Income at last for PCL - commentary from the PCL CEO in Fridays...

Income at last for PCL - commentary from the PCL CEO in Fridays Ann ...

"Based on current oil prices, estimated costs and exchange rates, the expected gross annual Jingemia oil production income will be approximately Aus$500,000. "

At around 2000 bpod @ their 1.278% interest - the $500,000 figure is about right in terms of gross income refinery door. I thought I read somewhere that eventually they were hoping for 5000 bopd although this might have been following a further development well. Pity PCL didn't have 6% in this one rather then Huinga.

PCL's main problem at the moment would seem to be their need to raise $$$ - for any future drilling. At the current price this would involve serious dilution however I don't think they have any choice. Not holding this one any more but I know people who are and ... they are ... " Not happy Jan". Complete blind faith in Huinga post drilling by PCL management led to many investors being prepared to stump up more $$$. Again however I guess PCL were in a bind. They had to come up with the $$$.