Gavwes, may turn out to be true, can't dispute that.
Good to have a view based on what you know, with good reasons. RIA had suffered with the exodus of its CEO after the poor drill in CI, which was meant to be drill series. It does happen.
Relatively small number of drills in Namibia offshore, most not with the aid of 3D, and the drill deeper theory. Oil rocks in the area, proved by well in the north west corner of PCL lease. 2 wells in the lease next door to PCL by HRT will be pivotal to PCLs lease. The geological trend is very similar, water depths very similiar, organic source really the same.
If you think of it, PCL shareholders (and ECO and others) are very lucky to get this chance at this time. HRT chose to buy and drill a lease right next door to PCL, of all the choices it had on the East coast of Africa that fit with the mirrored salt basin theory, there are plenty of small players holding leases it could have eaten, and ludicrous cash fire power HRT at that time. HRT clearly believe it is a prime candidate for initial drilling. MM knows how much this means to HRT. About $160M-$200Million on these 2 wells. You don't get much luckier as a small company.
Talk of BP moving on Chariot, NAMCOR likes the area...
Lets hope the luck holds out.
PCL Price at posting:
6.7¢ Sentiment: Buy Disclosure: Held
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