General Thoughts, page-574

We've had this discussion before. The estimates from the 2017 2D is old. If you want to go by them knock yourself out but you look a bit ridiculous bringing up the same point over and over again.

All finds up to date in the basin started as a low value and have grown substantially to the upside. It has surprised all the majors to their delight. They had 2d and 3d and were still surprised when they got multiples on their original estimates after they drilled. The source kitchen has fed that. We apparently have the same source kitchen. We have a larger structure than Venus so there is some potential for it to be larger again.

But you know what. It doesn't matter what people think we have. We need to find it first. The potential is huge. The reality is what we get when we drill it. Could be zero, could be billions. People are not buying into pcl because of an old 2017 2d with some lousy estimates long overdue for an update, they are buying because of the many parallels with Venus.

If you genuinely believe the 2017 estimates are 100% accurate with no change even on a drill then sell up and go. But those estimates are just the best guess on what information was available at that time and not much was actually known back then.

I personally can't be bothered doing sp calculations on what might be found but FAR went up to 12 cents with half the shares on issue pcl currently have for what started as a 300 million barrel oil find and 18% share of it. That was before any announcement of a commercial find.

I think pcl could do something similar. Will it? Who knows. Anyone who says they know for sure is full of crap. A bit like that poster going on about a 100% delayed discovery. Its only a discovery when it happens.