deep heat, page-10

Fundamentally we are fairly weak, due mainly to high cash burn from salaries.

I think you need to view PNO as a start up. We are no different to a junior oiler. They need luck with the first spud and hitting commercial discovery. We need luck finding a market for our product.

Australia hasn't value biostocks the same as europe and USA do. We are largely undervalued. But that may never change imo.

Even with JP still at the head, I can see argument for a clean start. A name change, and possibly consolidation. And hope that some people forget the past.

If this is ever about to take off, the buy signal will be conversion of debt to equity imo. That was the original trigger for OBJ many moons ago when Monarch converted.

If I was an insider and new a game changer was 3-6months away, then I would convert and make a killing. If I thought we were going nowhere, then I'd keep collecting the interest and leave it unconverted.