General Thoughts, page-4600

Quick look at the technicals with a few squiggles:

General Observations:
You'll note that we are sitting now at the bottom the channel that was establsiehd back in 2022, and has conformed with this since then. The downward wedge triangle pattern has formed time and time again. Typically resulting in a 2-3 week period of baseing, before reversal. I suspect (IMO) we are in this 2-3 period now. Nothing is stopping this from putting a cheeky intraday move below the bottom of the channel (ie, to circa 0.015-0.018), but there will be signficant resistance/buying pressure at these levels.

- Oscillator: you'll note we are reaching the bottom of the pattern that typically indicates a bottom of trend (prior to reversal) - BUT - it could be possible we are seeing a more prolongued downtrend (similar to the first triangle pattern, we saw in April 2022 (top), to October 2022 (bottom) - 7months of down (so far we've done 4.5months) - but this is just speculation.

- MACD: this is clearly pointing down, but is a lagging indicator (meaning while the the short term trend is down, the damage is 'likely' already done (ie, we've gone from 0.028 - 0.019 - quite brutal so far).

- Stochs: we are currently deeply oversold - however, this does not mean we can't be further sold (as per the April 2022 - October 2022 period). Typically - when a stock is in this oversold territory, while in a longer term uptrend, it is prudent to be buying (not financial advice). I personally really like the stoch currently, its brutal; and still finding it's bottom (and can sometimes create quite a bit of volitility if stops are hit by algorithmic triggers - ie, bots doing dumb things).

From a TA perspective, PCL has proven to conform fairly well with the below charting pattern (at least so far). Assuming this pattern does indeed repeat, if you look past this downtrend, into the next 6-8 months, you'll note the upper level of the channel will be approx 0.031-0.033 (assuming AVO analysis is not a dud). From a FA perspective, nothing has changed, our narrative remains (if anything the nearology element, with Galp, etc - has gotten even better). I personally don't like the seemingly lagging timelines....but the sector is notoriously slow moving, until it's not. The seismic license pending from MME is not impacting the seismic analysis and avo work with both pcl and wds are currently doing which I'm led to believe is ongoing/in-progress. Yes, a little update on 'how this work is going' would be nice (suspect this will be in the quarterly report end of July) - but until this analysis is complete, and we have the seismic license signed/approved; then there is nothing really to offer the market - other than reassurance that we are on track (it's a 'no news and good news' situation (imo) ). I'd love to get hold of Euroz's most recent report (if they have done one?).

What i've found is often when you start feeling the most frustated, it's usually time to be buying (and vice versa - when you feel like you're the next Buffett - sell). But who knows lol! Risk/reward. That's my ramblings for this evening.