Great find Jibby,
To have access to a drill ship that is ready to go is a game changer when compared to our former vision with Woodside.
Agreeably, timing of May 18th would have aligned perfectly with deadline and accelerated planned drill under former deal.
In contrast however, we have multiple interested parties, 3D stack under our belt and 7 months + 1 to drill at least 1 hole before lease renewal which looks to be straight forward.
As for oppies, remember that they are worth, at least the difference between 1.2 cents and the share price on August 16th.
Accordingly, and as i understand it, if there is residual by then, it can be converted into shares to that value, even if not excersized.
As for Woodside, prior to mysterious exit, they insisted on seismic licence, giving them rights to share data with other parties.
It was speculated that the intent was to bring in another major, yet they simply walked away, inheriting this penny stock 50 million $$ worth of seismic data in a lease thats estimated to hold upward of 20 billion barrels of oil(soon to be revised). We even have pockmarks which are indicators that fossil fuels are brewing and we are located on the east of the upper ridge where larger discoveries are.
Now put yourself in the socks of a potential partner. Is that not the opportunity of the century?
My thoughths on Woodsides exit, an O&G producer, post the farmin option, the green push really hurt them. The focus then became to sink or swim.
The 3D was too complex to undertake in the timeline at hand whilst splurging huge amounts of money into new cash cows. WDS also issued bonds on multiple occasions due to cashflow problems, in order to generate revenue and maintain 8% div.
We know WDS persisted on seismic license in order to share with 3rd party advisory, Or potential partner but ran out of time.
In kind, WDS also forfeited a good month and we no longer need to talk about FAR or NWE on this forum.
Rumors re theif channels and potential ridges is outside of my scope but i would question that if Saturn is composed entirely of source rock and, same generates oil, where is this oil going.
Admittedly, price action and oil price has been underwhelming for some time but we are down to a few more formalities, choosing from a number of potential partners, a number of bargaing chips to get us into a good deal, and it looks like we already have our drillship.
Conclusion:
Our first drillbit could easily happen sooner than we expect.
Hopefully a multi well drill campaign before August, PCL make 5 mill and we my dear, fellow investors are finaly off to the races.
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