General Thoughts, page-7570

Just random thoughts...but what I find extremely interesting is the Azule farm-into the Rhino Block south of the Galp's Mopane discovery and likley an extension of Mopane.

Azule announced a farm-in on PEL 85 on 3rd May 2024. This was exactly 2 weeks after Galp announced a 10 bn OOIP discovery on 21st April 2024.

Its very likely, Rhino was shopping around for a new partner for a while before that -- its also possible that Shell, Total, QatarEnergies, Chevron have all had a look at Rhino's data before Azule farmed-in -- all these guys (except Chevron) have had multiple discoveries in the neighbourhood and knew the sub surface way better than anyone else. Yet none of them farmed-in.

I have often thought earlier, how could someone have not farmed in to PEL 87 earlier, with the massive size of Saturn on 2D? Is there something wrong? Is it not in the right location from a depositional environment 100 million years back? And many more questions doubting (rather being my own devil's advocate) my own logic of investing in PCL?

And it just seems to me that, despite all the data and information, sometimes companies just dont move forward for variety of reasons.

So its very much possible Woodside could have landed itself a prize, which others overlooked. And the 3Ds might just prove them right.

WDS is not cash rich, so they may look for a partner who can carry them for a few wells. Or if the data is indeed very very good, they could decide to go the Galp way (was 1/5th the size of Woodside before Mopane results) and drill a few wells themselves to negotiate hard like Galp is doing. We will see...

Random thoughts, still a v risky investment.


I bought some more warrants today, because warrants hadnt moved today with the price and the arb spread had narrowed to 0.1 cents, made sense to pick some up.

WDS farm-in will happen, in balances of probability, I think its a given. And when that farm-in is announced, PCL will find an audience.