announcements - ready for some movement!!, page-4

2 mill plus traded late on Tuesday afternoon alone with a single buyer bidding 1,000,000 and another 750,000 showing some urgency (possibly the same person?).

So this is definitely on the radar of someone big who believes it is cheap at these levels.

Lets see what the coming fortnight brings.

But because the Clarkson unrisked valuation is AUD$21.79 (which uses very conservative assumptions for both assets and ignores the newly discovered conventional resource/reserve potential which is very real based on the unbelievable permeability numbers!), I'm of the view that while this will not become unrisked to $20.00+ overnight, the SP may move quickly from these relatively low levels.

IMO, once SEI/PRL volumetrically assess the potential through seismic (permits could be days/weeks away as scouting has already been completed) and delineate a contingent resource in Uruguay, later in the year, or concluding the farm out in Spain, any day now, the value will be much, MUCH, higher.

From my risk management perspective, I like to take stock of what the professional and more informed investors are doing and given the register is still being tightly held up the top, I’m of the view things are all very positive at PRL HQ and we have a lot to look forward to over the next quarter.

Interesting that Petrel have received some additional Expressions of Interest ("EOI") for Spain. Now we really do have Melbourne Cup quality and size competition fighting for the asset. :)

Goodluck to all.