Why continue to mention the 100% ad nauseum.
Who are they trying to convince? Nobody is interested in EGO any more and the SP attests to that.

EGO's board take notice. Tell it like it is without the filler words in your announcements.
Provide some figures, some composition of what has been found. The market knows some chemistry and a bit of physics and if individuals don't they know where to find out.

EGO Price at posting: 37.0¢ Sentiment: Hold Disclosure: Held
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