They had an option to drill an additional 700 metres if they felt it warranted. I would expect they must have had some signs of hydrocarbons or they would have saved a lot of money by leaving at 3000 metres. I think we have at least the promise of "a find " or hopefully drilling further to find more. The current price IMO represents the pessimistic view based on the wildcat success average of 1 in 10. There appears to be no leakage of information so I'm only guessing based on the fact that they're approaching 60 days which, trouble free, should have enabled the rig to go the 3700 metres.
Good luck to all. Downside I agree with Wasa but Namibia will be coming up as will the northern leases in Kenya.
One last point . PCL is up for extra costs as well so they would have been consulted as a co-venturer before the well was extended to 3700 metres. I'm cautiously optimistic that it won't be a total duster.
it feels like poker, page-9
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Last
1.4¢ |
Change
0.000(0.00%) |
Mkt cap ! $113.8M | |||
| Open | High | Low | Value | Volume |
| 1.5¢ | 1.5¢ | 1.4¢ | $17.70K | 1.257M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 19 | 6743469 | 1.4¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.5¢ | 958636 | 5 |
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| Last trade - 16.10pm 15/11/2024 (20 minute delay) ? |
| PCL (ASX) Chart |