due diligence report, page-6

Pixie
It seems to me the stock got destroy because the management did not deliver for over 2 years. From the acquisition of Gazonor end of 2007 till the change of management, they only managed to drill one hole in Lorraine! No work done on the other permits and a massive increase in 08 and 09 of the expenses (1.3m in consultancy fees + 1.4m for "other field expenses" in the 09 annula report when nothing was done on the ground). These guys were a joke (an expensive one I agree) now onder the stock went to these extreme levels.

Anyway I am really happy we have a new team in place now to run the company. Peter Cockcroft know this business inside out and is a money-maker so I believe we are in good hands now and he shall be able to extract the real value of these assets EGL owns in France.

Bartom