Yes the licence delay was far from ideal and PCL admit that.
But we have it now and a long stop date. To me it appeared a very real threat that PCL will (and in my opinion already have) had contact form other big players in the area regarding PEL87. so there is clearly no problem with other suitors lining up and looking in our data room should WDS not take the option.
The one downside I see is by WDS taking up the option and in doing so become the operator, then we are at their mercy and any delays they decide to throw in the mix either by seeking another partner or seeking an extension due to getting their corporate sh*t together by setting themselves up to enter into Namibia (that appears to be a big deal for WDS),
I think the above will pi55 us all off as I don't think there is a definative time frame for that first drill unless a date is written into the agreement which I doubt it is.
Cheers,
Rooey
PCL Price at posting:
1.8¢ Sentiment: Hold Disclosure: Held
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