Ann: Presentation to Annual General Meeting, page-30

Here's my take on yesterday's agm for what it's worth.

Here are some details from the notes I made during the meeting.

18 attendees including 4 PCL staff and 2 auditors. No Woodside suits. I asked afterwards.Duration was 37 mins including q&a

Notable points
Ernie and Iain both mentioned no CR required for the next 12 months or more.

Woodside are using their Houston team to analyse the 3d data as they are the deep water specialists and this is who the PCL team mostly liaise with.

Woodside spent more than $35m on the 3d as we know but are very secretive on what the final figure is. They extended the area twice and "surprisingly" didn't come to PCL for more $$$

Slide 12 Iain went on about a "counter regional dip" and how this is a really good thing. Bit over my head.

Final 3d data is expected in late December early January.

Woodside drilling team/department are working on estimates/ timelines for drill availability and long lead time items. I presume in anticipation of a potential deal.

A question was asked how long environmental approvals would take. Ernie said all the hard work in this area had mostly been done and they couldn't see any issues that could cause delays. The comment was made. "It's a lot easier than WA"

After the meeting we stayed around and had a candid chat with the entire team for another 20mins or so. It was great.

Here's some takeaways from our chat.

Vesna and Linda are doing a great job and have a strong relationship with the Minister in charge of mining in Namibia. I think a lot better than some of the big players in the basin. I don't see any problems here.

I asked what hurdles could be seen in the next 12 months to both Ernie and Iain and both of them said couldn't see any problems "just need to work through the process"

I asked if there was any interest from Iain's sales pitch to investment firm's his response was "it's early days". I responded with "surely if Woodside like what they see they will want to take a bite out of us? The response was "Maybe" Then he digressed to "Little explorers struggle to become producers" and proceeded to give examples.

Overall body language was good and all the team were very approachable and happy to have a chat.

There maybe a few more things I missed but I have to catch a flight and I'm doing this on my phone.

DYOR
None of this is advice just my take on the day.