Icharus,I fully agree with you. This is not a bad way to bring...

Icharus,

I fully agree with you. This is not a bad way to bring some cash to EGL as long as the share price doesn't drop.

I am less optimistic than you on two points.

1) Even if the testing at Lorraine is positive the gas can't be sold until EGL gets a production licence, and this takes minimum 2-3 years. The bills will drop long before on the desk of the CFO. The sahreholders must prepare to be very patient.

2)I had a closer look at the program and put some figures on it for 2009-2010.

Testing in Lorraine: 0.3 Million €
Seismic in Lorraine, incl. processing & analysis: 1.0 Million €

Explo. drilling/testing in Jura : 2.5 Million € per well (minimum !)
Seismic in Jura, incl. processing & analysis: 1.0 Million €

Gazonor (old well): 0.3 million €

Operational costs (offices, company cars, salaries...): 1 Million € p.y.

This amounts to 7.1 Million € for 2009- mid 2010 only.

EGL was starving for cash and will receive +/- 6 Million € within 5 years from Yorkville. I just can't figure out how they will finance the projects when this just covers the operational costs.

If any of you can, please let us know !