Sentiment, page-24

It does appear that punters (myself included) are happy with a wait and see approach.
Volume/turnover has tapered right off since late April and the only inference I can take from that is
that most holders feel fulfilled that a deal is imminent and perhaps only week/s or months away -
the real truth is we just don't know.

Management in the past has been consistently remarkable in attracting a drilling partner and I can
see the same credible ambition to get a PEL 87 deal done.
It has taken an inordinate amount of time (several lease/contract extensions) at PEL 87; however,
with the successful Graff-1 & Venus-1x discoveries close to our geography, It appears opportunistically
astute for one of the four majors that the Co announced has had dialogue with PCL regarding PEL87,
will sign a deal.

In the absence of a more compelling strategy, a PEL87 deal is the main reason why I hold (and accumulate).