Substantially Undervalued, O&G Situation in play, page-10

Hi Straykiwi,

Sorry I should have got back to you earlier.

I'm going to suggest that as the market closes on Monday, there will be an announcement by PANR on AIM saying the well has spudded over the weekend (Yes I could easily be wrong it is PANR after all).

Its nice to see some activity in Argo shares over the past couple of weeks, obviously interest is building.

However personally I do think the share price has run a little ahead of itself, given that PANR shares are down a little bit etc and the discounted cash NAV is currently around 2.25 cents rather than 2.4 -2.5 cents. I thought AXT would trade at a fair discount to the cash NAV so I was expecting the price to be more in the 1.6 - 1.8 cents range currently.

I will try and post some more info over the weekend, PANR doesn't have a large following & doesn't help itself either by the limited amount of info that's in the public domain on these prospects.

Oh and neither does Argo, I've been trying to sent them an email and there website system won't let me, tried sending one direct to the listed email address and that gets rejected as well so I'll have to call them Monday for a working email address !

I'd much rather have the quarterly report out to analyse and check what the PANR holding is etc, before the well spuds, but I'm sure Argo want to do it the other way round !

LOTM