Capital Raise, page-45

Markets can be a bit slow to recognise the value associated with a free carry. Cash component is more easily quantified. As we are waiting on the actual deal, it will be easier once we know how much % we have left with so you can work our what our share of our drill seismic etc would be for the remaining % we hold. E.g. if we are left with 30% and expenses planned is 200 million that means our share would have been 60 million usd. Add cash component on top, say 40 million to make the calc easy and we are talking 100 million usd value to pcl of approx 2 cents per share.

Then I guess close to actual drilling you would get a re-rating based on speculation on what could be found.

Looking forward to find out what sort of deal they can negotiate