Hi,I'm not a shareholder, but I have been looking at PGS over...

Hi,

I'm not a shareholder, but I have been looking at PGS over the past couple of month's (researching) with a view to investing in it in future.

Having done some comparison's with similar company's it strikes me that PGS needs to shape up. By that I mean get its own house in order.

Yes PEL514 has a lot of potential, but as yet its not producing any cash-flow.

When you only have one asset, your a minority owner of it and you have lots of free carry's, do you need 6 directors, 3 of them executive directors? No

Do you need to be paying them $570,000 a year? No

Time to slim down the board, to a max of 4 directors.

Time to clean up the shareholder base to, initiate a buy-back of unmarketable holdings, reduces admin and saves money.

$53,000 on software 2 years in a row is excessive to say the least

$300,000 to Mining services seems very high compared to other's cost's for admin services.

This is a company with a board of directors who think PGS is a $100M entity, its not its under $15M so act accordingly and in the interests of all shareholders.

Time you shareholders rattled a few cages I think?

LOTM