Ann: Placement and Rights Issue, page-173

Churrbro, Churrrrrrrrbro, Churrrrrrrrrrrrrrbro ...

I hope you're not trying to say that drilling is "imminent"? NOPTA approval will mean little to the timing of the drilling - time frames change and further approvals are sought, as has happened before. No share issue at these paltry prices are going to raise near enough money to drill - Read back again into the deep and distant past and marvel at the Breeze playbook of raising capital for the first drill - it was a long and convoluted process that still plays out in the never-ending demands and claims by BPH, MMR and Advent against each other. It is still a long, winding and bumpy road in front of us my friend. NOPTA really is just the hors d'oeuvres.

And as for a 10-bagger, well yes it may have been back in 2010. But don't you think it is a very different market and a very different world now? The demand for gas may still be the same or greater on the east coast (or is it?), but I just don't see the heady heights of 2010 PEP11 share prices being repeated any time soon. The BPH SP is showing life again, which is great. Hopefully the momentum will continue for all PEP11 stocks (including MMR where i will be voting NO to the in-specie distribution rather furiously) so that even if it's not a 10-bagger this time round, the potential for making a lot for money is still there no matter where we hold our PEP11 shares.