trading halt, page-6

I think this raising is for Baniyas.

I expect PCL/STX will have to pay for the extra block and possibly give up back-in rights.

The acquisition of the extra block has taken forever, which only means one thing. Someone wants their $$$.

The JV was forced to go from negotiating with the government to the third party holder for the block.

PCL don't own any other acreage of note to require cash. L6 is there, but both Flow and PCL have stated they aim to farm the 3D out.

PCL have no rights to Malta or Namibia. There is so much talk of Namibia on this forum, yet it surprises me that no one has asked questions about the acquisition.

Lets look at the usual scenario using L10A and L10B acquisitions.

Companies approach government for lease, government looks over proposals, provides equity interest to various parties, thereby forming a new JV. Government states parties have been offered blocks and approvals to occur in April.

With Namibia, PCL "claim" that the government has told them they have the rights to 3 offshore blocks. Does it not appear the slightest bit strange that it has been almost a year and no progess. PCL has stated it is due to JV negotiations with Paragon Investment, but why has it take over 9 months to get the Petroleum agreement. A JV with a minority interest partner should be a cake walk to organise. The Namibia government would have set guidelines for permit obligations, so I really cannot understand what these "JV negotiations" are for.

Got to love Kenya. Never given PCL an issue in its history.

Malta - issues, Namibia - JV negotiations with a 15% equity holder that have taken 1 year, Morocco - never got offered acreage, Stokes Bay - rubbish, that Australian permit off WA is right next to an environmental protection zone, so good luck drilling there.

Baniyas and Kenya are the only two operations with a hope of being developed at this point in time.

You can't tell a financial institution you need working capital for Namibia and Malta, when you have no right to them. Unless the rights are around the corner.

Very interested to see what this "cash" is required for. My money is on Baniyas, given L8 financial obligations are removed.