MacraeAll explained in Notice of EGM & Explanatory Memorandum of...

Macrae

All explained in Notice of EGM & Explanatory Memorandum of 29/8/06 ... the 2,000,000 shares were issued to Melbourne Capital Limited for services associated with the Cougar acquisition (for 145,000,000 new shares) and a fund raising placement (or 40,000,000 new shares) ... there are now 333,000,000 shares on issue plus a further 250,000,000 or so options exerciseable at mainly 5c over the next 2 to 3 yrs I think ... gulp, thats an awful lot of paper!

But, lots of good background info in the 29/8/06 release ... definite synergy with UCG fuelled power generation and their vanadium redox battery system in which energy is indefinitely stored in liquid form (dont quote me on this stuff yet lol) imo.

It seems to me that UCG offers great environmental benefits as a green energy ... its possible that PCE could be a recipient of federal green energy funding imo ... the UCG process is well suited to coal seams considered uneconomic to mine due to depth/location, so tying up a diverse and extensive portfolio of farm-ins could result in a large aggregated energy resource if the process is successful ... who knows, it may even give some depleted coal bed methane well field a second lease of life ... mmm I can see not 6,000,000 PJ but 12,000,000 PJ for Lorraine lol.

Anyway, that should be enough to get you thinking ... email if you prefer.

Cheers
Poyndexter