Patrnered with Apache Tullow and Origin energy on the giant Mbawa project eastern Kenya, amongst other Kenyan prospects (L6 L8 L10A and B). Were currently awaiting Apache to let us know the spud date on Mbawa so its a good time to start watching for volume increase. 3D has been done and Tullow and Apache have joined in since seeing the data. Max target around 5 bill blls, PCL free carried via Tullow on 1st drill with option for 2nd drill. PCL has a 15% interest in L8/Mbawa.
Namibia may be twice as big though, 85% ownership of 3 blocks right in the hot spot, awaiting neighbours to test their turf to see what she holds.
Read PCL's last presentation, available on the PCL thread or via ASX.
$5 mill in the bank, and as I said free carried on Mbawa.
Massive risks of course with deepwater drilling, but the targets are at least worth the risk.
