Ann: Proposed Institutional Placement of Shares , page-6

re: Ann: Proposed Institutional Placement of ... Hi JLivermore,

I am new to looking at PDN although I already hold a little ERA.

PDN looks interesting to me for all the obvious reasons about world energy demand, carbon impacts of nuclear, record low uranium prices, industry out of favour etc, but I am really respectful and cautious re your observation :

"The price of US natural gas is what's changing the economics of uranium and price moves this week gone are very significant."

What I can't figure out is if this a temporary impact from "the lastest greatest thing since sliced bread" - namely US shale gas - i.e yes there is an impact and change but its not the current hype that's being currently priced in,

OR

this a real and peramanent change in the medium/long term dynamics of global energy supply and price dynamics.

To me it seems critical to deciding this as to whether PDN reperesent "a medium term bargain", or perhaps "fair valued" or even "over valued".

So I would appreciate your thoughts and logic on the -
question : US shale gas "overhyped" or "fundamental mediuem term game changer" ?