Ann: Shell Oil Discovery Offshore Namibia On-Trend to PCL PEL 87, page-63

Some other dealings may show the way. Other nearby Shell, Total and the MAY Cuban deals tend to have a 30% retention by the exploration licence holder (eg PCL) who are free-carried on 1-2 drillings and rightly so as this offshore drilling will be close to or exceeding US$100 mill per drill site. Commercialisation options often allow for exploitation on a deferred royalty basis for the original minority party (eg PCL) so they may not need to have a large CR on that front - at least I hope so. IMO there is every chance that a share consolidation will occur as the SP rises a bit, but I believe PCL holders are in a good position for SP appreciation (let's face we have been patient for years on this). I know many will bail today and this week and fair enough as they address their opinions and circumstances. As of today I am free-carried in PCL and quite prepared to continue the journey. And yes I do hold similar volumes in MAY that rocketed 78% today.
GLTAHs