Probably correct in terms of a short term correction if PE is lost, although the upside in the longer term fundamentals will prevail over time.
My main concern of PE is the timeline which could drag out past Christmas if COP are able to further delay TOR being set or delay the process once it is underway.
Some will remember the list of ICC cases I found that were still unresolved some 12-18 months or more after TOR were set. It was around 50% or more of cases that seemed to drag on well past the 6 months timeframe/deadlines.
Bp vs Woodside in senegal, page-27
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