I do not agree. Because otherwise, after a first successful well, there is the theoretical possibility that PCL could be taken over by another better-funded larger O&G company that wants a share of PEL 87. So I agree with V10 that Woodside could probably take over PCL if the drilling is successful.
But we'll see, we aren't there yet....Woodside's next step would be to exercise the option after the 3D survey.
Ann: Placement & Company Update, page-87
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