Having re-read the announcement carefully, I believe you are...

Having re-read the announcement carefully, I believe you are 100% correct

We have been shafted royaly. For a few measly payments, we have given away most of our interests in these permits...ERM also have the option to buy ROG's remaining percentage for 5 mil each. In other words, if they find millions of dollars of gas, ROG's upside is limited to 10 million dollars because ERM will exercise the options.

Furthermore, we also have to take 70% of the 1,050,000 payment we will get for the 150 000 000 shares from ERM and use it fund work programmes on the sites.

Gillespie says "This is an important step for the company....its pleasing to see a company of the caliber and standing of ERM Gas place a significant value on them"

Yes Mr Gillespie, this is what we've held for years for...what we've waited years for...to see these permits brought into production to benefit ERM shareholders....We will get sweet blow all out of it except a few " p--ss off" payments

Importantly though, I guess ROG will have some cash to continue paying " consulting" fees and Board salaries