At the PCL AGM, I was sitting looking towards the lectern on the left side three rows back. I was one of the last to come in wearing a black cap, just after Ernie started his spiel.
As to the other significant opportunities apart from Saturn, I agree.
Look at the November 2022 AGM presentation. If the 'leads' shown have held up with the 3D and AVO analysis, the shallower 'Cenomanian brights' look interesting, although deeper water, but still ok for water depth to to drill. I favour this horizon as a target as appears to correspond with the major Mopane oil and gas bearing horizon. Note that the Venus Aptian horizon equivalents at Saturn, appear to be lower risk and seems to be the preferred target at present based on the AGM presentation. FWIW, Target 4 is where I would drill as a quick look, but needs to be supported by 3D AVO anomalies for the Cenomanian and underlying Saturn Aptian.
FWIW, I thought that Iain Smith body language was positive for future drilling activity in PEL 87 by Woodside and possibly 'partner', as ' partner' was mentioned a few times in the meeting presentation. My money is on Exxon, although just a guess. Personally, Woodside should do a "GALP", like GALP did with Mopane, bite the bullet and drill without a partner. And we know how Mopane turned out!
But don't forget that wildcat exploration wells can be high risk, although so far the 3D and seismic AVO analysis appears to have reduced that exploration risk for the Offshore Orange Basin.
cheers, V10
PCL Price at posting:
1.8¢ Sentiment: Hold Disclosure: Held
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