General Thoughts, page-3203

Based on my international experience in a past life, I would speculate that the Namibian government will not do a Senegal until significant oil production is in effect by the companies that have been successful.

Then it is to be expected that if several billion bbls of production are proved, then the licence holders can expect the production terms to change in favour of the government.

This should not be of concern to PCL shareholders imho, as by the start of production in PEL 87, in the event of explorations success, PCL will be taken over by much larger company and long gone!