Still remains a big fat NO for me. They have still not satisfied...

Still remains a big fat NO for me.

They have still not satisfied me why EGO needs 100% of the permits. If ERM is the only other partner in these permits, negotiation for a farm out should not be any more difficult since they already have a good relationship with each other and are on the same page in terms of outlook for the permits.

Name ONE listed company who also has the same strategy of controlling 100% of exploration and production holdings by buying out other partners within their permits? And buying them out at a time when they have no cash.

There is no justification for the top up when benchmarking against the oil & gas industry in Australia. You either have the quality asset or you don't. Any new farm in partner could negotiate to take out ERM's percentage in addition to some of EGO's holding, which would result in the same end scenario.

Supply the finance at normal commercial rates plus one or two basis points and be done with it. Simple!

We all know that around our current production facilities there is oil & gas waiting to be uncovered. We just need the money. ERM knows this and realise that as we start drilling the SP will move higher, and as these new discoveries have a low risk profile, the SP will increase even further upon success and increased reserves. What a windfall for them. EGO may never be able to repay ERM if our shares were to rise to the level of the option package for the CEO. All profits from the gas assets would be shifted back into ERM.

At .006 cents ERM gets 10% of EGO for $4.08 million. Great deal for ERM. Could it be that the SP is being manipulated behind the scenes in order to secure the 10% at this bargain rate?

EGO could have raised $2, $5, or even $10 million from all holders less than a year ago at 1 cent? as they already knew cash was an issue. Nothing was done then and now we are in this situation? Something seriously doesn't sit right with me.

EGO is being taken advantage of due to (in part) previous inept management .

If this deal doesn't pass the common sense test, then it is because something stinks about what is really going on.

I would rather endure our current situation for the next 11 months than what could appear to being shafted by a wolf in sheep's clothing.

Stay strong. Don't cave in because of feeling as if there is no other option. EGO will not fold if this proposal does not go through. Let management work for us and not for who we know are really in control here.

No, No, No.

PS. I will be very happy to be proved wrong!