cb junior, mcap $11m, ev $6m, free carried, page-5

Actually, I believe the original farm-in consisted of 3 wells, 2 in the northern part of PEL 514 before Nov & 1 in the southern later on. As Corporate highlighted PGS has retained 20% of everything discovered in PEL 514. Have a read of recent SXY announcement regarding Paning-2 & you can easily see that there is also great deal of gas potential in the acreage. Obviously conventional oil is the primary target being a proven western flank play, thus some success in either of initial 2 wells could really put the wind in PGS sails, as PEL is almost half a million acres. I feel recent price action indicates slow accumulation, which considering EV/leverage is smart buying in my opinion.

As I've said before pls bring on the 3D image of Cordillo this will give a tangible view of targets. SXY has stated that todays 3D seismics have improved drilling success by 50%.....GLTA