trading halt, page-38

re: trading halt - mangrove Hi Guys,

I was almost afraid to read the thread after being away all weekend but I think that most of you have been more than fair.

Monday will be a very sad day for me. I will loose a fortune but worse still, I have my confidence badly damaged in a team I trusted and still do.

I reread last years Annual Report and read the chairmans address. These guys surely believed in Kenya and what they said certainly impressed me.

Having been a follower of Hardman, I saw Shell pull out and Hardman suffer a similar fate to that which will befall PCL tomorrow. But Hardman came back so there's hope. That is what I'm telling myself.

Frankly, I don't think that anyone in the company saw this coming. I think they went to the meeting like lambs to the slaughter and slaugthtered they were.I would like to know why WPL pulled out. Perhaps this will be clear shortly.( I'm having a guess that WPL have a lot on their plate with Mauritania and short of major oil pockets being apparent, they are not taking on any more work.)

PCL still has a future and I think that the valuations placed on it's assets for the Afrex merger give a residual asset value of about 8 cents per share. I do not dispute that the market may be harder. Hopefully, not for long.

It's not possible to determine the current future for Kenya. It's all in the seismics and also in WPL's reason for withdrawl. We need more information. It's difficult to go from PCL's assertion that the leases "could contain reserves exceeding 1 billion bls," to WPL pulling out.

I'm hoping all is not lost and another operator is already moving up to fill the void. Perhaps WPL will regret the day they walked away from Kenya. PCL now have 100 % of Kenya (Subject to the Afrex deal) and some very good free seismics.

For those who have taken their profits, spare a thought for me. I haven't sold anything and tomorrow will be too late to try.

Thanks for mainly your support.