"Galp are ahead of us having drill results to offer and have taken a long time to get a partner." They could have accepted a partner much earlier (e.g. Petrobras were very vocal that they wanted in), but Galp decided to take the risk and drill themselves. Gutsy but definitely the right call, as not only did they prove up Mopane-1X and Mopane-2X, but Mopane-3X was unexpectantly a bonanza. Now they have clearly had multiple parties bidding and Total looks to be the winner, short of an 11th hour higher bid from Petrobras or elsewhere.
"Upping of offers doesn't appear to be happening, ie no bidding wars." Incorrect. We know there was a bidding war between Total and Petrobras at least. Who's to say there won't be further bids between now and 30 June?
"WDS decided drilling off the coast of Mexico a better bet." Not sure about 'better bet'. WDS has already made the FID and expects first oil in 2028. This was part of their overall strategy with a preference for nearer term revenue. As a PCL holder, I couldn't care less that WDS walked, especially as we will eventually obtain a better deal imo. As a WDS holder, I'm livid.
PCL Price at posting:
1.1¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)