I fully agree with Wasa that the seismic at Welwitschia-1A is most probably different from the seismic in the surrounding licences of PCL, GBP, ECO, WEB etc.
Two of three maintargets of the drill have been in the upper sections or levels of the stratigraphic while - as far as I know and interpret - the leads and prospects in the surrounding licences are mainly in deeper depths (besides of shallower targets, too).
It is a real pitty that they did not drill further down to test the deeper Albian prospect, which is/ was their third main target and which will be a maintarget in the surrounding licences. Looks like they haven't been brave enough to take the risk and spend the money.
Anyway the "show is going on" as the latest announcement of EnerGulf about "Carried Interest and Joint Operating Agreement for Namibia Offshore Block 1711" seems to prove: TAKE A LOOK.
I think they just waited for the outcome of WW-1A to fix the percentages and costs each one gets and has to pay.
And by the way: If the oil is not in the acreages of the others it might be in ours.
Cheers and have a good day,
Neo
PCL Price at posting:
2.1¢ Sentiment: Buy Disclosure: Held
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