pcl, page-4

Unfortunately, along with the theory that Rome wasn't built in a day, neither can Pancontinental get the leases, do seismic work and drill for and find oil in a few weeks. These things take time.

But what we have in PCL is a company with an extremely prospective area and they are free carried through the whole program to the cxtent of $100m or about 50 cents per share.

Other than a few short discussions on this forum, PCL have virtually not received any publicity on just what a marvellous deal they have. So, as far as I can see, it's all upside from here.

Any press coverage will inform and bring in buyers.

When investors finally conclude that the on going drilling program is a company maker and each share in PCL comes with free work worth 50 cents per share, then a price of even 25 cents will be a bargain.

This area is similar to Woodside's north west shelf and they have the expertise to discover and produce oil here.

The leverage to success is huge inPCL but if you can't wait patiently for 12 months for this sort of result and you would rather trade and pick up a cent or two, this is not the share to get on board.

If you can take a position and wait, then this is better than the opportunity that Hardman presented 3 years ago. Personally, I think the progress will be much faster than Hardman's.

Regards M.