Rumour Venus struck oil, page-100

Yes I’m a holder. Picked up my 4 million shares for $17K unlike the early comers.

I’m a veteran FAR holder for 20+ years. If you understood the history of that company you would understand my past comments.

When I first started out in investing in the oil industry – I believed all you needed to do was find a big discovery and you would be set. FAR was a small oil exploration company just like PCL. But they finally hit big in 2014. The biggest profits are normally those that stay in the game and can go to production so when FAR decided to stay in and do that – I left my 6 figure investment there hoping to see it grow. They lost the field. The big boys don’t want the small fry sitting at the table and it appears that getting investment backers in Australia for Junior companies is next to impossible. So they drilled in Gambia based on nearology and came up as a duster. They then decided to drill on the border only KM’s away from the Senegal Oil field only to find that although there is an active source kitchen there is a faulty seal and they need to keep looking. My Investment there is worth 10 cents on the dollar invested. Possibly could be worth 20 cents if they can get a buyout.

So PCL is a chance to recoup some losses. I’m not saying it will fail and have never said that. I’m saying “I don’t know” and my message has always been that you don’t actually know until you put a hole in the ground. Some think if Venus comes through it will mean that Saturn is a guarantee. I’m saying that if Venus comes through – PCL will get a favourable Buyout offer or an excellent Farmout. If Venus Fails for some geological fault (like it did for FAR) – I think we will still get a favourable farmout as nobody really knows until you drill that hole. If the issue is with the source Kitchen – I think we can still get a farmout but it may not be as favourable.

So yes – I do hope that Total have success at Venus as it will make everyone’s life easier (including mine). I will cheer any success like everyone else but expect me to occasionally give an opposing viewpoint if I consider statements to be incorrect or misleading. It’s not an attack on anyone or PCL – its just a different viewpoint based on my experiences.

Good luck everyone.