Surely if there are issues with WDS meeting some of the regularities of the Namibian Government it wouldn't preclude them from entering into or declaring their intention to farm in and to enter into a formal contract with PCL and the other join venture partners. They could announce their commitment to the drilling of the first well with a proposed time frame and to engage in negotiations with the appropriate drilling company together with the procurement of the required hardware to complete the drilling. The catch 22 for PCL is if WDS decide that they, for whatever reason, do not want to join the partnership, they need to find another major who will be prepared to join and to fund a drill program before the expiry of the permit.
I agree .... I would not want to see PCL engaged in a legal stoush with WDS. (I remember FAR).
The other upside to talking to other majors is that they may want to purchase PCL or take a share position .... at a very attractive share price .... and the best way to get their interest and get some competition for our assets going is to show them what we've got ....... get your bits out in other words .....
PCL Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
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