Ann: Quarterly Activities Report, page-183

Hi Grubby,

• I am becoming more convinced of the geological similarities between Venus and Saturn.
• The more I read and research the Orange Basin geology, the more I feel, that as a junior, PCL is in strong negotiating position, despite their low cash balance, in this emerging oil and gas hotspot and hopefully will not accept the first low ball bid that comes their way.
• I am quietly confident that we will get several oil majors bidding on PEL87.
• PCL's share price is a great buy at these levels.
• In PCL's words, things are going to happen quickly when the bids are submitted.

Kind regards OldGeo