Hi all,Dont know how many of my fellow HC members attended the...

Hi all,

Dont know how many of my fellow HC members attended the AGM but for those who didn't a few of my own personal observations;

From what i could gather certified 2P reserves will come in between 300-400PJ (the 300PJ figure could well be exceeded but that was already obvious)

Permit ATP 889 is expected to be granted by mid December, in the process of getting environmental approval etc (good news because the block contains gas given its proximity to nearby fields)

The application for Permit ATP 965P is currently the subject of a native title claim, probably why the company has not said much about this application, however they are confident it will all be sorted out

Mr Terry Primeau and 2 of his 'associates' hold roughly 20% of the issued share capital (I find this interesting because when asked whether PES was going to be taken over Mr Primeau answered by stating the percentage held by him and his associates and then went on to say that he would make sure that PES shareholders got a good deal (or something to that effect). I would of thought he would of answered the question with the old "At this stage the company is not aware of any parties that would be interested in launching a takeover for the company"

One final observation, one shareholder did the maths and made the comment that the company was worth at least $6 a share with 1200 odd PJ of 3P, to which Mr Primeau agreed

Anyway apart from that the meeting was the same old dribble that you would expect, if anybody else has anything to add from their observations or disagrees with what i said (my memory isnt that good so please feel free to correct me) then dont be afraid to post!

sloeb