co secretary resigns, page-9

re: gas prices heading north Petzl, look at the Dec qrtly report. Now factor in the following on top:

1. The last qrtly report only included part of the production from the 1st Vermillion well and none from the second - both of which will make full contributions in the current qtr.

2. Gas prices have been higher in the current qtr than the previous qtr.

3. Main Pass drilling has been delayed. Perhaps now we will get to see the cash earning power of this company in the current qtr results where they have a qtr with little capex, could be a real surprise.

4. The onshore drilling success will also add to production without a massive cost spend doing it.


Now think - what will the Q1 qtrly report look like with these things factored in. I think it is going to be better than the December one and the market will have no choice but to fundamentally re rate this share.

Massive fundamental buy.