change of operator for ep437 , page-13

In a post on EGO thread it was pointed out that DMP wanted Dunart II to be spudded in as soon as possible.
At this stage Key as operator has indicated 1st Q 2014 the earliest that the rig will be available to spud in.

It was first stated in the Half yearly report from ERM that a review of a gas demerge was needed as extra funding would have to be found for production and exploration, that was December 2012.

It therefore indicates that a change of board at EGO would have been mooted and acted upon, April 2013 saw the beginning of the 10% buy up by ERM.

When Clayton Utz lawyers were employed to facilitate the changes is unknown but they presented their results 21/11/2013 and the deal was done.
In conjunction with an overwhelming vote in agreement with all the resolutions being voted on in accordance with ERM.

Remember that ERM were always going to be left with Bevan Warris as the only Exc Director.

By the fact that all this was formulated over an extended period, it would naturally follow that a six month review, new permanent board etc at EGO, the requirement to be the Dunnart II operator would be a distraction that they could not give 100% to or perhaps funding they did not wish to be tied to.

Going by that, then I would venture to say that the EP437 deal was an agreement so that ERM can have a clear run at EGO to facilitate all the necessaries to achieve the full potential of production and further exploration.