good news, page-26

Etherazer, Just a reminder of the potential PGS considered the northern portion of PEL 514 held; when you think back to original farm-in you can see why PGS retained 50% of this section. Eventually it offered PGS the ability (50% to 20% in recent deal) to gain immediate cash ($5M) when desperately needed favourable bonuses ($17.5) & most importantly in my eyes, $45M of expenditure ($9M) pending successful drilling results.
In most cases with smaller companies, such as PGS in the end it’s the cash needed to keep up with farm-in operator that eventually sees shareholders diluted out of any upside. This time PGS has put shareholders first - it could of easily given “friends” an attractive placement up to 15% of company (without shareholder approval) below 2c with only $270K left in the till (as at the end of March Q) – but instead holders now get a chance to share in any success if SXY hit an oil pocket in highly prospective ground. With the $5M now on hand offering opportunities that I’m sure management will consider carefully, as they now have a real chance to gain credibility in the eyes of the market.
I’m willing to put the past behind me with PGS (hell I’ve been in the stock since 2009) & look forward to SXY drilling & future ahead…GLTA