Looking good?, page-25

I have no doubt that the extension was for one year to the Initial Exploration Period. The Petroleum Act will not allow for anything longer than a one-year extension.The licence will end in January. We can hope that there is a further one year extension, which could be granted on the basis of Viz Major due to COVID.

However, even with that second extension, should it be granted, the time-frame to acquire and process a 3D survey has just about passed. They will need to acquire it in the current seismic season which runs from October to March. Leaving it another year will not leave them any time to process and interpret the data ahead of the drill-drop decision. So unless PCL can find a deal and extract a further one year extension (or vice versa) and then acquire a 3D survey in the current season (perhaps as part of the Multi-client campaign that Searcher are shooting), then we should expect.

Just changed my sentiment to sell, and will be acting on that today. I hope I am wrong for all of you that are holding.

Regards,
MDH