You have it the wrong way around - it is PCL who have not done everything in the agreement. WDS did their part with the 3D, in fact they did more than they were contracted to do. Until PCL provides the license the 180 days doesn't even start. To date WDS have done everything they have agreed to. It is PCL that is keeping WDS on hold.
It's hard to see force majeure because PCL have not given the license to WDS.However, it depends on the terms of the agreement.It is more likely that WDS could invoke this - I don't see how PCL could as they are supposed to provide the license.We keep being told its simply a matter of time, so we have to trust PCL's BOD.
If MME does not issue a license, then we can all kiss our money goodbye - without the license what is PCL worth. One hell of a lot less than it is worth today. Who else would be interested in a tenement you can't get a license for?
If I was WDS, I would not commit until the license is issued - imo its damn silly for them to commit now from their point of view.
Many people forget that WDS "saved" PCL from losing the license. No one else was interested in PEL87 - i'm certain the BOD got the best deal they could AT THAT TIME. Today, they could obviously get a much better deal but that means nothing.
WDS have many options to bring in other partners for a part of their share, especially if the first drill is successful. It's definitely not something that PCL will have any control over. However, it will not affect the % of the PEL87 PCL is entitled to.
PCL Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
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