PCL Charts/TA, page-34

Agree with everything you write Chass except Tullow can walk away whenever they want; Key words,

'subject to a suitable target'

Everything else in the company statement is guff I'm afraid.

As others have indicated, they will finish analysing the 3D on the adjacent ECO block, they have been actively looking for a farm in partner to share the cost in PCL's block, they will make a decision in Q4 with any luck. Alternatives,

1/. Walk away, no drill, relinquish all rights and write off massive investment

2/. Farm out one block or the other or both

3/. Drop one block, drill the favoured one

4/. and so on and so on….if you think about it there are multiple permutations as to what they could do or not do….

Whatever happens, Tullow have the whip hand which is fair enough considering the money they have dropped on both blocks and the money they would have to commit if they follow through