Thanks sam0408 and Wasabibarako. I try to be as objective as I...

Thanks sam0408 and Wasabibarako. I try to be as objective as I can. I do not post often as I prefer to "lay it all out there" at once! Exploration plays are nothing but 'patience plays'. And with new information at a premium from these companies, you find folks on boards repeating the same things over and over, sometimes for months on end.

Wasabibarako, yep EOG is quite something! If they were listed in the ASX, they would have a much better valuation. Not only do they have the BIGGEST position in the Walvis Basin, but they somehow also managed to secure a most prospective block offshore Ghana surrounded by discoveries. I will hold till they drill that one (and hopefully 3 free-carried drills off the Walvis Basin!)

Onto Pancontinental. That there are bigger leads than Albatross in EL 0037 is not in doubt in my opinion. We can glean as much from the past releases of PCL. The Degolyer & MacNaughton Resource Estimates (mean estimates) of 8.7 Billion Barrels of prospective oil show us 4 leads bigger than Albatross, all having greater than billion barrel potential. These will definitely be assessed under the recently shot 2D seismic.
Whether they also fall under the 3D Seismic is very difficult to tell, as the previous maps were from unclear legacy data and it is almost impossible to decipher their exact location, as we earlier saw with the issue of whether Albatross extends into EOG's block. The completed seismic will better define their location. However, should some or all not be covered by the recently completed 3D seismic, we can safely come
to the conclusion that they will not be under consideration from drilling.

Regardless, from my experience, it is not always the biggest prospect that gets drilled, but the most prospective, in terms of chances of success. And PCL has been hyping Albatross, Petrel, Gannett, Seagull
North and Seagull South as "key leads" since earlier this year with 3D Seismic intended to upgrade them into prospects and 2D to highlight additional leads in the licence. Interestingly, the 2D and 3D Seismic
'overlap' in some areas. Subsequently, in the July update after the seismic, the language has changed and the "key leads" are now referred to as the "main prospects". We were even given the Chance of Success of Albatross (17%), for the first time I believe. PCL then goes on to add how the prospects are in "favourable geological settings". However, should one of the giant leads come from Albatross' left side and turn out to have a higher chance of success, I doubt anyone would have any complaints.

What we know for sure is once 2D and 3D Seismic are fully processed, the prospective resource estimates will be subject to change. I expect the the prospect to be targeted by the first drilling campaign to be
announced with much fanfare from PCL. On which prospect this will turn out to be, we shall know the definitive answer pretty soon.

On the Canadian Toronto Stock Exchange Venture (TSX-V), I do agree with you. It is one of the most opaque and unregulated markets out there. And it has been battered for quite some time (for the most part the TSX-V Index never seemed to recover from the GFC lows as other markets soared), and then some more with the recent drop in the price of oil and commodities. Recently, on one of the HC boards, I heard someone complain about the state of the ASX. I just thought to myself that this person has never heard of the TSX-V! The best markets for assigning values for promising junior explorers I believe is the ASX and AIM. At these 2 exchanges, much smaller companies trade at market capitalisaton multiples of larger and what I deem to be more promising companies at the TSX-V. Nonetheless, the Toronto Stock Exchanges (TSX and TSX-V) combined have the most number of natural resources companies (energy, minerals, etc) than any other exchange in the world. In 2013, they were collectively home to 35% of the world's publicly listed oil and gas companies, and 19% of globally listed oil field services companies. At the time, TMX Group, as their parent company is called, had slightly fewer than 400 pure oil and gas players. The ASX had 224, the NYSE and junior NYSE market ('pink sheets') featured 163 energy listings combined while the LSE and AIM had 147 energy firms. And that is just for oil and gas. I believe the TMX group has a greater market share for other natural resources listings. The reason why it attracts more companies is as a result of a less onerous regulation regime. They are much more flexible, not to mention cheaper. Juniors there also enjoy a wider coverage from analysts (hasn't seemed to help them the past couple of years though!) compared to other markets. To me the ASX much more orderly though.

We await PCL news.

ALL THE BEST.