I think this enless merry go round of nothing will go on forever...

I think this enless merry go round of nothing will go on forever unless they build some scale. The only way of doing that IMO is to merge with some other small players in the industry, even if it would be dilutive to do so. If mergers with 3-4-5 different players took place and the companies consolidated their operations and oil/gas reserves it could potentially then appear on the radar of a bigger company and be taken over.

I guess the reason this has not happened is that there is no real value in these penny stocks with the current oil price.

I would explore a merger with Molopo - they have the cash to invest in opportunities.

That is the fastest way to monetising any latent assets EEG may have, and provide some spark of excitement for shareholders.