Looks Good, page-13

yes in many ways it was a fizzer - the potential was always there BUT it was effectively 12 months too early to get in but you sure could have traded really well and then be set again for this main run as I would consider it to be now - rig in place and any delay now can only be "minor ones" - ie a month or 2 NOT 6 months, $$ for seismic in Mad country, and any other news should be +ve ie **on - so finally now ducks in a row .

but in many ways the longer time period has been beneficial to pvd - look at tpt now - stuffed where as pvd has 3 irons in fire and a small resource too, no debt and in all likelihood $$ back to them on any **on JV AND most importantly in comparison to tpt - NO exposure ( or lets say <2% chance of any exposure) for first well in morocco $215m!!!! free carried

I do not remember such a good free carry on a 1.5bbbl target - even old pcl did not have as good a free carry as this and a healthy 23% to boot - really remarkable negotiations on managements behalf - none better from my memory for decades!!!! go pvd