Pancontinental Energy NL (PCOGF)

[mmafr]

A must read !!

Hartleys Issues Revised Research Note

We rate PCL a Speculative Buy
While acknowledging there are exploration and timing risk regarding both Namibia and the Sacramento Basin, the share price upside potential is large from a relatively low base. Namibia alone we value at 0.35c per share and view the exposure to three high impact Californian wells as free options at a price at or below that level. We therefore at current levels rate PCL a Speculative Buy with a base case value of 0.5c per share.