Ann: PEP 11 - New Seaclem 1 Update , page-7

Agreed sunny. I'm gone too - for now at least.

Small cap explorers are risky. When they continually miss expectations they become much more so. Not worth it. You can always buy back later once its certain. 50c may look expensive.

The main issue for me is they initially said 3rd qtr, then early 4th qtr, now VERY LATE 4th qtr - there is no way they will have this rig in place before Jan at the earliest.

This reminds me too much of GDN where its a wildcat exploration company that keeps announcing on the "best case" basis trying to sound like its all great, but then fails to deliver on dates and doesnt keep shareholders informed enough.

Im also concerned that BPH and MMR seem to be cashing up more than required. They apparently have way more cash than they need already to drill the first well, and the fact that they are continuing to sell more shares (diluting my holding) says to me that they are cashing in on a higher share price in case the well is a dud and they need to do something else.

I'm not trying to tell you guys there is no gas to find - I believe there will be, but I think this thing could hit 40c before they drill.