PCL

Spudding is imminent at the L8 block offshore in Kenya.  PCL has taken on farm-in partners (big boys from US and UK) who will pay for most of the exploration cost.  WPL had lost US$100 million drilling in a dry hole around that area and had to pay the Kenyan government to exempt them from drilling a second hole as agreed upon.

Tullows has stated that the chance of success is only 15% so it is a 'reasonable' gamble.  Just before MMR started drilling off Sydney, the share price climbed, anticipating success after so much hype.  So, in 2 months time, PCL could be worth less than toilet paper (which can be used once at least) if the best hole fails.  Success will see it flying over Mars.