Ann: Interim Report for the Half-Year ended 31 December 2015, page-12

Hi Boston
Like you, I have lost lots of money on PVD and can understand your disillusionment. Brokers reports and forecasts should never be relied on, certainly not for oil explorers. Not now, not ever. Most everyone will share your thoughts about the unfairness of CR's to loyal shareholders and how directors do well even when the SP takes a huge dive. But this is pretty standard practise with all small explorers and I believe it shouldn't cloud our thinking when assessing future prospects for the company. The question still remains is PVD at 2.7c worth buying? Apart from the POO declining, the only factor is the dry first well off Morocco. Investors were prepared to pay well in excess of 50c before the drilling. With another free well, or cash -in -lieu, why the huge drop in confidence? IMO, the next announcement on any progress at **on, Madagaska or the Morocco second well will send the SP up, well above 2.7c.