pcl block l10a & l10b seismic commencing today, page-11

Hi NewZealand.

Share your views on staying independent but would add a few more 000's to your estimate if that was the case!!

Pretty conservative lot in here really, always has been, so lets have some fun.

Lets say that Mbawa proves up 4 bill bblls.

Assign $5 per bbll for a $20 bill resource.

Tullow takes their second well, so PCL is left with 10%, or a market cap heading towards $2 bill. ($3 a share)

Assign a few bill bblls for Namibia, 85% ours at this stage, but if HRT or others find commercial reserves before us we will be hooked on for the ride. Could be worth more than all our Kenyan turf put together? ( scary to think actually, but double the market cap again and were up to $6 per share now)

L10A&B looks like being days away from shooting the 2d and 3D, already flagged some very promising leads, FAR seem to be moving along on L6.

Cutting this short now as market about to open, but just having some fun with the numbers, and if things do go our way, we will be in a different price range this time next year.

High risk vs super high rewards, not many other companies sub $100 mill with those sorts of numbers available to play with though.

Regards to all reading.

TCG