Ann: DRILLING RECOMMENCES AT MACINTYRE-2 WELL , page-5

I concur with the implications of your first paragraph. as being the logical and potentially most profitable path for PFC to manage any alliance with a potential J.V. partner.

I would refer you to post #8123718 of 21-5-12, when this subject was previously raised.

The delay in selecting a J.V. Partner must undoubtedly to PFC's advantage,as the longer the delay, so will be the logical progress toward proving up what assets are "down below"..

When this subject was raised, back in late May, PFC did not have a Rig on site, or even being moblized..NOW,PFC have a Rig actively "making hole" into a well that has previously shown VERY favourable indications of eventually being evaluated as a comercial well.

Surely,it makes commercial sense to try to sell your situation to a potential investor,AFTER having demonstrated the MARKET VALUE,of as many of your assets as possible?