epg undervalued according to uk aim market?, page-6

RM,

Thanks.
Agree with you about Gazonor.

In my opinion the usual valuation at 60 c by auditors is ok for the Gazonor play as it is now. With the possible developments eastward I would not be surprised if it would double within 3 years.

The sp pays for the hiccoughs of the exploration.

The convertible notes matter remains however a big issue. I do not thinks EGP/Gazonor will be able to refund transcor next year. On the other hand if 40 millions euros of debt were converted into shares overnight it would kill the value instantaneously.
Of course transcor and Maoming (as main shareholder) are aware of that and do not want this to happen, they are compelled to find an agreement that will not be detrimental for any part.

Cheers
Z.

PS: welcome onboard.