Ann: Completion of PEL 87 3D Seismic Program, page-345

Gentlemen,
there is oil yet to be discovered in PCL or Sintana prospects, although the location appears favourable given the discoveries to the south of the PCL block.
When calculating impact per share for PCL or Sintana on an unrisked basis, I would suggest use the Net Present value of US$4/bbl for a Brent oil price of US$50/bbl.
This number comes from Sintana's 'guide line' modelling of a 700 million bbl Graff oil discovery in the Offshore Orange Basin as per the Sintana presentation of 22 June 2023.

So I would suggest a realistic 'guesstimate' of discovery/ share value for PCL or Sintana might be calculated by using the formulae:
size of discovery of recoverable oil in bbls multiplied by NPV/bbl in US/Aus dollars multiplied by percentage held in the permit divided by shares on issue.

Of course the rotary lie detector will reveal all for any wildcat drilled in the Orange basin over the next 18 months in the "High Activity Level-Next 18 Months" as per the Sintana table below.- hero or zero time!

I would suggest that the first real indication of chance of oil in the PCL block will come from adjacent drilling results in 1Q 2024 by Galp/Sintana in PEL 83, then followed by drilling results in 3Q 2024 in the PCL block on whatever prospect Woodside selects (assuming Woodside exercises its option to drill in October 2023).

In the meantime, while waiting for drilling to start in PEL 83 immediately adjacent to the south of the PCL block and then to start drilling in the PCL block PEL 87, industry and investor interest will logically be focussed on the current Total Energie drilling at West Venus- Nara-1 aiming to reportedly prove up a touted 6 billion bbls and Shell's currently drilling Lesedi-1 wildcat.

Interesting times ahead for PCL and Sintana.

I hold both shares.

DYOR and always remember wildcat oil exploration is very high risk!