A lot of administrative matters attended to this quarter and...

A lot of administrative matters attended to this quarter and fair wedge of the company has been handed out in new shares and options. Well over a billion shares and options in issue isn't great business IMO but what's done is done.

Now that those matters are out of the way we've a positive quarter to look forward to. There should be significant news flow and (hopefully) price action to follow.

Here's a summary of events on my wish list for Q2 2010 -

* Smith reserves by end of April. Here's hoping for over 200Bcf and 3m OIP.

* Smith#2 could be at TD, fully logged and tested. I wouldnt expecting sales until early Q3.

* Smith #1 completion - frac or no frac there's more pay to offload into sales.

* Smith#3 spudding maybe a long shot. If they follow through with their claims of aggressive field development contracts for workover rig's and crew should be in place, or being put in place to back that up.

* Quarterly statement at the end of April. Will be interesting to learn what position they were in just before the RI.

* Patterson appointed to the BoD. I've been told he's a gun so on that basis this would be positive. I'm in no position to judge though.

* Puntland drilling schedule will be a very very interesting read. The schedule will hopefully name at least the first target as well as give an indication TD and drilling times.

* Georgia seismic should have been completed. Decision may be taken made on farming out to an operator. I'm on the fence as to whether Range should retain their 50% and contact out the appraise or farm out to a firm with skills and experience in the region. I'm leaning towards the later as it derisks and puts into more competant hands.

* The BoD seem focused on Puntland offshore at the moment (I base that on recent presentations). Previous offshore seismic tapes have are / have been reinterprited and presumably that's being used to bait a partner. Legal / licensing rounds to be negotiated but to me that seems to be PL's stong suite (argue at will!). I'd love a sniff of the seismic.

* UK investors get a fresh ISA (which is a capital gains tax free allowance to wrap shares in). The limit has been increased from 7200 to 10200 for the next tax year starting the 6th April. Nice place to squirrel away holdings with large potential upside (again argue at will!)

Then onto Q3 - the first well drilling in Somalia in 17 years. I'll have a nice bottle of whiskey on ice for that that little milestone.

/end wish list

GL all especially holders who have had a long hard wait
Twissso