No deal on Galp may also simply mean Galp has been playing real tough - greedy to the point where interested parties could only decline.
The Galp position may actually play in our favour.
Consider Petrobras, the obvious candidate for Mopane. It would make a lot of sense for them to go for PEL 87 first. It would be win/win for them : a good bargaining chip with Galp (they will already have a foot in Namibia, so no need to go desperate in the nego), and if all goes well and they get Saturn + Mopane in the end, great logistics optimization.
PCL Price at posting:
1.1¢ Sentiment: Hold Disclosure: Held
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