M.A. My opinion is at this stage of the game, the speculators...

M.A.

My opinion is at this stage of the game, the speculators are buying and the various share price values are both unappreciated and unresearched.

However, my opinion is, if the drilling is a success then certainly, with the whole investment community analysising PEP 11 and takeover or JV offers made, then each PEP 11 company will reach their true values.

For me, for short term trading, MMRO looks good. But for investing for drill success, GBA is certainly the best.

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I recently sold by GBA at 15 cents and converted them into MMRO at 21 cents. Then I realised my calculations were wrong.

Luckily, yesterday was a good day for MMRO. I sold some MMRO at 30 and bought back some GBA at 22. Paid a small premium of 2 cents per share. (20 cents per GBA was an equal swap).

Going into the drill, I will hold equal amounts of MMRO and GBA.

For trading prior to spud, I hold only MMRO.