General Thoughts, page-8602

I've probably mentioned this quote before, but it always helps me "Everyday you choose to hold a company, you are choosing to buy it again.". In standalone isolation I'd say yes, it's a buy. We're sitting at instrinsic value of the 3D seismic date (USD 35m, circa 55mAUD) - we're being told that it looks highly prospective (can't get much better than that). We've also got somewhat of a timeline for a drill, worst case it's sometime between now and Jan 2028 (2nd extension period). The downside, absolute worst case, we don't get a drill (so it's still binary). Risk/reward remains good. Keep in mind O&G sector moves very slow (as we all know), but Pancon actually is timebound now (within 1-3 years) which I really like. You won't find many other opportunities like this on the asx (not of this magnitude). Certainly a bit of a dummy spit after wds pulled out (but volumes not indicative of an existential event).

When veiwing the investment holistically -the obvious thing that is changing, is the global economic climate we are in - there are some really tempting opportunities popping up on stockmarkets all around the world, where you can get great companies, at good prices (without the binary risk that Pancon has) - so you have to ask yourself "have I got my money invested in the best possible places - risk/reward?" (everybody is different).

I've spoken to Iain (as have others), and he seemed very optimistic about the outlook (almost seemed like a relief that wds was now out of the picture...it was very obvious they were 'under the thumb'). To oberte's point, I think its natural to have that nagging feeling that something must have been wrong with the 3D - but - there is certainly merit to the arguement wds strategy, budget, and risk profile just does not suit frontier basin exploration. I have personally been a buyer at this level (0.007-0.008). Choice is yours buy/sell/hold. So many opportunities out there.