Ann: ORIGIN ENERGY LIMITED PEL 514 GAS FARM-OUT , page-5

re: Ann: ORIGIN ENERGY LIMITED PEL 514 GAS FA... Yes, agree the deal is lacking detail (& I'd with you on Sprigg-1 as SXY preso's always incl this as a find of sorts)

Re Gas deal : My guess is that PGS will sit between 10-20% of GAS related JV post expenditure of $80M. I would assume that to maintain the its 20% PGS would need to participate.

I'd be happy with say 10% GAS exposure & ORG having spent the full $80M

+

20% Oil with SXY having to spend $45M

PGS Mkt Cap @ say 2.5c = around $13M (with $4M+ cash in bank) so either way, I won't be selling, as ORG would not have committed if there was not the need to obtain GAS supply.

Won't be overnight, but pending some success by either SXY (oil) or ORG (gas) PGS is definitely worth a punt at these prices, with only dilution if there is major success & cash needs to be injected into JV. GLTA