cb junior, mcap $11m, ev $6m, free carried, page-22

Vinnie,

Building momentum = more buying as we get closer to Nov

Investment house = the name mentioned was the same as the group that issued a private client "stockwatch" note on PGS on 26/03/13 (that's all I wish to say)

Realistically, the numbers in my eyes say PGS offers excellent leverage to high potential "oil & gas" by way of a 20% stake in a large piece of the under explored northern Cooper Basin. Paning-2 right next door has been praised by SXY, as there best result from deep coals in the Cooper.

“Paning-2 confirms the potential of the Patchawarra Trough and the northern Cooper Basin as a new province for unconventional gas exploration. Following the success of this well, we will continue to test similar targets across the region,”

Here we are at a $8M EV (ie $5M in the bank), with no more than say 90 days before the first 2 wells are to be drilled. Which "if" oil is found (western flank is proven) we could be looking at near term cash flow (SXY does not muck around) & we still have huge gas potential.

We are now also seeing more talk about oil & gas sector as a place to be....

I hope that helps vinnie - although the drill bit will do the talking on this one, as it does with most....GLTA