Ann: PEL 87 Project Update, page-11

Forget the 'delays', this is superb! Key points:

• 'Approval granted by the MME for extension of PEL 87 into first renewal exploration period, with exemption from the relinquishment requirement'. Quite simply, WDS are farming in and drilling. The exemption from the relinquishment requirement is exactly what happened when the 3D had already been planned. To me, this suggests the drilling has already been planned also.
• In regards to Mopane, "GALP's PEL 83 prospects are thought by Pancontinental to reside in a very similar (intra-slope) setting to the PEL 87 Saturn feature, with the reservoir sands being of comparable age and sharing the same oil source formation (Kudu Oil Shale)." Galp have hit it big and are expecting up to 10b barrels and "Pancontinental regards the Mopane-1X result as being extremely positive for PEL 87 prospectivity." If mgt believe Saturn is "very similar" to Mopane, fine by me.
• As for the data, the "Company will however provide interim updates as the various hydrocarbon play types identified thus far are matured sufficiently." Note the plural.
• Lastly, "Woodside does have the ability to exercise its option at any time prior to the long stop date." I expect this.

Some may be harder to please, but I'm very happy with this.