2023 - going to be a big year, page-507

Jilly, thanks for your post. I accept what you say and why you have this interpretation. I just have a different take on how PCL management operate and the wording that they use. Like turtleboy I have been in this speccy for a loooong time, although quite clearly turtle and I appear to be at different ends of the spectrum!

Let’s go to your comments – “Within the AGM presentation dated 30/11, we had "Time frame for acquisition commencement- early January 2023?". Then in both anns dated 05/12 and 31/01, we had that the 3D seismic survey "is currently in the final planning stage". Now all of this is true as there is a survey currently underway and the survey did start in January. This is a good example of the term coined by Spikeup as “deliberate vagueness”. But the gaping hole in this survey currently underway to the south of our border is how is the survey going to be conducted on PEL 87 and who is going to pay for it. Posters have jumped on the fact that there is a survey to be conducted and therefore assumed, quite reasonably, that this must mean we are in advanced stages of negotiating a deal with a major to then pay for this survey and hopefully drilling etc, etc. Are we? You also quite rightly mention … “Under their continuous disclosure obligations, information that a reasonable person would expect to have a material effect on the SP”. PCL management could argue, we told everyone that there was a survey to be conducted, the survey is currently underway, so therefore we have fulfilled our obligations with respect to disclosure and we therefore don’t need to say anything more! This was my point in regard to the comment I made in my previous post when I said…” Even if there was no farmout in play and PCL were sitting on their hands talking to no-one, we would still hear nothing”. I am arguing that because of this “deliberate vagueness” they are fully disclosed.

What I am doing is questioning are we really at an advanced stage of negotiation with a major? Have PCL deliberately used the wording that I highlighted from your post to give the impression that they are, but in fact are actually floundering trying to garner any interest? Whilst it is true that PCL management have successfully completed some deals in the past, they also have stuffed up in other areas such as entering USA and seeing a SOI increase substantially causing significant dilution, pulled out of Walyering gas project that STX and TPD are now in advanced stages of approvals for construction, had fights with JV partners over costs, and have a JV on areas in Cooper Basin that will never be explored, imo. Finally, my own personal beef, that I have mentioned several times before, is the PCL website still does not have up to date financial reports listed.

I just look at things differently and am cautious. I like the project, it is a real and genuine hotspot at the moment, and I, like you, all hope that this comes off BIG TIME. I have been investing a long time and have seen plenty of dodgy “goings on” and am always careful of jumping on the rah rah bandwagons. I am simply waiting for an announcement that is clear cut, unambiguous and hopefully says that we have a JV partner who will pay for XY and Z.