You are right BI .... there is a big potential range for the outcome of the 3D seismic and a drill result. Some other posters have done some calculations so I won't repeat their work and a couple of geo's whom I respect are quietly confident ..... The plus from PCL's point of view is that we are not taking WDS to the international court and putting them offside. There are a couple of provisions in the contract which PCL can take up that will mean that PCL will NOT need to raise more capital. You would remember that FAR discovered the largest deposit of Oil for the calendar year 2014 and had a succession of I think 11 successful wells. But FAR got greedy and didnot understand the Law in relation to JV agreements. Therefore PCL is engaged in a totally different set of circumstances. Is there risk ???? Of course and anyone of us needs to be comfortable with that risk. The average .... from what I am aware .... is 1 in 10 drills are successful world wide ..... I think that the Orange Basin is a new frontier and the vastness of the deposits is yet to be fully understood. Barry has been positive about PEL 87 for quite a number of years. I remember him giving presentations to the PCL agm 4 years ago extolling the virtues of the geology.
PCL Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
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