this could be the biggest con in asx history , page-9

gmt,

"People need to go back and read reports from those days and ask what has changed"

If the truth be known, I'd say the GFC is your answer.

In all fairness gmt, even your own holding in CTO was trading above 50c back in those years and today it's 7.3c

It's a credit to PNO management that this little spec survived the GFC. Many speculative companies didn't.

If we're going to look back to '03, '04 and '05, you'll see that the sp traded at a median of about 2c and only spiked above 8c once over that period.

More importantly if we want to do a comparism it might be worth looking back to July 9, 2004 when it was sold down to 1.1c just before the big announcement on July 13, 2004 that saw it rally + 1000% higher to 11.5c

Market sentiment is down on all specs atm. Look at the last 4 month price movement on some of HC's favorite forums:

SSN - 43%
SDL - 47%
CCC - 54%
PEN - 55%

PNO + 11%

I'm not having a dig at you gmt, I just think it's too easy to get caught up criticizing a stock (whether we hold or not) when the sp is not performing the way we would all like it to. PNO has feared this storm quite well imo.

I also hold ROG in my portfolio - huge conventional gas field just discovered - Just announced a proposal for a second power station - Pilot Well planned for June/July and they've dropped over - 44% in only the last week... work that one out?

Apologies for the cross referencing but it's all relevant to the current market/forum sentiment with PNO.

Imo, although it's certainly not a qualified one, PNO is a strong buy right now