Ann: In Principle Approval of Mazagan Farmout, Of, page-6

re: Ann: In Principle Approval of Mazagan Far... Hi all,

Last week, I'd expressed some concern about the delays in the approval process. And this announcement is what we needed to see.

I and probably others who talk to management would have heard the phrase "agreed in principal" in passing chat over the past 2 months, but now that they have publicly stated it and given just a 2-3 week timeline, very strongly infers that the Gov't processes are back on track and that this time, IT WILL HAPPEN!

To be fair to PVD management, it is very hard, if not impossible to predict Govt processes and invariably disappointment is the usual result.

So now we have some real clarity.

Oh and please, lets not get too carried away with the fall in the $A.....almost all of our real costs (exploration) are in $US. So no $ benefit at the business end of PVD (the drill bit!).

And, as I've said before....don't underestimate Gabon. It has way more value potential than the analysts have yet to recognise.

All good and going to plan.

Cheers,