drilling date, page-11

yes, i think some progress in Gabon before year end will be good. Unlike another Moroccan player, our secondary assets are also of high quality and should generate interest because they have that large upside that the industry is chasing - massive pre-salt prospects.

If we can get a reputable major to come in and pay for a new wide-azimuth 3D and depth migration / rev time mig processing to de-risk the deeper targets, then we will be sitting pretty.

In my opinion, the interest in Gabon from the majors is going to surround the pre-salt potential, not the post salt (e.g. appraising Lobo). so it would be fantastic to see a farmout including some back costs and a carry on seismic and carry/disproportionate share of costs on a pre-salt well.

After that, Madagascar will be heating up. Sterling's strategy is similar to that of Neon's, where they farmed down to Kris for seismic and then the new JV jointly farms out to a major for a ~25% carry each on a well. we have come in to acquire seismic and i suspect we would see some return on those costs once this is farmed down in years to come.

Very exciting times here at camp pvd. Without a doubt, there is not a better junior O&G stock on the ASX. for me, a rig contract & drilling date and Gabon farmout details will be the major catalysts over the next 3 months. I actually don't think results of current drilling will impact the price as they are entirely different plays. perhaps if BP/Kosmos drill first, there would be impact due to location. If the Cairn well is a duster and the price drops, that is a monumental buying opportunity imo!

Good Luck guys. after many disappointments, this one really is my last hurrah and its also by far the best i've ever seen.