General Thoughts, page-559

Correct PCL running on fumes. Dont like the aggressuve manner of that Roch guy but he di raise a valid point.

PCL MC was high at 2.1 cent and still doing very well considering at 3D stage and no guarantees WDS will proceed with farm-in.

Sintana has 3D already on Galps block with drilling soon and Chevron partner now analysing 3D on block next door, but smaller MC than PCL.

Eco Atlantic has 3D on Guyana, South Africa Orange Basin and one of its blocks in Walvis and at farm out stage but also smaller MC than PCL.

If PCL MC any higher than what it is now, at this stage, then the risk/reward balance becomes less attractive.

A decent 3D is looks already priced into PCL. Next real catalyst is a confirmed WDS farm-in thus drill commitment.

Happy to hear counter-arguments but any ill-informed abuse from newbies will likely get moderated by HC.